Medical Tower Encino

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Medical Tower Encino A 48,590 SF MEDICAL OFFICE BUILDING WITH SIGNIFICANT RENTAL ENCINO UPSIDE IDEALLY LOCATED IN THE AFFLUENT LOS ANGELES COUNTY SUB-MARKET OF ENCINO, CALIFORNIA 17835MEDICAL VENTURA BOULEVARD TOWERENCINO, CA 91316 ENCINO 17835MEDICAL VENTURA BOULEVARD TOWERENCINO, CA 91316 INVESTMENT ADVISORS: BRANDON MICHAELS TEAM MEMBERS Senior Managing Director of Investments Sean Brandt Senior Director, National Retail Group Ben Brownstein Tel: (818) 212-2794 Nicole Cottrell Fax: (818) 212-2710 Dana Liu [email protected] Steven Schechter License: CA #01434685 Austin Sreden www.BrandonMichaelsGroup.com CONFIDENTIALITY AND DISCLAIMER The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written con- sent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective pur- chasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the com- pliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved. TABLE OF CONTENTS NON-ENDORSEMENT NOTICE Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing pack- age. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. 1 2 3 4 EXECUTIVE SUMMARY FINANCIAL ANALYSIS COMPARABLE ANALYSIS AREA OVERVIEW 16830 Ventura Blvd. Suite 100, Encino, CA 91436 www.marcusmillichap.com EXECUTIVE SUMMARY 4 5 ENCINO 17835MEDICAL VENTURA BOULEVARD TOWERENCINO, CA 91316 ENCINO• CA A 48,590 SF MEDICAL OFFICE BUILDING WITH SIGNIFICANT RENTAL ENCINO ENCINO UPSIDE IDEALLY LOCATED IN THE AFFLUENT LOS ANGELES 17835MEDICAL VENTURA BOULEVARD TOWERENCINO, CA 91316 COUNTY SUB-MARKET OF ENCINO, CALIFORNIA 17835MEDICAL VENTURA BOULEVARD TOWERENCINO, CA 91316 ON PRESTIGIOUS VENTURA BOULEVARD. The Brandon Michaels Group of Marcus & Millichap has been selected to market for sale the Encino Medical Tower, a 48,590 square foot medical office building located at 17835 Ventura Boulevard in the high-end, affluent LA County sub-market of Encino, CA. Encino Medical Tower is ideally located along Ventura Boulevard, on the north side of the Boulevard, just west of White Oak Avenue and just east of Zelzah Avenue. The subject property consists of a three story, class B office building with 100 surface parking spaces ideally situated on 53,008 square feet of land consisting of two separate parcels. The front parcel is 40,144 square feet of land zoned C4-1VL and RA-1. The rear parcel is 12,864 square feet of land zoned RA. The Encino Medical Tower has undergone a medical conversion in which 82% of the building (40,000 SF) is allowed for medical use. Encino Medical Tower is currently 81% occupied to general office tenants, with an average rent of $2.26 per SF. Medical rents in the immediate designated area average $3.44 per square foot. The average unit size is 1,970 square feet with the largest unit being 4,285 square feet. These are ideal suite sizes to serve the local tenant mix and require minimal tenant improvement costs between tenants. With 53% of the existing leases expiring by 2020 and 93% of the current leases expiring by 2022, this offering presents a unique opportunity to acquire a value-add medical office building well located along Ventura Boulevard in Encino. The flexibility in the current lease structure combined with the current occupancy creates an ideal opportunity for an investor or owner-user Buyer. The Encino Tower has recently undergone significant upgrades and improvements which create a positive business environment and will attract top tenants. Improvements include completely remodeled common areas, brand new entry door security with access cards, brand new lighting in the common areas, a brand new lobby with back painted glass, and a laundry list of additional improvements. 