docAshton Westwood
download 
Report Transcription
Ashton Westwood
1737 LAS PALMAS HOLLYWOOD, CALIFORNIA A PREMIER ENTITLED RESIDENTIAL DEVELOPMENT OPPORTUNITY Alexander B. Sachs Executive Vice President sachs@westmac.com DRE #: 01332680 BRIAN C. PETERSON Senior Vice President peterson@westmac.com DRE #: 01326439 COLDWELL BANKER COMMERCIAL WESTMAC 1515 Sepulveda Boulevard, Los Angeles, CA 90025 Tel: 310.478.7700 Fax: 310.479.7797 Company DRE #: 01096973 ©2012 Coldwell Banker Real Estate Corporation. All Rights Reserved. The text of this publication, or any part thereof, may not be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, storage in an information retrieval system, or otherwise, without prior permission. Coldwell Banker Commercial® is a licensed trademark to Coldwell Banker Real Estate Corporation. An Equal Opportunity Company. Each Office Is Independently Owned and Operated Except Offices Owned and Operated by NRT Incorporated. DISCLOSURE The material contained in this Investment Offering Brochure is furnished solely for the purpose of considering the purchase of 1737 Las Palmas (“Property”) and is not to be used for any other purpose. This information should not, under any circumstances, be photocopied or disclosed to any third party without the written consent of Coldwell Banker Commercial WESTMAC or Owner, or used for any purpose whatsoever other than to evaluate the possible purchase of the Property. The only party authorized to represent the property owner (“Owner”) in connection with the sale of the Property is Coldwell Banker Commercial WESTMAC and no other person is authorized by the Owner to provide any information or to make any representations other than contained in this Investment Offering Brochure. Neither Coldwell Banker Commercial WESTMAC nor the Owner make any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein, and nothing contained herein is or shall be relied upon as a promise or representation as to the future performance of the Property. This Offering Brochure may include certain statements and estimates by Coldwell Banker Commercial WESTMAC with respect to the projected future performance of the Property. These assumptions may or may not be proven to be correct, and there can be no assurance that such estimates will be achieved. Further, Coldwell Banker Commercial WESTMAC and the Owner disclaim any and all liability for representations or warranties, expressed or implied, contained in or omitted from this Investment Offering Brochure, or any other written or oral communication transmitted or made available to the recipient. The recipient shall be entitled to rely solely on those representations and warranties that may be made to it in any final, fully executed and delivered Real Estate Purchase Agreement between it and Owner. The information contained herein is subject to change without notice and recipient of these materials shall not look to Owner or Coldwell Banker Commercial, nor any of their officers, employees, representatives, independent contractors or affiliates, for the accuracy or completeness thereof. Recipients of this Investment Offering Brochure are advised and encouraged to conduct their own comprehensive review and analysis of the Property. This Investment Offering Brochure is a solicitation of interest only and is not an offer to sell the Property. The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest to purchase the Property and expressly reserves the right, at its sole discretion, to terminate negotiations with any entity, for any reason, at any time with or without notice. The Owner shall have no legal commitment or obligation to any entity reviewing the Investment Offering Brochure or making an offer to purchase the Property unless and until the Owner executes and delivers a signed Real Estate Purchase Agreement on terms acceptable to Owner, in Owner’s sole discretion. By submitting an offer, a prospective purchaser will be deemed to have acknowledged the foregoing and agreed to release Owner from any liability with respect thereto. To the extent Owner or any agent of Owner corresponds with any prospective purchaser, any prospective purchaser should not rely on any such correspondence or statements as binding Owner. Only a fully executed Real Estate Purchase