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Sec Wilshire Blvd. and Barrington Ave WESTSIDE LOS ANGELES MIXED-USE DEVELOPMENT OPPORTUNITY SUITABLE FOR RESIDENTIAL, SENIOR HOUSING, HOSPITALITY, OFFICE AND RETAIL ±188,000 F.A.R. SQUARE FEET UTILIZING TOC TIER 3 BENEFITS : NO HEIGHT LIMIT BY RIGHT PACIFIC OCEAN Los Angeles International Airport SANTA MONICA S BARRINGTON AVE BRENTWOOD WILSHIRE BLVD 11680 SITE WILSHIRE BLVD. SEC WILSHIRE BLVD. AND BARRINGTON AVE. LAURIE LUSTIG-BOWER KADIE PRESLEY WILSON Executive Vice President First Vice President Lic. 00979360 Lic. 01476551 +1 310 550 2556 +1 310 550 2575 [email protected] [email protected] OFFER DUE DATE: Thursday, July 1, 2021 by 5:00 PM WWW.11680WILSHIRE.COM 2 11680 WILSHIRE BLVD. LOS ANGELES, CA 90025 MALIBU PACIFIC OCEAN WHOLE FOODS MARKET SANTA MONICA PACIFIC PALASADES SAN VICENTE BLVD BRENTWOOD The Palace Seafood WILSHIRE BLVD 11680 SITE WILSHIRE BLVD. S BARRINGTON AVE © 2021 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. You should conduct a careful, independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk. CBRE and the CBRE logo are service marks of CBRE, Inc. All other marks displayed on this document are the property of their respective owners, and the use of such logos does not imply any affiliation with or endorsement of CBRE. 3 11680 WILSHIRE BLVD. LOS ANGELES, CA 90025 LAX SILICON BEACH CULVER CITY MARINA DEL REY SANTA MONICA PROPOSED WHOLE AIRPORT FOODS WEST LOS ANGELES MARKET SANTA MONICA BLVD S BARRINGTON AVE FEDERAL AVE BARRY AVE 11680 WILSHIRE BLVD. BANDERA SITE WILSHIRE BLVD The Palace Seafood 4 11680 WILSHIRE BLVD. LOS ANGELES, CA 90025 BEVERLY HILLS CENTURY CITY DOWNTOWN LOS ANGELES WHOLE FOODS MARKET WESTWOOD WILSHIRE BLVD WEST LOS ANGELES WILSHIRE/VA HOSPITAL METRO STATION (2027 EXPECTED OPENING) BRENTWOOD THEATRE FEDERAL AVE WILSHIRE BLVD BARRY AVE 11680 WILSHIRE BLVD. BRENTWOOD SITE BANDERA S BARRINGTON AVE 5 11680 WILSHIRE BLVD. LOS ANGELES, CA 90025 LAX MARINA DEL REY PACIFIC OCEAN SILICON BEACH SANTA MONICA SANTA MONICA AIRPORT S BARRINGTON AVE BARRY AVE 11680 WILSHIRE BLVD. The Palace Seafood WILSHIRE BLVD SITE BRENTWOOD WHOLE FOODS MARKET 11680 WILSHIRE BLVD. EXECUTIVE RENT AND SALES AREA SUMMARY COMPARABLES OVERVIEW 1 2 3 LAURIE LUSTIG-BOWER KADIE PRESLEY WILSON Executive Vice President First Vice President Lic. 00979360 Lic. 01476551 +1 310 550 2556 +1 310 550 2575 [email protected] [email protected] © 2021 CBRE Limited. Data © TeleAtlas, Google, AerialExpress, DigitalGlobe, Landiscor, USGS, i-cubed. The information contained herein (the “Information”) is intended for informational purposes only and should not be relied upon by recipients hereof. Although the Information is believed to be correct, its accuracy, correctness or completeness cannot be guaranteed and has not been verified by either CBRE Limited or any of its affiliates (CBRE Limited and its affiliates are collectively referred to herein as “CBRE”). CBRE neither guarantees, warrants nor assumes any responsibility or liability of any kind with respect to the accuracy, correctness, completeness, or suitability of, or decisions based upon or in connection with, the Information. The recipient of the Information should take such steps as the recipient may deem appropriate with respect to using the Information. The Information may change and any property described herein may be withdrawn from the market at any time without notice or obligation of any kind on the part of CBRE. The Information is protected by copyright and shall be fully enforced. Layout ID:L04 MapId:7781801 WWW.11680WILSHIRE.COM 11680 WILSHIRE BLVD. LOS ANGELES, CA 90025 1 EXECUTIVE SUMMARY 9 11680 WILSHIRE BLVD. LOS ANGELES, CA 90025 THE OFFERING CBRE, Inc., as exclusive advisor, is pleased to present a high profile, mixed-use development site at the southeast corner of Wilshire Boulevard and Barrington Avenue in the highly coveted Brentwood submarket. This dynamic, pedestrian-friendly site is zoned [Q]C2-2-CDO “General Commercial” and is not restricted to a height limit. Utilizing Los Angeles’ Transit Oriented Communities (TOC) ordinance, 11680 Wilshire Boulevard, as a TOC Tier 3 property, is suitable for the development of approximately ±188,000 floor area ratio (FAR) square feet. The TOC Tier 3 benefits also make 11680 Wilshire Boulevard eligible for the development of up to ±97 residential units. Additionally, the property’s zoning allows for a variety of development possibilities “by right.” It may be developed for residential, senior housing, retail, hotel, office or any combination of these product types. With all of the options, some ground floor retail would be required. Located on Wilshire Boulevard, approximately 3.5 miles from the Pacific Ocean, this