MIXED-USE ± 1.52 ACRE DEVELOPMENT SITE ADJACENT TO ...

Capital Markets | Investment Properties

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A D J A C E N T T O C O M M U N I T Y R E TA I L C E N T E R

MID WILSHIREMIRACLE MILE

HOLLYWOOD

4848 W PICO BLVD

MIDTOWN SHOPPING

CENTER

M I X E D - U S E ± 1 . 5 2 A C R E D E V E L O P M E N T S I T EH I G H I D E N T I T Y L O C AT I O N O N H E AV I LY T R A F F I C K E D P I C O B LV D

P O T E N T I A L T O D E V E L O P 2 2 3 M U LT I FA M I LY U N I T S & GROUND FLOOR R E TA I L

SAN VICENTE BLVD

VENICE BLVD

4 8 4 8 W P i c o B o u l e v a r dL o s A n g e l e s , C A 9 0 0 1 9

KAMRAN PAYDARSENIOR SALES DIRECTOR+1 310 550 [email protected]

TIMOTHY BOWERSENIOR VICE PRESIDENT+1 310 550 [email protected]

LAURIE LUSTIG-BOWEREXECUTIVE VICE PRESIDENT+1 310 550 [email protected]

PICO BLVD

LA BREA BLVD

4848 W PICO BLVD | LOS ANGELES, CA | 2

DOWNTOWN LA SOUTHEAST VIEW

PICO BLVD

VENICE BLVD

SAN

VICE

NTE

BLVD

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MIDTOWN CROSSING

WASHINGTON BLVD

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4848 W PICO BLVD


SOUTH VIEW

SAN VICENTE BLVD

PICO BLVD

LA B

REA

AVE

VENICE BLVD

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WASHINGTON BLVD

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RIMPAU BLVD

HIGH

LAND

AVE

4848 W PICO BLVD


NORTHWEST VIEW

MID WILSHIRE

CENTURY CITY

VENICE BLVD

PICO BLVDLA BREA AVE

SAN VICENTE BLVD

MIDTOWN SHOPPING

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OLYMPIC BLVD

LA BREA AVE

4848 W PICO BLVD

MIRACLE MILE


WEST VIEWPACIFIC OCEAN

BEVERLY HILLS

VENICE B

LVD

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BLV

DSAN VICENTE BLVD

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MARINA DEL REY

10

WASHINGTON BLVD

SANTA MONICA

4848 W PICO BLVD

LA BREA AVE


4848 W PICO BLVD LOS ANGELES, CA

Encino

Woodland Hills

SantaClarita

ShermanOaks

01EXECUTIVESUMMARY

02PROPERTYOVERVIEW

03RENTSURVEY

Ta b l e o f C o n t e n t s

PICO

BLV

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VENICE BLVDMIDTOWN SHOPPING

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4848 W PICO BLVD

01

E X E C U T I V ES U M M A R Y


T H E O P P O R T U N I T Y

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

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

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

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

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

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

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

*per SB-1818


H I G H L I G H T S• High visibility with ± 330.5 feet of frontage along

Pico Boulevard.

• Adjacent to Midtown Shopping Center, a street-to-

street anchored urban retail center, very walkable,

with potential for vehicular access

• Potential for a variety of multifamily and

retail uses.

• Adjacent to multiple signals and exceptional visibility at

heavily trafficked intersections

• Evolving Retail Market: Nearby tenants include Living

Spaces, Planet Fitness, Lowes, Ralphs, CVS, Ross, Smart

& Final, PetSmart, Chipotle, Jersey Mikes and many

more

• Exposure to 129,000 vehicles per day

(at Venice Blvd/San Vicente Blvd and San Vicente

Blvd/Pico Blvd)

• Minutes from Hollywood, DTLA, Mid-Wilshire &

Interstate 10 Freeway

SITE

Price The Property is being market unpriced

For More Information Please Visit www.4848Pico.com

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MIDTOWN SHOPPING

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MIDTOWN CROSSING

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4848 W PICO BLVD


Stats shown based on 3-mile radius. Nielsen 2016.

*Stats shown based on 2-mile radius. Nielsen 2016.