Agreement shall bind the property and each prospective purchaser proceeds at its own risk. Alexander B. Sachs Executive Vice President sachs@westmac.com DRE #: 01332680 BRIAN C. PETERSON Senior Vice President peterson@westmac.com DRE #: 01326439 COLDWELL BANKER COMMERCIAL WESTMAC 1515 Sepulveda Boulevard, Los Angeles, CA 90025 Tel: 310.478.7700 Fax: 310.479.7797 Company DRE #: 01096973 ©2012 Coldwell Banker Real Estate Corporation. All Rights Reserved. The text of this publication, or any part thereof, may not be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, storage in an information retrieval system, or otherwise, without prior permission. Coldwell Banker Commercial® is a licensed trademark to Coldwell Banker Real Estate Corporation. An Equal Opportunity Company. Each Office Is Independently Owned and Operated Except Offices Owned and Operated by NRT Incorporated. EXECUTIVE SUMMARY Overview 1737 Las Palmas in Hollywood, California is a fully approved and entitled project containing 82 luxury residential units totaling approximately 59,570 net residential square feet and one retail unit containing 1,115 square feet. The site is located one block from the world famous intersection of Hollywood and Highland in the Hollywood area of Los Angeles. This opportunity provides a developer the ability to purchase a fully entitled project which can commence construction almost immediately. Situated half a block north of Hollywood Boulevard on Las Palmas in one of the city's premier residential neighborhoods, 1737 Las Palmas will be an excellent addition to an area where demand has always exceeded supply. Supply will likely be further limited by the implementation of the revised Hollywood Community Plan which is currently under review. If enacted, the new Plan will likely result in more restrictive zoning which will limit FAR and building heights. The project is designed as an 82 unit building with average unit sizes of approximately 726 square feet which provides the affordability of entry level housing in a new construction product. Building amenities include: Stunning Views Swimming Pool & Spa VIP Roof Deck Gymnasium Recreation Room Retail Space Central Courtyard Rear Courtyard The Hollywood sub-market is one of the most desirable neighborhoods in Los Angeles in which to live due to its central location, immediate accessibility to employment centers, and extensive amenity base. It has one of the highest income levels and a long history of progressively escalating housing costs, driven by limited development opportunities and the resulting intense competition for housing. The ever-increasing housing costs of both “for sale” and “for rent” products have further increased the affluence of the area. Alexander B. Sachs Executive Vice President sachs@westmac.com DRE #: 01332680 BRIAN C. PETERSON Senior Vice President peterson@westmac.com DRE #: 01326439 COLDWELL BANKER COMMERCIAL WESTMAC 1515 Sepulveda Boulevard, Los Angeles, CA 90025 Tel: 310.478.7700 Fax: 310.479.7797 Company DRE #: 01096973 ©2012 Coldwell Banker Real Estate Corporation. All Rights Reserved. The text of this publication, or any part thereof, may not be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, storage in an information retrieval system, or otherwise, without prior permission. Coldwell Banker Commercial® is a licensed trademark to Coldwell Banker Real Estate Corporation. An Equal Opportunity Company. Each Office Is Independently Owned and Operated Except Offices Owned and Operated by NRT Incorporated. INVESTMENT SUMMARY PRICE: $10,000,000. PROJECT TEAM: Zoltan Pali, Architect SPF John Libib and Associates, Structural Engineer Geocon West Inc, Soils Engineer Karl FeKete, Civil Engineer ADDRESS: 1737 Las Palmas Avenue Hollywood, CA 90028 LAND SIZE: Approximately 23,008 gross square feet BUILDING SIZE: Approximately 61,005 rentable square feet (68,057 gross square feet) NUMBER OF STORIES: 6 stories NUMBER OF UNITS: Eighty two residential units & ±1,115 sqf. retail coffee shop AVERAGE UNIT SIZE: Approximately 726 square feet PARKING: Two (2) subterranean parking levels PARKING SPACES: 125 DESIGN: Project will be delivered with partial design/build drawings PERMITS: Project will be delivered with city entitlements and approvals Alexander B. Sachs