±1.15 Acre Mixed-Use Development Site Culver City, California 9801 Washington Boulevard | Chase Bank to Occupy Portion of Retail Footprint in New Development
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CAPITAL MARKETS CAPITAL N PACIFIC OCEAN MALIBU PACIFIC PALISADES SANTA MONICA VENICE MARINA DEL REY 405 SONY STUDIOS VENICE BOULEVARD WASHINGTON BOULEVARD LBA REALTY NMS PROPERTIES REDEVELOPMENT HARLOWE CULVER BOULEVARD HUGHES AVENUE SITE BROTMANN MEDICAL CENTER KIRK DOUGLAS THEATER DELMAS TERRACE CULVER CITY CITY HALL DLJ MIXED-USE REDEVELOPMENT FOR SALE OFFERSOFFERS DUE DUE FRIDAY, FRIDAY, FEBRUARY FEBRUARY 12, 12, 2016 2015 BY BY 5PM 5PM ±1.15 ACRE MIXED-USE DEVELOPMENT SITE CULVER CITY, CALIFORNIA 9801 WASHINGTON BOULEVARD | CHASE BANK TO OCCUPY PORTION OF RETAIL FOOTPRINT IN NEW DEVELOPMENT TIMOTHY BOWER WILL ADAMS LAURIE LUSTIG-BOWER KADIE PRESLEY WILSON GABRIELLE LARDIERE Senior Vice President Senior Vice President Executive Vice President Senior Sales Director Client Services Specialist Lic. 00864693 Lic. 011319411 Lic. 00979360 Lic. 01476551 Lic. 01911073 +1 310 550 2521 +1 213 613 3500 +1 310 550 2556 +1 310 550 2575 +1 310 550 2605 [email protected] [email protected] [email protected] [email protected] [email protected] TABLE OF CONTENTS EXECUTIVE SUMMARY 3 PROPERTY OVERVIEW 10 AREA OVERVIEW 14 MARKET COMPARABLES 22 SITE | 2 EXECUTIVE SUMMARY 9801 WASHINGTON BOULEVARD CULVER CITY, CALIFORNIA | 3 AERIAL 9801 WASHINGTON BOULEVARD CULVER CITY, CA | OFFERING MEMORANDUM 9801 Washington Blvd, Culver City | 4 AERIAL N BEL AIR BEVERLY HILLS WEST HOLLYWOOD HOLLYWOOD WESTWOOD CENTURY CITY 10 10 SPROUTS (FUTURE) ACCESS CULVER CITY THE PLATFORM CULVER CITY TRADER JOE’S SITE CULVER STUDIOS ACRLIGHT CINEMAS STARBUCKS KIRK DOUGLAS THEATRE VENICE BOULEVARD SONY STUDIOS WASHINGTON BOULEVARD CULVER BOULEVARD | OFFERING MEMORANDUM 9801 Washington Blvd, Culver City | 5 THE OPPORUNITY The site is owned and occupied by JPMorgan Chase Bank, and is CBRE, Inc., as exclusive advisor to JPMorgan Chase, is currently improved with a ±27,000 SF office building and surface parking lot. JPMorgan Chase desires to buy and occupy an ap- pleased to present a unique opportunity to acquire a ±1.15 proximately 6,000 square foot retail condominium on the ground acre mixed-use development site in the heart of Down- floor in the buyer’s new development.Paramount is the contin- town Culver City, across the street from the Kirk Douglas uous operation of the Chase Bank branch, either on site or off- Theater and one block from Sony Pictures Studio. site in a temporary location while the project is being devel- oped. 9801 Washington Boulevard stretches block to block from Hughes Avenue to Delmas Terrace, and boasts over 260 feet of frontage along Washington Boulevard. Zoned Commercial Downtown and Commercial General, the site lends itself to a mixed-use develop- ment. Situated in Downtown Culver City along a prime thoroughfare, 9801 Washington Boulevard benefits from an exceptional location with close proximity to nearly 500,000 SF of retail, restaurant and office space. The site is located diagonally from the Sony Pictures Studios, a 45-acre campus that is home to approximately 3,200 employees. It is less than one mile to the Culver City Expo Light Rail Station, which connects Culver City to other Los Angeles ar- eas including Santa Monica, Downtown LA, Pasadena and Ventura County. OFFERS DUE FRIDAY, FEBRUARY 12, 2016 BY 5PM | OFFERING MEMORANDUM 9801 Washington Blvd, Culver City | 6 PROPERTY HIGHLIGHTS 9801 WASHINGTON BOULEVARD CULVER CITY, CA Location – Downtown Culver City Downtown Culver City is a charming collection of outdoor cafes, unique shops, art galleries and vibrant nightlife opening onto tree-lined boulevards. Striking landmark buildings are home to an array of entrepreneurial businesses and creative enterprises, along with a wide selection of retail and restaurant services for local residents to enjoy. Book-ended by entertainment pow- erhouses Sony Pictures Studios and The Culver Studios, 9801 Washington Boulevard is truly located at the focal point of the market. Downtown Culver City offers the perfect combination of small-town charm, with all the benefits of cosmopolitan big-city living. | OFFERING MEMORANDUM 9801 Washington Blvd, Culver City | 7 MARKET HIGHLIGHTS Superior Walkability Culver City has made walkability a key objective in its economic development goals. The charming tree-lined boulevards are filled with cafes, restaurants and inviting retail storefronts. Within a 10 minute walk from 9801 Washington Boulevard a future resident can visit a Trader Joe’s, ArcLight Cinemas, or the Tuesday afternoon Farm- er’s Market. With 260 feet of frontage along a main thoroughfare, 9801 Washington Boulevard offers developers a perfect opportunity to capitalize on this dynamic, social atmosphere. Great Schools The Culver City Unified School District consists of five Kindergarten-5th Grade ele- mentary schools, one middle school and one high school, and serves approximately 6,500 pupils. The school district’s consistently high rankings in Southern California attract many young families