EDUCATION2016 ESTIMATED POPULATION OVER 25 BY EDUCATIONAL ATTAINMENT

GRADUATE OR PROFESSIONAL DEGREE 12.1%

BACHELOR’S DEGREE 24.4%

ASSOCIATE DEGREE 5.7%

SOME COLLEGE 17.3%

HIGH SCHOOL DIPLOMA 18.0%

The property is located in a highly trafficked, densely populated area that is ideal for retail or multifamily uses.

Local Snapshot - Demographics for 4848 W Pico Boulevard:

pOPULATION 2016 ESTIMATED POPULATION 458,519

2021 ESTIMATED POPULATION 473,012

2016 EMPLOYEES 206,789

HOUSEHOLDS 2016 HOUSEHOLDS 178,673

2021 HOUSEHOLDS 183,564

traffic counts W PICO BLVD @ LA BREA AVE 63,223 ADT

W PICO BLVD @ S HIGHLAND AVE 24,641 ADT

median age 2016 MEDIAN AGE 36.1

• 2.4% Submarket Vacancy

• Positive Net Absorption in 2016

strong multifamily DEMAND

• Densely populated, area with strong daytime population

• Surrounded by three heavily trafficked streets

• Adjacent to successful community shopping center, anchored

by a top performing Ralph’s Signature store

• Short drive times to Mid-Wilshire, Beverly Hills and West Los

Angeles

strong Retail market fundamentals

average HOUSehold income*PROJECTED 2021 AVERAGE HOUSEHOLD INCOME $84,430

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P R O P E R T YO V E R V I E W


P R O P E R T Y O V E R V I E W

Address 4848 W Pico Blvd.Los Angeles, CA 90019

Submarket Midtown Los Angeles

APN A portion of 5070-013-003

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

Zoned C2-1-O

Permitted FAR (with Density Bonus)

3:1

Height Limit No height limit

Current Improvements None

Entitlement Status Not Entitled

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

approximate lot size± 66,000 SF


P R O P E R T Y O V E R V I E W ( C O N T I N U E D )

MIDTOWN SHOPPING

CENTER

SITE

SITE

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

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

**

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

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R E N TS U R V E Y

4848 W PICO BLVD | LOS ANGELES, CA | 16 © 2016 CBRE Limited. Data © TeleAtlas, Google, AerialExpress, DigitalGlobe, Landiscor, USGS, i-cubed. The information contained herein (the “Information”) is intended for informational purposes only and should not be relied upon by recipients hereof. Although the Information is believed to be correct, its accuracy, correctness or completeness cannot be guaranteed and has not been verified byeither CBRE Limited or any of its affiliates (CBRE Limited and its affiliates are collectively referred to herein as “CBRE”). CBRE neither guarantees, warrants nor assumes any responsibility or liability of any kind with respect to the accuracy, correctness, completeness, or suitability of, or decisions based upon or in connection with, the Information. The recipient of the Information should take suchsteps as the recipient may deem appropriate with respect to using the Information. The Information may change and any property described herein may be withdrawn from the market at any time without notice or obligation of any kind on the part of CBRE. The Information is protected by copyright and shall be fully enforced.

Rent Comparables Map

Layout ID:L01 MapId:4335297


VILLA VICENTE5351 W San Vicente BlvdLos Angeles, CA 90019Year Built: 1963Units: 275Occupancy: 96%Phone: 323.931.3232Owner: E&S Ring ManagementManager: E&S Ring Management

Type Number of Units0 + 1 901 + 1 185

Amenities: Laundry On-Site Patio/Balcony Heated PoolWood-Style Floors Fitness Center BBQ/Picnic AreaWall Heater and A/C Event Space Business Center w/ WiFi

ACCESS CULVER CITY8770 Washington BlvdCulver City, CA 90232Year Built: 2016Units: 112Occupancy: 38% (In Lease-Up)Phone: 310.837.8770Owner: Greystar Investment GroupManager: Greystar Properties

Type Number of Units0 + 1 31 + 1 542 + 2 33

2 + 2 Loft 123 + 3 TH 10

Concessions: $2,000 off if application submitted within 2 days; 1 mo free if moved in by month end. Offers combined below.Effective Rent