Executive Vice President sachs@westmac.com DRE #: 01332680 BRIAN C. PETERSON Senior Vice President peterson@westmac.com DRE #: 01326439 COLDWELL BANKER COMMERCIAL WESTMAC 1515 Sepulveda Boulevard, Los Angeles, CA 90025 Tel: 310.478.7700 Fax: 310.479.7797 Company DRE #: 01096973 ©2012 Coldwell Banker Real Estate Corporation. All Rights Reserved. The text of this publication, or any part thereof, may not be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, storage in an information retrieval system, or otherwise, without prior permission. Coldwell Banker Commercial® is a licensed trademark to Coldwell Banker Real Estate Corporation. An Equal Opportunity Company. Each Office Is Independently Owned and Operated Except Offices Owned and Operated by NRT Incorporated. AERIAL OF SITE Alexander B. Sachs Executive Vice President sachs@westmac.com DRE #: 01332680 BRIAN C. PETERSON Senior Vice President peterson@westmac.com DRE #: 01326439 COLDWELL BANKER COMMERCIAL WESTMAC 1515 Sepulveda Boulevard, Los Angeles, CA 90025 Tel: 310.478.7700 Fax: 310.479.7797 Company DRE #: 01096973 ©2012 Coldwell Banker Real Estate Corporation. All Rights Reserved. The text of this publication, or any part thereof, may not be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, storage in an information retrieval system, or otherwise, without prior permission. Coldwell Banker Commercial® is a licensed trademark to Coldwell Banker Real Estate Corporation. An Equal Opportunity Company. Each Office Is Independently Owned and Operated Except Offices Owned and Operated by NRT Incorporated. Location Due to its exceptional quality of life, climate, diversified employment base and central location, the Hollywood neighborhood of Los Angeles is considered one of the city’s most desirable residential areas. Surrounded by West Hollywood, Los Feliz and Miracle Mile, the development site is located in the epicenter of Los Angeles. Additional site benefits include proximity to some of the finest amenities in the world, luxury shopping, entertainment, fine dining, and museums. Some amenities located nearby include: Restaurants Daily Grill Cleo Louis XIV's Drai’s Katsu-ya Sadie’s Beso Dakota Alexander B. Sachs Executive Vice President sachs@westmac.com DRE #: 01332680 Retailers H&M Ed Hardy Urban Outfitters Zara Bebe Sephora American Apparel Louis Vuitton BRIAN C. PETERSON Senior Vice President peterson@westmac.com DRE #: 01326439 Luxury Hotels Cultural Attractions W Hotel Roosevelt Hotel Renaissance Hotel Hollywood Bowl Griffith Park LACMA La Brea Tar Pits The University of California, Los Angeles, UCLA Staples Center Sports Arena and LA Live Entertainment District Grauman’s Chinese Theatre Hollywood Walk of Fame Cirque De Soleil Madame Tussaud’s COLDWELL BANKER COMMERCIAL WESTMAC 1515 Sepulveda Boulevard, Los Angeles, CA 90025 Tel: 310.478.7700 Fax: 310.479.7797 Company DRE #: 01096973 ©2012 Coldwell Banker Real Estate Corporation. All Rights Reserved. The text of this publication, or any part thereof, may not be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, storage in an information retrieval system, or otherwise, without prior permission. Coldwell Banker Commercial® is a licensed trademark to Coldwell Banker Real Estate Corporation. An Equal Opportunity Company. Each Office Is Independently Owned and Operated Except Offices Owned and Operated by NRT Incorporated. Transit Access The site is located within close proximity to the Hollywood Freeway (Interstate 101) and the Santa Monica Freeway (Interstate 10), which provides regional access for commuters working anywhere in Los Angeles County. The MTA’s red line is located just one block away at Hollywood and Highland with access to both Downtown and the San Fernando Valley. Los Angeles International Airport (LAX) is approximately 30 minutes from the site and is served by over 90 commercial and cargo airlines. In 2011, more than 61 million passengers traveled through LAX. Burbank Airport and Long Beach Airport can each be reached in approximately 45 minutes. Alexander B. Sachs Executive Vice President sachs@westmac.com DRE #: 01332680 BRIAN C. PETERSON Senior Vice President peterson@westmac.com DRE #: 01326439 COLDWELL BANKER COMMERCIAL WESTMAC 1515 Sepulveda Boulevard, Los Angeles, CA 90025 Tel: 310.478.7700 