100% LEASED CLASS A OFFICE BUILDING WITH LONG-TERM INVESTMENT GRADE CREDIT WESTLAKE VILLAGE, CA

Transcription

1 100% LEASED CLASS A OFFICE BUILDING WITH LONG-TERM INVESTMENT GRADE CREDIT

2 31051 AGOURA ROAD T H E OFFERING AGOUR A ROAD CBRE, Inc., as exclusive advisor, is pleased to present the opportunity to acquire Agoura Road (the Property ). The Property, a modern 65,771 square foot Class A office building located in Westlake Village, is 100% leased to Farmers Insurance Exchange through April Situated on ± 4.65 acres with excellent freeway access and visibility and surrounded by numerous amenities, the Property provides investors an exceptional high-quality, low-risk investment opportunity with long-term, stable cash flow. In addition, the Property has been institutionallyowned and maintained to a high standard since it was completed in The Property has benefitted from significant capital investment including rooftop solar panels and an ongoing multi-million dollar renovation. 2

3 PROPERTY SUMMARY ADDRESS Agoura Road Westlake Village, CA WESTLAKE VILLAGE MARKETPLACE LAKE LINDERO OCCUPANCY 100% YEAR BUILT 2001 STORIES Two (2) SITE AREA ± 4.65 Acres PARCEL APN# PARKING 316 spaces (4.8 per 1,000 PSF) AGOURA ROAD AERIAL MAP 3

4 31051 AGOURA ROAD TENANT NAME Farmers Insurance Exchange CREDIT RATINGS Standard & Poor s: A+ Moody s: A2 AM Best: A LEASE EXPIRATION April 30, 2026 Lobby RENTABLE SQUARE FOOTAGE 65,771 (100% of Property) LEASE TYPE Modified Gross with 2016 Base Year. Tenant pays janitorial and all utilities direct to the service provider. CURRENT MONTHLY RENT PER RSF $1.93 Modified Gross ANNUAL INCREASES 3.0% RENEWAL OPTIONS Tenant has two (2) five (5) year renewal options at Fair Market Value with a new base year, provided 9 18 months written notice. TENANT AND LEASE SUMMARY The Property is 100% leased to Farmers Insurance Exchange through April 2026, providing an investor the stability of a long-term lease with fixed annual rent increases. Farmers Insurance Exchange is A+ rated by Standard & Poor s. Founded in 1928 and based in Los Angeles, Farmers Insurance Exchange is the largest of three primary insurance entities that make up the Farmers Insurance Group of Companies. Farmers Insurance Exchange, along with its affiliated groups, provides insurance for automobiles, homes, and small businesses and serves more than 10 million households with over 19 million individual policies, across all 50 states. Together, the Farmers Insurance Group of Companies is the nation s third-largest Personal Lines Property and Casualty Insurance group. 4

5 LOCATION HIGHLIGHTS Located along the 101 (Ventura) Freeway, the Property is ideally situated to provide exceptional visibility and access to the world-class amenities located in Westlake Village. The Property provides freeway Abundant amenities nearby including the Affluent and well-educated No Gross Receipts Tax, visibility, access, and a commanding tenant presence. Shoppes at Westlake Village, Westlake Plaza and Center, Westlake Village Marketplace, the Four Seasons Hotel, Westlake Golf Course, and Sherwood Country Club. labor pool, proximate to abundant executive and workforce housing. providing significant competitive advantage over surrounding City of Los Angeles markets, including Warner Center. WESTLAKE GOLF COURSE AGOURA ROAD LINDERO CANYON ROAD AERIAL MAP OUTSTANDING FREE WAY VISIBILITY TO THE MORE THAN 170,000 DAILY TRAFFIC COUNT ALONG THE CONEJO CORRIDOR (101 FREEWAY). 5

6 31051 AGOURA ROAD CL ASS A SPACE THE WESTLAKE VILLAGE MARKET CONSISTS OF 1.83 MILLION SQUARE FEET OF CLASS A SPACE, BOASTING A 94% OCCUPANCY. Outstanding Office Market Fundamentals THE CONEJO AND SAN FERNANDO VALLEYS ARE HOME TO NINE FORTUNE 1000 COMPANIES, AND ARE REGARDED AS ONE OF THE STRONGEST BIOTECHNOLOGY HUBS IN THE NATION. Westlake Village consistently outpaces the Conejo Valley and Ventura County markets in both rents and occupancy, currently realizing a 9% premium in Class A rents. With a 5.7% Class A Vacancy, Westlake Village is outperforming Santa Monica, West LA, Westwood, Brentwood, Century City, and Beverly Hills. As of the fourth quarter 2015, the average asking rental rate for Class A space was $2.78 PSF/Mo FSG in Westlake Village and $2.55 PSF/Mo FSG in the greater Conejo Valley. The Westlake Village submarket captured 66% of the overall net absorption across the entire Conejo Valley since There are no sites in the greater Conejo Valley which are entitled for office development, and several sites zoned for office development are being re-zoned for residential development. 6

7 Thriving Local Demographics Westlake Village and its surrounding cities are some of the safest and most family-oriented communities in the nation*, and the base of several thousand companies that provide more than 70,000 jobs. Over 540,000 individuals reside in Westlake Village, Thousand Oaks, Agoura Hills, Camarillo, Moorpark, and Calabasas. The average household income for Westlake Village is $129,117, over 2x higher than Los Angeles County average. CONEJO VALLEY DEMOGRAPHICS 2015 Est. Average Household Income 2015 Est. Average Home Value WESTLAKE VILLAGE THOUSAND OAKS AGOURA HILLS VENTURA COUNTY LOS ANGELES COUNTY $129,117 $113,337 $124,785 $81,792 $63,763 $897,489 $731,392 $774,836 $483,124 $600,534 Average household income levels are comparable to many of the most affluent neighborhoods in Los Angeles including Beverly Hills, Pacific Palisades, and Brentwood, while home prices are significantly more affordable. Residents With a Bachelor s Degree or Higher 56.8% 42.5% 53.7% 23.9% 25.8% * Source: FBI Statistics Source: US Census Bureau Promenade at Westlake OVER THE LAST TEN YEARS, THE OVERALL WESTLAKE VILLAGE OFFICE MARKET HAS MAINTAINED AN AVERAGE OCCUPANCY OVER 90%. 7

8 Investment Contacts MARK PERRY CA RE License # CARLENE O NEIL CA RE License # carlene.oneil@cbre.com MICHAEL LONGO CA RE License # michael.longo@cbre.com Local Market Contacts REGIONAL MAP TOM DWYER CA RE License # tom.dwyer@cbre.com MICHAEL SLATER CA RE License # michael.slater@cbre.com Broker Lic Rosecrans Avenue, Suite 100 El Segundo, California CBRE, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. 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. Debt & Structure Finance Contacts VAL ACHTEMEIER BRETT GREEN CA RE License # CA RE License # val.achtemeier@cbre.com brett.green@cbre.com