FOR SALE 900 COLORADO
GLENDALE, CA 91205
Jasmine Plaza Jasmine Plaza
900 COLORADO
GLENDALE, CA 91205
EXCLUSIVE LISTING BY:
J. PATRICK SHEEKEY | EXECUTIVE VICE PRESIDENT 310.966.4341 | [email protected] DRE # 01290968
T.C. MACKER | PRESIDENT 310.966.4352 | [email protected] DRE # 01232033
JENNIFER MOSCOSO | ASSOCIATE 310.966.4397 | [email protected] DRE # 02044716
WESTMAC COMMERCIAL BROKERAGE COMPANY 1515 Sepulveda Boulevard, Los Angeles, CA 90025 310.478.7700 / www.westmac.com Company DRE# 01096973
EXECUTIVE SUMMARY
Fully Leased Neighborhood Center Blocks from the Glendale Galleria and The Americana at Brand
WESTMAC Commercial Brokerage Company is pleased to present for sale 900 E. Colorado Street, a 100% occupied ± 17,127-square foot (17,064 per tax record) multi-tenant shopping center in Glendale, CA. 900 E Colorado, also known as Jasmine Plaza, is an ideal opportunity for investors to acquire an excellent property located in a desirable market.
900 E. Colorado Street is located in a dynamic retail submarket, situated less than a mile from The Americana at Brand, one of the 15 most productive and highest-grossing retail centers in the world. Anchored by Sherwin Williams, 900 E. Colorado Street is comprised of three (3) buildings which are situated on ± 49,261-square foot (per tax record) lot, and houses a mix of nationally recognized and mom & pop tenants.
The center features a strong and highly synergistic tenant line up comprised of popular local operators and large national brands. A number of existing tenants are paying below market rates. Jasmine Plaza also benefits from a strong, retail core location.
900 E. Colorado Street houses a mix of food, medical, and professional service tenants makes it highly resistant to recessionary and e-commerce pressures. Jasmine Plaza has stable cash flow due to in-place leases but also offers flexibility with month to month tenants. 900 E Colorado Street also provides buyer with immediate upside and ability to increase NOI after CAM Reconciliation.
900 E Colorado St | Jasmine Plaza 4 Jasmine Plaza
OFFERING MEMORANDUM 5 Glendale Investment Opportunity Jasmine Plaza
900 E Colorado St | Jasmine Plaza 6 Glendale Investment Opportunity Jasmine Plaza
7 900 E Colorado St | Jasmine Plaza 8 OFFERING MEMORANDUM 9 N
PROPERTY INFORMATION
ADDRESS PROPERTY TYPE 900 E. Colorado Street, Shopping Center Investment Summary Glendale, CA 91205 # OF BUILDINGS OFFERING PRICE $9,900,000 AERIAL VIEW APN Three (3) 5674-023-022 TENANCY CURRENT NOI $390,443 BUILDING SIZE Multiple ± 17,064 SF (per tax record) CURRENT CAP 3.94% # OF TENANTS ± 17,127 SF (per leases) Twelve (12) PROFORMA NOI $427,007 LAND SIZE FRONTAGE ± 49,261 SF PROFORMA CAP 272’ on Colorado 4.31% BUILT 1990 PARKING PRICE/SF $578 ± 65 spaces ZONING OCCUPANCY 100% GLC3 Property Profile
900 E Colorado St | Jasmine Plaza 10 PARCEL MAP
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Investment Summary AERIAL VIEW
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OFFERING MEMORANDUM 11 COLORADO BOULEVARD
COLORADO STREET
GLENDALE, CA
900 E Colorado St | Jasmine Plaza 12 906 902 900 FOR REFERENCE PURPOSESONLY OFFERING MEMORANDUM Manila
S CEDAR ST Jasmine Plaza 1 1 918 914 912 FL RIST Colorado Street COLORADO BOULEVARD SITE PLAN
DENTIST 920
R
922 Lens Factory ptometry O 3 3 936 934 932 THIS DRAWING ISNOT TO SCALE
SPRING MASSAGE SPA 1000 13 SPRING MASSAGE | UNIT 936 1 Mom & Pop Tenant - Masseuse/Spa 9 LITTLE CAESARS | UNIT 934 2 Franchisee Tenant - Pizzeria SHERWIN WILLIAMS | UNIT 1000 7 3 Nationally Recognizable Tenant - Paint Store LENS FACTORY | UNIT 922 4 Mom & Pop Tenant - Optometrist WOK TALK | UNIT 932 5 Mom & Pop Tenant - Restaurant CALIFORNIA CUTS | UNIT 932 6 Mom & Pop Tenant - Barber Shop Jasmine Plaza TENANT MAP RED RIBBON BAKE SHOP | UNIT 914 Mom & Pop Tenant - Bakery 7 11 10 12 PATI FERDINAND DDS | UNIT 918 9 Mom & Pop Tenant - Dentistry 8 7 8 LILAC FLORIST | UNIT 912 6 4 5 9 Mom & Pop Tenant - Flowers & Gifts 2 1 SING WOO KITCHEN | UNIT 906 10 Mom & Pop Tenant - Restaurant SOO GOOD LUTONG PINOY | UNIT 900 11 Mom & Pop Tenant - Restaurant 3 AKKAD | UNIT 902 12 Mom & Pop Tenant - Restaurant
