VIEW PROPERTY VIDEO! OFFERING MEMORANDUM MORENO VALLEY DEVELOPMENT Northeast Corner of Cottonwood Ave & Elsworth St. ±26.13 acres R10 Zoning Moreno Valley, CA 92555 Buildable Up to 261-Units
Exclusively Listed By: Han Widjaja Chen, CCIM Leo Shaw President Vice President Dir 626.594.4900 | Fax 626.316.7551 Dir 626.716.6968 [email protected] [email protected] Broker License No. 01749321 Broker License No. 01879962 NORTHEAST CORNER OF COTTONWOOD AVE & ELSWORTH ST
TablePage ofSubtitle Contents Exclusively Presented By:
SECTION 01. EXECUTIVE SUMMARY Property Overview Han Widjaja Chen, CCIM Leo Shaw President Current Growth In Moreno Valley Vice President Dir 626.594.4900 | Fax 626.316.7551 Dir 626.716.6968 Residential Planned Development [email protected] [email protected] Sales Comparables Broker License No. 01749321 Broker License No. 01879962 Regional Map Local Map Justin McCardle Marc Schwartz Parcel Map Senior Associate Broker Associate Area Pictures Dir 909.486.2069 Dir 626.461.9060 [email protected] [email protected] License No. 01895720 SECTION 02. MARKET OVERVIEW License No. 01515007 City of Moreno Valley Matthew Guerra Jeanelle Mountford County Overview Broker Associate Broker Associate Demographic & Income Profile Dir 626.898.9740 Dir 626.898.9710 [email protected] [email protected] License No. 01515007 Sandy Cheng Marketing Dir 626.594.4901 [email protected]
DISCLAIMER AND CONFIDENTIALITY AGREEMENT: This is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of NEC Cottonwood Ave and Elsworth St, Moreno Valley 92555 (“Property”). This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of the state of affairs of the Owner or the Property, to be all-inclusive or to contain all or part of the information that prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition, and other factors beyond the control of the Owner and Growth Investment Group. Therefore, all projections, assumptions, and other information provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made avail- able to interested and qualified prospective purchasers. Neither the Owner nor Growth Investment Group, nor any of their respective directors, officers, affiliates, or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Memorandum or use of its contents. The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions with any entity at any time, with or without notice which may arise as a result of review of this Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered, and approved by the Owner and any conditions to the Owner’s obligations therein have been satisfied or waived. By receipt of this Memorandum, you agree that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or Growth Investment Group. You also agree that you will not use this Memorandum or any of its contents in any manner detrimental to the interest of the Owner or Growth Investment Group. In this Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this Memorandum in any manner. If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return this Memorandum to Growth Investment Group.
HAN WIDJAJA CHEN 626.594.4900 [email protected] PAGE 2 LEO SHAW 626.716.6968 [email protected] 01. Property Summary NORTHEAST CORNER OF COTTONWOOD AVE & ELSWORTH ST
Property Overview
PROPERTY SUMMARY
Subject Property: NEC Cottonwood Avenue and Elsworth Street Moreno Valley, CA 92555
Land Area: 26.13 acres/1,138,222 sqft.*
Assessor’s parcel number: 291-120-014
Maximum Density (per Zoning): 261 Units*
Included with the Sale: Tentative Tract Map approval for 194 Units*
Zoning: R-10
Buildable Density: Min: 8 du/ac; Max: 10 du/ac
INVESTMENT SUMMARY
Price: $6,800,000
Price per Square Foot: $5.97
Price per Acre: $260,237
Price per Buildable Unit: $35,051
*buyer to verify actual land area and buildable units
HAN WIDJAJA CHEN 626.594.4900 [email protected] PAGE 4 LEO SHAW 626.716.6968 [email protected] NORTHEAST CORNER OF COTTONWOOD AVE & ELSWORTH ST
Executive Summary