0 + 1 31 + 1 542 + 2 33

2 + 2 Loft 123 + 3 TH 10

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

SELECT RENT COMPARABLES

$1,800 - $1,886 600 $3.00 - $3.14

COMPARABLE 1

PHOTO

Effective Rent Unit Square Feet Rent per SF$1,691 - $1,707 360 $4.70 - $4.74

1,758 - 1,984 $3.71 - $3.74

$3,576 - $4,142 1,104 - 1,114 $3.24 - $3.72$4,403 - $4,756 1,289 $3.42 - $3.69$5,868 - $6,576 1,758 - 1,984 $3.31 - $3.34

$4.18 - $4.59

COMPARABLE 2

PHOTO

$2,497 - $2,627 607 $4.11 - $4.33$2,659 - $3,042 738 - 762 $3.60 - $3.99

$4,083 - $4,700 1,104 - 1,114 $3.70 - $4.22$4,985 - $5,370 1,289 $3.87 - $4.17

$3,082 - $3,500 738 - 762

Effective Rent Unit Square Feet Rent per SF$2,906 - $3,048 607 $4.79 - $5.02

$6,583 - $7,356

0 + 1 33%

1 + 1 67%

0 + 1 3%

1 + 1 48% 2 + 2

29%

2 + 2 Loft 11%

3 + 3 TH 9%



AVALON WILSHIRE5115 Wilshire BlvdLos Angeles, CA 90036Year Built: 2007Units: 123Occupancy: 95%Phone: 323.935.0508Owner: AvalonBay CommunitiesManager: AvalonBay Communities


2 + 2.5 TH 53 + 3 TH 8

Amenities: W/D In-Unit Stainless Steel Appliances Fitness Center Ground Floor RetailWood Style Floors Walk-In Closets SpaGranite Counters Patio/Balcony Resident Lounge

WILSHIRE LA BREA5200 Wilshire BlvdLos Angeles, CA 90036Year Built: 2013Units: 478Occupancy: 96%Phone: 323.857.8100Owner: Essex Property TrustManager: Essex Property Trust

Type Number of Units0 + 1 89

0 + 1 Loft 111 + 1 218

1 + 1 Loft 532 + 2 96

2 + 2 Loft 11

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

COMPARABLE 3

PHOTO

Effective Rent Unit Square Feet Rent per SF

$2,600 - $2,700 654 - 735 $3.67 - $3.98

$2,318 - $2,465 726 - 896

$4,400 - $4,500 1,708 - 1,957 $2.30 - $2.58

$2,900 - $3,320 1,069 - 1,342 $2.47 - $2.71$3,534 1,473 $2.40

$2.75 - $3.19N/A 1,038 N/A

$2,227 - $2,900 575 - 889 $3.26 - $3.87

COMPARABLE 4

PHOTO

Effective Rent Unit Square Feet Rent per SF$1,985 - $2,300 404 - 602 $3.82 - $4.91

$2,699 - $3,000 688 - 936 $3.21 - $3.92$3,149 - $3,400 951 - 1,134 $3.00 - $3.31$4,001 - $5,300 1,089 - 1,498 $3.54 - $3.67

1 + 1 46%

2 + 1 4%

2 + 2 39%

2 + 2.5 TH 4%

3 + 3 TH 7%

0 + 1 19% 0 + 1 Loft

2%

1 + 1 46%

1 + 1 Loft 11%

2 + 2 20%

2 + 2 Loft 2%



5600 WILSHIRE5600 Wilshire BlvdLos Angeles, CA 90036Year Built: 2008Units: 284Occupancy: 96%Phone: 323.937.0306Owner: Essex Property TrustManager: Essex Property Trust


Amenities: W/D In-Unit Breakfast Bar & Kitchen Island Fitness Center Clubroom w/ KitchenWood-Style/Carpet Floors Walk-In Closets Pool & Spa w/ Cabanas Outdoor FireplaceGranite Counters Patio/Balcony Recreation Room Ground Floor Retail

VILLAS AT PARK LA BREA5555 W 6th StLos Angeles, CA 90036Year Built: 2002Units: 250Occupancy: 98%Phone: 323.525.1778Owner: AIMCOManager: OP Property Management