Fax: 310.479.7797 Company DRE #: 01096973 ©2012 Coldwell Banker Real Estate Corporation. All Rights Reserved. The text of this publication, or any part thereof, may not be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, storage in an information retrieval system, or otherwise, without prior permission. Coldwell Banker Commercial® is a licensed trademark to Coldwell Banker Real Estate Corporation. An Equal Opportunity Company. Each Office Is Independently Owned and Operated Except Offices Owned and Operated by NRT Incorporated. The Building The building is designed as Type-3. Unit Mix & Rent Projections: Retail Retail Space Leasing Office Size 1,115 420 Residential Unit Studio Studio + Loft Studio Studio + Loft Studio Studio + Loft Studio 1 BR 1 BR + Loft 1 BR 1 BR + Loft 2 BR 2 BR + Loft 2 BR + Loft 2 BR 2 BR + Loft Type Alexander B. Sachs Executive Vice President sachs@westmac.com DRE #: 01332680 (all sizes approximate) Rent $3,624 $0 A1 A1-L A2 A2-L A3 A3-L A4 A5 A5-L A6 A6-L B1 B1-L B2-L B3 B3-L % Mix 22% 7% 11% 7% 1% 4% 4% 9% 5% 4% 2% 11% 6% 4% 2% 1% Unit Size 515 640 510 625 515 650 425 665 785 750 890 1045 1175 1225 1150 1300 No. Units 18 6 9 6 1 3 3 7 4 3 2 9 5 3 2 1 Rents $1,900 $2,200 $1,900 $2,200 $1,900 $2,200 $1,400 $2,300 $2,600 $2,300 $2,600 $3,200 $4,000 $4,000 $3,200 $4,000 RPF $3.69 $3.44 $3.73 $3.52 $3.69 $3.38 $3.29 $3.46 $3.31 $3.07 $2.92 $3.06 $3.40 $3.27 $2.78 $3.08 100% 726 82 $2,619 $3.36 BRIAN C. PETERSON Senior Vice President peterson@westmac.com DRE #: 01326439 COLDWELL BANKER COMMERCIAL WESTMAC 1515 Sepulveda Boulevard, Los Angeles, CA 90025 Tel: 310.478.7700 Fax: 310.479.7797 Company DRE #: 01096973 ©2012 Coldwell Banker Real Estate Corporation. All Rights Reserved. The text of this publication, or any part thereof, may not be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, storage in an information retrieval system, or otherwise, without prior permission. Coldwell Banker Commercial® is a licensed trademark to Coldwell Banker Real Estate Corporation. An Equal Opportunity Company. Each Office Is Independently Owned and Operated Except Offices Owned and Operated by NRT Incorporated. The Building and Units 1737 Las Palmas is designed as a type 3 building with a two level subterranean garage. Building amenities include: Stunning Views Swimming Pool & Spa VIP Roof Deck Gymnasium Recreation Room Retail Space Central Courtyard Rear Courtyard The unit mix at 1737 Las Palmas will consist of studios, 1 bedroom and 2 bedroom units. Due to the projects superior location, close proximity to various lifestyle amenities, and superior view corridors, the residences at 1737 Las Palmas should command strong pricing relative to other comparables in the Los Angeles sub-market. The smaller average unit sizes are designed to accommodate the high demand from urban renters eager to live in the neighborhood. The following pages contain a selection of representative building and unit plans. Alexander B. Sachs Executive Vice President sachs@westmac.com DRE #: 01332680 BRIAN C. PETERSON Senior Vice President peterson@westmac.com DRE #: 01326439 COLDWELL BANKER COMMERCIAL WESTMAC 1515 Sepulveda Boulevard, Los Angeles, CA 90025 Tel: 310.478.7700 Fax: 310.479.7797 Company DRE #: 01096973 ©2012 Coldwell Banker Real Estate Corporation. All Rights Reserved. The text of this publication, or any part thereof, may not be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, storage in an information retrieval system, or otherwise, without prior permission. Coldwell Banker Commercial® is a licensed trademark to Coldwell Banker Real Estate Corporation. An Equal Opportunity Company. Each Office Is Independently Owned and Operated Except Offices Owned and Operated by NRT Incorporated. Representative Building Plans Site Plan Alexander B. Sachs Executive Vice President sachs@westmac.com DRE #: 01332680 BRIAN C. PETERSON Senior Vice President peterson@westmac.com DRE #: 01326439 COLDWELL BANKER COMMERCIAL WESTMAC 1515 Sepulveda Boulevard, Los Angeles, CA 90025 Tel: 310.478.7700 Fax: 310.479.7797 Company DRE #: 01096973 ©2012 Coldwell Banker Real Estate Corporation. All Rights Reserved. The text of this publication, or any part thereof, may not be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, storage in an information