Highlights • Large lot size with an approved tentative tract map in an infill location • R10 Zoning which allows maximum density of 261-units • Rare infill location with enough buildable units in a quickly maturing area • Ease of access to neighboring freeways- close proximity to the 60 Freeway on/off ramps with more than 106,000 cars per day • Ideally located surrounding residential neighborhoods • Within close proximity to Moreno Valley Mall, a 1,090,000 square foot multi-level mall with over 130 stores including Macy’s, JCPenney, Sears, Harkins Theatres, Crunch Fitness, and the Inland Empire’s only Round 1 Entertainment • Less than 2 miles away from the Moreno Valley Mall and TownGate area, Moreno Valley’s retail hub with major retailers including, JC Penney, Sears, Gottschalks, Burlington Coat Factory, TJ Maxx/HomeGoods, Ross Dress for Less, ULTA, BevMo!, Starbucks, Chase Bank, Wells Fargo, and many more national and regional credit tenants Strong Inland Empire Demographics • More than 15,900 people in a 1-mile radius with an Average Household Income exceeding $48,300 • More than 126,600 people in a 3-mile radius with an Average Household Income exceeding $55,300 • More than 249,100 people in a 5-mile radius with an Average Household Income exceeding $68,900 • Over 5,600 employees within a 1-mile radius, 28,000 within a 3-mile radius, and 47,000 within a 5-mile radius
HAN WIDJAJA CHEN 626.594.4900 [email protected] PAGE 5 LEO SHAW 626.716.6968 [email protected] NORTHEAST CORNER OF COTTONWOOD AVE & ELSWORTH ST
Executive Summary
The Growth Investment Group is proud to offer Scottish Village, an Plan Type J 1130 SF 6 Units ±26.13 acres residential infill development site in the City of Moreno Plan Type K 968 SF 6 Units Valley, California. The lot is located at the northeast corner of Cot- Plan Type L 966 SF 6 Units tonwood Ave and Elsworth Street. The lot has R10 zoning which al- TOTAL 30 Units lows up to 261-units maximum density. It has an approved tentative tract map for 194 residential units. The lot is a U shaped lot in an infill GRAND TOTAL 194 Units location surrounded by mature single family residential communi- ties. LOCATION AMENITIES & ACCESS It is abutted located across the street from Towngate Elementary Moreno Valley’s coming of age can also be seen in the growth of School and across the street from a small park with view of moun- the area around the Moreno Valley Mall (former Riverside Raceway tains on its north side. It enjoys easy access to FWY 60 and FWY 215 property from 1957 to 1989) and nearby Day Street, which straddles and just minutes away from Moreno Valley Mall and Towngate the border between Moreno Valley and Riverside. Local shoppers Shopping Center. It offers easy access to public transportation and enjoy the 1.2 million square foot Moreno Valley Mall, anchored by just minutes from all amenities city of Moreno Valley has to offer. JCPenney, Macy’s and Sears. The area has seen massive construc- tion in recent years, attracting nationally recognized retailers such The sale includes an approved tentative tract map to build 194 resi- as Best Buy, Costco, Lowe’s, Ross Dress for Less, Starbucks and other dential unit with below breakdown: upscale stores. Two major shopping centers with a combined one million square feet have also been developed in the rapidly grow- Proposed Use Planned Multi-Family Residential Development ing eastern area of the city. This is the site of the first Super Target in Detached Condo Plan Type A 1880 SF 18 Units California, which opened in July 2007, a Walmart and a Sam’s Club. Plan Type B 1830 SF 13 Units Plan Type C 2068 SF 33 Units Moreno Valley, California, is a city of scenic beauty among boulder- Plan Type D 1994 SF 44 Units strewn hillsides located just east of Riverside at the crossroads of TOTAL 108 Units Moreno Valley Freeway (State Route 60) and Interstate 215. With only half of its 50 square miles built, Moreno Valley is enjoying ex- Attached Condo Plan Type E 1439 SF 28 Units plosive growth in commercial, residential and industrial sectors. Our Plan Type F 1909 SF 14 Units population currently exceeds 146,000 plus more than 4,000 single- Plan Type F1 1925 SF 14 Units family homes are currently under construction. Looking into the TOTAL 56 Units future, this growth trend is expected to continue with nearly 7,000 single-family and multi-family units, more than 800,000 square feet of Senior Housing Plan Type G 1138 SF 6 Units retail, and more than 4.4 million square feet of industrial/office proj- Plan Type H 1151 SF 6 Units ects in plan check or recently approved for construction.