Type Number of Units1 + 1 100

1 + 1 Loft 502 + 2 50

2 + 2 Loft 50

Effective Rent1 + 1 100

1 + 1 Loft 502 + 2 50

2 + 2 Loft 50

Amenities: Laundry On-Site Stainless Steel Appliances Fitness CenterWood Style Floors Walk-In Closets Pool/SpaGranite Counters Patio/Balcony Clubhouse

COMPARABLE 5

PHOTO

Effective Rent Unit Square Feet Rent per SF

COMPARABLE 6

PHOTO

Asking Rent Unit Square Feet Rent per SF$2,300 - $2,500 662 - 710 $3.47 - $3.52

$3.13 - $3.88$2,267 - $2,846 726 - 905 $3.12 - $3.14$3,082 - $3,762 1,098 - 1,337 $2.81

$2,032 - $2,487 524 - 795

$3,400 - $4,000 1,173 - 1,300 $2.90 - $3.08

$2,588 - $2,779 840 $3.08 - $3.31

$2,700 - $2,900 840 $3.21 - $3.45$2,800 - $3,400 1,032 - 1,149 $2.71 - $2.96

Concession: 2 weeks free rent on all units

$2,683 - $3,258 1,032 - 1,149 $2.60 - $2.84$3,258 - $3,833

$2,204 - $2,396 662 - 710 $3.33 - $3.37

1,173 - 1,300 $2.78 - $2.95

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

0 + 1 33%

1 + 1 61%

2 + 2 6%

1 + 1 40%

1 + 1 Loft 20%

2 + 2 20%

2 + 2 Loft 20%

A F F I L I A T E D B U S I N E S S D I S C L O S U R ECBRE, Inc. operates within a global family of companies with many subsidiaries and/or related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different Affiliates may represent various clients with competing interests in the same transaction. For example, this Memorandum may be received by our Affiliates, including CBRE Investors, Inc. or Trammell Crow Company. Those, or other, Affiliates may express an interest in the property described in this Memorandum (the “Property”) may submit an offer to purchase the Property and may be the successful bidder for the Property. You hereby acknowledge that possibility and agree that neither CBRE, Inc. nor any involved Affiliate will have any obligation to disclose to you the involvement of any Affiliate in the sale or purchase of the Property. In all instances, however, CBRE, Inc. will act in the best interest of the client(s) it represents in the transaction described in this Memorandum and will not act in concert with or otherwise conduct its business in a way that benefits any Affiliate to the detriment of any other offer or or prospective offer or, but rather will conduct its business in a manner consistent with the law and any fiduciary duties owed to the client(s) it represents in the transaction described in this Memorandum.

C O N F I D E N T I A L I T Y A G R E E M E N TThis is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property.

This Memorandum contains selected information pertaining

to the Property and does not purport to be a representation of the state of affairs of the Property or the owner of the Property (the “Owner”), to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of the Owner and CBRE, Inc. Therefore, all projections, assumptions and other information provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers. In this Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this Memorandum in any manner.

Neither the Owner or CBRE, Inc, nor any of their respective directors, officers, Affiliates or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Memorandum or use of its contents; and you are to rely solely on your investigations and inspections of the Property in evaluating a possible purchase of the real property.

The Owner expressly reserved the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this

Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered and approved by the Owner and any conditions to the Owner’s obligations therein have been satisfied or waived.

By receipt of this Memorandum, you agree that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or CBRE, Inc. You also agree that you will not use this Memorandum or any of its contents in any manner detrimental to the interest of the Owner or CBRE, Inc.

If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return this Memorandum to CBRE, Inc.

D I S C L A I M E R© 2017 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.

4 8 4 8 W P I C O B LV D | L O S A N G E L E S , C A

4848 W PICO BOULEVARDLOS ANGELES, CA 90019

For more information,

please visit the property website:

www.4848Pico.com O

Capital Markets | Investment Properties

DOWNTOWN LA

KAMRAN PAYDARSENIOR SALES DIRECTOR+1 310 550 [email protected]

TIMOTHY BOWERSENIOR VICE PRESIDENT+1 310 550 [email protected]

LAURIE LUSTIG-BOWEREXECUTIVE VICE PRESIDENT+1 310 550 [email protected]

4848 W PICO BLVD

MIXED-USE ± 1.52 ACRE DEVELOPMENT SITE ADJACENT TO ...

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