retrieval system, or otherwise, without prior permission. Coldwell Banker Commercial® is a licensed trademark to Coldwell Banker Real Estate Corporation. An Equal Opportunity Company. Each Office Is Independently Owned and Operated Except Offices Owned and Operated by NRT Incorporated. Site Plan Alexander B. Sachs Executive Vice President sachs@westmac.com DRE #: 01332680 BRIAN C. PETERSON Senior Vice President peterson@westmac.com DRE #: 01326439 COLDWELL BANKER COMMERCIAL WESTMAC 1515 Sepulveda Boulevard, Los Angeles, CA 90025 Tel: 310.478.7700 Fax: 310.479.7797 Company DRE #: 01096973 ©2012 Coldwell Banker Real Estate Corporation. All Rights Reserved. The text of this publication, or any part thereof, may not be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, storage in an information retrieval system, or otherwise, without prior permission. Coldwell Banker Commercial® is a licensed trademark to Coldwell Banker Real Estate Corporation. An Equal Opportunity Company. Each Office Is Independently Owned and Operated Except Offices Owned and Operated by NRT Incorporated. Site Plan Alexander B. Sachs Executive Vice President sachs@westmac.com DRE #: 01332680 BRIAN C. PETERSON Senior Vice President peterson@westmac.com DRE #: 01326439 COLDWELL BANKER COMMERCIAL WESTMAC 1515 Sepulveda Boulevard, Los Angeles, CA 90025 Tel: 310.478.7700 Fax: 310.479.7797 Company DRE #: 01096973 ©2012 Coldwell Banker Real Estate Corporation. All Rights Reserved. The text of this publication, or any part thereof, may not be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, storage in an information retrieval system, or otherwise, without prior permission. Coldwell Banker Commercial® is a licensed trademark to Coldwell Banker Real Estate Corporation. An Equal Opportunity Company. Each Office Is Independently Owned and Operated Except Offices Owned and Operated by NRT Incorporated. Sections Alexander B. Sachs Executive Vice President sachs@westmac.com DRE #: 01332680 BRIAN C. PETERSON Senior Vice President peterson@westmac.com DRE #: 01326439 COLDWELL BANKER COMMERCIAL WESTMAC 1515 Sepulveda Boulevard, Los Angeles, CA 90025 Tel: 310.478.7700 Fax: 310.479.7797 Company DRE #: 01096973 ©2012 Coldwell Banker Real Estate Corporation. All Rights Reserved. The text of this publication, or any part thereof, may not be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, storage in an information retrieval system, or otherwise, without prior permission. Coldwell Banker Commercial® is a licensed trademark to Coldwell Banker Real Estate Corporation. An Equal Opportunity Company. Each Office Is Independently Owned and Operated Except Offices Owned and Operated by NRT Incorporated. Sections Alexander B. Sachs Executive Vice President sachs@westmac.com DRE #: 01332680 BRIAN C. PETERSON Senior Vice President peterson@westmac.com DRE #: 01326439 COLDWELL BANKER COMMERCIAL WESTMAC 1515 Sepulveda Boulevard, Los Angeles, CA 90025 Tel: 310.478.7700 Fax: 310.479.7797 Company DRE #: 01096973 ©2012 Coldwell Banker Real Estate Corporation. All Rights Reserved. The text of this publication, or any part thereof, may not be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, storage in an information retrieval system, or otherwise, without prior permission. Coldwell Banker Commercial® is a licensed trademark to Coldwell Banker Real Estate Corporation. An Equal Opportunity Company. Each Office Is Independently Owned and Operated Except Offices Owned and Operated by NRT Incorporated. Sections Alexander B. Sachs Executive Vice President sachs@westmac.com DRE #: 01332680 BRIAN C. PETERSON Senior Vice President peterson@westmac.com DRE #: 01326439 COLDWELL BANKER COMMERCIAL WESTMAC 1515 Sepulveda Boulevard, Los Angeles, CA 90025 Tel: 310.478.7700 Fax: 310.479.7797 Company DRE #: 01096973 ©2012 Coldwell Banker Real Estate Corporation. All Rights Reserved. The text of this publication, or any part thereof, may not be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, storage in an information retrieval system, or otherwise, without prior permission. Coldwell Banker Commercial® is a licensed trademark to Coldwell Banker Real Estate Corporation. An Equal Opportunity Company. Each Office Is Independently Owned and Operated Except Offices Owned and Operated by NRT