8 ENCINO MEDICAL TOWER | OFFERING MEMORANDUM | THE BRANDON MICHAELS GROUP | MARCUS & MILLICHAP ENCINO MEDICAL TOWER | OFFERING MEMORANDUM | THE BRANDON MICHAELS GROUP | MARCUS & MILLICHAP 9 PROVIDENCE TARZANA MEDICAL CENTER PIERCE COLLEGE WOODBURY UNIVERSITY CAL STATE NORTHRIDGE ENCINO, CALIFORNIA IS AN URBAN PARADISE WELL-KNOWN ENCINO FOR ITS AFFLUENT DEMOGRAPHIC, DENSE POPULATION, AND MULTI-MILLION DOLLAR HOMES 17835MEDICAL VENTURA BOULEVARD TOWERENCINO, CA 91316 The Encino Tower benefits from an amenity rich Encino, California location offering a plethora of dining and entertainment options along world renowned Ventura Boulevard. Ventura Boulevard is the main commercial thoroughfare through the San Fernando Valley, and the world’s longest avenue of contiguous business. Encino is a dense San Fernando Valley neighborhood that benefits from strong local business and a wide array of housing options. The dense immediate submarket boasts a population of over 468,000 people within a five-mile radius. The affluent area has an average household income of over $103,000 within a three-mile radius, and over 163,000 households within five miles, 10% with household incomes north of $200,000. Homes South of Ventura Boulevard range from $2 million to $50 million and offer some of the most expansive residences in Southern California. The city is the home of numerous celebrities, executives, athletes, and entertainers. The local economy provides jobs in health care, social services, and professional services. A host of athletes, celebrities, and professionals call Encino home. The local economy provides jobs primarily in health care, social services, and professional services. There are over 26,000 businesses and over 212,000 employees within a five-mile radius, further encapsulating the strength of the location. The San Fernando Valley has experienced consistent population growth since 2000, and population growth is projected for the foreseeable future. Valley residents, on average, are more educated than other parts of the City and County with 118,575 people with graduate or professional degrees and another 239,705 with bachelor’s degrees. Since 2000, the Valley has had a 16.6% increase (59,689) in those with bachelor’s or advanced degrees. Valley residents have access to renowned colleges and universities, such as California State University, Northridge, Woodbury University, Pierce College, Valley College, and Mission College. 10 ENCINO MEDICAL TOWER | OFFERING MEMORANDUM | THE BRANDON MICHAELS GROUP | MARCUS & MILLICHAP ENCINO MEDICAL TOWER | OFFERING MEMORANDUM | THE BRANDON MICHAELS GROUP | MARCUS & MILLICHAP 11 INVESTMENT HIGHLIGHTS ENCINO 17835MEDICAL VENTURA BOULEVARD TOWERENCINO, CA 91316 EXCELLENT ENCINO, CA LOCATION VALUE-ADD OPPORTUNITY WITH A ▶ Ideally located just west of White Oak Avenue along MULTITUDE OF OPTIONS prestigious Ventura Boulevard ▶ Current office rents average $2.26 per square foot ▶ 130 feet of linear frontage along Ventura Boulevard ▶ Medical rents in the immediate area average $3.44 per ▶ Amenity rich submarket with multiple restaurants, square foot retailers, office, and hotels in the immediate area ▶ 93% of the existing leases expire by 2022 ▶ Close proximity to the 101 Ventura Freeway ▶ 81% current occupancy and flexibility in lease expiration ▶ Centralized San Fernando Valley location with easy access creates a unique opportunity for an investor or Owner-User to Downtown Los Angeles, the Westside of Los Angeles, Buyer Warner Center, and all major airports HIGH-END MEDICAL OFFICE BUILDING AFFLUENT AND DENSE LOS ANGELES ▶ 48,590 square foot medical office building of which 40,000 COUNTY SUB-MARKET square feet (82%) is designated for medical use ▶ Average household income over $103,000 ▶ 53,008 square feet of land ▶ Dense immediate
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