Adaptive Reuse, Owner-User, or Redevelopment Opportunity 6609 VAN NUYS BLVD VAN NUYS, CA 91405

Transcription

1 Adaptive Reuse, Owner-User, or Redevelopment Opportunity 6609 VAN NUYS BLVD VAN NUYS, CA 91405

2 TABLE OF CONTENTS JLL CAPITAL MARKETS The Offering... 3 Investment Summary... 4 Site Plan... 5 Retail Map... 6 Zoning Summary... 7 Area Overview... 8 GEOFF TRANCHINA Executive Vice President T geoff.tranchina@am.jll.com JASON GRIBIN Vice President T jason.gribin@am.jll.com ROB McRITCHIE Senior Vice President T rob.mcritchie@am.jll.com JEFF ADKISON Managing Director T jeff.adkison@am.jll.com CONFIDENDIALITY AGREEMENT JUNE 1, 2017 DISCLAIMER: MATERIALS CONTAINED IN THIS OFFERING MEMORANDUM ARE CONFIDENTIAL, FURNISHED SOLELY FOR THE PURPOSE OF CONSIDERING THE PURCHASE OF 6609 VAN NUYS BVLD (THE PROPERTY ) LOCATED IN VAN NUYS, CAL- IFORNIA; DESCRIBED HEREIN AND ARE NOT TO BE USED FOR ANY OTHER PURPOSE OR TO BE MADE AVAILABLE TO ANY OTHER PERSON WITHOUT THE EXPRESS WRITTEN CONSENT OF JLL. THE MATERIAL IS BASED, IN PART, UPON INFORMATION SUPPLIED BY SELLER AND, IN PART, UPON INFORMATION OBTAINED BY JLL FROM SOURCES THEY DEEM TO BE RELIABLE. SUMMARIES CON- TAINED HEREIN OF ANY LEGAL DOCUMENTS ARE NOT INTENDED TO BE COMPREHENSIVE STATEMENT OF THE TERMS OF SUCH DOCUMENTS, BUT RATHER ARE OUTLINES OF SOME OF THE PRINCIPAL PROVISIONS CONTAINED THEREIN. NO WARRANTY OR REPRESENTATION, EXPRESSED OR IMPLIED, IS MADE BY SELLER, JLL OR ANY OF THEIR RELATED ENTITIES AS TO THE ACCURACY OR COMPLETENESS OF THE INFORMATION CONTAINED HEREIN. PROSPECTIVE INVESTORS SHOULD MAKE THEIR OWN INVES- TIGATIONS, PROJECTIONS AND CONCLUSIONS. INTERESTED BUYERS SHOULD BE AWARE THAT THE SELLER IS SELLING THE PROPERTY IN AS-IS CONDITION WITH ALL FAULTS, WITHOUT REPRESENTATIONS OR WARRANTIES OF ANY KIND OR NATURE. IT IS EXPECTED THAT PROSPECTIVE INVESTORS WILL CONDUCT THEIR OWN INDEPENDENT DUE DILIGENCE CONCERNING THE PROPERTY, INCLUDING SUCH ENGINEERING AND ENVIRONMENTAL INSPECTIONS AS THEY DEEM NECESSARY TO DETERMINE THE CONDITION OF THE PROPERTY AND THE EXISTENCE OR ABSENCE OF ANY POTENTIALLY HAZARDOUS MATERIALS USED IN THE CONSTRUCTION OR MAINTENANCE OF THE PROPERTY. NO REPRESENTATIONS, EXPRESSED OR IMPLIED, ARE MADE AS TO THE FOREGOING MATTERS BY SELLER, JLL OR ANY OF THEIR OFFICERS, EMPLOYEES, AFFILIATES AND/OR AGENT. INFORMATION CONTAINED IN THIS OFFERING MEMORANDUM IS FURTHER GOVERNED BY THE CONFIDENTIALITY AGREEMENT AND SHALL NOT BE FORWARDED JONES LANG LASALLE LLC