Incorporated. The Architect Zoltan E. Pali, FAIA is the creative energy and tireless driving force behind the firm’s award-winning design, and his signature is on every single project that bears the company name. A native of Los Angeles, California, Mr. Pali began his architectural career in 1978, and founded SPF. His background includes a degree in Design from the University of California Los Angeles (UCLA), and a depth of experience in the construction industry. Mr. Pali’s combination of award-winning design proficiency and his rigorous standards for technical accuracy in construction documentation constitute the foundation of SPF:a’s methodology and approach to every project. Prior to founding SPF:architects, Mr. Pali worked for Vito Cetta Architects (VCA), Solberg & Lowe Architects, and as a sole practitioner collaborated with case study maestro and protégé of Craig Ellwood, Jerrold E. Lomax, FAIA. His early projects included multi-family housing structures, mixed use facilities, and challenging landmark projects, such as the Hollywood Roosevelt Hotel renovation, the Santa Monica Museum of Flying and the award-winning DC-3 Restaurant. Early collaborative projects with Jerrold E. Lomax, FAIA included the 2,000 car Cedars-Sinai Parking Structure, the award-winning Benjamin Residence [GA-Houses 64], and an award-winning flagship retail store for Virgin Entertainment in Orlando, Florida. In 1990, Mr. Pali joined up with partner Judit Méda Fekete, and five years later formed what is now SPF:a. The firm sets out to create a unique design footprint, incorporating the best in creativity, technology and resourcefulness. Within the first few years of its inception, SPF:a was selected as part of Los Angeles’ “New Blood 101”, and received the Architecture Magazine Progressive Architecture Citation Award. Under Mr. Pali’s stewardship, SPF:a was selected to sit on the judging panel for Architecture Magazine’s Home of the Year design awards in 2005, has won dozens of design awards, citations, and publications of its work over the years, and has received national AIA honors for design excellence. Among his many designs, Pali’s most decorated projects include the Oshry Residence, Somis Hay Barn, Flagship Virgin Megastore, Cotner Building, Central California Museum of History, Pantages Theater Restoration, Wildwood School, and the Brosmith Residence. Mr. Pali has also touched numerous landmarks on the Los Angeles horizon. His combined passion for progressive design and his respect for historic buildings has earned SPF:a a role on the Greek Theater Renovation & Expansion, the Getty Villa Museum renovation and the Historic Restoration of the Hollywood Pantages Theater. Pali has served as a visiting critic and at California State Polytechnic University at Pomona School of Architecture, the UCLA School of Architecture and the USC School of Architecture. He has guest lectured at the UCLA School of Architecture, the New York Architectural League, and the LA Urban Forum on topics ranging from general architecture to mixed-use building design. His personal contribution to the surrounding community includes pro bono design services and fundraising events for the Shakespeare Festival Los Angeles (a creative literacy program for underserved youth of Los Angeles) and Artstorm (an artpark concept designed to provide graffiti artists with a legal and positive outlet for practicing their design talents). Alexander B. Sachs Executive Vice President sachs@westmac.com DRE #: 01332680 BRIAN C. PETERSON Senior Vice President peterson@westmac.com DRE #: 01326439 COLDWELL BANKER COMMERCIAL WESTMAC 1515 Sepulveda Boulevard, Los Angeles, CA 90025 Tel: 310.478.7700 Fax: 310.479.7797 Company DRE #: 01096973 ©2012 Coldwell Banker Real Estate Corporation. All Rights Reserved. The text of this publication, or any part thereof, may not be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, storage in an information retrieval system, or otherwise, without prior permission. Coldwell Banker Commercial® is a licensed trademark to Coldwell Banker Real Estate Corporation. An Equal Opportunity Company. Each Office Is Independently Owned and Operated Except Offices Owned and Operated by NRT Incorporated. MARKET The area of Hollywood where 1737 Las Palmas is located is