MIXED-USE ± 1.52 ACRE DEVELOPMENT SITE ADJACENT TO COMMUNITY RETAIL CENTER HIGH IDENTITY LOCATION ON HEAVILY TRAFFICKED PICO BLVD 4848 W POTENTIAL TO DEVELOP 223 MULTIFAMILY UNITS & GROUND FLOOR RETAIL , CA 90019

HOLLYWOOD

MID WILSHIRE MIRACLE MILE 4848 W SAN VICENTE BLVD PICO BLVD

MIDTOWN SHOPPING CENTER

PICO BLVD

LA BREA BLVD

VENICE BLVD

LAURIE LUSTIG-BOWER TIMOTHY BOWER KAMRAN PAYDAR EXECUTIVE VICE PRESIDENT SENIOR VICE PRESIDENT SENIOR SALES DIRECTOR Capital Markets | Investment Properties +1 310 550 2556 +1 310 550 2521 +1 310 550 2529 [email protected] [email protected] [email protected] www.4848Pico.com SOUTHEAST VIEW DOWNTOWN LA

MIDTOWN 10 CROSSING WASHINGTON BLVD

MIDTOWN SHOPPING CENTER

4848 W PICO BLVD

VENICE BLVD

PICO BLVD

SAN VICENTE BLVD

4848 W PICO BLVD | LOS ANGELES, CA | 2 SOUTH VIEW

10

WASHINGTON BLVD

MIDTOWN SHOPPING CENTER

4848 W PICO BLVD RIMPAU BLVD VENICE BLVD

PICO BLVD SAN VICENTE BLVD LA BREA AVE

HIGHLAND AVE

4848 W PICO BLVD | LOS ANGELES, CA | 3 NORTHWEST VIEW CENTURY CITY MIRACLE MILE

MID WILSHIRE

OLYMPIC BLVD

LA BREA AVE 4848 W PICO BLVD

SAN VICENTE BLVD MIDTOWN SHOPPING CENTER

PICO BLVD LA BREA AVE

VENICE BLVD

4848 W PICO BLVD | LOS ANGELES, CA | 4 PACIFIC OCEAN WEST VIEW MARINA DEL REY SANTA MONICA

BEVERLY HILLS

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WASHINGTON BLVD 4848 W PICO BLVD

LA BREA AVE

MIDTOWN SHOPPING CENTER

VENICE BLVD

PICO BLVD SAN VICENTE BLVD

4848 W PICO BLVD | LOS ANGELES, CA | 5 Santa Clarita

Woodland Hills Encino Sherman Oaks

4848 W PICO BLVD LOS ANGELES, CA

4848 W PICO BLVD | LOS ANGELES, CA | 6 Table of Contents

01 02 03

EXECUTIVE PROPERTY RENT SUMMARY OVERVIEW SURVEY VENICE BLVD SAN VICENTE BLVD

MIDTOWN 01 SHOPPING CENTER

EXECUTIVE PICO BLVD SUMMARY

4848 W PICO BLVD THE OPPORTUNITY

CBRE, Inc., as exclusive agent, is pleased to present for sale a high visibility ±1.52 acre mixed-use development site with 331 feet of frontage on Pico Boulevard in the thriving, densely populated Midtown District of Los Angeles, Cali- fornia.

The site is zoned C2-1-O and allows a 3:1 Floor Area Ratio (including Density Bonus) and no height restriction, with the potential to develop approximately 223 multifamily units* and ground floor retail.

Located at 4848 West Pico Boulevard the Property sits in the heart of an urban renaissance area with over one hun- dred million dollars having been invested in the immediate surrounding blocks bounded by Pico Boulevard, , and La Brea Avenue.

4848 W. Pico Boulevard boasts a Walk Score of 88 – a “Very Walkable” location- and is proximate to an abundance of shopping amenities. Adjacent restaurants and retailers include Pizza Rev, Chipotle, Jersey Mike’s, Ralphs grocery, Smart & Final, Planet Fit- ness, Living Spaces, CVS and many more.

The Property is located within convenient driving distance to the best of Los Angeles’s retail and entertainment destinations including The Original Farmers Market at 3rd and Fairfax, The Grove, Museum Row, L.A. Live/Staples Center, and bustling Koreatown.

Midtown Los Angeles offers an excellent, central location that is minutes away from key employment centers including Downtown Los Angeles, ’s Miracle Mile, Koreatown, , West Hollywood, Beverly Hills and Century City. Interstate 10 is less than two miles away and provides linkage to the freeway network.