development opportunity is an almost half acre site with excellent visibility on one of Los Angeles’ most prominent thoroughfares. The prime location adjoins some of Los Angeles’ most sought after sub-markets. Situated west of the 405 freeway with a coveted Wilshire Boulevard address, the property is at the southern gateway to Brentwood, an affluent neighborhood, home to some of the most expensive residences, as well as the chicest restaurants and shops in Los Angeles’ Westside. The City of Santa Monica lies just blocks to the west of the subject site and offers a plethora of retail and cultural amenities, and is an employment hub for nearly 290,000 daytime employees. Due east of the subject property is Westwood, home to UCLA and the numerous retail shops comprising Westwood Village. In 2027 the Los Angeles Metro Rail is expected to begin rail service operations at the Westwood/VA Hospital Purple Line Metro Station. Located half a mile from 11680 Wilshire Boulevard, the Purple Line will offer a dependable alternative for commuters traveling between Downtown Los Angeles, Beverly Hills, Century City and Westwood/ UCLA. The Expo Line Station at Bundy is approximately 1.6 miles from 11680 Wilshire and connects Santa Monica Beach with Culver City, USC and Downtown Los Angeles. 11680 Wilshire Boulevard is offered on an UNPRICED basis. CONCEPTUAL RENDERING Offers are due Thursday, July 1, 2021 by 5:00 PM www.11680Wilshire.com 10 11680 WILSHIRE BLVD. LOS ANGELES, CA 90025 Proximity to the major Los Angeles employments hubs of West Los Angeles, Santa Monica, INVESTMENT Silicon Beach (Santa Monica, Venice, Marina del Rey, Playa del Rey & Playa Vista), Century HIGHLIGHTS City, Beverly Hills, Culver City, South Bay and Downtown Los Angeles TOC Tier 3 Site Short walk to numerous Minutes to Santa Easy access to Almost 9:1 FAR Brentwood shops and Monica, Westwood, the 405 and No Height Limit restaurants on San Century City and 10 Freeways by right Vicente Boulevard Beverly Hills PACIFIC OCEAN SILICON BEACH VENICE SANTA MONICA S BARRINGTON AVE BRENTWOOD The Palace Seafood WILSHIRE BLVD 11680 WILSHIRE BLVD. SITE 11 11680 WILSHIRE BLVD. LOS ANGELES, CA 90025 PROPERTY SUMMARY 11680 Wilshire Boulevard Los Property Address Angeles, CA 90025 APN 4263-011-036 ± 20,970 SF Lot Area ± 0.48 Acres ±94 Feet along Wilshire Blvd Frontage ±161 Feet along Barrington Ave [Q]C2-2-CDO Zoning General Commercial Entitled No Transit Oriented Community TOC-Tier 3 City Council District CD 11 – Mike Bonin POTENTIAL DEVELOPMENT SCENARIO FOR RESIDENTIAL AND RETAIL BASE FAR BY RIGHT: EST. TOTAL RESIDENTIAL Q CONDITION: 6:1 UNITS (BASE): Off-Site Signs, Pole Signs, Mural Signs, and Supergraphic Displays, as Market Rate: ±55 defined in the Los Angeles Municipal Code, are prohibited. However, it FAR (UTILIZING TOC TIER 3 should be noted that there is already an existing pole sign located on the BENEFITS): EST. TOTAL UNITS property. Almost 9:1 (UTILIZING TOC TIER 3 BENEFITS): CDO: APPROXIMATE F.A.R. SF Total Units: ±97 The West Wilshire Boulevard Community Design Overlay provides (UTILIZING TOC TIER 3 Market Rate: ±87 guidance and direction in the design of buildings and storefronts that will BENEFITS): Very Low Income: ±10 enhance the appearance of the street. Its guidelines and standards offer ±188,000 SF direction for infill development, addressing such concerns as site planning, HEIGHT LIMIT: pedestrian-oriented building design, location and design of parking Unlimited, by right structures and surface parking, landscaping, and signage. For more information about the Q Condition and the CDO please visit: http://cityplanning.lacity.org/complan/othrplan/oparea/wwilshirecdo_candq. htm 12 11680 WILSHIRE BLVD. LOS ANGELES, CA 90025 ELDERCARE ORDINANCE AND TRANSIT ORIENTED COMMUNITIES GUIDELINES ELDERCARE ORDINANCE: TRANSIT ORIENTED COMMUNITIES GUIDELINES: The City of Los Angeles has enacted an ordinance that outlines The planning department of the City of Los Angeles has development standards and creates a more defined process for developed guidelines based upon the passage of Measure JJJ applications for projects that include Alzheimer’s/Dementia Care in November of 2016. The Transit Oriented Communities (TOC) Housing, Assisted Living Care Housing and Senior Independent program is designed to increase affordable housing by providing Housing. The Eldercare Ordinance, among other things, defines incentives. Based upon the accessibility to public transit, a the reduced parking requirements for and process to get relief property may fall within an “Affordable Housing Incentive from the use, area or height provisions of the underlying zoning Area Tier” providing additional Residential
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