3 THE OFFERING Jones Lang LaSalle ( JLL ) has been retained to present the opportunity to acquire the 100% fee simple interest in 6609 Van Nuys Blvd., Van Nuys, CA (the Property ); a 90,000 sq. ft. (including a 30,000 sq. ft. basement) 2-story office/warehouse/retail building and asphalt-paved parking lot encompassing a total of 2.09 ac of land. The Property is currently occupied by Dearden s Home Furnishings but will be delivered vacant at the close of escrow providing investors a versatile adaptive reuse, owner-user, or development opportunity. The property is located between the 405 and 170 freeways positioned in the south east portion of the San Fernando Valley in the extremely dense neighborhood of Van Nuys, CA. The property occupies a prime commercial location at the signalized intersection of Van Nuys Blvd and Kittridge St. stretching approximately 200 of linear frontage along Van Nuys Blvd., a major north/south commercial corridor that extends from San Fernando to Sherman Oaks. The Property is well positioned to draw from a population base exceeding 325,000 with average household incomes nearly $71,000 within a 3-mile radius. Offering Summary ADDRESS: 6609 Van Nuys Blvd, Van Nuys, CA ASSESSOR PARCEL #: ZONING: [Q]C2-1L-CDO and [Q]P-1L-CDO GLA: 90,000 SF (including a 30,000 SF basement) LOT SIZE: AC OCCUPANCY: 0% (Property will be delivered vacant at the close of escrow) PARKING/RATIO: 129 spaces with access to an additional ±320 spaces through a reciprocal access agreement / (7.48 / 1,000) YEAR BUILT: 1951 TRAFFIC COUNTS: 68K at the intersection of Vanowen St and Van Nuys Blvd FRONTAGE/EXPOSURE: 201 on Van Nuys Blvd / 445 on Kittridge St (with 3 curb cuts) VAN NUYS BLVD

4 INVESTMENT SUMMARY Location Highlights Located in the densely populated southern section of the San Fernando Valley in Los Angeles, CA, just south of the heavily trafficked intersection between Van Nuys Blvd an Vanowen St where traffic counts exceed 68,000 cars per day High barriers to entry in the San Fernando Valley with minimal low construction opportunities and a low vacancy rate Immediate access to I-405 and I-170 freeways Dense infill 360 degree trade area Exceptional visibility and signage above storefront on both Kittridge St and Van Nuys Blvd Property Highlights Existing 2-story warehouse/retail/office building built in 1951 with features including built-out office space, rear loading ramp, escalators, and freight elevator The building is made of wood and stucco with a mixture of wooden and droptile ceilings and a mixture of vinyl floor tiles, concrete, and carpeted floors There are 129 free surface parking spaces with access to an additional ±320 spaces through a reciprocal access agreement (7.48/1,000 SF) available at the center for patrons Three convenient ingress/egress points along Kittridge St into parking lot Located within Transit Priority Area in the City of Los Angeles, Los Angeles State Enterprise Zone and Van Nuys Central Business District COMPONENT BLDG SUMMARY Area % Basement/Warehouse 30,000 SF 33% Ground Floor Retail 30,000 SF 33% 2nd Floor Office 30,000 SF 33% Total NRA 90,000 KITTRIDGE ST 8,054 CPD VAN NUYS BLVD 37,861 CPD VAN NUYS BLVD

5 SITE PLAN ARCHWOOD ST KITTRIDGE ST VAN NUYS BLVD N VAN NUYS BLVD

6 LOCAL RETAIL MAP 2 MILE VAN NUYS BLVD SHERMAN WAY 170 VANOWEN ST VANOWEN ST KESTER AVE VICTORY BLVD OXNARD ST HAZELTINE AVE WOODMAN AVE VAN NUYS BLVD

7 ZONING SUMMARY The property is divided into multiple zoning [Q]C2-1L-CDO, C2 COMMERCIAL ZONE and [Q]P-1L-CDO, P AUTOMOBILE PARKING ZONE. (See map) [Q]C2-1L-CDO, C2 COMMERCIAL ZONE Link to Los Angeles City Municipal Code C2 Zone APPROXIMATELY 43,000 SF DENSITY: 400 HEIGHT: 75 / 6 stories FAR: 1.5 SETBACKS: REAR: None if only commercial for resi/mixed use 15 FT + 1 FT for every story above 3 stories SIDE: None if only commercial for resi/mixed use 5 FT + 1 FT for every story above 2 stories FRONT: None [Q]P-1L-CDO, P AUTOMOBILE PARKING ZONE Link to Los Angeles City Municipal Code P Zone APPROXIMATELY 48,000 SF GENERAL PLAN LAND USE: Community Commercial ZONING OVERLAY: Transit Priority Area in the City of Los Angeles ZONING OVERLAY: Los Angeles State Enterprise Zone ZONING OVERLAY: Van Nuys Central Business District N VAN NUYS BLVD