The Property consists of vacant land and will be delivered subject to a lot line adjustment which is currently being processed with the City of Los Angeles. The owner of Midtown Shopping Center is willing to discuss granting ingress/egress rights across the center.

4848 W PICO BLVD | LOS ANGELES, CA | 9 *per SB-1818 HIGHLIGHTS MIDTOWN CROSSING • High visibility with ± 330.5 feet of frontage along Pico Boulevard.

• Adjacent to Midtown Shopping Center, a street-to- SITE street anchored urban retail center, very walkable, with potential for vehicular access

MIDTOWN SHOPPING • Potential for a variety of multifamily and CENTER retail uses.

• Adjacent to multiple signals and exceptional visibility at heavily trafficked intersections 4848 W • Evolving Retail Market: Nearby tenants include Living SAN VICENTE BLVD PICO BLVD Spaces, Planet Fitness, Lowes, Ralphs, CVS, Ross, Smart & Final, PetSmart, Chipotle, Jersey Mikes and many

VENICE BLVD more

• Exposure to 129,000 vehicles per day (at Venice Blvd/San Vicente Blvd and San Vicente

PICO BLVD Blvd/Pico Blvd)

• Minutes from Hollywood, DTLA, Mid-Wilshire & Interstate 10 Freeway

Price The Property is being market unpriced

For More Information Please Visit www.4848Pico.com

F

4848 W PICO BLVD | LOS ANGELES, CA | 10 strong Retail market fundamentals The property is located in a highly trafficked, densely populated area that is ideal for retail or multifamily uses. • Densely populated, area with strong daytime population • Surrounded by three heavily trafficked streets Local Snapshot - Demographics for 4848 W Pico Boulevard: • Adjacent to successful community shopping center, anchored by a top performing Ralph’s Signature store pOPULATION • Short drive times to Mid-Wilshire, Beverly Hills and West Los Angeles 2016 ESTIMATED POPULATION 458,519

2021 ESTIMATED POPULATION 473,012 2016 EMPLOYEES 206,789 strong multifamily DEMAND

• 2.4% Submarket Vacancy HOUSEHOLDS • Positive Net Absorption in 2016

2016 HOUSEHOLDS 178,673

2021 HOUSEHOLDS 183,564 median age

average HOUSehold income* 2016 MEDIAN AGE 36.1 PROJECTED 2021 AVERAGE $84,430 HOUSEHOLD INCOME EDUCATION traffic counts 2016 ESTIMATED POPULATION OVER 25 BY EDUCATIONAL ATTAINMENT GRADUATE OR PROFESSIONAL 12.1% W PICO BLVD @ LA BREA AVE 63,223 ADT DEGREE

W PICO BLVD @ BACHELOR’S DEGREE 24.4% 24,641 ADT S HIGHLAND AVE ASSOCIATE DEGREE 5.7%

SOME COLLEGE 17.3% Stats shown based on 3-mile radius. Nielsen 2016. *Stats shown based on 2-mile radius. Nielsen 2016. HIGH SCHOOL DIPLOMA 18.0%

4848 W PICO BLVD | LOS ANGELES, CA | 11 VENICE BLVD SAN VICENTE BLVD

MIDTOWN 02 SHOPPING CENTER

PROPERTY PICO BLVD OVERVIEW

4848 W PICO BLVD PROPERTY OVERVIEW

Address 4848 W Pico Blvd. Los Angeles, CA 90019

Submarket Midtown Los Angeles approximate lot size ± 66,000 SF APN A portion of 5070-013-003

Estimated Land Area ±1.52 Acres, ±66,386 Square Feet

Zoned C2-1-O

Permitted FAR (with 3:1 Density Bonus)

Height Limit No height limit

Current Improvements None

Entitlement Status Not Entitled

City Council District Council District 10, Herb J. Wesson Jr.

4848 W PICO BLVD | LOS ANGELES, CA | 13 PROPERTY OVERVIEW (CONTINUED)

SITE

4848 West Pico Boulevard sits in the heart of prime Midtown Los Angeles.

* • Local neighborhood is bounded by Pico Boulevard, San * Vicente Boulevard, Venice Boulevard and La Brea Avenue • ± 330.5 feet of frontage along Pico Boulevard • Strong traffic counts- 129,000 vehicles per day (at Venice Blvd/San Vicente Blvd and San Vicente Blvd/Pico Blvd)

SITE

MIDTOWN SHOPPING CENTER

*The property has undergone soil remediation and a No Further Action letter has been issued. Please visit the property website data room for further information.