to Culver City. Culver City’s El Marino Language School is a blue ribbon school in the US. The school’s Spanish and Japanese language im- mersion programs make it highly competitive. Pre-School: Elementary Schools: • Office of Child • El Marino Language • Howe Elementary Development School School • El Rincon School • La Ballona School • Farragut School Middle School: High School: • Culver City Middle School • Culver City High School Adult School • Culver City Adult School | OFFERING MEMORANDUM 9801 Washington Blvd, Culver City | 8 MARKET HIGHLIGHTS Dynamic Cosmopolitan Growth Culver City is experiencing a transformation on an immense scale. Once a sleepy submarket within Greater Los Angeles, over the last ten years Culver City has vir- tually exploded with thousands of new square feet of chic restaurants, cafes, retail shops, office space and new housing. Due in large part to the excellent school sys- tem as well as the new Expo Line Station on Washington Boulevard between Rob- ertson and National Boulevards, Culver City is attracting new residents and visitors from all over Los Angeles. Proximity to the Metro The Culver City Metro Expo Line connects Culver City to Greater Los Angeles. With a station less than a mile from 9801 Washington Boulevard, residents can conve- niently travel to Downtown Los Angeles, Santa Monica, Hollywood, Pasadena, Long Beach and beyond. | OFFERING MEMORANDUM 9801 Washington Blvd, Culver City | 9 PROPERTY OVERVIEW 9801 WASHINGTON BOULEVARD CULVER CITY, CALIFORNIA | 10 PROPERTY OVERVIEW N DELMAS TERRACE WASHINGTON BOULEVARD In the heart of Downtown Culver City lies 9801 Washington Boulevard, a rare 1.15 acre mixed-use development site. The site is currently improved with a 27,000 square foot, 3-story office building. Owner-user Chase Bank presently occupies the ground floor and portions of the upper floor, along with a month to month non-profit office tenant. It is a noteworthy block to block site located on highly trafficked Washington Boulevard, just south of Brotmann Medical Center, immediately west of the intersection of Culver Boulevard, and surrounded by pedestrian driven shops and restaurants. The Culver City Metro station is conveniently located less than a mile to the east. Chase Bank desires to maintain a branch in Downtown Culver City, and ideally would occupy an approximately 6,000 square foot retail condomini- um in the buyer’s new development on the site. Prospective buyers are encouraged to give this requirement serious consideration as they evaluate this unique opportunity. | OFFERING MEMORANDUM 9801 Washington Blvd, Culver City | 11 PARCEL MAP ADDRESS 9801 Washington Boulevard, Culver City, CA 90232 THE PROPERTY APNS 4207-003-011, 4207-003-012, 4207-003-017 ADDRESS 9801 Washington Boulevard EST. LOT AREA (SF) 50,172 Culver City, CA 90232 APN EST. LOST4207-003-011/4207-003-012/4207-003-017 AREA (AC) 1.15 EST. LOT AREA (SF) 50,172 EST. LOT AREA (AC)BUILDING1.15 SF ± 27,000 ZONING CD/CG ZONING CD/AG (Commercial Downtown/Commercial General) TENANCY Owner/user + month-to-month | OFFERING MEMORANDUM 9801 Washington Blvd, Culver City | 12 ZONING & ENTITLEMENT Zoning: The site is zoned Commercial Downtown and Commercial General, which allows for the development of mixed-use multi-family by-right. The zoning requires that there is retail along Washington Boulevard, fostering the walkable appeal of the area. Height Limit: CD (Commercial Downtown) : Greater of 3 stories or 44 feet CG (Commercial General) : 56 feet Density Limit: 1 unit per 1,245 feet, no more than 25% of units can be less than 700 square feet in size Parking: Retail Parking Requirements: 3:1,000 SF Multi-family Parking Requirements: Studios and 1-Bedroom Units: 1 space 2-3 Bedroom Units: 2 spaces Schedule of Fees: https://www.culvercity.org/Government/CommunityDevelopment/Planning/Fees.aspx Culver City Planning Division Website: https://www.culvercity.org/Government/CommunityDevelopment/Planning.aspx | OFFERING MEMORANDUM 9801 Washington Blvd, Culver City | 13 AREA OVERVIEW 9801 WASHINGTON BOULEVARD CULVER CITY, CALIFORNIA | 14 AREA OVERVIEW LOS ANGELES Los Angeles - long known as a segmented, sprawling city, is transform- Demographics: ing into a city that is more fluidly connected and more vibrant than ever. Culver City is exemplary of this evolution, as its efficient transportation and recent commercial developments have built momentum to Within 1 Mile of 9801 Washington Boulevard: turn this suburban town into an urban hub. • 53.6% of the Population has a Bachelor’s Degree or better (Master’s, Professional or Doctorate Degrees) Within 3 Miles of 9801 Washington Boulevard: • the Population was 302,835 people as of 2015 • by 2020 the Population is expected to increase by 3.5% • the Average Household Income was $87,505 as of 2015 CULVER CITY • by 2020 the Average Household Income is expected to be $90,104 • 27.5% of Households had income of $100,000 or more Culver City is in high demand as it has become a prime destination to • the Average Home Value was $844,050 as of 2015 live, work, dine, shop and revel in the beauty of this historic city and its thriving art scene.