Hollywood Creative Bow Truss Office Building For Lease Santa Monica Boulevard

Transcription

1 Hollywood Creative Bow Truss Office Building For Lease Santa Monica Boulevard

2 Colliers Brokerage NATHAN PELLOW Executive Vice President License No PATRICK MOODY Associate License No Colliers International 865 South Figueroa Street Suite 3500 Los Angeles, CA Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. This publication is the copyrighted property of Page 2 and Colliers International Colliers International /or its licensor(s) All rights reserved Santa Monica Boulevard Page 3

3 PROPERTY OVERVIEW APN: Lease Rate $3.25 NNN Building Size 6,666 Land Size 5,940 Parking 3 single spaces Off-Site Structure Available Year Built 1945 Available Now Zoning LAMR Santa Monica Boulevard Page 5

4 OWNER/USER HIGHLIGHTS Building Highlights > Layout designed for a wide variety of uses > Roll up gate > Fully wired security systems with cameras and gate > High ceilings > Polished concrete floors > High end interior finishes with abundant glass work > Has fiber connection with Crown Castle Area Highlights > Walking distance to Hollywood and West Hollywood amenities > High exposure signage opportunity on Santa Monica Boulevard > Many new developments occuring in the area Santa Monica Boulevard Page 7

5 FLOOR PLANS Santa Monica Boulevard Page 8

6 PARKING OPTIONS Parking at Target ABM Parking Services $125 per month per car 7100 Santa Monica Blvd, West Hollywood, CA (323) Beverly Boulevard Page Santa Monica Boulevard Page 11

7 LOCATION MAP OFFICE MARKET INTEL SANTA MONICA BLVD Beverly Hills West Hollywood Hollywood Silverlake Dodger Stadium Echo Park Highland Park South Pasadena Market Indicators Relative to prior period Q Forecast Vacancy Net Absorption Construction Rental Rate Summary Statistics Hollywood/Wilshire Corridor, Q Class A Class B All Classes Vacancy Rate 12.1% 24.2% 18.0% Change from Q1 18 (Basis Points) Net Absorption* Construction Completions* Under Construction* Outlook The Hollywood/Wilshire Corridor submarket will continue to see demand for space from entertainment, media and technology firms as pre-leased properties are delivered to the market, although the pipeline has dried up considerably from its height a year ago. As evidenced by recent groundbreakings, developers still see room to run in the submarket. That optimism should be cautious as the market moves toward Positive rental rate growth, while it had been declining for the last few quarters, finally turned negative. While newer space may push rental rates back up upon delivery, it's also possible that those new developments may have to adjust to conditions cooler than at present. Historical Vacancy v. Rents Hollywood/Wilshire Corridor Market Q Century City Miracle Mile Mid Wilshire Westlake Downtown LA China Town *, Thousands Asking Rents Hollywood/Wilshire Corridor, Q Class A Class B All Classes Average Asking Rent $3.34 $2.44 $2.70 Change from Q1 18 ($) -$0.02 +$0.05 -$0.01 Y.O.Y. Change (%) -2.3% -1.8% -1.8% Culver City University of Southern California Arts District Boyle Heights Submarket/ Class EXISTING PROPERTIES VACANCY ACTIVITY ABSORPTION CONSTRUCTION RENTS Bldgs Total Inventory Direct Vacancy Sublease Vacancy Total Vacancy Total Vacancy Prior Qtr Leasing Activity Current Qtr Leasing Activity YTD Net Absorption Current Qtr Net Absorption YTD Completions Current Qtr Under Construction Weighted Avg Asking Lease Rate MARKET TOTAL A % 0.9% 12.1% 11.5% 82, ,100 (41,400) 43, ,300 $3.34 B % 0.6% 24.2% 22.0% 67,500 85,800 (154,700) (172,000) 0 155,500 $2.44 C % 0.0% 14.6% 15.2% 3,100 26,600 6,100 21, $ Santa Monica Boulevard Page % 0.7% 18.0% 16.7% 153, ,500 (190,000) (107,500) 0 825,800 $2.70 Note: revisions to the inventory base were made effective Q1 2018, historical data reported here reflect these revisions and may not match data reported in previous quarters Santa Monica Boulevard Page 13