4848 W PICO BLVD | LOS ANGELES, CA | 14 VENICE BLVD SAN VICENTE BLVD

MIDTOWN 03 SHOPPING CENTER

RENT PICO BLVD SURVEY

4848 W PICO BLVD Rent Comparables Map

Layout ID:L01 MapId:4335297 © 2016 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 believed4848 to be correct, W its accuracy, PICO correctness BLVD or completeness | cannot LOS be guaranteed ANGELES, and has not been verified byCA | 16 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. SELECT RENT COMPARABLES

COMPARABLE 1 VILLA VICENTE 5351 W San Vicente Blvd Los Angeles, CA 90019 0 + 1 Year Built: 1963 33% Units: 275 PHOTO Occupancy: 96% 1 + 1 Phone: 323.931.3232 67% Owner: E&S Ring Management Manager: E&S Ring Management

Type Number of Units Effective Rent Unit Square Feet Rent per SF 0 + 1 90 $1,691 - $1,707 360 $4.70 - $4.74 1 + 1 185 $1,800 - $1,886 600 $3.00 - $3.14

Amenities: Laundry On-Site Patio/Balcony Heated Pool Wood-Style Floors Fitness Center BBQ/Picnic Area Wall Heater and A/C Event Space Business Center w/ WiFi COMPARABLE 2 ACCESS CULVER CITY 3 + 3 TH 0 + 1 8770 Washington Blvd 9% 3% 2 + 2 Loft Culver City, CA 90232 11% Year Built: 2016 Units: 112 PHOTO Occupancy: 38% (In Lease-Up) 1 + 1 2 + 2 48% Phone: 310.837.8770 29% Owner: Greystar Investment Group Manager: Greystar Properties

Type Number of Units Effective Rent Unit Square Feet Rent per SF 0 + 1 3 $2,906 - $3,048 607 $4.79 - $5.02 1 + 1 54 $3,082 - $3,500 738 - 762 $4.18 - $4.59 2 + 2 33 $4,083 - $4,700 1,104 - 1,114 $3.70 - $4.22 2 + 2 Loft 12 $4,985 - $5,370 1,289 $3.87 - $4.17 3 + 3 TH 10 $6,583 - $7,356 1,758 - 1,984 $3.71 - $3.74 Concessions: $2,000 off if application submitted within 2 days; 1 mo free if moved in by month end. Offers combined below. Effective Rent 0 + 1 3 $2,497 - $2,627 607 $4.11 - $4.33 1 + 1 54 $2,659 - $3,042 738 - 762 $3.60 - $3.99 2 + 2 33 $3,576 - $4,142 1,104 - 1,114 $3.24 - $3.72 2 + 2 Loft 12 $4,403 - $4,756 1,289 $3.42 - $3.69 3 + 3 TH 10 $5,868 - $6,576 1,758 - 1,984 $3.31 - $3.34

Amenities: W/D In-Unit Stainless Steel Appliances Fitness Center and Yoga Space Clubroom Plank Floors Walk-In Closet Outdoor Lounge and Kitchen Expo Line Access Quartz Counters Patio/Balcony Heated Pool/Spa w/ Cabanas Ground Floor Retail

4848 W PICO BLVD | LOS ANGELES, CA | 17 SELECT RENT COMPARABLES

COMPARABLE 3

AVALON WILSHIRE 2 + 2.5 TH 3 + 3 TH 5115 Wilshire Blvd 4% 7% Los Angeles, CA 90036 Year Built: 2007 1 + 1 Units: 123 PHOTO 46% Occupancy: 95% 2 + 2 Phone: 323.935.0508 39% Owner: AvalonBay Communities Manager: AvalonBay Communities 2 + 1 4%

Type Number of Units Effective Rent Unit Square Feet Rent per SF 1 + 1 57 $2,318 - $2,465 726 - 896 $2.75 - $3.19 2 + 1 5 N/A 1,038 N/A 2 + 2 48 $2,900 - $3,320 1,069 - 1,342 $2.47 - $2.71 2 + 2.5 TH 5 $3,534 1,473 $2.40 3 + 3 TH 8 $4,400 - $4,500 1,708 - 1,957 $2.30 - $2.58