one of the most challenging communities in which to obtain new approvals. The surrounding neighborhoods are extremely vocal and have successfully sued on many development projects in the area. 1737 Las Palmas, being fully approved at the City level, has overcome these hurdles and is assured of very limited competition in the marketplace. The Hollywood Community Plan is currently under revision and nearing final publication. The revised community plan will likely result in more restrictions on height and FAR potential for properties neighboring the subject site. Alexander B. Sachs Executive Vice President sachs@westmac.com DRE #: 01332680 BRIAN C. PETERSON Senior Vice President peterson@westmac.com DRE #: 01326439 COLDWELL BANKER COMMERCIAL WESTMAC 1515 Sepulveda Boulevard, Los Angeles, CA 90025 Tel: 310.478.7700 Fax: 310.479.7797 Company DRE #: 01096973 ©2012 Coldwell Banker Real Estate Corporation. All Rights Reserved. The text of this publication, or any part thereof, may not be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, storage in an information retrieval system, or otherwise, without prior permission. Coldwell Banker Commercial® is a licensed trademark to Coldwell Banker Real Estate Corporation. An Equal Opportunity Company. Each Office Is Independently Owned and Operated Except Offices Owned and Operated by NRT Incorporated. Comparable Projects 1714 McCadden Place, Hollywood, CA Unit Type Studio Studio Studio 1 bedroom 1 bedroom Average Effective Rent $2,468 $2,484 $2,385 $2,632 $2,768 Alexander B. Sachs Executive Vice President sachs@westmac.com DRE #: 01332680 Square Feet 617 751 760 725 875 BRIAN C. PETERSON Senior Vice President peterson@westmac.com DRE #: 01326439 $/SF Market Rent $4.00 $3.61 $3.42 $3.63 $3.45 6138 Franklin Avenue, Hollywood, CA Unit Type Studio Studio Studio 1 bedroom 1 bedroom Average Effective Rent $2,578 $2,554 $2,504 $3,861 $2,031 Square Feet 670 650 615 900 435 $/SF Market Rent $4.01 $4.10 $4.25 $4.29 $4.67 COLDWELL BANKER COMMERCIAL WESTMAC 1515 Sepulveda Boulevard, Los Angeles, CA 90025 Tel: 310.478.7700 Fax: 310.479.7797 Company DRE #: 01096973 ©2012 Coldwell Banker Real Estate Corporation. All Rights Reserved. The text of this publication, or any part thereof, may not be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, storage in an information retrieval system, or otherwise, without prior permission. Coldwell Banker Commercial® is a licensed trademark to Coldwell Banker Real Estate Corporation. An Equal Opportunity Company. Each Office Is Independently Owned and Operated Except Offices Owned and Operated by NRT Incorporated. 1480 Vine Street, Hollywood, CA Unit Type 1 bedroom 1 bedroom Alexander B. Sachs Executive Vice President sachs@westmac.com DRE #: 01332680 BRIAN C. PETERSON Senior Vice President peterson@westmac.com DRE #: 01326439 Average Effective Rent $3,392 $3,692 Square Feet 720 793 $/SF Market Rent $4.71 $4.66 COLDWELL BANKER COMMERCIAL WESTMAC 1515 Sepulveda Boulevard, Los Angeles, CA 90025 Tel: 310.478.7700 Fax: 310.479.7797 Company DRE #: 01096973 ©2012 Coldwell Banker Real Estate Corporation. All Rights Reserved. The text of this publication, or any part thereof, may not be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, storage in an information retrieval system, or otherwise, without prior permission. Coldwell Banker Commercial® is a licensed trademark to Coldwell Banker Real Estate Corporation. An Equal Opportunity Company. Each Office Is Independently Owned and Operated Except Offices Owned and Operated by NRT Incorporated. Southern California Overview Southern California continues to enjoy a strong and diverse multi-industry base economy. The five counties near Los Angeles; Los Angeles, Orange, Riverside, San Bernardino, and Ventura, total over 30,000 square miles and boast a massive combined economic profile. Taken together, they represent the worlds 10th largest economy, with over $650 billion in gross domestic product. Los Angeles County alone would rank 17th with a GDP of 375 billion dollars. Southern California is one the most affluent populations in the world. Average household income in Southern California exceeds $70,000. In Los Angeles’s five counties alone there are more than 7 million jobs. The largest sectors are services at 1.5 