8 AREA OVERVIEW VAN NUYS, CA Van Nuys Ideally located in the heart of the San Fernando Valley, Van Nuys is home to one of the most dense and diverse populations in the region. With the Van Nuys Airport just a few miles west of the property and the ease of access to the 101 and 405 Freeways, Van Nuys is one of the most traveled areas in greater Los Angeles. Van Nuys is one of the fastest growing cities in Los Angeles with a projected population growth of over 4% by Boasting a population more than 110,000 it is already one of the densest cities in Los Angeles County and home to a large range of employers. Bordering other large cities such as Sherman Oaks, North Hollywood, and Reseda it provides for a wide customer draw. The Property itself is located along one of the only retail thoroughfares in the densely populated trade area. Just down the street from the site are Van Nuys High School and the Valley Presbyterian Hospital. Coupling the high population density with the fact that the site is nestled within 3-miles of the 101, 405, and 170 Freeways positions the Property to take advantage of a diverse customer base. San Fernando Valley The San Fernando Valley features a strong and well-diversified economy. The Valley is home to numerous large employers, including some 50,000 businesses employing over 700,000 workers, the most well-known of which are involved in motion pictures, recording, and television production and the medical and biotech industries. Among the top entertainment companies in the San Fernando Valley are Disney, Warner Brothers, NBC, and DreamWorks. Other important segments of the local economy include financial and health services as well as aerospace, biotech, and high-tech manufacturing including Blue Shield, Amgen and Kaiser VAN NUYS BLVD

9 AREA OVERVIEW, CONT. TRANSIT Van Nuys Airport Dedicated to noncommercial air travel, Van Nuys Airport ranks as one of the world s busiest general aviation airports averaging over 217,000 takeoffs and landings annually. The airport is located in the heart of the San Fernando Valley and is one of two airports owned and operated by Los Angeles World Airports, including Los Angeles International Airport. Amidst its 730-acre campus, VNY has two parallel runways, one of which is 8,000 feet in length and equipped with full instrument landing. As part of the regional approach to meeting passenger demand, this airport plays a crucial role in the Southern California airport system, serving a vital purpose in reducing congestion and diminishing flight delays at Los Angeles International and other nearby airports for a variety of private, corporate, and government aviation needs. By providing a place for general aviation, which encompasses all flying other than scheduled air carrier service or the military, VNY enhances both safety and efficiency at the region s commercial airports. Van Nuys Airport contributes more than $2 billion each year to the Southern California economy through creating jobs, promoting businesses, and providing critical general aviation and emergency services. There are more than 100 businesses located at VNY, including four major fixed-base operators (FBOs): Castle & Cooke Aviation, Clay Lacy Aviation, Jet Aviation, and Signature Aviation. These operators provide aircraft storage and parking, aviation fuel, aircraft sales, flight instruction, aircraft charter, and aircraft maintenance. Some of the FBOs also serve as major leaseholders of airport property, subletting land and buildings to other airport tenants. Van Nuys Train Station A joint project of Caltrans and Amtrak, the Van Nuys train station is an Amtrak and Metrolink train station in the Van Nuys community. The station is served by Amtrak s Pacific Surfliner and Coast Starlight, and Metrolink s Ventura County Line. 20 Metrolink trains provide the station service each weekday and 10 Pacific Surfliner trains depart the station daily. In addition to an abundance of free, overnight parking, the Van Nuys train station also offers convenient access to connection transit services LADOT Dash and Metro Buses VAN NUYS BLVD

10 POPULATION & DEMOGRAPHICS 5 MILE 3 MILE 1 MILE MILE POPULATION 56,913 AVERAGE HOUSEHOLD INCOME $54,315 AVERAGE AGE 32.7 DAYTIME POPULATION 52,200 TOTAL HOUSING UNITS 18,940 3 MILE POPULATION 325,283 AVERAGE HOUSEHOLD INCOME $70,795 AVERAGE AGE 34.2 DAYTIME POPULATION 309,006 TOTAL HOUSING UNITS 116, MILE POPULATION 737,639 AVERAGE HOUSEHOLD INCOME $81,220 AVERAGE AGE 35.1 DAYTIME POPULATION 652,965 TOTAL HOUSING UNITS 259, VAN NUYS BLVD

11 GEOFF TRANCHINA Executive Vice President T geoff.tranchina@am.jll.com JEFF ADKISON Managing Director T jeff.adkison@am.jll.com ROB McRITCHIE Senior Vice President T rob.mcritchie@am.jll.com JASON GRIBIN Vice President T jason.gribin@am.jll.com