8121 Van Nuys Blvd - Marcus & Millichap...8121 Van Nuys Boulevard Interest Offered Fee simple...

Offering Memorandum

8121 Van Nuys BlvdPanorama City, CA

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 consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, 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 compliance 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 Real Estate Investment Services, Inc. (“M&M”) is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. 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 M&M, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of M&M, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

NON-ENDORSEMENT NOTICE

CONFIDENTIALITY AND DISCLAIMER

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOURMARCUS & MILLICHAP AGENT FOR MORE DETAILS.

exclusively listedExclusively listed by:

Gregory A. MillsSenior Vice President Investments ENCINOTel: (818) 212-2720Fax: (818) [email protected] License: CA 00697823

Jeff LouksSenior Vice President Investments ENCINOTel: (818) 212-2780Fax: (818) [email protected] License: CA 00908473

Investment Sales:

OFFICES NATIONWIDEwww.marcusmillichap.com

8121 Van Nuys Boulevard

EXECUTIVE SUMMARYOffering Highlights 2Investment Overview 3Summary of Terms 5

PROPERTY DESCRIPTIONProperty Detail 8Regional Map 9Aerial Photograph 10Local Map 11Regional Map 12Retail Aerial 14Site Plan 15Parcel Map 16Floor Plans 19-24

COMPETITIVE PROPERTY SETDevelopment Recent Land Sales 28-31Medical Office Sales 33-35Apartment Recent Sales 36-39Medical Office Lease 41-45Apartment Lease 47-51

MARKET OVERVIEWLocation Overview 54-56San Fernando Valley Overview 60Los Angeles Market Overview 62-69Los Angeles Apartment Market 70-71Los Angeles Office Market 72-73Schools in the Development Zone 75Demographic Summary 77-78

Table of Contents

summaryE X E C U T I V E S U M M A R Y

EXECUTIVE SUMMARY

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649

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W8121 Van Nuys Boulevard

Executive Summary

8121 VAN NUYS BOULEVARDPanorama City, CA 91402

OFFERING SUMMARY Offering Price $10,000,000

Down Payment 100% / $10,000,000

Gross Square Feet 84,273 SF

Price Per Gross/Square Feet $118.66 SF

Rentable Square Feet 68,442

Price Per Rentable Square Feet $146.11

Parcel Size 86,455 SF

Price Per Parcel $115.67

Year Built 1970

Type of Ownership Fee Simple


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EXECUTIVE SUMMARY

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Marcus & Millichap has been selected to exclusively market for sale a six-story, 84,273-square-foot office building in Panorama City, in the San Fernando Valley, a major suburb of Los Angeles, California The property, now vacant, would be appropriate for a variety of types of development: single or multi-tenant medical or other office space, owner-user operation, entertainment studios, government agencies, senior housing, 55+ community, independent living, assisted living, schools, storage, or other C2-zoned permitted uses

The property is located at 8121 Van Nuys Boulevard, just south of Roscoe Boulevard, another major thoroughfare The current structure was most recently used as a medical office building; the property is vacant now and will be delivered vacant at closing The building has two elevators (2,500 pounds and 3,200 pounds) and is built with reinforced concrete, spread footings and cast-in-place piles The dimension of the building is 150’ x 75’ and each floor from the second to the sixth is approximately 11,250 square feet The first floor is larger in size at approximately 12,000 square feet

The upper floors of the building offer panoramic views of the San Fernando Valley The entire building has been equipped with a fire sprinkler system and automatic fire panel system, which saves thousands of dollars for any type of future redevelopment The electrical service is underground, with 2,000 amp, 480/277 volt 3 phase, sufficient for any type of tenant

Investment Highlights■■ Built with reinforced concrete, spread footings and cast in-place piles■■ Excellent multifamily development opportunity■■ Additional development potential■■ Within minutes accessible to major freeways such as 118, 170, 101 and 210■■ Excellent demographics■■ Median household income in five years estimated at $59,203■■ Traffic counts over 46,000 cars daily

Investment Overview


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EXECUTIVE SUMMARY

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Interest Offered

Fee simple interest in 8121 Van Nuys Blvd, a 84,273 gross square feet medical office building located at 8121 Van Nuys Boulevard, Panorama City, CA 91402

Terms of the Sale

8121 Van Nuys Blvd is offered on an all cash basis

Property Tours

Prospective purchasers are encouraged to visit the subject property prior to submitting offers However, all property tours must be arranged with the Marcus & Millichap listing agents Please do not contact the tenants, on-site management or staff without prior approval

Summary of Terms

descriptionP R O P E R T Y D E S C R I P T I O N

PROPERTY DESCRIPTION

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THE OFFERING

Property 8121 Van Nuys Boulevard

Property Address Panorama City, CA 91402

Property Type Medical Office

SITE DESCRIPTION

Parcel 86,455 SF

Floor Area Ratio 0.81

Parking Spaces 230 Surface Spaces

Parking Ratio 3.36/1,000 SF

Topography Flat

PARCELS

Number of Tax Parcels

APN 2210-011-028, 2210-011-032

ZONING

PUD: LAC2, M1

ACCESS POINTS

Street Frontage: 178 SF on Van Nuys Blvd.

Cross Streets: Lanark St.

Traffic Counts: Over 46,000 Cars

CONSTRUCTION

Construction Type Reinforced Concrete, Spread Ftngs,Cast in-place Piles

Foundation Concrete

Exterior Walls Concrete and Glass

Number of Floors 6

Floor Plate Size 11,250 SF

Roof Flat

Parking Surface Asphalt

MECHANICAL

HVAC Central

Fire Protection Fire Alarm, Sprinkler System

Plumbing Copper Piping

Elevator Two (2), 2500 lb & 3200 lb

Utilities All Public Utilities

INTERIOR DEAIL

Walls Freshly Painted

Ceiling Freshly Painted

Floor Covering Tile and Carpet

Rest Rooms Restroom on each floor and private in each suite

Corridors Carpet

AVAILABLE SPACE CONDITION

Description: Freshly Painted

Floors 1-5 Rent Ready

Floor 6 Gutted Open Space

Property Details


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Aerial Photograph

LOCAL MAP


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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information References to square footage or age are approximate Buyer must verify the information and bears all risk for any inaccuracies Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc © 2014 Marcus & Millichap ACT ID V0120649

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Burger King

CAL BERK HIGH SCHOOL

PANORAMA HIGH SCHOOL

MICHELLE OBAMA ELEMENTARY SCHOOL

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VAN NUYS BLVD

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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information References to square footage or age are approximate Buyer must verify the information and bears all risk for any inaccuracies Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc © 2014 Marcus & Millichap ACT ID V0120649

Site Plan

8121 Van Nuys Blvd

LANARK STREET

VA

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Not A Part


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Parcel Map


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Floor Plans

Stair #1

Landscaping Landscaping

Elect.Room

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Floor Plans

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Floor Plans

Clo

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8121 Van Nuys Blvd3rd Floor


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Floor Plans

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Floor Plans

WEST VIEW

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8121 Van Nuys Blvd5th Floor

Tel. Equip.

Stairs#1

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Floor Plans

Electrical

Elev 2

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JanitorRestroom

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8121 Van Nuys Blvd6th Floor; Now Completely Gutted Open Office Space (see next page)