million, government at 0.5 million, manufacturing at 0.5 million, and retail at 0.4 million. Southern California is the distribution hub for the Southwestern United States. Los Angeles International Airport is the 4th busiest airport in the world and the 3rd largest passenger terminal in the United States. The Port of Los Angeles and The Port of Long Beach comprise the primary entry points for trade with the Pacific Rim. Fifteen railroads link Southern California with the rest of the United States and Canada. Over 900 miles of interstate and intrastate freeways exist in the metropolitan area. Educationally the area is equally as impressive with over 40 four-year colleges, universities, and professional schools. Amusement parks, museums, professional sports teams, climate, outdoor recreation, symphony, and theater all form an extensive base for the region. The continuing population increase and scarcity of infill environment creates the continuing escalating demand in value. Alexander B. Sachs Executive Vice President sachs@westmac.com DRE #: 01332680 BRIAN C. PETERSON Senior Vice President peterson@westmac.com DRE #: 01326439 COLDWELL BANKER COMMERCIAL WESTMAC 1515 Sepulveda Boulevard, Los Angeles, CA 90025 Tel: 310.478.7700 Fax: 310.479.7797 Company DRE #: 01096973 ©2012 Coldwell Banker Real Estate Corporation. All Rights Reserved. The text of this publication, or any part thereof, may not be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, storage in an information retrieval system, or otherwise, without prior permission. Coldwell Banker Commercial® is a licensed trademark to Coldwell Banker Real Estate Corporation. An Equal Opportunity Company. Each Office Is Independently Owned and Operated Except Offices Owned and Operated by NRT Incorporated. Largest County in the Nation Los Angeles is home to more than 10 million people making it the most populous county in the U.S. According to a 2007 U.S. Census Bureau report, Los Angeles County was the fourth fastest growing county in the nation, adding over 400,000 residents in 2006. Employment Outlook Los Angeles County’s economy benefits from a diverse industry base. Los Angeles is a unique city within the state of California is the largest manufacturing center in the U.S. with more than 470,000 workers in manufacturing. The film industry remains vibrant with over 130,000 people employed and generating more than $30 billion annually to the local economy. The value of two-way trade passing through Los Angeles was approximately $283 billion in 2009 and is estimated to increase to $308.5 billion in 2010. This trade volume represents jobs for almost 260,000 people and more than $25 billion in revenue to the region. Alexander B. Sachs Executive Vice President sachs@westmac.com DRE #: 01332680 BRIAN C. PETERSON Senior Vice President peterson@westmac.com DRE #: 01326439 COLDWELL BANKER COMMERCIAL WESTMAC 1515 Sepulveda Boulevard, Los Angeles, CA 90025 Tel: 310.478.7700 Fax: 310.479.7797 Company DRE #: 01096973 ©2012 Coldwell Banker Real Estate Corporation. All Rights Reserved. The text of this publication, or any part thereof, may not be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, storage in an information retrieval system, or otherwise, without prior permission. Coldwell Banker Commercial® is a licensed trademark to Coldwell Banker Real Estate Corporation. An Equal Opportunity Company. Each Office Is Independently Owned and Operated Except Offices Owned and Operated by NRT Incorporated. Alexander B. Sachs Executive Vice President sachs@westmac.com DRE #: 01332680 BRIAN C. PETERSON Senior Vice President peterson@westmac.com DRE #: 01326439 COLDWELL BANKER COMMERCIAL WESTMAC 1515 Sepulveda Boulevard, Los Angeles, CA 90025 Tel: 310.478.7700 Fax: 310.479.7797 Company DRE #: 01096973 ©2012 Coldwell Banker Real Estate Corporation. All Rights Reserved. The text of this publication, or any part thereof, may not be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, storage in an information retrieval system, or otherwise, without prior permission. Coldwell Banker Commercial® is a licensed trademark to Coldwell Banker Real Estate Corporation. An Equal Opportunity Company. Each Office Is Independently Owned and Operated Except Offices Owned and Operated by NRT Incorporated.