900 E Colorado St | Jasmine Plaza 14 2 5 6 1 4 8
11 3 10 12
OFFERING MEMORANDUM 15 INVESTMENT HIGHLIGHTS
VALUE ADD INVESTMENT OPPORTUNITY LOW AREA RETAIL VACANCY A number of Jasmine Plaza tenants pay below market Retail assets located in Glendale boast an average rents, creating significant intrinsic value and increasing vacancy rate of just 2.4%, far lower than many of it’s the likelihood they exercise their renewal options neighbors. Nearby Pasadena’s average vacancy rate is with significant future upside when they vacate. CAM 3.8%, East Hollywood/Silverlake is 4.9%, and Burbank is Reconciliation will also give buyers the opportunity to 3.9%. Greater Los Angeles’ average retail vacancy rate is increase NOI by over $18,000. over 2% higher than it’s Glendale submarket. Market rent in Glendale has seen positive growth every year since 2012, as has market sale price per square foot. 100% LEASED Jasmine Plaza is fully leased. There are currently three (3) tenants with month-to-month tenancy, giving buyers HIGH TRAFFIC LOCATION opportunity for immediate upside. In addition, staggered Strong traffic counts exceeding ±32,000 CPD at the lease expirations limit variations in the income stream and intersection of E. Colorado St. and S. Everett St., combined re-tenanting costs. With the exception of Sherwin Williams, with the convenient ingress and egress complemented by whose lease expires 5/24/22 with three 5-year options, the ample parking make the property a patron favorite. longest lease expires 2022 and last option, if exercised, expires 2025. STRONG RETAIL CORE Glendale has a vibrant growing retail core that includes STRONG TENANCY national tenants such as: Target, Macy’s, Ross Dress for Two (2) in-place tenants have strong national brand names - Less, 24 Hour Fitness, Bev Mo, Home Goods, Dollar Tree, Little Caesars (Franchisee) and Sherwin Williams Paint Store Staples, Marshall’s, Petco, Old Navy and many other high (Corporate Lease). They are both nationally recognizable quality retailers within a 1-mile radius of the property, tenants occupying approximately 43% of the property. creating a strong regional draw and generating high traffic The Plaza’s mix of food, medical, and professional service to this trade area. The Americana at Brand is one of the 15 tenants makes it highly resistant to recessionary and most-productive and highest-grossing retail centers in the e-commerce pressures. world.
900 E Colorado St | Jasmine Plaza 16 OFFERING MEMORANDUM 17 FINANCIAL SUMMARY INCOME ANALYSIS
BUILDING SIZE +/- 17,127-sf (per leases) LAND SIZE +/- 49,261-sf
2020 PROFORMA BASED IN PLACE INCOME ON CAM RECONCILIATION GROSS RENTAL INCOME $642,136 $485,839 CAM see below notes $193,992 (projected) Financial LESS VACANCIES (@ 3%) ($19,264) ($20,394) FinancialDetails documents available GROSS OPERATING INCOME $622,872 $659,436 in due diligence vault. Contact LESS OPERATING EXPENSES ($232,429) ($232,428) listing agents for access. NOI $390,443 $427,007
- Real Estate Taxes are estimated at 1.12% based on a purchase price of $9,900,000. - CAM on In Place income is included in Gross Rental Income. - Operating Expenses derived from rent roll. - 2020 Proforma includes bringing tenants #918 & #922 to $3.50 NNN, and #934 to $3.25 NNN - Income analysis does not take into account renovations costs, Tenant Improvements, Carry or Leasing Commissions.
900 E Colorado St | Jasmine Plaza 18 Financial Details
RENT ROLL CONTACT LISTING AGENTS FOR ACCESS TO RENT ROLL AND OTHER DUE DILIGENCE DOCUMENTS.