Amenities: W/D In-Unit Stainless Steel Appliances Fitness Center Ground Floor Retail Wood Style Floors Walk-In Closets Spa Granite Counters Patio/Balcony Resident Lounge COMPARABLE 4 WILSHIRE LA BREA 2 + 2 Loft 5200 Wilshire Blvd 2% Los Angeles, CA 90036 0 + 1 2 + 2 19% 0 + 1 Loft Year Built: 2013 20% 2% Units: 478 PHOTO Occupancy: 96% 1 + 1 Loft 11% Phone: 323.857.8100 1 + 1 Owner: Essex Property Trust 46% Manager: Essex Property Trust

Type Number of Units Effective Rent Unit Square Feet Rent per SF 0 + 1 89 $1,985 - $2,300 404 - 602 $3.82 - $4.91 0 + 1 Loft 11 $2,600 - $2,700 654 - 735 $3.67 - $3.98 1 + 1 218 $2,227 - $2,900 575 - 889 $3.26 - $3.87 1 + 1 Loft 53 $2,699 - $3,000 688 - 936 $3.21 - $3.92 2 + 2 96 $3,149 - $3,400 951 - 1,134 $3.00 - $3.31 2 + 2 Loft 11 $4,001 - $5,300 1,089 - 1,498 $3.54 - $3.67

Amenities: W/D In-Unit Stainless Steel Appliances Fitness Center Outdoor Fireplaces and BBQ Areas Wood Style Floors Walk-In Closets Pools/Spas Game Room Caesarstone/Quartz Counters Patio/Balcony Clubroom Ground Floor Retail

4848 W PICO BLVD | LOS ANGELES, CA | 18 SELECT RENT COMPARABLES

COMPARABLE 5 5600 WILSHIRE 2 + 2 5600 Wilshire Blvd 6% Los Angeles, CA 90036 0 + 1 Year Built: 2008 33% Units: 284 PHOTO Occupancy: 96% 1 + 1 Phone: 323.937.0306 61% Owner: Essex Property Trust Manager: Essex Property Trust

Type Number of Units Effective Rent Unit Square Feet Rent per SF 0 + 1 95 $2,032 - $2,487 524 - 795 $3.13 - $3.88 1 + 1 173 $2,267 - $2,846 726 - 905 $3.12 - $3.14 2 + 2 16 $3,082 - $3,762 1,098 - 1,337 $2.81

Amenities: W/D In-Unit Breakfast Bar & Kitchen Island Fitness Center Clubroom w/ Kitchen Wood-Style/Carpet Floors Walk-In Closets Pool & Spa w/ Cabanas Outdoor Fireplace Granite Counters Patio/Balcony Recreation Room Ground Floor Retail COMPARABLE 6 VILLAS AT PARK LA BREA 5555 W 6th St Los Angeles, CA 90036 2 + 2 Year Built: 2002 Loft 1 + 1 20% Units: 250 40% PHOTO Occupancy: 98% 2 + 2 20% Phone: 323.525.1778 Owner: AIMCO Manager: OP Property Management 1 + 1 Loft 20%

Type Number of Units Asking Rent Unit Square Feet Rent per SF 1 + 1 100 $2,300 - $2,500 662 - 710 $3.47 - $3.52 1 + 1 Loft 50 $2,700 - $2,900 840 $3.21 - $3.45 2 + 2 50 $2,800 - $3,400 1,032 - 1,149 $2.71 - $2.96 2 + 2 Loft 50 $3,400 - $4,000 1,173 - 1,300 $2.90 - $3.08 Concession: 2 weeks free rent on all units Effective Rent 1 + 1 100 $2,204 - $2,396 662 - 710 $3.33 - $3.37 1 + 1 Loft 50 $2,588 - $2,779 840 $3.08 - $3.31 2 + 2 50 $2,683 - $3,258 1,032 - 1,149 $2.60 - $2.84 2 + 2 Loft 50 $3,258 - $3,833 1,173 - 1,300 $2.78 - $2.95

Amenities: Laundry On-Site Stainless Steel Appliances Fitness Center Wood Style Floors Walk-In Closets Pool/Spa Granite Counters Patio/Balcony Clubhouse

