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 , , CA 90025 310.478.7700 / www.westmac.com Company DRE# 01096973

EXECUTIVE SUMMARY

Fully Leased Neighborhood Center Blocks from the 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

N

Investment Summary AERIAL VIEW

N

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 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%. ’ 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), (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 ’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 , first 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 on the north. Other major thoroughfares include Central Avenue, Maryland Avenue, Wilson Avenue, and .

CALIFORNIA AVE

WILSON AVE

GLENDON AVE CENTRAL AVE BRAND BLVD

BROADWAY

P P P

THE EXOTIC CIGARETTES

I&G PHARMACY COLORADO ST COLORADO ARLET KAROZA MOBILE HAIR BRIDAL EZ CUT HOTEL S TUDIO Restaurant & Banquet Restaurant

Jasmine Plaza 900 E Colorado St | Jasmine Plaza 30 AMERICANA AT BRAND GLENDALE GALLERIA

The Americana at Brand features 75+ retailers. The Glendale Galleria features 199+ retailers. Anchor Anchor tenants include , Pacific tenants include Bloomingdales, Target, Macy’s, Hugo Boss, Theaters, Apple, Lululemon, Barney’s & more. Dick’s Sporting Goods & more.

SHOPPING SHOPPING DINING DINING Abercrombie & Fitch Loft Auntie Anne’s Pretzel Apple Bacari GDL Adidas Louis Vuitton Bento Box Anthropologie Bar Verde at Aeropostale Lucky Brand Jeans Bibigo Barneys New York Bourbon Steak Aldo Shoes Lush Blaze Pizza Barnes & Noble Capital One Cafe Angl MAC Cosmetics Boxlunch Calvin Klein Crepemaker Ann Taylor Macy’s Charley’s Philly Steaks Cole Haan Deluca’s Deli Apple Michael Kors Chipolte David Yurman Din Tai Fung Armani Jeans Microsoft Cinnabon Diane Von Duke Bakery AT&T Oakley Earth Bar Furstenberg Frida Mexican Cuisine Aveda Optica Farmer Boys Disney Baby Granville Baby Gap Pacsun Giggles N’ Hugs Drybar Haagen-Dazs Baldi London Pandora Godiva Fantastic Sams Banana Republic Papyrus Green Crush Juice Bar Free People Jersey Mike’s Bath & Body Works Pirch Haagen-Dazs H&M K Ramen Bebe Skechers Hot Dog on a Stick J. Crew Katsuya Bloomingdales Skin Laundry Ice N Cream Kate Spade Le Pain Quotidien Bose Spencer’s In & Out Burger Kiehl’s Lemonade Champs Sports Steve Madden LA Italian Kitchen Lululemon Napoleon’s Macrons Charlotte Russe Sunglasses Hut La Vaca Brazilian Grill MAC Cosmetics Nordstrom Ebar Claire’s Superdry Massis Kabob Madewell Clarks Swaroski McDonald’s Marciano Potato Corner Coach Swimspot North Pole Snow Cream Nordstrom Pressed Juicery Cotton On T-Mobile Panda Express Ray Ban See’s Candies Dick’s Sporting Goods Tadashi Shoji Peet’s Coffee & tea See Eyewear Sprinkles Cupcakes Disney Store Target Poke N Roll Maui Mix Sephora Starbucks Ecco Ted Baker London Sizzlin’ Steak Sur La Table Sugarfina Express The Children’s Place Stone Oven Gourmet The Art of Shaving Foot Locker The Lego Store Subway Tesla The Coffee Bean & Tea Gap The Walking Company Urban Cafe Tiffany & Co Leaf Gucci Tilly’s Waba Grill Toms The Pie Hole Guess Torrid Wetzel’s Pretzels Topshop Topman The Tsujita Helzberg Diamonds Vans Tory Burch Trattoria Amici Hollister Co Verizon TUMI Wetzel’s Pretzels Hot Topic Viaggi Ugg JC Penny Victoria’s Secret Under Armour Journey’s Vince Camuto Urban Outfitters Kevin Jewelers White House Black Market XXI Forever Lady Foot Locker Zales Jewelers L’occitane Zara Jasmine Plaza Lenscrafters Zumiez OFFERING MEMORANDUM 31 1-3-5 MILE Demographics DISTANCE FROM JASMINE PLAZA

POPULATION 1-MILE 3-MILE 5-MILE

Population (2019 Estimate) 65,776 245,556 582,294

Population (2024 Forecast) 66,747 248,874 588,107

HOUSEHOLD 1-MILE 3-MILE 5-MILE # HH (2019 Estimate) 25,354 90,087 218,831

Med. HH Income (2019) $45,501 $62,757 $61,775

Avg. HH Income (2019) $63,210 $88,219 $89,220

BUSINESS 1-MILE 3-MILE 5-MILE Total Businesses 3,884 10,957 24,323

Total Employees 38,132 132,135 247,548

Total Consumer Spending $559,988 $2,463,419 $5,896,476

900 E Colorado St | Jasmine Plaza 32 LA CANADA FLINTRIDGE

VAN NUYS

BURBANK

STUDIO CITY Jasmine Plaza UNIVERSAL CITY

PASADENA GLENDALE, CA

LOS FELIZ

HOLLYWOOD ALHAMBRA

ECHO PARK BEVERLY HILLS

MONTEREY PARK MID WILSHIRE CENTURY CITY

MID CITY DOWNTOWN LOS ANGELES N

CULVER CITY VERNON

OFFERING MEMORANDUM 33 900 E Colorado St | Jasmine Plaza 34 OFFERING MEMORANDUM 35 900 E Colorado St | Jasmine Plaza 36 DISCLAIMER

This offering has been prepared solely for informational purposes. While the information contained herein is from sources deemed reliable, it has not been independently verified by WESTMAC Commercial Brokerage Company or by the Seller.

This document is provided subject to errors, omissions and changes in the information and is subject to modification or withdrawal. The contents herein are confidential and are not to be reproduced without the express written consent.

Interested buyers should be aware that the Seller is selling the Property “AS IS” CONDITION WITH ALL FAULTS, WITHOUT REPRESENTATIONS OR WARRANTIES OF ANY KIND OR NATURE.

The Seller reserves the right to withdraw the Property being marketed at any time without notice, to reject all offers, and to accept any offer without regard to the relative price and terms of any other offer.

Prospective buyers shall be responsible for their costs and expenses of investigating the Property and all other expenses, professional or otherwise, incurred by them.

OFFERING MEMORANDUM 37 FOR MORE INFORMATION CONTACT:

J. PATRICK SHEEKEY 310.966.4341 [email protected] DRE #01290968

T.C. MACKER, CCIM 310.966.4352 [email protected] DRE #01232033

JENNIFER MOSCOSO 310.966.4397 [email protected] DRE #02044716

Jasmine Plaza

1515 S Sepulveda Boulevard, 900 COLORADO Los Angeles, CA 90025 310.478.7700 | DRE #01096973 www.westmac.com GLENDALE, CA 91205