OFFERING MEMORANDUM 19 BY RIGHT ZONING (GLENDALE WILL GIVE VARIANCES DEPENDING ON THE PROJECT).
POTENTIAL FUTURE DEVELOPMENT
FOR MIXED USE: Residential developments follow R-1250 Zoning guidelines. Commercial component will follow C3 zoning; District I Zoning.
R-1250 ZONING The R-1250 Zoning requires a minimum of 1,250 SF of lot area per dwelling unit EXCEPT for lots that have a width of 90 feet or greater, which requires a minimum of 1,000 SF of lot area for one dwelling unit.
DESCRIPTION REQUIREMENT Dwelling Units 49 dwelling units (with exception, 49,261/1,000) FAR 1.2 Lot Coverage 50% maximum including all residential and accessory buildings Setbacks Required 20 feet minimum, and an average of 23 feet for any garage or first residential floor, not less Street Front: than 23 feet and an average of 26 feet for the second and third residential floors. Street Side: 5 feet minimum and an average of 8 feet for the first residential floor, not less than 8 feet and an average of 11 feet for the second residential floor, and not less than 11 feet and an Interior: average of 14 feet for the third residential floor. Height Limits Maximum of 3 stories and a maximum of 36 feet Landscaping 25% of lot area
900 E Colorado St | Jasmine Plaza 20 POTENTIAL FUTURE DEVELOPMENT C3 ZONING; DISTRICT 1 C3 zone (district I) buildable area based on parking; check with City of Glendale.
DESCRIPTION REQUIREMENT Minimum Lot Area None Minimum FAR None Minimum Setbacks Required Street Front: Street Side: None Interior Not Adjacent to Residential Zones:
Interior Adjacent to 5’ minimum and average 8’ for buildings and structures up to and including 28’: 7’ minimum Residential Zones: and average 10’ for buildings and structures over 28’ and up to and including 35’; 1’ minimum for every 2’ of height for entire building, if building is over 35’ Maximum Height Limits 50’ max and 3 stories max (for district I) Parking (differs by use): 25% of lot area Retail: 4 per 1,000 SF Restaurants/Fast Food: 12.5 per 1,000 SF Restaurants/Full Service: 10 per 1,000 SF
OFFERING MEMORANDUM 21 NEW DEVELOPMENT Located across the street from the subject property at 1001 Colorado Street, construction is underway on a new Holiday Inn & Suites hotel. It is set to total approximately 37,500-square feet and consist of 134-guest rooms. The 1001(artist rendering)E Colorado Street hotel will be four (4) stories, and feature two (2) levels of subterranean parking. The hotel will replace a former World Gym Fitness Center location.
900 E Colorado St | Jasmine Plaza 22 +/- 49,261-SQUARE FEET OF DEVELOPMENT POTENTIAL
Jasmine Plaza
NEW DEVELOPMENT UNDER CONSTRUCTION ACROSS THE STREET
OFFERING MEMORANDUM 23 Jasmine Plaza WALK SCORE 92 900 COLORADO WALKER’S PARADISE GLENDALE, CA 91205
et
lo E. Corado Stre
900 E Colorado St | Jasmine Plaza 24 The Glendale Galleria et The Americana at Brand
lo E. Corado Stre
TRAFFIC COUNT S EVERETT ST & E COLORADO ST 32,860 CARS PER DAY
S. Everett Str et et lorado Stre E. Co Cedar Str et N OFFERING MEMORANDUM 25 AREA SUMMARY City of GLENDALE Unmatched shopping, dining and unique cultural experiences
Glendale is a city in Los Angeles County, California, United States. As of the 2010 census it had a population of 191,719 and in 2018 the population was estimated at 201,361 making it the fourth-largest city in Los Angeles County and the 23rd- largest city in California. It is located about 8 miles (13 km) north of downtown Los Angeles.
Over the last 100 years, Glendale has grown from a small community at the edge of Los Angeles into a dynamic cosmopolitan City as diverse in its culture as it is in opportunities.
The City of Glendale has long been one of the most desirable locations to live, work or visit. The community has been chosen as one of the nation’s safest cities of its size, while maintaining vibrant growth in residential and key business sectors.
With housing ranging from luxury hillside homes to affordable housing multi-family complexes, Glendale boasts a wide range of great places to live. Several new luxury multi-unit housing developments in and around the downtown are positioned to deliver an affluent, youthful population to take advantage of the growing list of lifestyle amenities in Glendale.