© 2016 CB Richard Ellis, Inc. The information above has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.4848 W PICO BLVD | LOS ANGELES, CA | 19 4848 W PICO BLVD | LOS ANGELES, CA

to the Property and does not purport to be a representation Memorandum. The Owner shall have no legal commitment AFFILIATED BUSINESS of the state of affairs of the Property or the owner of the or obligation to any entity reviewing this Memorandum or DISCLOSURE Property (the “Owner”), to be all-inclusive or to contain making an offer to purchase the Property unless and until all or part of the information which prospective investors written agreement(s) for the purchase of the Property have CBRE, Inc. operates within a global family of companies may require to evaluate a purchase of real property. been fully executed, delivered and approved by the Owner with many subsidiaries and/or related entities (each an All financial projections and information are provided and any conditions to the Owner’s obligations therein have “Affiliate”) engaging in a broad range of commercial real for general reference purposes only and are based on been satisfied or waived. estate businesses including, but not limited to, brokerage assumptions relating to the general economy, market By receipt of this Memorandum, you agree that this services, property and facilities management, valuation, conditions, competition and other factors beyond the Memorandum and its contents are of a confidential nature, investment fund management and development. At times control of the Owner and CBRE, Inc. Therefore, all that you will hold and treat it in the strictest confidence different Affiliates may represent various clients with projections, assumptions and other information provided and that you will not disclose this Memorandum or any competing interests in the same transaction. For example, and made herein are subject to material variation. All of its contents to any other entity without the prior written this Memorandum may be received by our Affiliates, references to acreages, square footages, and other authorization of the Owner or CBRE, Inc. You also agree including CBRE Investors, Inc. or Trammell Crow Company. measurements are approximations. Additional information that you will not use this Memorandum or any of its Those, or other, Affiliates may express an interest in the and an opportunity to inspect the Property will be contents in any manner detrimental to the interest of the property described in this Memorandum (the “Property”) made available to interested and qualified prospective Owner or CBRE, Inc. may submit an offer to purchase the Property and may purchasers. In this Memorandum, certain documents, be the successful bidder for the Property. You hereby including leases and other materials, are described in If after reviewing this Memorandum, you have no further acknowledge that possibility and agree that neither CBRE, summary form. These summaries do not purport to be interest in purchasing the Property, kindly return this Inc. nor any involved Affiliate will have any obligation to complete nor necessarily accurate descriptions of the full Memorandum to CBRE, Inc. disclose to you the involvement of any Affiliate in the sale agreements referenced. Interested parties are expected or purchase of the Property. In all instances, however, to review all such summaries and other documents of CBRE, Inc. will act in the best interest of the client(s) it whatever nature independently and not rely on the contents DISCLAIMER represents in the transaction described in this Memorandum of this Memorandum in any manner. © 2017 CBRE, Inc. The information contained in this and will not act in concert with or otherwise conduct its document has been obtained from sources believed business in a way that benefits any Affiliate to the detriment Neither the Owner or CBRE, Inc, nor any of their respective reliable. While CBRE, Inc. does not doubt its accuracy, of any other offer or or prospective offer or, but rather will directors, officers, Affiliates or representatives make any CBRE, Inc. has not verified it and makes no guarantee, conduct its business in a manner consistent with the law representation or warranty, expressed or implied, as to warranty or representation about it. It is your responsibility and any fiduciary duties owed to the client(s) it represents the accuracy or completeness of this Memorandum or any to independently confirm its accuracy and completeness. in the transaction described in this Memorandum. of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Memorandum Any projections, opinions, assumptions or estimates used or use of its contents; and you are to rely solely on your are for example only and do not represent the current CONFIDENTIALITY investigations and inspections of the Property in evaluating or future performance of the property. The value of this a possible purchase of the real property. transaction to you depends on tax and other factors which AGREEMENT should be evaluated by your tax, financial and legal This is a confidential Memorandum intended solely for your The Owner expressly reserved the right, at its sole advisors. You and your advisors should conduct a careful, limited use and benefit in determining whether you desire discretion, to reject any or all expressions of interest independent investigation of the property to determine to express further interest in the acquisition of the Property. or offers to purchase the Property, and/or to terminate to your satisfaction the suitability of the property for your discussions with any entity at any time with or without needs. This Memorandum contains selected information pertaining notice which may arise as a result of review of this DOWNTOWN LA

4848 W PICO BLVD

4848 W PICO BOULEVARD LOS ANGELES, CA 90019 Capital Markets | Investment Properties

For more information, LAURIE LUSTIG-BOWER TIMOTHY BOWER KAMRAN PAYDAR EXECUTIVE VICE PRESIDENT SENIOR VICE PRESIDENT SENIOR SALES DIRECTOR please visit the property website: +1 310 550 2556 +1 310 550 2521 +1 310 550 2529 www.4848Pico.com [email protected] [email protected] [email protected] O