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AnaheimStadium

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KnottsBerry Farm

DadMiller GC

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Cypress GC

NavalBase GC

OldRanch GC

RiverView GC

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vd

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eda

Blv

d

Win

netk

a Av

e

Woo

dman

Ave

Summitrose St

Roscoe Blvd

Kanan Road

Wes

tlake

Blvd

Victory Blvd

Ventura Blvd

S P

acifi

c Av

e

Sunset Blvd

Sunset Blvd

Santa Monica

Blvd

Santa Monica Blvd

Valley Blvd

Wes

tern

Ave

Wes

tern

Ave

Wilshire Blvd

Slauson Ave


Carson St

Sepulveda Blvd

W Paseo Del Mar

Azu

sa A

ve

Azus

a Av

e

Colima Rd

San Fernando Rd

San Fernando Rd

Colorado Blvd

Harbor Blvd

Venice

Blvd

Culve

r Blvd

Little

Tujun

ga Can

yon

Rd

Mulholland Hwy

Valle

y C

ircle

B

lvd

Haw

thor

ne B

lvd

Palo

s Ve

rdes D

rH

aw

thorne Blvd

Palos Verdes Dr

Mount

Glea


Angeles Crest Hwy

An

geles For

est H

wy

Van

Nuy

s B

lvd

Imperial Hwy

Beac

h Bl

vdB

each

Blv

d

Topa

nga

Can

yon

Blv

d

Sep

ulve

da B

lvd

Rosem

ead Blvd

Huntington Dr

Whittier Blvd



Lake

wood

Blvd

Sep

ulve

da B

lvd

Artesia Blvd

Pacific Coast Hwy

7th StOcean Blvd

Seaside Ave

Pacific Coast Hwy

Alva

rado

St

Pacific Coast H

wy


y

Costa

Mesa F

rwy

Cos

ta M

esa

Frw

y

Garden Grove Frwy

Simi Valley Frwy

Golden State Hwy


Foothill Frwy

Gle

ndal

e Fr

wy

Orang

e Fr

wy

Pomona Frwy

Century Frwy

Artesia Frwy

Pomona Frwy

San Diego Frwy

San Bernardino Frwy

Foothill Frwy

Har

bor F

rwy

Santa Ana Frwy

Hollyw

ood Frwy

Ventura Frwy

Long

Bea

ch F

rwy

Hollywood Frwy

Marina Frwy

Santa Monica Frwy

Pas

adena Frwy

San Diego Frwy

San

Gab

riel R

iver

Frw

y


John WayneAirport

WhitemanAirport

Van NuysAirport


El MonteAirport





ZamperiniField

Bradbury

EastPasadena

East SanGabriel

NorthEl Monte

SouthEl Monte

WestWhittier

La HabraHeights

EastCompton

WestCompton

WestCarson

IrwindaleMayflower

Citrus

Vincent

West PuenteValley

AvocadoHeights


South SanJose Hills

Commerce

Vernon

LaderaHeights

ViewPark


Lennox

WestAthens

DelAire

AlondraPark

Graham

LaPalma

LosAlamitos

Santa FeSprings

Artesia

HawaiianGardens


Estates

RollingHills

Brea

La Habra

Fullerton

Placentia

BuenaPark

Anaheim

Orange

CypressVillaPark


SealBeach

SantaAna

Westminster

HuntingtonBeach

Tustin

FountainValley

SimiValley

SantaClarita

LOS ANGELES

SanFernando

Glendale

NorthridgeLa

Crescenta

Pasadena

La CanadaFlintridge

Burbank

Altadena

Duarte

Monrovia

GlendoraArcadia

SierraMadre

HiddenHills

Westlake

ThousandOaks

Newbury Park

Camarillo

AgouraHills

SanDimas

AzusaSan

Marino




CharterOak

El Monte

WestHollywood

RosemeadMonterey

Park


La PuenteSanta

MonicaMontebello

DiamondBar

CulverCity

HaciendaHeights

PointDume Pico

Rivera

Whittier

RowlandHeightsBell

MaywoodHuntington

Park

MarinaDel Rey

InglewoodBell

Gardens

Downey


WhittierLynwood

HawthorneNorwalk




RedondoBeach

Cerritos

Torrance

Carson

LongBeach

HermosaBeach

Lomita

Rancho PalosVerdes

WestCovina

Los AngelesCounty

VenturaCounty

55

55

73

118

23

14

170

101

101

101

101

101

134134

2

2

110

30

60

60

72

72

57

57

90

42

91

19

19

9191

103

47

22 22

39

39

3990

14290

1

1 2

2

1

1

2

2

118

39

27

27

1

1

107

1

1

5

5

405

405

405

5

5

5

210

210

210

210

210

210

405

405

605

605

10

10

710110

110

110

710

10

105


EX

EC

UT

IVE

SU

MM

AR

YP

RO

PE

RT

YD

ES

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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information References to square footage or age are approximate Buyer must verify the information and bears all risk for any inaccuracies Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc © 2013 Marcus & Millichap ACT ID U0120239

28

COMPETITIVE PROPERTY SET

Development Recent Land Sales


1 20600 Ventura Boulevard

2 6219 De Soto Avenue

3 6701 Eton Avenue

4 The Glendale Triangle

Development Recent Land Sales Map

5 20539 Ventura Boulevard

6 2753 Waverly Drive

7 7926-7940 Hollywood Boulevard

12

3

4

5

7

6

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2

1


6219 De Soto Avenue, Woodland Hills, CA 91367

COMMENTS: Entitled for 707 MF Units

Close of Escrow: 03/30/2012

Sales Price: $31,750,000

Down Payment: $31,750,000

Percent Down: 100%

Zoning: M2-1 / P-1

Lot Size (SF): 455,638

Price/SF: $69.68

Lot Size (Acres): 10.4600

Price/Acre: $3,035,373

20600 Ventura Boulevard, Woodland Hills, CA 91364

COMMENTS: Fully Entitled - Mixed Use Development for 332 Apt Units/8 Retail units




Percent Down: 100%

Zoning: RAS4-1


Price/SF: $87.87



3 6701 Eton Avenue, Woodland Hills, CA 91303




Percent Down: 100%

Zoning: LAWC


Price/SF: $126.62



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30


4


The Glendale Triangle 3900 San Fernando Road, Glendale, CA 91204



Down Payment: N/A

Percent Down: N/A

Zoning: GLM1


Price/SF: $210.85



5 20539 Ventura Boulevard, Woodland Hills, CA 91364




Percent Down: 100%

Zoning: (Q)C2-1


Price/SF: $95.70



2753 Waverly Drive, Los Angeles, CA 900396




Percent Down: 100%

Zoning: LARD2


Price/SF: $85.89


Price/Acre: $3,741,497 COMMENTS: Plans/permits all entitled for 63 1800-2000 sq. ft. 3 br/3 ba town-homes ($174,603.17 per unit).

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7

COMMENTS: Minimum area per dwelling unit = 800 sq. ft (LAR3). Able to build approximately 64 units ($112,500 per unit).



