Thousand Oaks, Ca Investment Advisors

Home , Gardens of the World, Santa Monica Mountains

BRANDON MICHAELS GROUP

east THOUSAND A 9,250 SF VALUE-ADD STRIP CENTER IDEALLY SITUATED

1501 ON 28,459 SF OF LAND IN THE HIGH-DEMAND VENTURA OAKSblvd COUNTY SUBMARKET OF THOUSAND OAKS, CA INVESTMENT ADVISORS:

BRANDON MICHAELS AUSTIN SREDEN TABLE OF CONTENTS Senior Managing Director of Investments Investment Associate Senior Director, National Retail Group National Retail Group Tel: (818) 212-2794 Tel: (818) 212-2805 Fax: (818) 212-2710 Fax: (818) 212-2710 [email protected] [email protected] License: CA #01434685 License: CA #01434685 www.BrandonMichaelsGroup.com www.BrandonMichaelsGroup.com 1 2 3 4 BRANDON PROPERTY OVERVIEW FINANCIAL ANALYSIS COMPARABLES AREA OVERVIEW MICHAELS 16830 Ventura Blvd. Suite 100, Encino, CA 91436 GROUP www.marcusmillichap.com SOUTHERN CALIFORNIA'S PREMIER SALES TEAM

east THOUSAND OAKS Thousand Oaks Civics Arts Plaza William Rolland Stadium Gardens of the World KCLU Broadcast Center blvd 1501 east THOUSANDOAKSblvd

The Brandon Michaels Group of Marcus & Millichap has been selected to market for sale 1501 E. Thousand Oaks Blvd, a 9,520 square foot strip center ideally situated on 28,495 SF of land in the high-end, affluent Ventura County sub-market of Thousand Oaks, CA.

1501 E. Thousand Oaks Boulevard is ideally located along Thousand Oaks Boulevard, the main retail thoroughfare that stretches from Thousand Oaks through Westlake Village to Agoura Hills. Ideally located on the east side of Thousand Oaks Boulevard, just south of Rancho Road and just north of Erbes Road, the subject property consists of a one-story retail strip with 30 surface parking spaces, a ratio of 3.15 per 1,000. The property benefits from 277 feet of linear frontage along Thousand Oaks Boulevard. The site has undergone significant improvements, including a brand new smooth stucco façade and high-end accents, adding to the appeal of the asset and creating a memorable impression on the over 20,000 vehicles that pass the center daily.

1501 E. Thousand Oaks Boulevard offers a plethora of options. This center is currently 63% occupied by the property owner, who will consider a sale-leaseback or vacating, depending on the desires of the Buyer. With ultimate flexibility, the center is prime for an owner-user Buyer looking to occupy a portion or all of the center, or an investor looking for a unique value-add opportunity to reposition a high-end Ventura County strip center. With an ideal layout and minimal bay depths, the center can be easily reconfigured into multiple smaller units, further adding to the value-add proposition.

Thousand Oaks Boulevard is undergoing a transformation as the city is providing developers with an increased incentive to develop through the advent of the Thousand Oaks Boulevard specific plan. The Thousand Oaks Boulevard (TOB) Specific Plan guides development to revitalize, beautify and create a mixed- use, pedestrian-friendly destination between Duesenberg Drive and Moorpark Road. Spearheaded by local business owners, the award-winning plan lays the foundation for improvements that benefit residents, visitors and businesses. There are a number of residential units slated for development, in addition to the brand-new development directly behind the subject property. With significant growth projections as a result of increased development, the future is bright for this affluent Ventura county locale.

1501 E. Thousand Oaks Boulevard benefits from an amenity rich location with a plethora of dining options and an immediate population of over 144,145 people within a five-mile radius. The affluent area boasts an average household income of over $125,515 within a three-mile radius, and over $138,948 for households within five miles, 10% with household incomes north of $200,000. The area is lined with multi-million-dollar homes, high-end hotels, and upscale restaurants and is a haven for a host of celebrities, athletes, and executives who reside in the surrounding areas.

