PRIME VALUE-ADD INVESTMENT OPPORTUNITY

Transcription

1 PRIME VALUE-ADD INVESTMENT OPPORTUNITY Coldwell Banker Commercial WESTMAC 1515 South Sepulveda Boulevard Los Angeles, CA CompanyBRE # Exclusively Listed By William B. Althouse althouse@westmac.com BRE#

2 Confidentiality Disclaimer: This confidential investment brochure has been prepared solely for informational purposes and does not constitute all or any part of an offer or contract. It is designed to assist a potential investor in determining whether to proceed with an in-depth investigation of the subject investment. This investment brochure was prepared by Coldwell Banker Commercial WESTMAC and has been reviewed by representatives of the Owner. It contains select information pertaining to 1032 N Highland Avenue, Los Angeles CA, and does not purport to be all inclusive or to contain all of the information which prospective purchasers may desire. It should be noted that all financial projections are provided for general reference purposes, that they are based upon assumptions relating to the general economy and other factors beyond the control of Owner, and are therefore, subject to material variation. Additional information and an opportunity to inspect the property will be made available to qualified prospective purchasers. Neither the Owner, nor Coldwell Banker Commercial WESTMAC, nor any of their respective officers, make any representation or warranty, expressed or implied, as to the accuracy or completeness of this investment brochure or any of its contents, and no legal commitments or obligations shall arise by reason of this brochure or its contents. Certain documents in this investment brochure are described in summary form. The summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements involved, nor do they purport to constitute a legal analysis of the provisions of the documents. Interested parties are expected to independently review all such documents. The terms and conditions stated in this section will relate to all sections of the brochure as if stated independently therein. It is essential that all parties to real estate transactions be aware of the health, liability and economic impact of environmental factors upon real estate. Coldwell Banker Commercial WESTMAC does not conduct investigations or analyses of environmental matters, and accordingly, urges its clients to retain qualified environmental professionals to determine whether hazardous or toxic wastes and substances, or other undesirable materials or conditions are present at the property, and if so, whether any health danger or other liability exists. Various federal, state and local laws and regulations have been enacted dealing with the use, storage, handling, removal, transport and disposal of toxic or hazardous wastes and substances. Consequently, legal counsel and technical experts should be consulted where these substances are or may be present. The Owner and Coldwell Banker Commercial WESTMAC expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers, and/or to terminate discussions with any entity at any time, with or without notice. The Owner shall have no legal commitment or obligation to any entity reviewing this investment brochure or making an offer, unless and until a written commitment has been fully executed, delivered and approved by Owner, and any conditions to Owner s obligations thereunder have been satisfied or waived. By receipt of this investment brochure, you agree that its contents are of a confidential nature, that you hold and treat it in the strictest confidence, and that you will not disclose the brochure or any of its contents to any other entity without the prior authorization of Coldwell Banker Commercial WESTMAC, nor will you use this brochure or any of its contents in any fashion or manner detrimental to the best interest of Owner. 2

3 EXECUTIVE SUMMARY Coldwell Banker Commercial WESTMAC is pleased to present an opporunity to purchase DCA Highland LLC, the owner of 1032 N Highland Avenue, a beautiful bow-truss commercial building situated along N Highland Avenue. Approximately 10,000-square feet, made up of ground-floor and mezzanine space, and occupied by one of Hollywood s most famous A-listers. The property sits on 8,250 square-feet of land and provides seven dedicated parking spaces. The property is fully leased at rents that are below market and provides investors an opportunity to acquire a company that owns a prominent commercial building in the affluent, highly-populated, highly coveted City of Los Angeles. The offering is at the center of the Hollywood Media District nestled between an array of fashionable retailers, galleries, studios, distinguished restaurants, and specialty shops. 3

4 4

5 PROPERTY HIGHLIGHTS Property is leased at below-market rental rate Recent top-to-bottom renovation Bow-truss building Approximately 20 foot ceilings in most areas Other famous tenants in the immediate area such as Ralph Pucci, Regen Projects and James Perse Numerous walkable amenities High traffic count for Highland Avenue 5