HAN WIDJAJA CHEN 626.594.4900 [email protected] PAGE 6 LEO SHAW 626.716.6968 [email protected] NORTHEAST CORNER OF COTTONWOOD AVE & ELSWORTH ST
Median Population Households Home Sales Growth Prices
2014 2014 2014 199,258 51,864 $235,000
2000 2000 2000 59,879 39,224 $115,000
MAJOR INDUSTRY GROWTH A STRONG COMMUNITY 216,450 projected number of residents by 2018 Restaurants & Hotels 53,863 households General Consumer Goods 58,040 housing units Fuel 3,059 businesses Food & Drugs 2.8 million annual visitors willing to travel up to Business and Industry 30 minutes for quality shopping opportunities
Building & Construction
Autos & Transportation CONTINUED GROWTH
MORENO VALLEY BY THE NUMBERS 3,938 Units of New Single-Family Development 60 million sqft. 2,420 Units of New Multi-Family Development currently under development for 4.6M sqft. of Currently Proposed Commercial new and expanding businesses Development Projects * Source from Southern California Association of Government’s Regional Council
HAN WIDJAJA CHEN 626.594.4900 [email protected] PAGE 7 LEO SHAW 626.716.6968 [email protected] NORTHEAST CORNER OF COTTONWOOD AVE & ELSWORTH ST
HAN WIDJAJA CHEN 626.594.4900 [email protected] PAGE 8 LEO SHAW 626.716.6968 [email protected] NORTHEAST CORNER OF COTTONWOOD AVE & ELSWORTH ST
Current Growth in Moreno Valley
City of Moreno Valley
SUNNY M Development Projects 2014 T E S A × Single Family Housing K D C R O Number Applicant Project Number Number of Units Status A C PIGEONPASS RD N A C E 1 Frontier Homes 31618 56 Under Construction H H PERRIS BLVD P 2 GFR 31789 24 Under Construction K W 3 Ralph Liu 35429 54 In Process Y 4 Habitat for Humanity 36598 8 Under Construction
MANZANITA AVE 5 Right Solutions, LLC 36761 8 In Process MANZANITA AVE 6 Nova Homes 36708 127 In Process 7 DR Horton 32505 72 Under Construction JACLYN AVE LOCUST AVE 8 RSI 27251 98 Under Construction KALMIA ST 9 MVR Properties, LLC 29920 299 Under Construction KALMIA ST KALMIA AVE
INDIAN ST m Multi-Family Housing Food 4 Less JUNIPER AVE ×5 PERRISBLVD Number Applicant Project Number Number of Units Status
New Gas Station LASSELLEST IRONWOOD AVE 1 Frontier Communities 34544 72 In Process 2,244,419 sq ft IRONWOOD AVE 2 Tilak Chopra PA14-0027 22 In Process ×2 in 6 Logistics Facilities m LA Fitness 3 MV Bella Vista GP, LLC PA14-0028 220 In Process HEMLOCK AVE 2 AutoZone Under Review 4 Latco SC, Inc PA14-0042 112 In Process
24-Hour Fitness PETTITST New - Under Construction q? Urgent Care 5 Renaissance Village Assisted Living P12-077 138 Under Construction SUNNYMEAD BLVD q? 6 Integrated Care Communities PA99-0024 99 Under Construction
NGATE BLVD FIR AVE Miguel's Jr W TO 4 8 EUCALYPTUS AVE 52,000 sq ft × EUCALYPTUS AVE × EUCALYPTUSAldi, Inc AVE
m4 County Office Building KITCHING ST 800,430 sq ft DRACAEA AVE LASSELLEST Auto Dealer DRACAEA AVE ¨¦§215 Under Review Renovations/Expansions DRACAEA AVE
HEACOCKST
DAY DAY ST m1 COTTONWOOD AVE MORRISONST Food 4 Less COTTONWOOD AVE
THEODOREST ELSWORTHST New Gas Station BAY AVE GRAHAMST MetroLink Station FREDERICK ST BAY AVE BAY AVE Under Construction NASON ST ×7 ×1 ALESSANDRO BLVD G ALESSANDRO BLVD IL 3 ALESSANDRO BLVD M University of California × A N Administration S P 159,000 sq ft BRODIAEA AVE BRODIAEA AVE R IN m6 m5 G CACTUS AVE INDIAN ST m3 S
CACTUS AVE REDLANDSBLVD R 6 D
Kaiser Permanente × MORENOBEACH DR
VIRGINIAST Medical Offices Federal Mogul DELPHINIUM AVE Riverside County Regional 55,000 sq ft Medical Center Expansion 522,772 sq ft Harbor Freight Tools JOHN F KENNEDY DR Expansion to 1,280,446 sq ft JOHN F KENNEDY DR
South MV Walmart LASSELLEST FILAREE AVE Meridian EIR in Progress
GENTIAN AVE RD DAVIS Business IRIS AVE Park ×9 Fresenius Medical Care IRIS AVE Procter & Gamble 12,000 sq ft Dialysis Center ¯ 1,500,000 sq ft Under Construction
KRAMERIA AVE
PERRISBLVD
Map Produced by Moreno Valley HEACOCKST Commercial Shopping Centers Minka Group First 36 Logistics Geographic Information System Amazon Fulfillment Center Relocation KITCHING ST 555,670 sq ft Geographic Information in: 1,250,000 sq ft 354,810 sq ft Development Category State Plane NAD 83 California Zone 6 Feet G:\ArcMap\EDD\ConstructionProjects2014_August.mxd " Leased- New Industrial Projects
T 1,109,378 Sq Ft September 22, 2014 S Logistics Facility
Amazon Inbound Dock E L
L EIR in Progress " New Commercial Projects
The information shown on this map was compiled from 769,320 sq ft E
NANDINA AVE S
the Riverside County GIS and the City of Moreno Valley S
GIS. The land base and facility information on this map is LA " New Office Projects for display purposes only and should not be relied upon without 1,450,000 Sq Ft Deckers Outdoor Corp independent verification as to its accuracy. Riverside County and 800,000 sq ft Logistics Facility INDIAN ST " Other - New Industrial Projects City of Moreno Valley will not be held responsible for any claims, Under Review losses or damages resulting from the use of this map.