INVESTMENT HIGHLIGHTS east THOUSAND

EXCELLENT THOUSAND OAKS LOCATION WELL LOCATED STRIP CENTER WITH VALUE-ADD OPPORTUNITY WITH 1ALONG THOUSAND OAKS BOULEVARD 2 SIGNIFICANT UPGRADES AND IMPROVEMENTS 3 DEVELOPMENT POTENTIAL 4 AFFLUENT VENTURA COUNTY SUB-MARKET ▶▶ Ideally located just North of Erbes Road along prestigious ▶▶ 9,520 square foot strip center ideally situated on 28,495 square feet ▶▶ 3,500 square foot vacancy combined with 6,020 square foot space ▶▶ Average household income over $103,000

Thousand Oaks Boulevard of land zoned that is occupied by the seller creates numerous options for an OAKS Owner-User buyer looking to occupy a portion or all of the building ▶▶ Over 11,000 households within five miles. 22% of households have ▶▶ 277 feet of linear frontage with excellent visibility ▶▶ Complete renovation enhances the positive business environment or an investor looking to reposition the center immediately an average income north of $200,000 and access ▶▶ Memorable smooth stucco / stone façade caters to the local ▶▶ Unique value-add opportunity with a multitude of options ▶▶ Thousand Oaks Specific Plan promotes development along blvd ▶▶ Amenity rich submarket with multiple restaurants, retailers, and national tenants in the immediate area Thousand Oaks Boulevard office space, and hotels in the immediate area ▶▶ Potential development opportunity utilizing the Thousand Oaks ▶▶ Plentiful parking totaling 30 parking spaces in the front Specific Plan, which promotes mixed-use development and a ▶▶ Multiple residential units slated for construction in the immediate ▶▶ Within close proximity to the 101 Ventura Freeway & the Moorpark of the property pedestrian friendly environment area creating significant growth opportunity 23 Freeway allowing for easy freeway access ▶▶ High daily traffic counts of 28,036 vehicles per day ▶▶ Strong rental pocket with significant growth projections ▶▶ Close proximity to Amgen, a major Ventura County employer ▶▶ Significant development in the immediate area creates a unique value-add opportunity in a high-demand growing submarket ▶▶ Excellent ingress and egress

PROPERTY HIGHLIGHTS east THOUSAND

PRICE/SF(BLDG) PRICE/SF(LAND)

$420 $140 NEWBURY PARK CAMARILLO OAKS

1501 Thousand Oaks Boulevard Address blvd Thousands Oaks, CA 91362

Price $4,000,000

Price/SF (Building) $420 MOORPARK FWY Price/SF (Land) $140 N RANCHO RD ProForma Cap Rate 7.75%

Building SF 9,520

Lot Size 25,495

Current Occupancy Vacant D LV B S Parking Spaces 30 Surface Parking Spaces K A O

Parking Ratio Ratio of 3.15/1,000 SF D N A S

Year Built 2000 U

H APN Number 670-0-160-360 T

Zoning Commercial

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PROPERTY DETAILS east THOUSAND

CAMARILLO MOORPARK ADDRESS 1501 Thousand Oaks Boulevard Thousand Oaks, CA 91364

$137,948 SITE LOCATION OAKS Avg Household Income The property is located South of Rancho Road and North of in a 5-mile radius Ebers Road on the Northern Corner of Thousand Oaks Boulevard MOORPARK FWY and Megan Place, between N. Rancho Road and South Conejo blvd School Road

SQUARE FOOTAGES N RANCHO RD The total building SF is 9,520 SF. The total land SF is 28,495 SF.

TRAFFIC COUNTS The traffic counts at the intersection of East Thousand Oaks Boulevard and South Rancho Road are approximately 8,822 139,727 vehicles per day. Population in a 5-mile radius PARKING SPACES The property offers 30 surface parking spaces.

