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Westwood Boulevard Los Angeles, CA 90024

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Westwood Boulevard Los Angeles, CA 90024 1611-1615Westwood Boulevard Los Angeles, CA 90024 FOR SALE OR LEASE WESTMAC Commercial Brokerage Company 1515 S. Sepulveda Boulevard Los Angeles, CA 90025 Phone 310.778.7700 Company DRE# 01096973 www.westmac.com CONTACT LISTING BROKERS: T.C. Macker, CCIM President D. 310.966.4352 [email protected] DRE# 01232033 Jennifer Moscoso Associate D. 310.966.4397 [email protected] DRE# 02044716 1615 Westwood Boulevard | OFFERING MEMORANDUM 2 EXECUTIVE SUMMARY WESTMAC Commercial Brokerage Company is pleased to present the sale of 1611-1615 Westwood Boulevard (“1615 Westwood Boulevard”), a ± 5,828 square foot retail/creative office building. The two-story, modern style retail/office building boasts state of the art, beautifully remodeled second floor with abundant natural light coming from the atrium-style skylight, and large glass pane windows. It is situated on ± 3,600 square feet along the pedestrian-friendly streets of Westwood, a highly coveted commercial and residential neighborhood in the northern central portion of the Westside region of Los Angeles, California. 1615 Westwood Boulevard is a two (2) story commercial building located south of major Wilshire Boulevard and two blocks north of Santa Monica Boulevard. The building was built in 1948 and remodeled in 2006. The ground floor currently features six (6) pocket offices, two (2) larger office spaces, reception area and small meeting room. It was previously leased to a legal recruiting center and is currently vacant. The second floor is composed of a lobby, common area, meeting room and various suites that can be used by a single user or divided into a multitude of single suites. The building has three (3) parking spaces behind the building. There is currently one active lease that will be vacating at the end of May 2021. The property’s location in the heart of Westwood offers close proximity to one of the country’s most influential and successful universities, UCLA. It is also walking distance to Westwood Village, a popular shopping, dining and nightlife locale for UCLA students, tourists, and locals. 1615 Westwood Boulevard provides the opportunity for an owner-user or investor to acquire the ideal COVID friendly office location or headquarters. SALE PRICE $5,495,000 PRICE PSF $942/SF LEASE TYPE NNN LEASE RATE $20,000 per month (entire building) 3 PROPERTY SUMMARY Modern two story retail/office building in Westwood. Excellent retail block on Westwood Boulevard between Bristol Farm Market and Ross Department store north of Santa Monica Boulevard. Direct access to San Diego (405) freeway and Santa Monica (10) freeway. Pedestrian friendly streets with heavy foot traffic. ADDRESS 1611-1615 Westwood Blvd., Los Angeles, CA 90024 APN 4324-026-023 BLDG SIZE ± 5,828 square feet (per tax record) LAND SIZE ± 3,600 square feet BUILT 1948; remodeled in 2006 ZONING C4-1VL-POD; TOC Tier 3 TYPE/USE Office; Retail NO. OF STORIES Two (2) OCCUPANCY 2nd floor partially leased until 5/2021 PARKING Three (3) spaces behind building 1615 Westwood Boulevard | OFFERING MEMORANDUM 4 5 OFFERING SUMMARY The building is available for sale or for lease. Contact listing agents to schedule a LEASE SUMMARY tour. Due Diligence available upon request. SUITE Suites 202 & 203 RENT $2,200/Month SALE PRICE $5,495,000 ORIGINAL TERM May 16, 2017 PRICE PSF $942.00 per square foot EXPIRATION May 31, 2021 LEASE TYPE Triple Net OPTIONS No LEASE RATE $20,000 per month 1615 Westwood Boulevard | OFFERING MEMORANDUM Photos of the second floor 6 Photos of the second floor 7 PROPERTY HIGHLIGHTS EXCEPTIONAL ANTI-COVID OPPORTUNITY 1615 Westwood Boulevard is a low-rise creative office building perfectly suited for an investor seeking to lease-up all or partial space, or for an innovative owner user or tenant looking for a self-isolated environment or headquarters highly desired to protect employees and customers amongst COVID-19. MODERN SLEEK ARCHITECTURE & DESIGN The building is an aesthetic gem. Constructed in 1948, the building underwent significant remodel in 2006, which transformed it into a sleek, modern creative space suitable for the architecture who designed it. Building features include hardwood and polished concrete flooring, modern, sleek finishes, large floor to ceiling glass windows and walls, and large pyrimidine shaped atrium skylight, all which pour in natural lighting. HIGHLY VISIBLE RETAIL CORRIDOR The building is situated along highly visible Westwood Boulevard, a pedestrian friendly retail corridor and features great frontage (50 ft) on between major arteries Wilshire Boulevard and Santa Monica Boulevard. The major intersection at Wilshire Boulevard and Westwood Boulevard, north of the subject property, is traveled by an estimated 128,478 VPD. The major intersection at Santa Monica Boulevard and Westwood Boulevard, south of the subject property, is traveled by an estimated 61,468 VPD. 1615 Westwood Boulevard | OFFERING MEMORANDUM 8 