HAN WIDJAJA CHEN 626.594.4900 [email protected] PAGE 9 LEO SHAW 626.716.6968 [email protected] NORTHEAST CORNER OF COTTONWOOD AVE & ELSWORTH ST
Current Growth in Moreno Valley (continued) The Future of Moreno Valley
TownGate P
Incorporates Moreno Valley Mall, e
r
r i Economic Development Action Plan
TownGate Center, TownGate Crossing, s B
TownGate Promenade and TownGate l
v d Square. . and Areas of Opportunity Moreno Valley Mall under new ownership. Recent success with TJ Maxx, HomeGoods, BevMo and Ulta Beauty. Negotiations ongoing with several City Center Easy Access to major retailers and restaurants for Manzanita Ave. Geographic Center of TownGate locations. Locust Ave. Stoneridge Town Centre Rd. Moreno Valley. s Kalmia Ave Installation of new SR-60 southerly ramps at Moreno Beach s . a Home to Moreno Valley College, Drive, including extension of Eucalyptus Avenue to connect P n Riverside County Regional with Moreno Beach Boulevard. o Juniper Ave.
e
g i Medical Center, Kaiser Estimated cost: $10.5 million, through: RDA Bond proceeds, Box Springs Rd. P Ironwood Ave. Community Hospital, Ironwood Ave. Savings from SR-60/Nason Project, proposed Stoneridge Towne Centre, $1 million developer contribution. Moreno Beach Plaza and Moreno Valley Auto Mall. Hemlock Ave. wn Cir. Sunnymead Blvd. To Contains large amounts of Fir Ave. newer housing developments of major developers such as FestivalEucalyptus Centers Ave. Old 215 Frontage Rd. Richmond American Homes, Cooperate with the ownership of the Beazer Homes, DR Horton and Eucalyptus Ave. Dracaea Ave. Dracaea Ave. Festival Center to explore ways to Pacific Communities. Cottonwood Ave. redevelop or enhance the viability of the Festival Center including Eastern Moreno Valley
rehabilitation efforts and incorporating Redlands Blvd.
Indian St. Bay Ave. Theodore St.
Quincy St. new appropriate land uses. Sinclair St. — Rancho Belago Elsworth St.
Frederick St.
Day St. Heacock St. Graham St. Alessandro Blvd. Prime area of community with large undeveloped areas.
. Edgemont Brodiaea Ave. r D Skechers USA opening has generated interest by
Pursue the revitalization of the h
Morrison St. c
Cactus Ave. . other prospective corporate users. a
Edgemont area through the Cactus Ave. d e R
B s i
adoption of a multi-faceted strategy. v Proposed 41.6 million sq. ft. World Logistics Center
Delphinium Ave. o a
r. D n
e edy D submitted and under review. r
St. Nason St.
o . Kenn Upgrade the water system and ohn F NasonM J St. & Highest and best land uses should be evaluated to evaluate land uses to establish the address City’s jobs to housing imbalance. Nason highest and best land use Cactus Ave. Virginia St. designations to support new Centerpointe Improvements on Cactus Avenue development. Gentian Ave. between Lasselle Street to Nason
Business Street. Oliver St.
Kitching St. Extension of Nason Street southerly
Park Iris Ave. Perris Blvd. to connect Cactus Avenue with Iris Major Business Park location St. Avenue. primed to produce more employment opportunities — Total cost of $23.3 million funded Other Areas of Lasselle already home to six major through: Estimated 10% companies. a savings by constructing projects Opportunity Include: Krameri together, $6 million funded by RDA With 522,744 s.f. under Mariposa Ave. pass-through targeted for Flood construction and an existing ck St. o Control projects, $1 million funded Alessandro Blvd. logistics operation expanding South Moreno Valley from California’s SLLP Grant, to a total of 1.9 million s.f., Heac Resequencing funding from five CIP Sunnymead Blvd. and several other approved NaIndustrialndina A ve. Area projects to generate $13.4 million. and entitled projects. Significant job center in community with 10 major Sunnymead Ranch corporations located here. Prospects for short-term construction developments is excellent with: l 3.6 million s.f. in building plan check Canyon Springs Plaza l 3.5 million s.f. approved/entitled l 3.1 million s.f. ongoing with EIRs * Map does not reflect legal boundaries.