Down Payment: N/A

Percent Down: N/A

Zoning: LAR3


Price/SF: $140.08



Hollywood Regency 7926-7940 Hollywood Boulevard, Los Angeles, CA 90046


CA StateUniv

Univof CA




DodgerStadium

AnaheimStadium

Disneyland

KnottsBerry Farm

DadMiller GC

ImperialGC

CoyoteHills GC


UnivAltaVista GC

Cypress GC

NavalBase GC

OldRanch GC

RiverView GC

WillowickMun GC

David LBaker GC

Mile Square GC

MeadowlarkGC

MesaVerde GC


RagingWaters

LA AirForce Base



Station




TopangaState Park







RedondoState Beach


Santa Monica Bay

San Pedro Bay


San G

abrie

l Rive

r

ChatsworthReservoir

Van NormanLakes


MorrisReservoir

Rio Hondo River

Los Angeles River

Sant

a Ana

Rive

r

Lincoln Ave

E Los Angeles Ave

Placerita Canyon Rd

Little Tujunga Rd

San G

abrie

l Can

yon R

d

Bal

boa

Blv

d

Sesnon Blvd

Sepu

lved

a Bl

vd

Res

eda

Blv

d

Win

netk

a Av

e

Woo

dman

Ave

Summitrose St

Roscoe Blvd

Kanan Road

Wes

tlake

Blvd

Victory Blvd

Ventura Blvd

S P

acifi

c Av

e

Sunset Blvd

Sunset Blvd

Santa Monica

Blvd

Santa Monica Blvd

Valley Blvd

Wes

tern

Ave

Wes

tern

Ave

Wilshire Blvd

Slauson Ave


Carson St

Sepulveda Blvd

W Paseo Del Mar

Azu

sa A

ve

Azus

a Av

e

Colima Rd

San Fernando Rd

San Fernando Rd

Colorado Blvd

Harbor Blvd

Venice

Blvd

Culve

r Blvd

Little

Tujun

ga Can

yon

Rd

Mulholland Hwy

Valle

y C

ircle

B

lvd

Haw

thor

ne B

lvd

Palo

s Ve

rdes D

rH

aw

thorne Blvd

Palos Verdes Dr

Mount

Glea


Angeles Crest Hwy

An

geles For

est H

wy

Van

Nuy

s B

lvd

Imperial Hwy

Beac

h Bl

vdB

each

Blv

d

Topa

nga

Can

yon

Blv

d

Sep

ulve

da B

lvd

Rosem

ead Blvd

Huntington Dr

Whittier Blvd



Lake

wood

Blvd

Sep

ulve

da B

lvd

Artesia Blvd

Pacific Coast Hwy

7th StOcean Blvd

Seaside Ave

Pacific Coast Hwy

Alva

rado

St

Pacific Coast H

wy


y

Costa

Mesa F

rwy

Cos

ta M

esa

Frw

y

Garden Grove Frwy

Simi Valley Frwy

Golden State Hwy


Foothill Frwy

Gle

ndal

e Fr

wy

Orang

e Fr

wy

Pomona Frwy

Century Frwy

Artesia Frwy

Pomona Frwy

San Diego Frwy

San Bernardino Frwy

Foothill Frwy

Har

bor F

rwy

Santa Ana Frwy

Hollyw

ood Frwy

Ventura Frwy

Long

Bea

ch F

rwy

Hollywood Frwy

Marina Frwy

Santa Monica Frwy

Pas

adena Frwy

San Diego Frwy

San

Gab

riel R

iver

Frw

y


John WayneAirport

WhitemanAirport

Van NuysAirport


El MonteAirport





ZamperiniField

Bradbury

EastPasadena

East SanGabriel

NorthEl Monte

SouthEl Monte

WestWhittier

La HabraHeights

EastCompton

WestCompton

WestCarson

IrwindaleMayflower

Citrus

Vincent

West PuenteValley

AvocadoHeights


South SanJose Hills

Commerce

Vernon

LaderaHeights

ViewPark


Lennox

WestAthens

DelAire

AlondraPark

Graham

LaPalma

LosAlamitos

Santa FeSprings

Artesia

HawaiianGardens


Estates

RollingHills

Brea

La Habra

Fullerton

Placentia

BuenaPark

Anaheim

Orange

CypressVillaPark


SealBeach

SantaAna

Westminster

HuntingtonBeach

Tustin

FountainValley

SimiValley

SantaClarita

LOS ANGELES

SanFernando

Glendale

NorthridgeLa

Crescenta

Pasadena

La CanadaFlintridge

Burbank

Altadena

Duarte

Monrovia

GlendoraArcadia

SierraMadre

HiddenHills

Westlake

ThousandOaks

Newbury Park

Camarillo

AgouraHills

SanDimas

AzusaSan

Marino




CharterOak

El Monte

WestHollywood

RosemeadMonterey

Park


La PuenteSanta

MonicaMontebello

DiamondBar

CulverCity

HaciendaHeights

PointDume Pico

Rivera

Whittier

RowlandHeightsBell

MaywoodHuntington

Park

MarinaDel Rey

InglewoodBell

Gardens

Downey


WhittierLynwood

HawthorneNorwalk




RedondoBeach

Cerritos

Torrance

Carson

LongBeach

HermosaBeach

Lomita

Rancho PalosVerdes

WestCovina

Los AngelesCounty

VenturaCounty

55

55

73

118

23

14

170

101

101

101

101

101

134134

2

2

110

30

60

60

72

72

57

57

90

42

91

19

19

9191

103

47

22 22

39

39

3990

14290

1

1 2

2

1

1

2

2

118

39

27

27

1

1

107

1

1

5

5

405

405

405

5

5

5

210

210

210

210

210

210

405

405

605

605

10

10

710110

110

110

710

10

105


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IVE

SU

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AR

YP

RO

PE

RT

YD

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NC

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AN

ALY

SIS

CO

MPA

RA

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SM

AR

KE

TO

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33





45

32

1

Recent Sales

1 Wilbur Medical Plaza

2 Doctors Medical Plaza

3 Balboa Office Plaza

4 12626 Riverside Drive

5 Toluca Plaza

Medical Office Sales Map


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34


1 Wilbur Medical Plaza 5620 Wilbur Avenue, Tarzana, CA 91356

COMMENTS: Subterranean parking. 24 hour access through a tenant activated card-key security system. Walking distance to a wide variety of restaurants, retail services, movie theatre and the Tarzana Post Office. On-site professional management. 3 blocks from Tarzana Medical

Medical Office Recent Sales

Offering Price: $14,150,000


Rentable SF: 53,029

Percent Down: 100%

Year Built: 1986

CAP Rate: 7.50%

Occupancy: 88%

Price/Rentable SF: $266.84

2 Doctors Medical Plaza 10515 Balboa Boulevard, Granada Hills, CA 91344

COMMENTS: Doctors Medical Plaza is a 3-story medical office building centrally located in the San Fernando Valley in the upscale community of Granada Hills. Strategically located adjacent to the Grana-da Hills Community Hospital, a 201-bed full service acute care facility and independent hospital with 24-hour emergency services, intensive care, coronary care, maternity care, skilled nursing facilities and related support services. The building is in the vicinity of the Simi Valley (118), San Diego (405), Ventura (101), and the Golden State (5) Freeways.



Rentable SF: 42,722

Percent Down: 80%

Year Built: 1983

CAP Rate: 7.32%

Occupancy: 83%


3 Balboa Office Plaza 10605 Balboa Boulevard, Granada Hills, CA 91344

COMMENTS: This was an REO investment sale. The building was 66.3% occupied at the time of sale. The listing broker reported a pro forma Cap Rate of 10.4%. We were unable to obtain the actual Cap Rate. *This was an REO Sale.



Rentable SF: 66,087

Percent Down: N/A

Year Built: 1989 / 1995

CAP Rate: 10.40%

Occupancy: 66%


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35





5 Toluca Plaza 4418 Vineland Avenue, Toluca Lake, CA 91602

COMMENTS: High Traffic Newly Renovated Medical Office Building with On-site Pharmacy and Retail Eye Glass Store on Groundfloor bringing Tremendous Foot Traffic to Building. Prestigious and affluent Toluca Lake location. Seconds from the 101 & 134 freeways and minutes to the 405 intersection adjacent to North Hollywood, Burbank & Studio City. MTA Stop at Building.

12626 Riverside Drive, Valley Village, CA 91607

COMMENTS: Class B Medical Building with 60 free surface spaces available; ratio 2.09/1,000 SF. Amenities include dry cleaner, security system and signage.