PARKING RATIO The parking ratio is 3.15 per 1,000 SF.

THOUSAND OAKS BLVD YEAR BUILT The property was built in 2000.

ZONING 50,375 The zoning is Commercial Households in a 5-mile radius APN NUMBER The APN number is 670-0-160-360. 10 10 1491-1501THOUSAND OAKS BLVD | OFFERING MEMORANDUM | THE BRANDON MICHAELS GROUP | MARCUS & MILLICHAP THE BRANDON MICHAELS GROUP | MARCUS & MILLICHAP 11 1501

FINANCIAL ANALYSIS east THOUSAND

RENT ROLL PRICING

TENANT SF BLDG % PRO FORMA RENT PRO FORMA RENT/SF LEASE TYPE OAKS Vacant 3,000 32% $2.50 $7,500.00 NNN 1491-1501 E Thousand Oaks Blvd Address Instrumental Music-Seller 6,520 68% $2.50 $16,300.00 NNN Thousand Oaks, CA 91362

TOTAL 9,520 100% $23,800.00 blvd Price $4,000,000

Price/SF (Building) $420 PRO FORMA OPERATING DATA Price/SF (Land) $140 PRO FORMA PROJECTED EXPENSES PROJECTED EXPENSES/SF Scheduled Lease Income $237,480 [email protected]% $50,000 $5.25 Pro Forma CAP Rate 7.75% NNN Charges $84,251 Insurance $3,332 $0.35 Building SF 9,520 Effective Gross Income $321,731 Utilities $4,284 $0.45

Vacancy (5%) $11,874 Trash $3,808 $0.40 Land SF 28,495 Expenses $84,251 Grounds Maintenance $2,951 $0.31 Net Operating Income $225,606 Repairs & Maintenance $6,664 $0.70 APN Number 670-0-160-360 Miscellaneous $3,713 $0.39 Management $9,499 $1.00 TOTAL $84,251 $8.85/$0.74

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SALES COMPARABLES east SALES COMPARABLES | PRICE / SF THOUSAND

# ADDRESS SALE PRICE PRICE/SF PRICE/SF (LAND) BLDG SF LAND SF CAP RATE ZONING COE $550 $525 $600

389 E Thousand Oaks Blvd $433.99 $434.71 1 $3,100,000 $433.99 $109.49 7,143 28,314 5.80% C2 02/25/2019 Thousand Oaks, CA 91360 $500 OAKS $336.30 $328.26 $400

556 E Thousand Oaks Blvd 2 $1,400,000 $336.30 $66.25 4,163 21,131 - C2 12/07/2018 $300 blvd Thousand Oaks, CA 91360

$200

Camelot Plaza $100 3 2410-2418 E Thousand Oaks Blvd $2,475,000 $550.00 $216.86 4,500 11,413 - C2 10/15/2018 Thousand Oaks, CA 91362 $0 389 E Thousand 556 E Thousand Camelot Plaza 3200 E Thousand Office Depot Plaza Average Oaks Blvd Oaks Blvd Oaks Blvd

3200 E Thousand Oaks Blvd 4 $1,050,000 $525.00 $135.42 2,000 7,754 6.00% C2 05/04/2018 Thousand Oaks, CA 91362

Office Depot Plaza 5 2 5 25 E Hillcrest Dr $6,603,982 $328.26 $74.11 20,118 89,106 - C3 02/13/2019 1 Thousand Oaks, CA 91360

AVERAGE (S): $2,925,796 $434.71 $120.43 37,924 31,544 5.90%

3 $433.99 $109.49 AVG / PRICE SF AVG / PRICE SF 4 (LAND)