HAN WIDJAJA CHEN 626.594.4900 [email protected] PAGE 10 LEO SHAW 626.716.6968Community [email protected] & Economic Development www.moval.org 951.413.3460 NORTHEAST CORNER OF COTTONWOOD AVE & ELSWORTH ST
Current Growth in Moreno Valley (continued)
HAN WIDJAJA CHEN 626.594.4900 [email protected] PAGE 11 LEO SHAW 626.716.6968 [email protected] Single-FamilySingle-Family ResidentialResidential DevelopmentDevelopment
NORTHEAST CORNERNewNew OF Single-Family COTTONWOODSingle-Family Development:Development: AVE & ELSWORTH 4,8114,811 ST UnitsUnits DuringDuring the the last last housing housing boom boom many many housing housing projects projects were were approved, approved, but but not not built built due due to to the the recession. recession. In an effort to assistassist developers developers in inpreserving preserving the the investment investment inin pursuingpursuing thesethese projectproject approvals,approvals, thethe statestate ofof CaliforniaCalifornia and the City adoptedadopted measures measures to to extend extend the the life life ofof thethe approvedapproved projects.projects. WithWith thethe currentcurrent reboundrebound ofof thethe economy,economy, developers havehave begun begun to toobtain obtainNew permits permits for Single-Family for some some of of the the projects projects listed. listed. Please PleaseDevelopment: contact contact the the Planning Planning Division Division 4,811at at 951.413.3206 951.413.3206 Units forfor furtherfurther information. MapMapMap # # # Tract TractTract Builder/Applicant Builder/ApplicantBuilder/Applicant #of # of# Unitsof Units Units Status Status Status MapMap # # Tract TractTract Builder/Applicant Builder/ApplicantBuilder/Applicant #of # ofUnits Units Status Status 1 1 34151 34151 Moreno Moreno Valley Valley Property Property 37 37 Approved Approved 3333 33963 33963 Rance Rance Garrett Garrett 31 31 Approved Investment Investment LLC LLC 3434 34043 34043 RM3 RM3 Building Building and and Development Development 1212 Approved 2 2 28860 28860 Professor’s Professor’s Fund Fund IV, IV,LLC/Winchester LLC/Winchester 9 9 Approved Approved Associates, Associates, Inc. Inc. 3535 34748 34748 Rados Rados 135135 Approved
3 3 30411 30411 Pacific Pacific Communities Communities 25 25 Approved Approved 3636 35663 35663 OFA OFA 1212 Approved
4 4 36760 36760 Mission Mission Pacific Pacific Land Land Co . Co . 189 189 In In Pr Processocess 3737 32835 32835 Beazer Beazer Homes Homes 274274 Approved
5 5 30998 30998 Pacific Pacific Communitie Communities s 47 47 Approved Approved 3838 30268 30268 Pacific Pacific CommunitiesCommunities 8383 Recorded
6 6 31297 31297 Randy Randy McFarland McFarland 7 7 Approved Approved 3939 31618 31618 Frontier Frontier Homes Homes 5656 Under ConstructionConstruction 7 7 31305 31305 Richmond Richmond American/ American/ 87 87 Approved Approved Richland Richland Communities, Communities, Inc. Inc. 4040 31494 31494 Winchester Winchester Associates Associates 1212 Recorded
8 8 31394 31394 Pigeon Pigeon Pass Pass Ltd. Ltd. 78 78 Approved Approved 4141 32715 32715 GFR GFR — — Trinity Trinity 3030 Under Construction 9 9 31442 31442 SKG SKG Pacific Pacific Enterprises Enterprises Inc Inc. . 63 63 Approved Approved 4242 33256 33256 Granite Granite Homes Homes 7979 Under 10 10 31517 31517 Professors Professors Prop Prop Six/Winchester Six/Winchester Assoc. Assoc. 83 83 Approved Approved ConstructionConstruction
11 11 31621 31621 Skyline Skyline Homes Homes 12 12 Approved Approved 4343 32515 32515 Mission Mission Pacific Pacific LandLand Co.Co. 161161 RecordedRecorded
12 12 32005 32005 Red Red Hill Hill Village, Village, LLC LLC 214 214 Approved Approved 4444 32711 32711 Isaac Isaac Genah Genah 99 Recorded