900 E Colorado St | Jasmine Plaza 26 TRAVEL TIME FROM Jasmine Plaza
PASADENA Downtown Glendale is framed by the Glendale Freeway (SR-2), Ventura Freeway (SR- 134), and Golden State Freeway (I-5), from which Downtown Glendale has unique and immediate regional access to neighboring communities such as Burbank, Pasadena and GLENDALE Downtown LA. Today, Glendale is the fourth largest city in LA County and is surrounded by Southern California’s leading commercial districts including Los Angeles, Pasadena, 15 MINUTES Hollywood, and Universal City. The City is 7 miles from downtown Los Angeles, 15 miles from Los Angeles International Airport (LAX), and minutes from the Burbank- Glendale- BURBANK Pasadena Airport. 16 MINUTES
DOWNTOWN LA BURBANK
BURBANK Jasmine AIRPORT Plaza 24 7.5 MINUTES MILES HOLLYWOOD PASADENA 5.5 MILES
HOLLYWOOD 9.5 MILES 25 MINUTES EAGLE ROCK LAX AIRPORT LOS FELIZ LAX HIGHLAND PARK AIRPORT 20 MILES LOS ANGELES 9 MILES 45 MINUTES OFFERING MEMORANDUM 27 In recent years the City of Glendale has transformed into a regional employment, shopping, and entertainment destination with much of this activity centered Downtown. Glendale has nearly 7 million square feet of office space with the most significant office development located in the Financial District along Brand Boulevard. Glendale is home to numerous corporate headquarters including Whole Foods Market Regional Headquarters, Avery Dennison Global Headquarters, and Service Titan. Glendale is recognized for its association with the entertainment industry and is particularly known for pre and post production work, animation, visual effects, and digital distribution. Glendale has benefited from continued growth in the entertainment sector through expansions by Disney, DreamWorks, and hundreds of ancillary production and equipment firms located in close proximity to Downtown.
3-MILE RADIUS MAJOR AREA EMPLOYERS
10,975 $2,463,419 132,135 BUSINESSES CONSUMER SPENDING EMPLOYEES
DISNEY’S GRAND CENTRAL CREATIVE CAMPUS IN GLENDALE
900 E Colorado St | Jasmine Plaza 28 Complementing the office development, Downtown is home to two of southern California’s premier shopping centers. The Glendale Galleria opened in 1975 and expanded in 1983 to its current size of 1.5 million square feet. It underwent a $57 million- dollar renovation in 2013. The adjacent mixed-use Americana at Brand opened in 2008. The Americana integrates retail, restaurant, cinema, and high-end residential uses in a series of mid-rise buildings located around three acres of public open space and pedestrian promenades. It consists of approx. 600,000 SF of retail and approx. 450,000 SF residential space. With the adoption of the Downtown Specific Plan in 2006, new housing development was encouraged in the downtown area. Since 2010, new residential and mixed-use projects have added over 2,500 luxury residential units and new commercial uses to Downtown.
AMERICANA AT BRAND The Americana at Brand is a large shopping, dining, entertainment and residential complex in Glendale, California. The Americana at Brand is one of the 15 most-productive and highest- grossing retail centers in the world. It brings together luxury living, shopping and entertainment to create a uniquely sophisticated and upscale Southern California urban environment with a classic American charm. The Americana at Brand is not only a major shopping destination for people from more than 80 zip codes, but is also a catalyst for accelerating the revitalization of the entire Glendale community.
GLENDALE GALLERIA The Glendale Galleria is a three-story regional shopping center and office complex located in downtown Glendale. It is the fourth largest mall in Los Angeles County, and is home to nearly 200 mostly mid-level stores and dozens of places to eat. While many malls around the country are shuttering, the Glendale Galleria is thriving, due to its ability to stay one step ahead of the curve. Throughout it’s 40+ years in operation, the Galleria has featured the first Apple Store, first Disney Store and first Panda Express. The Galleria also includes the world’s first three-story Target store, which opened to the public on July 29, 2007. The Glendale Galleria is one of the country’s top 100 shopping centers, and brings in more than 25 million visitors annually.
OFFERING MEMORANDUM 29 P AMENITIES MAP N Downtown Glendale is located at the southern base of the Verdugo LEXINGTON AVE Mountains centered along Brand Boulevard between Colorado Street on the south and Glenoaks Boulevard on the north. Other major thoroughfares include Central Avenue, Maryland Avenue, Wilson Avenue, and Broadway.
CALIFORNIA AVE
WILSON AVE