4

Recent Sales



Rentable SF: 28,748

Percent Down: 33%

Year Built: 1975 / 2003

CAP Rate: 7.95%

Occupancy: 100%




Rentable SF: 22,080

Percent Down: 35%

Year Built: 1947

CAP Rate: 7.00%

Occupancy: 87%


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36


CA StateUniv

Univof CA




DodgerStadium

AnaheimStadium

Disneyland

KnottsBerry Farm

DadMiller GC

ImperialGC

CoyoteHills GC


UnivAltaVista GC

Cypress GC

NavalBase GC

OldRanch GC

RiverView GC

WillowickMun GC

David LBaker GC

Mile Square GC

MeadowlarkGC

MesaVerde GC


RagingWaters

LA AirForce Base



Station




TopangaState Park







RedondoState Beach


Santa Monica Bay

San Pedro Bay


San G

abrie

l Rive

r

ChatsworthReservoir

Van NormanLakes


MorrisReservoir

Rio Hondo River

Los Angeles River

Sant

a Ana

Rive

r

Lincoln Ave

E Los Angeles Ave

Placerita Canyon Rd

Little Tujunga Rd

San G

abrie

l Can

yon R

d

Balb

oa B

lvd

Sesnon Blvd

Sepu

lved

a Bl

vd

Res

eda

Blvd

Win

netk

a Av

e

Woo

dman

Ave

Summitrose St

Roscoe Blvd

Kanan Road

Wes

tlake

Blvd

Victory Blvd

Ventura Blvd

S Pa

cific

Ave

Sunset Blvd

Sunset Blvd

Santa Monica

Blvd

Santa Monica Blvd

Valley Blvd

Wes

tern

Ave

Wes

tern

Ave

Wilshire Blvd

Slauson Ave


Carson St

Sepulveda Blvd

W Paseo Del Mar

Azus

a Av

e

Azus

a Av

e

Colima Rd

San Fernando Rd

San Fernando Rd

Colorado Blvd

Harbor Blvd

Venice

Blvd

Culve

r Blvd

Little

Tujun

ga Can

yon

Rd

Mulholland Hwy

Valle

y C

ircle

B

lvd

Haw

thor

ne B

lvd

Palos

Verd

es DrH

aw

thorne Blvd

Palos Verdes Dr

Mount

Glea


Angeles Crest Hwy

An

geles For

est H

wy

Van

Nuy

s Bl

vd

Imperial Hwy

Beac

h Bl

vdBe

ach

Blvd

Topa

nga

Can

yon

Blvd

Sepu

lved

a Bl

vd

Rosem

ead Blvd

Huntington Dr

Whittier Blvd



Lake

wood

Blvd

Sepu

lved

a Bl

vd

Artesia Blvd

Pacific Coast Hwy

7th StOcean Blvd

Seaside Ave

Pacific Coast Hwy

Alva

rado

St

Pacific Coast H

wy


y

Costa

Mesa F

rwy

Cos

ta M

esa

Frw

y

Garden Grove Frwy

Simi Valley Frwy

Golden State Hwy


Foothill Frwy

Gle

ndal

e Fr

wy

Orang

e Frw

y

Pomona Frwy

Century Frwy

Artesia Frwy

Pomona Frwy

San Diego Frwy

San Bernardino Frwy

Foothill Frwy

Har

bor F

rwy

Santa Ana Frwy

Hollyw

ood Frwy

Ventura Frwy

Long

Bea

ch F

rwy

Hollywood Frwy

Marina Frwy

Santa Monica Frwy

Pas

adena Frwy

San Diego Frwy

San

Gab

riel R

iver F

rwy


John WayneAirport

WhitemanAirport

Van NuysAirport


El MonteAirport





ZamperiniField

Bradbury

EastPasadena

East SanGabriel

NorthEl Monte

SouthEl Monte

WestWhittier

La HabraHeights

EastCompton

WestCompton

WestCarson

IrwindaleMayflower

Citrus

Vincent

West PuenteValley

AvocadoHeights


South SanJose Hills

Commerce

Vernon

LaderaHeights

ViewPark


Lennox

WestAthens

DelAire

AlondraPark

Graham

LaPalma

LosAlamitos

Santa FeSprings

Artesia

HawaiianGardens


Estates

RollingHills

Brea

La Habra

Fullerton

Placentia

BuenaPark

Anaheim

Orange

CypressVillaPark


SealBeach

SantaAna

Westminster

HuntingtonBeach

Tustin

FountainValley

SimiValley

SantaClarita

LOS ANGELES

SanFernando

Glendale

NorthridgeLa

Crescenta

Pasadena

La CanadaFlintridge

Burbank

Altadena

Duarte

Monrovia

GlendoraArcadia

SierraMadre

HiddenHills

Westlake

ThousandOaks

Newbury Park

Camarillo

AgouraHills

SanDimas

AzusaSan

Marino




CharterOak

El Monte

WestHollywood

RosemeadMonterey

Park


La PuenteSanta

MonicaMontebello

DiamondBar

CulverCity

HaciendaHeights

PointDume Pico

Rivera

Whittier

RowlandHeightsBell

MaywoodHuntington

Park

MarinaDel Rey

InglewoodBell

Gardens

Downey


WhittierLynwood

HawthorneNorwalk




RedondoBeach

Cerritos

Torrance

Carson

LongBeach

HermosaBeach

Lomita

Rancho PalosVerdes

WestCovina

8121 Van Nuys Bouelvard

Los AngelesCounty

VenturaCounty

55

55

73

118

23

14

170

101

101

101

101

101

134134

2

2

110

30

60

60

72

72

57

57

90

42

91

19

19

9191

103

47

22 22

39

39

3990

14290

1

1 2

2

1

1

2

2

118

39

27

27

1

1

107

1

1

5

5

405

405

405

5

5

5

210

210

210

210

210

210

405

405

605

605

10

10

710110

110

110

710

10

105

12

3

4

5

6

7

Recent Sales

1 Empire Landing

2 The Pointe At Warner Center

3 The Plaza at The Arboretum

4 Oceano Warner Center

5 Amli Warner Center

Apartment Recent Sales Map

6 Archstone Studio 4121

7 NoHo 14

8 Villa Vincennes Apartments

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37




Apartment Recent Sales

Empire Landing 1901 N Buena Vista Street, Burbank, CA 91504

2 The Pointe At Warner Center 6150 Canoga Avenue, Woodland Hills, CA 91367



Price/Unit: $297,794

Price/SF: $309.04

CAP Rate: N/A

No. of Units 136

Year Built: 2004

Units Unit Type

78 1BD/1BTH

58 2BD/2BTH

3 The Plaza at The Arboretum 2200 Colorado Avenue, Santa Monica, CA 90404




Price/SF: $541.11

CAP Rate: 3.80%

No. of Units 350

Year Built: 2001

Units Unit Type

189 1BD/1BTH

142 2BD/2BTH

19 3BD/2BTH

Units Unit Type

131 1BD/1BTH

135 2BD/2BTH

10 4BD/2BTH




Price/SF: $507.50

CAP Rate: 4.25%

No. of Units 276

Year Built: 2010

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Amli Warner Center 21200 Kittridge Street, Canoga Park, CA 913035


4 Oceano Warner Center 6355 De Soto Avenue, Woodland Hills, CA 91367




Price/SF: $336.00

CAP Rate: N/A

No. of Units 244

Year Built: 2012

Units Unit Type

110 1BD/1BTH

134 2BD/2BTH




Price/SF: $212.97

CAP Rate: 4.50%

No. of Units 522

Year Built: 2006

Units Unit Type

318 1BD/1BTH

186 2BD/2BTH

18 3BD/2BTH

6 Archstone Studio 4121 4041 Radford Avenue, Studio City, CA 91604




Price/SF: $442.48

CAP Rate: N/A

No. of Units 149

Year Built: 2009

Units Unit Type

110 1BD/1BTH

39 2BD/2BTH

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NoHo 14 5440 Tujunga Avenue, North Hollywood, CA 91601

Units Unit Type

78 1BD/1BTH

98 2BD/2BTH

9 3BD/2BTH




Price/SF: $354.91

CAP Rate: 4.10%

No. of Units 180

Year Built: 2008

7

Villa Vincennes Apartments 14611 Vincennes Street, Panorama City, CA 91402

Units Unit Type

26 1BD/1BTH

41 2BD/2BTH

13 3BD/2BTH




Price/SF: $192.99

CAP Rate: 5.65%

No. of Units 80

Year Built: 2009

8

CA StateUniv

Univof CA




DodgerStadium

AnaheimStadium

Disneyland

KnottsBerry Farm

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La HabraHeights

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AvocadoHeights


South SanJose Hills

Commerce

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LaderaHeights

ViewPark


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Medical Office Lease Map

53

2

1

Recent Sales

1 8215 Van Nuys Boulevard

2 14500 Roscoe Boulevard

3 14600 Sherman Way

4 14624 Sherman Way

5 6842 Van Nuys Boulevard


6 6815 Nobel Avenue

7 15211 Vanowen Street

8 6840 Sepulveda Boulevard

9 5900 N Sepulveda Boulevard

10 15243 Vanowen Street

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1 8215 Van Nuys Boulevard, Panorama City, CA 91402

2 14500 Roscoe Boulevard, Panorama City, CA 91402

Office Lease Comparables

Date Surveyed: 5/7/14

Rentable SF: 29,548

Occupancy: 57%

Year Built: 1957/1996

Rent/SF: $2.50

Available SF: 12,783

Lease Type: Mod Gross

3 14600 Sherman Way, Van Nuys, CA 91405

COMMENTS: Formerly the Union Bank Building of Van Nuys, this building is located in an outstanding central location. Excellent building signage is available, easy building ingress and egress, large car elevator, wired for total security. Separate parking structure.

COMMENTS: Commuter Rail, Concierge; 60 free Covered Spaces available.

COMMENTS: The Panorama Medical Arts building, a three story medical building that offers on-site pharmacy and 100 square feet of frontage on Van Nuys Boulevard.


Rentable SF: 84,265

Occupancy: 62%

Year Built: 1981

Rent/SF: $1.85-$3.00


Lease Type: NNN


Rentable SF: 50,104

Occupancy: 98%

Year Built: 1990

Rent/SF: $1.25

Available SF: 822

Lease Type: NNN

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4 14624 Sherman Way, Van Nuys, CA 91405

5 6842 Van Nuys Boulevard, Van Nuys, CA 91405



Rentable SF: 52,283

Occupancy: 86%


Rent/SF: $1.25-$1.35

Available SF: 7,351

Lease Type: NNN

6 6815 Nobel Avenue, Van Nuys, CA 91405

COMMENTS: Landlord will build-to-suit. Building includes unobstructed, panoramic views, high ceilings, upscale decor, rooftop lounge. Building has three elevators service all floors.

COMMENTS: Medical Office building has 200 free covered parking spaces available, 15 free surface spaces; ratio 2.34/1,000 SF. Corner lot on bus line.

COMMENTS: Valley Medical Plaza II has 60 free Covered Spaces and 6 free surface parking spaces available; Ratio 5.0/1,000 SF. Class B Office/Medical


Rentable SF: 97,000

Occupancy: 87%


Rent/SF: $1.55-$1.75

Available SF: 5,000

Lease Type: NNN


Rentable SF: 92,000

Occupancy: 100%

Year Built: 1990

Rent/SF: $2.75

Available SF: 2,443

Lease Type: NEG

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7 15211 Vanowen Street, Van Nuys, CA 91405

8 6840 Sepulveda Boulevard, Van Nuys, CA 91405



Rentable SF: 45,579

Occupancy: 94%

Year Built: 1981

Rent/SF: $2.45

Available SF: 2,901

Lease Type: Full Serv

9 5900 N Sepulveda Boulevard, Sherman Oaks, CA 91411

COMMENTS: Class B Medical Office building with 40 surface parking spaces available; parking ratio 2.35/1,000 SF, is Presbyterian Hospital.

COMMENTS: Property offers conferencing facility, food service, on-site management, 95 surface parking spaces and 133 covered spaces are available.


Rentable SF: 49,460

Occupancy: 96%

Year Built: 1969

Rent/SF: $2.35

Available SF: 1,800



Rentable SF: 78,237

Occupancy: 84%


Rent/SF: $1.95-$2.30



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10 15243 Vanowen Street, Van Nuys, CA 91405



Rentable SF: 68,824

Occupancy: 93%

Year Built: 1971

Rent/SF: $2.25

Available SF: 5,039

Lease Type: NNN

COMMENTS: Class B office building with 75 surface parking spaces available @ $80./mo, property manager on site.