13 13 32126 32126 Salvador Salvador Torres Torres 35 35 Approved Approved 4545 31789 31789 GFR GFR 2424 Under ConstructionConstruction 14 14 32194 32194 Arman Arman Pezeshkifar Pezeshkifar 32 32 Approved Approved 4646 32365 32365 JW JW Capital Capital 7878 In Process 15 15 32218 32218 Granite Granite Capital/Winchesters Capital/Winchesters Associates Associates 63 63 Approved Approved 4747 35429 35429 Ralph Ralph Liu Liu 5454 In Process 16 16 32284 32284 Joe Joe Anderson Anderson 32 32 Approved Approved 4848 22180 22180 MPLC MPLC Legacy Legacy 140 140 Partners, Partners, LPLP 543543 Recorded 17 17 32408 32408 Sandstone, Sandstone, Inc. Inc. 80 80 Approved Approved 4949 36436 36436 CV CV Communities Communities 159159 Approved 18 18 32459 32459 Sussex Sussex Capital Capital Group Group 11 11 Approved Approved 5050 36401 36401 Continental Continental East East Fund Fund III,III, LLCLLC 9292 Approved 19 19 32460 32460 Sussex Sussex Capital Capital Group Group 57 57 Approved Approved 5151 36598 36598 Habitat Habitat for for Humanity Humanity 88 Under 20 32505 DR Horton 72 Under 20 32505 DR Horton 72 Under ConstructionConstruction Construction Construction 5252 36761 36761 Right Right Solutions, Solutions, LLC LLC 88 InIn Process 21 21 32548 32548 Gabel, Gabel, Cook Cook and and Associates Associates 107 107 Approved Approved 5353 31592 31592 CV CV Communities Communities 139139 ApprovedApproved 22 22 32645 32645 Winchester Winchester Associates Associates 53 53 Approved Approved 5454 36708 36708 Nova Nova Homes Homes 127127 InIn Process 23 23 32716 32716 Bob Bob Rogers Rogers 57 57 Approved Approved 5555 36436 36436 CV CV Communities Communities 159159 Approved 24 24 32844 32844 Winchester Winchester Associates Associates 17 17 Approved Approved 5656 29343 29343 Professors Professors Fund Fund IV IV 5858 Approved 25 25 32978 32978 Focus Focus Estates Estates 19 19 Approved Approved 5757 24203 24203 Blue Blue Ribbon Ribbon Enterprises Enterprises 9999 Approved 26 26 33024 33024 Adam Adam Wislar Wislar 8 8 Approved Approved 5858 29920 29920 MVR MVR Properties, Properties, LLC LLC 299299 Under 27 27251 RSI 156 Under 27 27251 RSI 156 Under ConstructionConstruction Construction Construction 5959 36882 36882 Frontier Frontier Homes Homes 4040 InIn Process 28 28 33388 33388 SCH SCH Development, Development, LLC LLC 16 16 Approved Approved 6060 36372 36372 Motlagh Motlagh Family Family Trust Trust 2626 InIn Process 29 29 33436 33436 Winchester Winchester Associates Associates 105 105 Approved Approved 6161 36719 36719 Kuo Kuo Ming Ming Lee Lee 3434 InIn Process 30 30 33626 33626 Kincaid Kincaid Development, Development, Inc. Inc. 23 23 Approved Approved 6262 31414 31414 GFR GFR 3131 UndeUnder 31 31 33810 33810 David David Boyle Boyle Engineering Engineering 16 16 Approved Approved Construction 63 29920 Pacific Communities 98 Under 32 32 33962 33962 The The Industrial Industrial Group Group 31 31 Approved Approved 63 29920 Pacific Communities 98 Under Construction
HAN WIDJAJA CHEN 626.594.4900 [email protected] PAGE 12 LEO SHAW 626.716.6968 [email protected] NORTHEAST CORNER OF COTTONWOOD AVE & ELSWORTH ST
Residential Planned Development
HAN WIDJAJA CHEN 626.594.4900 [email protected] PAGE 13 LEO SHAW 626.716.6968 [email protected] NORTHEAST CORNER OF COTTONWOOD AVE & ELSWORTH ST
Residential Planned Development (continued)
Proposed Use Planned Multi-Family Residential Development
Detached Condo Plan Type A 1880 SF 18 Units Plan Type B 1830 SF 13 Units Plan Type C 2068 SF 33 Units Plan Type D 1994 SF 44 Units
TOTAL 108 Units
Attached Condo Plan Type E 1439 SF 28 Units Plan Type F 1909 SF 14 Units Plan Type F1 1925 SF 14 Units
TOTAL 56 Units
Senior Housing Plan Type G 1138 SF 6 Units Plan Type H 1151 SF 6 Units Plan Type J 1130 SF 6 Units Plan Type K 968 SF 6 Units Plan Type L 966 SF 6 Units
TOTAL 30 Units GRAND TOTAL 194 Units
HAN WIDJAJA CHEN 626.594.4900 [email protected] PAGE 14 LEO SHAW 626.716.6968 [email protected] NORTHEAST CORNER OF COTTONWOOD AVE & ELSWORTH ST
Residential Planned Development (continued)
HAN WIDJAJA CHEN 626.594.4900 [email protected] PAGE 15 LEO SHAW 626.716.6968 [email protected] NORTHEAST CORNER OF COTTONWOOD AVE & ELSWORTH ST
Residential Planned Development (continued)
HAN WIDJAJA CHEN 626.594.4900 [email protected] PAGE 16 LEO SHAW 626.716.6968 [email protected] NORTHEAST CORNER OF COTTONWOOD AVE & ELSWORTH ST
HAN WIDJAJA CHEN 626.594.4900 [email protected] PAGE 17 LEO SHAW 626.716.6968 [email protected] NORTHEAST CORNER OF COTTONWOOD AVE & ELSWORTH ST