EXCEPTIONAL ANTI-COVID OPPORTUNITY MODERN SLEEK ARCHITECTURE & DESIGN HIGHLY VISIBLE RETAIL CORRIDOR Photos of the second floor 9 REAR BUILDING WITH 3 PARKING SPACES TRANSIT-ORIENTED LOCATION The Metro’s Purple Line station will be added near Wilshire and Westwood Boulevards as part of Section 3 of the Purple Line Extension Transit Project. Section 3 will add 2.56 miles of new rail to Metro’s Rail system and connect downtown Los Angeles to the Westside. Given its location on a highly utilized East/West thoroughfare, the station will create seamless links to travel destinations along and near Westwood and Wilshire Boulevards, such as UCLA, Westwood Village and The Hammer Museum. The expansion of the Metro’s Purple Line designates the subject property as a TOC Tier 3 zoned parcel. Completion of the purple line station is slated for 2026. CLOSE PROXIMITY TO I-405, UCLA & AMPLE AMENITIES 1615 Westwood Boulevard provides immediate access to several primary transportation arteries including the 405-Freeway, Santa Monica Boulevard, and Wilshire Boulevard. The property is also situated amongst pedestrian friendly streets and a large concentration of restaurants, bars, RENDERING UCLA/WESTWOOD cafés, and entertainment venues. The property is less than 1-mile south PURPLE LINE STATION of the University of California, Los Angeles (UCLA), the 5th largest City employer, with over 110,000 students enrolled in 2019. Westwood Village is popular with the barge of UCLA students living nearby and includes major retailers and eateries. HIGHLY-EDUCATED, AFFLUENT DEMOGRAPHICS Sixty-six percent of Westwood residents aged 25 and older had earned a four-year degree by 2000, a high figure for both the city and the county. The percentages of residents of that age with a master’s degree or higher was the third-highest in the county. Westwood is surrounded by some of Los Angele’s posh residential districts such as Holmby Hills, Brentwood, Bel Air, and Beverly Hills. 1615 Westwood Boulevard | OFFERING MEMORANDUM 10 Photos of the second floor 11 PARCEL MAP N N 1615 Westwood Boulevard | OFFERING MEMORANDUM 12 13 FLOOR PLAN FIRST FLOOR The first floor previously operated as a legal recruiting center and is uniquely designed with a number of small private offices and two large rear offices in back. A rear door opens to a stairwell connecting each floor to the back parking lot. Notes: Floor plans for information purposes only. Layout and scale may vary. 1615 Westwood Boulevard | OFFERING MEMORANDUM 14 FLOOR PLAN SECOND FLOOR The second floor is comprised of a number of private offices, lobby, kitchenette and meeting room. There is a lease in place for suites 202 & 2031615 that commenced WESTWOOD on June 1st, 2020,BLVD. and ends CREATIVE May 31st, 2021. The OFFICE tenant’s original SPACE lease dates 2016. II I I II _I :,= II □□□ - SUITE 203 II SUITE 202 SUITE 201 - □ r-- II � II � -=-u o - l � -� □□□ =- 1fl" :i_n ' - fl /llf\�; s� r1::� (l.. I COMMON AREA: 1.045 SF ' C, � AA = SUITE 200 BBY [D □ LO ! I RENTABLE: 000 SF - - \JU [_ 88� � I US,\BLE: 975 SF SUITE 20-1 SUITE 205 □ -1 11 I I � I � I \J f-f-- �reii� L>11] 0 I - - SUITE 206 Ui \j� �� ,-, ./\_ /\A I I 17 L__J L_J ' n 17 n n l[g Notes: Floor plans for information purposes only. Layout and scale may vary. r, � 15 FIRST FLOOR 1615 Westwood Boulevard | OFFERING MEMORANDUM 16 17 SECOND FLOOR 1615 Westwood Boulevard | OFFERING MEMORANDUM 18 19 WESTWOOD, CA HOME TO HISTORICAL LANDMARKS, THEATERS, MUSEUMS & MORE 1615 Westwood Boulevard is located in Westwood, an affluent Los Angeles neighborhood brimming with Hollywood history, culture, and home to one of the top universities in the nation, UCLA. The Westwood neighborhood began development in 1919, when a new campus of the University of California opened in 1926. Westwood Village opened three (3) years later, in 1929. 1615 Westwood Boulevard | OFFERING MEMORANDUM 20 1615 Westwood Boulevard is located in Westwood, an affluent Los Angeles neighborhood brimming with Hollywood history, culture, and home to one of the top universities in the nation, UCLA. The Westwood neighborhood began development in 1919, when a new campus of the University of California opened in 1926. Westwood Village opened three (3) years later, in 1929. It is located in Westwood, an affluent Los Angeles neighborhood brimming with Hollywood history, culture, and home to one of the top universities in the nation, UCLA. The Westwood neighborhood began development in 1919, when a new campus of the University of California opened in 1926. Westwood Village opened three (3) years later, in 1929. 1615 Westwood Boulevard is walking distance from renowned Westwood Village. Originally developed by Janss Investment Company in the late 1920’s, Westwood Village has held it’s ground as a popular shopping district for close to a century. It’s popularity has largely stemmed from encompassing UCLA, acting as UCLA’s college town. Constantly full with UCLA students and tourists alike, Westwood Village features well known landmarks such as the Hammer Museum, and Fox Theater.
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