405

405

5

170

170

Balb

oa B

lvd

Hayvenhurst A

veH

ayvenhurst Ave

Balb

oa B

lvd

Wo

od

ley Ave

Wo

od

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Wo

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ley Ave

Plummer St

Nordhoff St

Parthenia St

Roscoe Blvd

Louise A

ve

Strathern St Strathern St

San D

iego

Fw

y

Saticoy St

Sherman Way Sherman Way Sherman Way

Saticoy St Saticoy St

Laurel Canyo

n Blvd

Co

ldw

ater Canyo

n Ave

Laurel Canyo

n Blvd

Vanowen St

Saticoy St

Roscoe Blvd Roscoe Blvd

Parthenia St

Nordhoff St

Van Nuys B

lvdVan N

uys Blvd

Van N

uys B

lvd

Terra

Bell

a St

Branfo

rd S

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Branfo

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Osborne St

Osborn

e St

Woodm

an Ave Canterbury Ave

Arleta AveSheldon S

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Golden State Fwy

Hollyood

Fwy

Laurel Canyon Blvd

Wo

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man A

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Plummer St

Haskell A

veH

askell Ave

Chase St

Van NuysAirport

HolmesMiddle School

Vista MiddleSchool

Robert FultonCollege

Preparatory School

ValleyPresbyterian

Hospital

CHAMPS CharterHigh School of

Arts-Multimedia& Performing

Kaiser PermanentePanorama CityMedical Center

St Genevieve’sHigh School

PanoramaCity

PanoramaMall

SheldonArleta Park

BranfordPark

NorthHills West

NorthHills East

NorthHills

PanoramaHigh School

The Plant Shopping Center


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Apartment Lease Comparables Map

Lease Comparables

1 Montecito Terraces Sr. Apartments

2 Andalucia Senior Apartments

3 Asturias Senior Apartments

4 Cantabria Senior Apartments

5 The Piedmont Senior Apartments

8121 Van Nuys Blvd

6 Villa Vincennes Apartments

7 Ventura Canyon Villas

8 Haciendas at Nordoff

9 Regency Premier Apartments

10 The Village

11 IMT on the Boulevard

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Rent Comparables

1 Montecito Terraces Sr. Apartments 14655 Blythe Street, Panorama City, CA 91402

2 Andalucia Senior Apartments 15305 Lanark Street, Van Nuys, CA 91406

Occupancy: 95%

Year Built: 2011

No. Of Units 69

Unit Type SF Rent Rent/SF

1 Bdr 1 Bath 530 $921 $1.74

2 Bdr 1 Bath 775 $1,101 $1.42

Total/Wtd. Avg. $1,011 $1.58

Occupancy: 95%

Year Built: 2009

No. Of Units 94


1 Bdr 1 Bath 527 $456 - $937 $1.32

2 Bdr 2 Bath 750 $1,123 $1.50

Total/Wtd. Avg. $909 $1.41

COMMENTS: Common Area Amenities: Computer Center and Wireless Internet Access, Fitness Center,Jacuzzi, Controlled Access, BBQ Area, Elevator Access, Gorgeous Clubhouse w/Kitchen, Library, Gated Parking, Laundry Center Located on Each Floor. Unit Features: A/C, Dishwasher, Handicap Accessible, Private Balcony/Patio, Utilities Included, Granite Countertops.

COMMENTS: Common Area Amenities: Computer Center and Wireless Internet Access, Fitness Center,Jacuzzi, Controlled Access, BBQ Area, Elevator Access, Gorgeous Clubhouse w/Kitchen, Library, Gated Parking, Laundry Center Located on Each Floor. Unit Features: A/C, Dishwasher, Handicap Accessible, Private Balcony/Patio, Utilities Included, Granite Countertops.

Asturias Senior Apartments 9628 Van Nuys Blvd, Van Nuys, CA 914023

Occupancy: 95%

Year Built: 2008

No. Of Units 69


1 Bdr 1 Bath 538 - 647 $777 - $937 $1.45

2 Bdr 2 Bath 731 $1,123 $1.54


COMMENTS: Common Area Amenities: Fitness Center, Clubhouse w/Kitchen, Library,Activity Room with Billiard Table, Communtiy BBQs, Gated Entrance, Controlled Access, Gated Parking, Covered Park-ing Garage, Assigned Parking, Beautiful Courtyard. Unit Features: Energy Efficient Stove, Refrigerator, Dishwasher, Private Patios/Balconies, Granite Countertops, Utilities Included.

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Rent Comparables


1 Bdr 1 Bath 547 - 575 $777 - $937 $1.53

2 Bdr 2 Bath 785 - 805 $1,123 $1.41


4 Cantabria Senior Apartments 9640 Van Nuys Boulevard, Van Nuys, CA 91402

Occupancy: 95%

Year Built: 2008

No. Of Units 31

COMMENTS: Common Area Amenities: Computer Center, Gorgeous Clubhouse w/Kitchen, Library, Activity Room with Billiard Table, Fitness Center, Communtiy BBQs, Controlled Access, Tranquil Court-yard, Convenient Laundry Centers on Each Floor. Unit Features: Gourmet Kitchens with Granite Countertops, Central A/C & Heating, Upgraded, Utilities Included.

5 The Piedmont Senior Apartments 6750 Whitsett Avenue, North Hollywood, CA 91606

Occupancy: 95%

Year Built: 2002

No. Of Units 198


1 Bdr 1 Bath 510 - 582 $1,295 $2.37

2 Bdr 1 Bath 703 - 793 $1,695 $2.27

Total/Wtd. Avg. $1,495 $2.32

COMMENTS: Common Area Amenities: Clubhouse with multi-media room, business center with copier, printer and fax machine, computer center, fully equipped fitness center, pool and spa, outdoor am-phitheater, library with fireplace, game room with billiards. Unit Features: Gourmet kitchens with maple cabinets/granite coutertops, big picture windows, central heating and air condition. Villa Vincennes Apartments 14611 West Vincennes Street, Panorama City, CA 91402

Occupancy: 95%

Year Built: 2009

No. Of Units 80


1 Bdr 1 Bath 640 - 1,080 $1,192 - $1,350 $1.48

2 Bdr 2 Bath 900 - 1,018 $1,559 - $1,750 $1.73

3 Bdr 2 Bath 1,243 $1,925 - $2,100 $1.62

Total/Wtd. Avg. $1,645 $1.61

COMMENTS: Common Area Amenities: Fitness Center, Gated Access, Swimming Pool, Hot Tub, Laundry Facility. Unit Features: Dishwasher, Microwave, Balcony, Stainless Steel Appliances, Ceiling Fans, Hardwood Floors, Vaulted Ceilings.

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Rent Comparables

8 Haciendas at Nordoff 14654 Nordoff Street, Van Nuys, CA 91402

Occupancy: 95%

Year Built: 2013

No. Of Units N/A


2 Bdr 2 Bath $1,160.00 $1,547 $1.33

3 Bdr 2 Bath $1,469.00 $1,845 $1.26

Total/Wtd. Avg. $1,696 $1.30

7 Ventura Canyon Villas 7901 Ventura Canyon Avenue, Panorama City, CA 91402

Occupancy: 95%

Year Built: 2013

No. Of Units 30


3 Bdr 2 Bath 1,050 - 1,100 $1,800 - $1,959 $1.75

3 Bdr 2 Bath Twnhs $1,100.00 $2,000 $1.82

Total/Wtd. Avg. $1,939 $1.79

COMMENTS: Common Area Amenities: Rooftop Patio, Laundry Facility Each Level, Controlled Access, Fitness Center, Elevator. Unit Features: Dishwasher, Microwave, Balcony, Granite Countertops, Crown Molding, Wood Laminate Flooring, Dual Pane Windows, Central A/C, Recessed Lighting.

COMMENTS: Common Area Amenities: BBQ Area, Gated Parking, Controlled Access, Sun Deck. Unit Features: Stainless Steel Microwave and Stove, Large Balconies, Washer/Dryer Hookups, Granite Kitchen/Bathroom Countertops, Walk-In Closets.

Regency Premier Apartments 8525 Tobias Avenue, Panorama City, CA 914029

Occupancy: 95%

Year Built: 1985

No. Of Units 287


Single 1 Bath 500 - 525 $840 - $890 $1.69

1 Bdr 1 Bath 585 - 770 $820 - $1,020 $1.36

2 Bdr 1 Bath 840 - 865 $1,320 - $1,445 $1.62

Total/Wtd. Avg. $1,055 $1.56

COMMENTS: Common Area Amenities: Fully Equipped Gym and Sauna with Flat Screen TVs, Secure Parking, Controlled Access, Laundry Facility, Pool. Unit Features: Private Patio/Balcony, Dishwasher, Garbage Disposal, Walk-In Closets, Ceiling Fan, Tile Floors.

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Rent Comparables

10 The Village 7925 Ventura Canyon Avenue, Panorama City, CA 91402

Occupancy: 95%

Year Built: 2007

No. Of Units N/A


2 Bdr 2 Bath 1,075 $1,750 $1.63

Total/Wtd. Avg. $1,750 $1.63

COMMENTS: Common Area Amenities: Gated Access, Intercom, Secure Parking, Tranquil Courtyard. Unit Features: Granite Countertops, Stainless Steel Appliances, Hardwood Laminate Floors, Dish-washer, Washer/Dryer Hookups.