8 FEATURED DEVELOPMENTS SANTA MONICA BLVD From: Urbanize LA From: Urbanize LA From: Curbed From: Curbed 7007 Romaine Street 6901 Santa Monica Boulevard 1118 N McCadden Place 6677 Santa Monica Boulevard Owner/Developer CIM Group Size 22,000 Parking 4 story parkinggarage Completion Date 8/2018 Owner/Developer Onni Size 230 units Parking 390 parking spaces Completion Date 18 months, no ground-breaking date yet Owner/Developer LGBT Center Size 135 units Parking -- Completion Date 3/2019 Owner/Developer Avalon Bay Communities Size 695 units Parking Underground parking Completion Date 11/ From: Urbanize LA From: Urbanize LA From: Urbanize LA From: Urbanize LA 926 N Scyamore Avenue 953 N Sycamore Avenue 1040 N Las Palmas Avenue 904 N La Brea Avenue Owner/Developer CIM Group Size 57,500 Parking 5 level parking podium Completion Date 2020 Owner/Developer CIM Group Size ±70,000 Parking 3 level parking podium Completion Date 9/2018 Owner/Developer Hudson Pacific Properties Size 128,000 Parking Underground garage Completion Date 2020 Owner/Developer CIM Group Size 170 units & 37,000 of commercial space Parking 300 cars Completion Date 12/ Santa Monica Boulevard Page Santa Monica Boulevard Page 15

9 LOCAL AMENITIES SANTA MONICA BLVD Utilities 1 Mobil 1051 N Highland Ave 2 Public Storage 6840 Santa Monica Blvd 3 Walgreens 1050 N Highland Ave 4 AT&T Store 1112 N La Brea Ave 5 Best Buy 1015 N La Brea Ave 6 BevMo! 7100 Santa Monica Blvd 7 Target 7100 Santa Monica Blvd 8 ARCO 1255 N Highland Ave 9 Ralphs 1233 N La Brea Ave 10 Chase Bank 7073 Santa Monica Blvd 11 Wells Fargo Bank 1233 N La Brea Ave 12 DMV 936 N Formosa Ave 13 Sprouts Farmers Market 915 N La Brea Ave 14 Trader Joe's 7310 Santa Monica Blvd 15 7-Eleven 6701 Santa Monica Blvd 16 UPS 7111 Santa Monica Blvd Active Developments 1 The Romaine 7007 Romaine St 2 Onni's Santa Monica Blvd Project 6910 Santa Monica Blvd 3 Los Angeles LGBT Center 1118 N McCadden Pl 4 AVA Hollywood 6677 Santa Monica Blvd 5 Building N Sycamore Ave Sycamore 953 N sycamore Ace 7 Sunset Las Palmas Studios 1040 N Las Palmas Ave N La Brea Ave 904 N La Brea Ave Studios/Theaters 1 Dust Studios 920 N Formosa Ave 2 Westlake Recording Studios 7265 Santa Monica 3 Union Recording Studio 7051 Santa Monica Blvd 4 Rev 9 Recording Studios 1041 N Orange Dr. 5 Chalice Recording Studios 845 N Highland Ave 6 38 Fresh Recording Studio 1119 N Las Palmas Ave 7 Silver Layne Studios 6660 Santa Monica Blvd Food/Bar/Nightlife 1 Starbucks 7100 Santa Monica Blvd 2 Shakey's Pizza Parlor 7001 Santa Monica Blvd 3 Mendocino Farms 7100 Santa Monica Blvd 4 Daphne's California Greek 7100 Santa Monica Blvd 5 Jersey Mike's Subs 7100 Santa Monica Blvd 6 Baja Fresh 7100 Santa Monica Blvd 7 Flame Broiler 7100 Santa Monica Blvd 8 Jones 7205 Santa Monica Blvd 9 McDonald's 1122 N La Brea Ave 10 Gardenia Resturant & Lounge 7066 Santa Monica Blvd 11 Subway 6775 Santa Monica Blvd 12 Trejo's Coffee & Donuts 6785 Santa Monica Blvd 13 Food Lab 7253 Santa Monica Blvd 14 Crown of India 6755 Santa Monica Blvd 15 Next Dorr Lounge 1154 N Highland Avew 16 Harlowe Bar 7321 Santa Monica Blvd 17 Fat Sal's Deli 1300 N Highland Ave 18 Jack in the Box 1243 N Highland Ave 19 Salt's Cure N Highland Ave 20 Rao's Hollywood 1006 Seward St 21 Starbucks 859 N Highland Ave 22 Petit Trois 718 N Highland Ave 23 Umeda Sushi 6623 Melrose Ave 24 Chipotle 7101 Melrose Ave 25 The Cat & Fiddle Pub 742 N Highland Ave 26 Pink's Hot Dogs 709 N La Brea Ave 27 Tatsu Ramen 7111 Melrose Ave Santa Monica Boulevard Page Santa Monica Boulevard Page 17

10 Santa Monica Boulevard LOS ANGELES, CA 90038