AREA OVERVIEW east POINTS OF INTEREST THOUSAND THOUSAND OAKS Conejo Valley Art Museum One of the best places to live in Ventura County. Conejo Valley Art Museum is a museum located at Janss Marketplace in Thousand Oaks, California. Established in 1978, the OAKS Thousand Oaks is the second-largest city in Ventura County, California, museum showcases fine art, modern art, abstracts, textiles and United States. It is in the northwestern part of Greater Los Angeles, sculptures. Displays are changing periodically and often include approximately 40 miles (64 km) from Downtown Los Angeles and is less artwork featured on national tours. The museum has hosted art blvd than 15 miles (24 km) from the Los Angeles neighborhood of Woodland collections from artists such as Howard Brodie, David Rose and Hills. It is named after the many oak trees present in the area, and the city Elizabeth Williams. seal is adorned with an oak. The Oaks Shopping Center The city forms the central populated core of the Conejo Valley. Thousand The Oaks Shopping Center is a two-level indoor/outdoor, regional shopping mall located in Thousand Oaks, California. It is owned Oaks was incorporated in 1964, but has since expanded to the west and and managed by Macerich. Accessible from the US Highway 101 east. Two-thirds of neighboring Westlake Village and most of Newbury Ventura Freeway midway between downtown Los Angeles and Park were annexed by the city during the late 1960s and 1970s. The Los Santa Barbara, it is one of two malls in its area (competing with Angeles County–Ventura County line crosses at the city’s eastern border the Simi Valley Town Center) and the largest shopping center in with Westlake Village. The population was estimated to be 129,339 in Ventura County. Over five million visit the mall each year. 2015, rising from 126,683 at the 2010 census. Thousand Oaks is 55 square miles, which, for comparison, is 20 percent larger than San Francisco. Conejo Players Theatre Conejo Players Theatre is a performing arts theater in Thousand Thousand Oaks was considered in 2002 as one of the safest cities in the Oaks, California. Established in 1958, it is the oldest theater in the city -- as well as one of the oldest in Southern California. It hosts U.S. based on consistent FBI reporting. It was ranked the fourth-safest a full season of Mainstage shows each year, including musicals among cities with a population greater than 100,000 in the United States and plays -- plus special events, workshops, improv comedy by the FBI’s 2013 Uniform Crime Reports. performances, holiday shows, and a long-running children’s theatre program taught by theater professionals.

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AREA OVERVIEW east FOUR SEASONS HOTEL THOUSAND WESTLAKE VILLAGE WESTLAKE VILLAGE An idyllic retreat set within acres of gardens near Los Angeles, Malibu and Santa Barbara, his luxury hotel destination allows you to create a place of work and productivity, active leisure, deep Nestled in the foothills of the Santa Monica Mountains, Westlake Village relaxation and personal improvement – or perhaps all four – in isone of Los Angeles’s best kept secrets. Located in the heart of Malibu Westlake Village. OAKS wine country, this idyllic, Southern California retreat is a short drive In addition to the sun-filled luxury hotel rooms and suites from the iconic beaches of Malibu and Ventura, and offers a number of near Malibu with views of the Santa Monica mountains, enjoy attractions and things to do. outstanding finedining restaurants, trendy lounges, and one of blvd the Los Angeles area’s most comprehensive spa and wellness Much of Westlake Village is surrounded by open space, including hiking programs, all enhanced by fivestar Four Seasons service. and horse trails, as well as the vast Santa Monica Mountains National Recreation Area. The lake lies within the watershed of Malibu Creek. In addition to its role as a bedroom community for Los Angeles via the Ventura Freeway, it is also home to many large commercial offices and the headquarters of the Dole Food Company, K-Swiss and J.D. Power and Associates.

Visitors to Westlake Village have positive things to say about this family friendly city and its restaurants. While in town, you’ll be able to enjoy the Civic Arts Plaza and Gardens of the World. You can take some time to discover the surrounding area and sights like Clago’s Pond and Chumash Indian Museum. Westlake Village also has several golf courses and country clubs: the Westlake Golf Course, Sherwood Country Club, and North Ranch Country Club.