11 IMT on the Boulevard 6940 Sepulveda Boulevard, Van Nuys, CA 91405

Occupancy: 95%

Year Built: 2009

No. Of Units 98


2 Bdr 2 Bath 1,159 - 1,620 $1,885 - $2,250 $1.49

Total/Wtd. Avg. $2,067 $1.49

COMMENTS: Common Area Amenities: Common Area Amenities: Fitness Center, Gated Access, Playground, Elevator, Secured Parking. Unit Features: Dishwasher, Microwave, Balcony, Cable Ready, Refrigerator, Washer/Dryer, Oversized Closets, Gas Range.

overviewM A R K E T O V E R V I E W

MARKET OVERVIEW

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Location Highlights

Located on two large parcels totaling approximately 86,455 square feet, or 1 98 acres, 8121 Van Nuys Boulevard wraps around a corner strip mall (not part of the offering) and has approximately 178 feet of frontage along Van Nuys Boulevard Approximately 62,000 square feet is LAC2 zoned, while the remaining 24,000 square feet is M1 zoned The current C2 zoning allows for numerous potential development scenarios The subject property is served by all typical public utilities including city water and sanitary sewer Other utilities include telephone, electricity and natural gas There are 230 surface parking spaces available behind the office building with access from Van Nuys Boulevard and Lanark Street

The property is centrally located in the heart of the San Fernando Valley and has close proximity to employment, hospitals, major medical facilities, and two of the largest commercial sites in Los Angeles: the Panorama Mall with the first and only two-story Walmart in the entire U S , and the Plant Shopping Center, anchored by Home Depot and Regency Theaters Also in the immediate area are Food 4 Less and Smart & Final grocery markets, Walgreens and CVS drug stores, Living Spaces Furniture Warehouse, 24 Hour Fitness, and other restaurants, entertainment and national retail shopping The property is located adjacent and across the street from two bus stops and is within walking distance to a public transportation station (Metrolink) and within minutes of major freeways (405, 118, 101, 170 and 210) In the immediate area are pre-schools; kindergarten, elementary, middle, and high schools; and other charter schools The newly constructed Panorama High School is across the street from the subject property

This is a tremendous opportunity for an experienced developer to acquire an excellent value-added development project on a major thoroughfare (Van Nuys Boulevard) close to a major intersection (Roscoe Boulevard) in the heart of San Fernando Valley with traffic counts of over 46,000 cars daily

Location Overview

■■ Centrally located in the heart of the San Fernando Valley

■■ 178 feet of frontage along Van Nuys Boulevard

■■ Close proximity to employment, hospitals, major medical facilities, and two of the largest commercial sites in Los Angeles

■■ Close to public transportation and major freeways

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PANORAMA CITY OVERVIEWDemographics

Panorama City is located in the center of the San Fernando Valley and is about 3 8 square miles in area The 2010 U S census counted 69,817 residents in the city’s 91402 zip code Today the population is estimated to be well over 75,000 In the 2010 U S census, the median age was 30 1, and the median yearly household income at that time was $41,467 In 2013, the median household income was $50,511 This is projected to increase to $59,203 in five years In addition, as of the 2010 census, renters were occupying 64 8% of the housing stock, while owners held 35 2%

History

Panorama City was the first planned community on the West Coast It was created in 1947 by developer Fritz Burns from the old Panorama Ranch A central business district surrounded by homes still defines the community The parks, schools, churches and curved residential streets that intersect in unexpected ways still serve their original purposes An industrial district runs along the Union Pacific right of way A beautiful Panorama High School now sits on the old Carnation laboratory site where Coffeemate was invented The original developer’s signs proclaimed Panorama City “The Heart Of The Valley ” Its central location west of the 405 Freeway and north of the railroad line to Ventura Boulevard still makes it the most conveniently located area in the Valley for transportation Nearby are the Flyaway bus terminal to LAX, the Burbank airport, the 405, 101, 170, 118, and 210 freeways, and a local Amtrak station Panorama City is also a Metro bus transit hub

Development

In its history, Panorama City once included General Motors’ largest assembly plant to date, as well as a Schlitz brewery that in 1999 was acquired by The Pabst Brewing Company Today, the General Motors Corporation assembly plant on Van Nuys Boulevard has been replaced with a large commercial center named “The Plant,” which includes approximately 360,000 square feet of improvements, including a 16-screen Regency Theatre and a Home Depot home improvement store Other tenants include Babies R Us, Ross, Michaels, Anna’s Linens and Party City The property is also home to In-N-Out Burger, Starbucks, Chase Bank and FedEx, along with police and fire facilities

Farther to the south is a newly built County Health Department at 7515 Van Nuys Boulevard, as well as a 100,000-square-foot new construction addition on the corner of Saticoy, which is being built by the County of Los Angeles to provide additional health care and medical services to the community Both will add to the value of the area and future redevelopment of the subject property

Location Overview - Continued

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Potential Development Overview

The lot size consists of approximately 62,000 square feet currently zoned C-2, and approximately 24,000 square feet at the western portion of the property that is currently zoned M-1 If the M-1 portion of the property were converted to C-2 through a variance, a buyer could potentially build additional multifamily units The seller has indicated that they do not want to have a variance or have time to obtain a variance as a contingency to this transaction

The subject development project has a number of potential development scenarios

One such scenario is to refurbish and convert the existing six-story vacant office building into 85 one-bedroom/one-bathroom multifamily apartment units (17 units on each floor above the ground level) and convert the ground level first floor of the existing vacant office building (consisting of approximately 12,000 square feet) and add an additional 16,000 square feet of retail space with some additional construction towards Van Nuys Boulevard

Another option would be to construct an additional 60 apartment units in the back portion of the property (behind the office building along Lanark Street), which is currently used as a parking lot The additional units could consist of 30 one-bedroom/one-bathroom and 30 two-bedroom/two-bathroom units, for an overall total (including the converted office building) to 145 apartment units

Even more units and more commercial space could be added if parking is provided via sub-surface/ subterranean parking construction These are only estimates and the seller is not guaranteeing the accuracy of the information

Owner-users may qualify for Small Business Administration (SBA) low-interest-rate and high-leverage loans Please contact listing agents for the current terms of the SBA loans for owner-users

(Note: Please see the listing agents for any potential development scenarios as described above Any potential scenario is for informational purposes only and buyer shall do its own investigation as to the viability of any and every aspect of this development )

Location Overview - Continued

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Almost 2 5 million people reside in the San Fernando Valley, which includes the submarkets of Northridge-Northwest San Fernando Valley; Van Nuys-Northeast San Fernando Valley; Woodland Hills; Burbank-Glendale-Pasadena; as well as Sherman Oaks-North Hollywood-Encino The area’s population is expected to increase by 1 3 percent through 2018, or by nearly 33,000 new residents

Known for its entertainment industry, the Valley boasts more than 100 soundstages Entertainment giants calling the Valley home include Walt Disney Co , Universal Studios, Warner Brothers, DreamWorks and Paramount Ranch The entertainment industry continues to set the area’s economic pulse Local motion picture and entertainment companies employ just under 28,000 people

While the Valley has grown into the world’s center for entertainment, aerospace giants Boeing and Northrop Grumman, healthcare provider Kaiser Permanente, and 21st Century Insurance also generate numerous high-paying jobs As a result of its large concentration of high-paying, successful companies, the area’s median household income of $62,500 per year has risen drastically since 2000

The median home price has decreased considerably since 2007 Nonetheless, affordability remains a challenge for much of the population High home prices keep the homeownership rate below 50 percent in the San Fernando Valley

San Fernando Valley

Share of Total Employment San Fernando Valley Employment: Services 46%

Retail Trade 17%

Manufacturing 9%

Finance, Insurance & Real Estate 9%

Transportation, Communications & 5%

Public Administration 5%

Other 5%

Construction 4%

Major Employers Warner Bros. Entertainment Inc.

The Walt Disney Co.

Kaiser Permanente

UCLA Medical Center

Yahoo! Inc.

Providence Health & Services

Boeing

NBCUniversal

21st Century Insurance Co.

Northrop Grumman Corp.