Sales Comparables
Price Per AC Property Address Property City Sale Price Land Area SF Price Per Sqft Land Area AC Land
NEC Cottonwood Avenue Sub Moreno Valley $ 7,800,000 1,138,223 $ 6.85 26.13 $ 298,507 and Elsworth Street
1 Meadow Lark Ave Moreno Valley $ 10,787,000 1,174,769 $ 9.18 26.97 $ 399,978
2 Via Del Lago Moreno Valley $ 5,700,000 453,895 $ 12.56 10.42 $ 547,025
3 Alessandro Blvd @ Lasselle Moreno Valley $ 5,500,000 1,198,771 $ 4.59 27.52 $ 199,855
4 21595-21625 Box Springs Rd Moreno Valley $ 5,000,000 605,484 $ 8.26 13.9 $ 359,712
5 00000 Perris Blvd Moreno Valley $ 4,798,000 1,097,276 $ 4.37 25.19 $ 190,472
6 21815 Eucalyptus Ave Moreno Valley $ 1,400,000 288,802 $ 4.85 6.63 $ 211,161
TOTAL $ 33,185,000 4,818,997 111
AVERAGE $ 6.89 $ 299,964
HAN WIDJAJA CHEN 626.594.4900 [email protected] PAGE 18 LEO SHAW 626.716.6968 [email protected] NORTHEAST CORNER OF COTTONWOOD AVE & ELSWORTH ST
HAN WIDJAJA CHEN 626.594.4900 [email protected] PAGE 19 LEO SHAW 626.716.6968 [email protected] NORTHEAST CORNER OF COTTONWOOD AVE & ELSWORTH ST
Regional Map
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Local Map
Moreno Valley Mall
Moreno Valley Plaza
NEC Cottonwood Ave and Elsworth St
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NORTHEAST CORNER OF COTTONWOOD AVE & ELSWORTH ST
Plat Map
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Tax Map , , CA 11/29/2016 Page 1 (of 1)
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HAN WIDJAJA CHEN 626.594.4900 [email protected] PAGE 23 LEO SHAW 626.716.6968 [email protected] 02. Market Overview
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City Overview
Moreno Valley Best Buy, Costco, Lowe’s, Ross Dress for Less, Starbucks and other upscale stores. Two major shopping centers with a combined one Moreno Valley, California, is a city of scenic beauty among boul- million square feet have also been developed in the rapidly grow- der-strewn hillsides located just east of Riverside at the crossroads ing eastern area of the city. This is the site of the first Super Target of Moreno Valley Freeway (State Route 60) and Interstate 215. in California, which opened in July 2007, a Walmart and a Sam’s With only half of its 50 square miles built, Moreno Valley is enjoying Club. explosive growth in commercial, residential and industrial sectors. Our population currently exceeds 146,000 plus more than 4,000 sin- gle-family homes are currently under construction. Looking into the Moreno Valley Demographics future, this growth trend is expected to continue with nearly 7,000 2014 Estimated Population 203,583 2014 Estimated Average Age 32.46 single-family and multi-family units, more than 800,000 square feet 2019 Projected Population 215,823 2014 Estimated Households 53,990 of retail, and more than 4.4 million square feet of industrial/office 2010 Census Population 193,291 2019 Projected Households 57,128 projects in plan check or recently approved for construction. 2000 Census Population 141,564 2010 Census Households 51,558 Moreno Valley attracts growth with its wide range of housing op- Growth 2010-2014 5.32% 2000 Census Households 38,940 tions, good schools, and a clean, safe environment close to major Growth 2014-2019 6.01% Growth 2010-2014 4.72% employment, education, recreation, and cultural centers. Moreno 2014 Estimated Median Age 29.76 Growth 2014-2019 5.81% Valley’s strong customer service culture welcomes development through our award-winning one-stop center and an array of busi- ness assistance strategies that include site selection, fast-tracking, ombudsman service, employee training assistance, and more! Residents enjoy quality lifestyle that includes 2 major golf courses, 200 acres of parkland, riding trails, and the 8,000-acre Lake Perris, one of California’s most popular boating, fishing, and camping lo- cales. Two major medical facilities are located in the city. All this, and Moreno Valley is only an hour’s drive from major Southern Cali- fornia recreation destinations: beaches, amusement parks, moun- tains, and desert resorts!