A welcoming city, Westlake Village has a variety of hotels to choose from, including the Four Season Hotel offering 5-Star amenities, luxury guest, rooms, and a world class spa.

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AREA OVERVIEW east THOUSAND When you’re a resident of Westlake Village and the surrounding areas, you’re served by the shopping, dining, entertainment, and SHOPPING | RETAIL amenities that are provided by the The Promenade and Shoppes at Westlake Village. The Promenade With a mix of stylish boutiques, popular global brands and These shoppes offer variety and a destination away from home OAKS the latest trends in fashion, beauty, home goods and more, that will provide you with everything you could possibly need, The Promenade at Westlake brings you the ultimate shopping from clothing and jewelry to a wide range of unique and delicious experience in the area. The Westlake Promenade is a great place

dining experiences. blvd to shop, hang out, have dinner and see a movie. There are several restaurants including Paul Martin’s, Marmalade, Farfalla, The Grill, Lemonade and more. There’s also a Barnes and Noble, Vintage Grocers, Nike Store, and many boutique stores.

Shoppes at Westlake Village The Shoppes at Westlake Village is a luxurious shopping mall in the heart of Westlake Village that provides residents of the community with many great shops and restaurants to visit, as well as events to be a part of. This 240,000 sq. ft. shopping center was originally opened in 2014 and offers a clean and friendly destination for local residents and visitors to spend time with friends and family. You can spend your time at the Shoppes socializing or window-shopping for your next purchase in this luxurious outdoor shopping mall.

There are numerous outdoor eating areas situated around the shopping venues, providing you with a premier destination for a picnic in the lovely Southern California weather. When you’re not shopping, there are more than enough comfortable benches in the area for you and your friends or family to relax. In total, there are well over a dozen stores for you to enjoy in this shopping center, as well as numerous highly-rated restaurants, from Hook Burger to Olio Pizzeria. No matter what you’re looking for, you’re sure to find it and more at Shoppes at Westlake Village!

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DEMOGRAPHICS east THOUSAND

128,909 Total Population of Thousand Oaks, CA OAKS The median age is 43.5 $137,948 141,181 $110,804 Average HH income within 5-m radius Population within 5-m radius Median HH income within 5-m radius 49% 51% blvd EDUCATION MALE FEMALE

36,929 14,084 8,916 Owner Occupied Households Renter Occupied Households Businesses within a 5-m radius 6% 14% 30% 50% within 5-m radius within 5-m radius Less Than High School High School or GED Some College or Bachelor’s Degree or Associates Degree Higher

BUSINESSES

The city’s economy is based on a small range of businesses, with biotechnology, electronics, automotive, aerospace, telecommunications, healthcare, and financing occupying most of Thousand Oaks’ employment sector. Amgen, Teledyne Technologies, SAGE Publications, and Skyworks Solutions have corporate headquarters in the city, while Bank of America, Baxter International, General Dynamics Corporation, Verizon, Verizon Wireless, Volkswagen, Audi, General Motors, BMW, Silver Star Automotive Group, and Anthem Blue Cross manage regional offices. Thousand Oaks also has large employers as Los Robles Hospital & Medical Center, Conejo Valley Unified School District, City of Thousand Oaks, Hyatt Hotels, and California Lutheran University headquartered in the city. The city was also the former home to the corporate offices of Wellpoint and GTE, which later became Verizon, which relocated in the last decade. Hewlett- Packard was also previously located here.

BRANDON MICHAELS AUSTIN SREDEN Senior Managing Director of Investments Investment Associate Senior Director, National Retail Group National Retail Group east THOUSAND Tel: (818) 212-2794 Tel: (818) 212-2805 Fax: (818) 212-2710 Fax: (818) 212-2710 [email protected] [email protected] 1501 License: CA #01434685 License: CA #01434685 OAKSblvd www.BrandonMichaelsGroup.com www.BrandonMichaelsGroup.com