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Los Angeles

Market Highlights

Economic center

■n Los Angeles is a leading international trade and manufacturing center, and considered the capital of the entertainment world

Infrastructure

■n The region has well-established and interconnected transportation systems

Desirable climate

■n The average temperature rarely rises above 85 degrees or falls below 40 degrees

GeographyLos Angeles County covers 4,752 square miles and includes the islands of San Clemente and Santa Catalina It is bordered on the east by San Bernardino and Riverside counties, on the north by Kern and Ventura counties, on the west by the Pacific Ocean, and on the south by Orange County Nearly every type of climate is represented in Los Angeles, ranging from desert and mountain to coastal The Los Angeles coastline stretches along 81 miles of world-famous beaches The Santa Monica and San Gabriel mountains are located in the county, with the highest point at Mount San Antonio reaching over 10,000 feet

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Los AngelesMetroThe Los Angeles-Long Beach metro is located entirely within Los Angeles County The metro’s population is one of the largest in the nation at nearly 10 million and is expected to grow at an annual rate of 0 3 percent over the next five years Approximately 26 percent of California’s population lives in Los Angeles county which encompasses 88 incorporated cities, along with numerous unincorporated areas

InfrastructureLos Angeles has one of the most extensive freeway systems in the country The Alameda Corridor facilitates activity at the Los Angeles ports The corridor is the first step in accommodating rail traffic and will eventually link all major rail lines in Southern California The region’s growing population and heightened role in the burgeoning Pacific Rim trade are driving growth in container traffic at the ports of Los Angeles and Long Beach Freight rail service in the county is provided by Union Pacific and Burlington Northern Santa Fe railroads, while Amtrak and Metrolink lines offer passenger service and the Los Angeles Metro is the areas light rail

In addition to Los Angeles International Airport, one of the busiest in the nation, the county is served by commercial airports in Long Beach, Burbank and Palmdale There are also nine general aviation airports in the county

AIRPORT

■n Los Angeles International Airport■n Three commuter airports■n Nine general aviation airports

MAJOR ROADWAYS

■n Interstates 5, 10, 15, 110, 210, 215, 405

RAIL

■n Freight - Union Pacific and BNSF■n Passenger - Amtrak, Metrolink■n Light rail - Metro

PORT

■n Port of Los Angeles■n Port of Long Beach

LOS ANGELES IS:■n 30 miles from Orange County■n 120 miles from San Diego■n 150 miles from Tijuana ■n 380 miles from San Francisco

LARGEST CITIES: LOS ANGELES COUNTYLos Angeles 3,859,300

Long Beach 470,000

Glendale 194,800

Santa Clarita 178,900

Lancaster 158,000

Palmdale 155,700

2012 Estimate Sources: Marcus & Millichap Research Services, AGS

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Economy

Long recognized as the financial, commercial and industrial capital of Southern California, the sprawling Los Angeles metropolitan area is one of the nation’s leading urban-industrial hubs There are 14 Fortune 500 companies headquartered in the county Tourism, trade, manufacturing, entertainment, healthcare and defense dominate the local economy

Los Angeles is home to two of the busiest ports in the world; The Port of Los Angeles and the Port of Long Beach If combined, the two ports would be the world’s eighth busiest facility in term of container volume, generating nearly $10 billion in U S Customs revenues and taxes Together, the ports generate related employment for nearly l 3 million people throughout Southern California and receive more than 40 percent of all U S container traffic

Aerospace is still a significant employment force The metro’s aerospace employers, including Boeing, Northrop Grumman and Lockheed Martin, have benefited from new defense and homeland security-related contracts

The motion picture/entertainment industry is one of the most high-profile sectors of the local economy Los Angeles is known as the entertainment capital of the world, with most of the major motion picture studios located in the county, as well as much of the music recording and production industry

Los Angeles

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The trade, transportation and utilities sector is the biggest employment sector, hiring 19 percent of area employees, or nearly 765,000 people Growth in this sector is expected to average 0 3 percent annually through 2018 with the addition of roughly 16,000 workers

The entertainment industry remains a large and vital component to the local labor market, generating high- paying jobs for camera operators, producers, engineers and high-tech equipment operators, to name a few, in movies, television and music The industry also propels ancillary employment growth in many other sectors that provide services to the industry

Labor

The Los Angeles metro has one of the largest labor forces in the United States With more than 3 9 million positions, local employment ranks third nationally, only behind New York City and Chicago For the last five years, nonfarm employment growth has averaged 1 1 percent annually, on par with the U S national average Over the next five years, employment growth will average 1 0 percent annually, slightly lagging the national rate

Throughout 2018, all local employment sectors except for construction are expected to expand Education and health services, which currently comprises 14 percent of area jobs, is posed to register the most impressive gains as the sector expands by 2 3 percent annually to meet the growing population’s demand Additionally, the government, financial activities, information, and professional and business services sectors are all forecast to grow by more than 1 0 percent annually during this period

Los Angeles

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Metro Orange Line Route Map


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Employers

Los Angeles has made significant strides in diversifying its employer base In addition to the city’s strong aerospace sector, numerous financial firms have corporate headquarters in Los Angeles, as does a contingent of telecommunications, entertainment, technology and telecommunications companies

Trade, transportation and utilities is the largest sector, with 20 percent of total employment Many of the jobs are related to activity at the ports of Los Angeles and Long Beach and retail trade

Kaiser Permanente is one of the largest private-sector employers in the metro, with more than 32,000 employees Providence Health & Services and Cedars-Sinai Medical Center each add around 10,000 healthcare jobs

Northrop Grumman is the largest aerospace employer in the region, with close to 20,000 employees Its local Integrated Systems and Space Technology divisions manufacture defense electronics and construct the Joint Strike Fighter Northrop is expected to hire workers to help fulfill the fighter plane contract, along with numerous other government contracts The Boeing Co also provides nearly 14,000 aerospace jobs in the area

Los Angeles

Major Employers Service

Kaiser Permanente Healthcare

Northrop Grumman Corp. Government Contractor

The Boeing Co. Aerospace

Kroger Co. Retail

Cedars-Sinai Medical Center Healthcare

MAJOR EMPLOYERS

University of Southern California Education

Target Retail

Bank of America Corp. Financial

The Home Depot Retail

Providence Healthcare

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DemographicsLos Angeles County is one of the most populated metropolitan areas in the nation, containing nearly 10 million inhabitants Population gains in Los Angeles preceded and created economic expansion, rather than followed it, which was the case in most other U S metros Since the year 2000, the local population expanded by more than 366,000 residents Most of the growth came from foreign immigration, rather than natural increases or domestic migration A population gain of 0 2 percent annually is expected during the next five years, due to fewer employment opportunities to attract job seekers Diminished growth also will stem from smaller household sizes and declining affordability, trends that already have pushed housing development outward into surrounding counties

The population of Los Angeles County is younger than the nation, with a median age of 35 2 years compared with the U S median of 37 3 years The cohort ages 25 to 44 is much larger than that of the country, as many people come to the area seeking employment

More metro residents are going to college The number of people age 25 and above who have obtained a bachelor’s degree or higher has risen to 29 percent Educational achievement contributed to the local median household income rising considerably since 2000, reaching $56,600 annually last year Even though incomes are rising and home prices have fallen, Los Angeles is still a renter’s market as only 46 5 percent of households own their homes

Los Angeles

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Quality of LifeThe Los Angeles region enjoys pleasant weather, with sunshine reigning throughout the year Bounded by mountains and the Pacific Ocean, the temperature rarely rises above 85 degrees or falls below 40 degrees and rainfall is minimal The mild Los Angeles climate enables people to enjoy outdoor recreation during much of the year, and a variety of landscapes fosters many outdoor activities It is possible to swim in the ocean and ski on the mountains on the same day The region is home to the Los Angeles Zoo and Botanical Gardens and the 4,100-acre Griffith Park, one of the largest parks in the nation

There are 27 institutions of higher learning in the county, including three campuses of the University of California, seven campuses of California State University, and private institutions such as Caltech, the Claremont Colleges, Occidental College and the University of Southern California A number of community colleges also are situated in the county

Several professional and college teams are located in the area for sports enthusiasts Cultural venues include Walt Disney Concert Hall, Dorothy Chandler Pavilion, the Hollywood Bowl, Warner Bros Studios, Huntington Library, the Museum of Art and the Natural History Museum of Los Angeles County

Los Angeles

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Private Investors Target Emerging Opportunities as Employment Stages RecoveryLos Angeles apartment owners will enjoy relatively tight vacancy in 2014, though new construction will begin applying pressure on operations in the western stretches of the county by year end Job growth in the county will accelerate to the highest pace since the recession, bringing overall payrolls within reach of the pre-recession level for the first time in seven years Although growth in every major employment sector is anticipated this year, a significant share of the new jobs will occur at both ends of the pay scale The lucrative professional and business services sector and typically low-paying leisure and hospitality sector will generate demand for both top-tier apartments and Class B/C assets in secondary areas Nonetheless, top-tier demand will be modestly lower than the pace of construction, which will lift the overall vacancy rate and push operators to leverage concessions to attract renters up the quality scale As a result, the pace of rent growth will ease to the inflationary rate

Los Angeles Apartment Market

The low-interest-rate environment is reshaping the apartment investment community Average cap rates are near historical lows, which often signals to owners that it is a good time to divest and limits returns for buyers However, the current frenzy is more dependent upon alternative investment vehicles than property fundamentals First-time buyers are willing to pay average first-year returns below 5 percent in long-term hold plays, including life-long retention plans An abundance of cash, fear of a stock market correction, and low interest rates favor the acquisition of low-yielding apartments When interest rates move higher, investors may rethink the current strategy and explore alternative options Although that could remove some buyers, the number of investors interested in apartments vastly outnumbers listings, which should limit upward pressure on cap rates from slack demand

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Los Angeles Apartment Market