Its coming of age can also be seen in the growth of the area around the Moreno Valley Mall (former Riverside Raceway property from 1957 to 1989) and nearby Day Street, which straddles the border between Moreno Valley and Riverside. Local shoppers enjoy the 1.2 million square foot Moreno Valley Mall, anchored by JCPen- ney, Macy’s and Sears. The area has seen massive construction in recent years, attracting nationally recognized retailers such as
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County Overview
Inland Empire Empire is poised for continued growth due to affordable land, The Inland Empire lies east of Orange, Los Angeles and San Diego excellent quality of life and lower housing prices compared to the Counties and consists of San Bernardino and Riverside, the two rest of Southern California, coupled with multiple efficient trans- largest counties in the nation. Keu submarkets within the Inland portation routes. According to the U.S. Department of Commerce, Empire include Ontario, Rancho Cucamonga, Chino, Fontana, the Riverside-San Bernardino Metropolitan area is California’s Mira Loma, Colton, Corona, Moreno Valley, Perris Redlands/Loma fourth most populous region. In fact, 12 of the top 100 suburbs are Linda, Rialto, Riverside and San Bernardino. Over the last decade, located in the Riverside-San Bernardino MSA, where the rate of the Inland Empire has been regarded as one of the most robust domestic migration has nearly quadrupled since 1990, according economies in the United States in several categories including to Forbes magazine. The region is currently home to more than 3.5 population growth, job creation, construction and office space million people and many successful businesses. absorption. This dynamic market is a real estate leader. The Inland
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County Overview (continued)
Riverside benefit from excellent freeways, rail access, high-speed fiber optic Riverside is a rapidly growing city of 312,000 that currently ranks as telecommunications, reasonable land and building costs, city the 12th largest city in California. Riverside has a large and diverse owned electrical and water systems, and the Riverside Municipal economy with the lnland Empire’s largest number of businesses Airport. and total jobs. Galleria at Tyler Mall The City is home to four internationally recognized colleges and Galleria at Tyler is a regional mall in the Inland Empire located Off universities, including the prestigious University of California, Riv- Interstate 91 at Tyler Street. Situated 40 miles east of downtown Los erside with an expanding student population of 21,000. Its public Angeles, Galleria at Tyler serves the Riverside-San Bernardino trade schools are also among the Inland Empires finest. Incorporated area. It is a two-level, enclosed super-regional center anchored in 1883, Riverside is a blend of historic charm and modern city by Nordstrom, Forever 21, JCPenney and Macy’s. Galleria at Tyler features. The community is rich in history, art and culture, and its opened in 1970 and was expanded in 1991, and is now comprised residents enjoy excellent ballet, symphony, art, museums, the- of nearly 1.2 million square feet of retail space. Galleria at Tyler of- ater and the Citrus State Historic Park. Riverside has a progressive fers customers an impressive selection of amenities. There is a vast outlook, and a tradition of stable elected civic leaders committed array of casual dining options, new relaxing soft-seating areas and to maintaining a diversified economy, balanced land uses, quality convenient covered parking and valet service. developments and cultural amenities. In 2007, Galleria at Tyler was renovated by adding out-parcel Downtown restaurants, including The Cheesecake Factory, and a North Downtown Riverside’s vibrant downtown, anchored by the historic Village housing the AMC Theatre 16-plex, The Yard House, and Mission Inn, is the “Downtown of the Inland Empire”. It is home to Robbins Brothers. Galleria at Tyler is home of the only Nordstrom in many state government offices, the Riverside County Administra- the Inland Empire. It is the dining and entertainment hub for River- tive Center and a legal complex consisting of county, state and side County, offering customers a selection of the AMC Theatre, federal courts. The city is an important financial and professional Elephant Bar, P.E Chang’s China Bistro, T.G.I. Fridays, The Cheese- center with numerous legal, accounting, brokerage, architectural, cake Factory, Yard House and Red Robin. Galleria at Tyler also engineering and software firms, as well as banking institutions with houses prominent retailers, including Aldo, Bare Escentuals, Barnes holdings exceeding $3 billion in total deposits. & Noble, Brighton Collectibles, Build-A-Bear Workshop, Francesca’s Collections, Loft, M.A.C. Cosmetics, Oro Gold, Pandora, Sephora, Riverside’s diverse manufacturing base includes such sectors as and Skechers. Galleria at Tyler serves nearly 985,000 people in its electrical instruments, plastics, wood and metal fabrication, food trade area. The average shopper is a young age of 31 and more processing and recreational vehicles. Technology and manufac- than half are married with children. Galleria at Tyler also draws turing companies are supported by higher educational institutions from an expanding 60,000 students from the four internationally offering specialized training, research partnerships and a high- recognized colleges and universities located in Riverside. tech environment at the University Research Park. The City’s prime industrial land located within redevelopment or enterprise zones offer tax incentives to expanding eligible companies. Businesses
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TOP TOURIST ATTRACTIONS IN RIVERSIDE COUNTY MISSION INN AND MUSEUM MARCH FIELD AIR MUSEUM GLEN IVY HOT SPRINGS SPA
PALM SPRINGS INTERNATIONAL LA QUINTA RESORT AND AGUA CALIENTE CASINO JOSHUA TREE FILM FESTIVAL CLUB NATIONAL PARK
FOX PERFORMING RIVERSIDE METROPOLITAN DOWNTOWN PALM SPRINGS LAKE ELSINORE ARTS CENTER MUSEUM
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