2014 MARKET OUTLOOK ■ 2014 NAI Rank: 15, Down 5 Places Heightened construction in west Los Angeles County resulted in a five- position decline in ranking ■ Employment Forecast: After 74,800 jobs were created in 2013, employers will generate 94,900 positions this year, a 2 4 percent increase ■ Construction Forecast: Development will nearly equal last year’s deliveries as 6,000 rentals are completed, a 0 6 percent stock gain ■ Vacancy Forecast: New construction will lift up average vacancy 40 basis points to 4 3 percent this year, double the rise recorded in 2013 ■ Rent Forecast: By year-end 2014, effective rents will reach $1,726 per month, an annual rise of 1 2 percent ■ Investment Forecast: The investment market is becoming more localized as apartment owners focus on expanding portfolios in select neighborhoods

to achieve efficiencies

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Los Angeles Vacancy Poised to Fall After Several Years of Tenant ChurnThe Los Angeles office market will make some headway this year after remaining in neutral for the previous four years Office vacancy at the end of 2013 was only modestly lower than at the end of the recession in late 2009, and the rate has ranged within a 100-basis point band during most of the past several years Office demand has been growing since 2010, though the modest gains have been insufficient to overcome the new supply coming online This year, however, construction will be minimal while nearly 5 million square feet is absorbed, sending vacancy below the 15 percent threshold for the first time since early 2009, when the nation was still in a recession The office development that does come online generally has significant leasing commitments The renovation of the Meeker-Baker building in Long Beach, for example, is fully leased to Molina Healthcare

Los Angeles Office Market

An active contingent of local buyers and some major institutional investors will create a bifurcated investment climate this year Over the past couple of years, the Class A sector has remained relatively steady as cash-heavy buyers willing to assume the holding costs of prime assets have expanded their portfolios Top-tier properties in West Los Angeles, which have nearly recovered from the recession, will remain among the most attractive targets this year Nonetheless, investors unwilling to slide down the quality ladder may turn their attention to the San Fernando Valley and, to a lesser extent, Greater Downtown to find suitable listings Average cap rates for Class A properties range from 6 percent near the coast to above 7 percent in secondary areas At the bottom of the market, local buyers sensing a more significant turnaround will target well-located Class C properties on a price-per- square-foot basis

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Los Angeles Office Market

2014 MARKET OUTLOOK ■ 2014 NOPI Rank: 5, Up 3 Places Strong rent gains and high absolute job growth supported Los Angeles’ three-place rise in the ranking ■ Employment Forecast: Employers will create 81,000 jobs this year, expanding payrolls by 2 1 percent Office- using employment will grow 2 6

percent as 26,000 positions are generated ■ Construction Forecast: Only 550,000 square feet of office space will come online in 2014, down from 1 2 million square feet last year ■ Vacancy Forecast: Light construction will facilitate a 120-basis point plunge in vacancy to 14 2 percent ■ Rent Forecast: After a 3 9 percent rise in 2013, average full-service rents will climb another 3 9 percent in 2014 to $30 86 per square foot ■ Investment Forecast: The potential for rising interest rates and an increase in the number of CMBS loans that are coming due should encourage more

buyers to deploy capital in office assets

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California State University, Northridge (CSUN)

California State University, Northridge (CSUN) is part of the CSU system CSUN is the only public university in San Fernando Valley, an area with a population of over 1 8 million The university, which is only 2 miles from the Parthenia site, has approximately 36,200 students, including 5,000 post-graduate students CSUN offers Bachelors degrees in 61 subjects and Masters degrees in 42 The University boasts of a particularly strong engineering, business, and film program The Valley’s economy is diversified Health care, biotech and finance serve as the major industries

Enrollment in CSUN will continue to grow despite temporary state budget woes as the university continues to ganer research grants and funding Just this June, CSUN was one of only six universities to receive a $2 38 million grant from the National Science Foundation CSUN employs 5,800 people directly through the university and adds another 5,700 to 6,000 jobs into the local economy

Los Angeles Valley College

Valley College’s current enrollment is approximately 20,000 students with 199 full-time faculty and 401 part-time instructors

Valley College continues to meet the educational needs of the community by offering transfer education, career technical education, and lifelong learning It is one of the nine colleges of the Los Angeles Community College District

Additional Schools in the Area

The subject site falls under the Los Angeles Unified School District, the largest public school system in California On average, the district serves 695,000 students, and has more than 45,000 teachers and 38,000 other employees

Elementary Schools

Burton Street Elementary School - 8111 Calhoun Avenue, Panorama City, CA 91402

Michelle Obama Elementary School - 8150 Cedros Avenue, Panorama City, CA 91402

St Genevieve Elementary School - 8329 Noble Avenue, North Hills, CA 91343

Noble Avenue Elementary School - 8329 Noble Avenue, North Hills, CA 91343

Middle Schools

Vista Middle School - 15040 Roscoe Boulevard, Van Nuys, CA 91402

Valor Academy Charter School - 8755 Woodman Avenue, Arleta, CA 91331

Robert Fulton College Preparatory School - 7477 Kester Avenue, Van Nuys, CA 91405

High Schools

Panorama High School - 8015 Van Nuys Boulevard, Panorama City, CA 91402

St Genevieve High School - 13967 Roscoe Boulevard, Panorama City, CA 91402

Robert Fulton College Preparatory School - 7477 Kester Avenue, Van Nuys, CA 91405

Schools in the Development Zone

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Demographic Summary

Income 1-Mile 3-Miles 5-Miles$ 0 - $ 14,999 15.0% 13.8% 12.0%$ 15,000 - $24,999 14.9% 13.8% 11.8%$ 25,000 - $34,999 13.8% 12.8% 11.4%$ 35,000 - $49,999 15.3% 15.2% 14.4%$ 50,000 - $74,999 18.4% 17.8% 18.5%$ 75,000 - $99,999 11.8% 11.2% 11.9%$100,000 - $124,999 5.6% 6.6% 7.9%$125,000 - $149,999 1.8% 3.5% 4.2%$150,000 - $200,000 1.8% 2.7% 3.9%$200,000 to $249,999 0.6% 1.0% 1.5%$250,000 + 1.1% 1.6% 2.5%2011 Median HH Income $40,702 $43,572 $50,5112011 Per Capita Income $14,127 $17,686 $22,6552011 Average HH Income $54,724 $62,092 $72,577

Population 1-Mile 3-Miles 5-Miles2000 Population 47,966 324,154 718,3482010 Population 48,402 335,897 745,2842013 Population 49,080 341,336 757,6612018 Population 48,882 342,978 763,083

Households 1-Mile 3-Miles 5-Miles2000 Households 12,710 92,545 224,7442010 Households 12,404 94,468 230,2772013 Households 12,616 96,391 235,0692018 Households 12,696 98,266 239,9422013 Average Household Size 3.85 3.48 3.162013 Daytime Population 14,918 97,117 256,2632000 Median Housing Value $0 $0 $143,5932000 Owner Occupied Housing Units 31.45% 39.39% 43.37%2000 Renter Occupied Housing Units 67.31% 57.76% 53.27%2000 Vacant 3.08% 3.05% 3.24%2013 Owner Occupied Housing Units 31.79% 38.78% 42.53%2013 Renter Occupied Housing Units 68.21% 61.22% 57.47%2013 Vacant 3.96% 3.83% 3.66%2018 Owner Occupied Housing Units 31.57% 38.71% 42.34%2018 Renter Occupied Housing Units 68.43% 61.29% 57.66%2018 Vacant 4.14% 3.96% 3.76%

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Demographic Summary

PopulationIn 2013, the population in your selected geography was 757,661 The population has changed by 5 47% since 2000 It is estimated that the population in your area will be 763,083 five years from now, which represents a change of 0 71% from the current year The current population is 49 9% male and 50 0% female The median age of the population in your area is 33 7, compare this to the U S average which is 37 The population density in your area is 9,751 42 people per square mile

Households There are currently 235,069 households in your selected geography The number of households has changed by 4 59% since 2000 It is estimated that the number of households in your area will be 239,942 five years from now, which represents a change of 2 07% from the current year The average household size in your area is 3 16 persons

Income In 2013, the median household income for your selected geography is $50,511, compare this to the U S average which is currently $53,535 The median household income for your area has changed by 26 51% since 2000 It is estimated that the median household income in your area will be $59,203 five years from now, which represents a change of 17 20% from the current year

Race and Ethnicity The current year racial makeup of your selected area is as follows: 53 96% White, 4 16% African American, 0 73% Native American and 9 04% Asian/Pacific Islander Compare these to U S averages which are: 72 20% White, 12 65% African American, 0 96% Native American and 5 01% Asian/Pacific Islander

People of Hispanic origin are counted independently of race People of Hispanic origin make up 59 14% of the current year population in your selected area Compare this to the U S average of 16 55%

Housing The median housing value in your area was $143,593 in 2000, compare this to the U S average of $110,781 for the same year In 2000, there were 100,734 owner occupied housing units in your area and there were 123,736 renter occupied housing units in your area The median rent at the time was $598

Employment In 2013, there are 256,263 employees in your selected area, this is also known as the daytime population The 2000 Census revealed that 40 7% of employees are employed in white-collar occupations in this geography, and 59 2% are employed in blue-collar occupations In 2013, unemployment in this area is 6 83% In 2000, the median time traveled to work was 23 1 minutes

Geography: 5 Miles

Demographic data © 2012 by Experian/Applied Geographic Solutions.

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