6 NEIGHBORING TENANTS REGEN PROJECTS WANDERLUST SALT S CURE RALPH PUCCI 6

7 JAMES PERSE KOHN GALLERY TREJO S COFFEE & DONUTS JF CHEN 7

8 PROPERTY INFORMATION Address: APN: Building: Lot: Zone: Built: Floors: Current Use: Parking: Frontage: Walk Score: Sales Price: 1032 N Highland Avenue Los Angeles, CA Approximately 10,000 square feet Approximately 8,250 square feet MR1-1-SN 1921 (recent complete renovation) One (1) plus mezzanine Art studio and art gallery Seven (7) parking spaces reserved* 55 on N Highland Avenue 92 (Walker s Paradise) $ 7,950,000 *Parking spaces expire 7/31/2029 8

9 9

10 RENT ROLL SUITE TENANT DATE OF LEASE MATURITY DATE TERM (YRS) TOTAL SQ FT % OF TOTAL SQ FT MONTHLY $/SQ FT TOTAL ANNUAL RENT ESCALATE/CPI ADJUSTMENTS RENEWAL OPTION CURRENT MONTHLY RENT COMMENTS 1032 Tenant 2/8/17 5/31/19 10, % ,663 3% 1-5 years $28,388 NNN Total 10, ,663 $28,388 ANNUALIZED OPERATING DATA INCOME CURRENT Scheduled Lease Income $340,663 Property Tax Expenses Property Insurance Expenses Utilities Tenant Tenant Tenant Net Operating Income $340,663 10

11 11

12 AREA ATTRACTIONS Hollywood Hollywood is in the central region of Los Angeles, California. This ethnically diverse, densely populated neighborhood is notable as the home of the U.S. film industry, including several of its historic studios, and its name has come to be a shorthand reference for the industry and the people in it. Hollywood was a small community in 1870 and was incorporated as a municipality in It was consolidated with the city of Los Angeles in 1910, and soon thereafter a prominent film industry emerged, eventually becoming the most recognizable film industry in the world. Hollywood and Highland Center The Hollywood & Highland Center is a shopping mall and entertainment complex at Hollywood Boulevard and Highland Avenue in the Hollywood district in Los Angeles. The 387,000 square foot center also includes TCL Chinese Theatre (formerly Grauman s Chinese Theatre, and Mann s Chinese Theatre) and the Dolby Theatre (formerly known as the Kodak Theatre), home to the Academy Awards. The historic site was once the home of the famed Hollywood Hotel. Located in the heart of Hollywood, along the Hollywood Walk of Fame, it is among the most visited tourist destinations in Los Angeles. The complex sits just across Hollywood Boulevard from the El Capitan Theatre and offers views of the Hollywood Hills and Hollywood Sign to the north, Santa Monica Mountains to the west and downtown Los Angeles to the east. Paramount Pictures Studio Paramount has always been an industry leader and home to countless famous television and motion picture productions. The company s headquarters and studios are located in 5555 Melrose Avenue, Hollywood, California. It is the fifth oldest surviving film studio in the world, the second oldest in the United States, and the sole member of the Big Six film studios still located in the Los Angeles neighborhood of Hollywood. TLC Chinese Theatre One of Hollywood s most iconic and memorable sites, the TCL Chinese Theatre (originally Grauman s Chinese Theatre) opened in 1927 and represents the excess of Hollywood s Golden Age. It has since been home to many premieres, as well as birthday parties, corporate junkets, and three Academy Awards ceremonies. In 2013, the Chinese Theatre partnered with IMAX Corporation to convert the house into a custom-designed IMAX theater. The newly renovated theater seats 932 people and features one of the largest movie screens in North America. 12

13 AREA HIGHLIGHTS Nearby major tenants include Regen Projects, Ralph Pucci, Gavlak Gallery, JF Chen, and James Perse Hollywood Media District Close proximity to Miracle Mile, Beverly Hills, and West Hollywood»» Numerous new ground-up developments taking place in the immediate vicinity of the subject property 13

14 14

15 NEIGHBORS 1. Ralph Pucci 2. Regen Projects 3. James Perse 4. Wanderlust 5. Salt s Cure 6. Bond 7. Buddha Jones LLC 8. Kohn Gallery 9. Trejo s Coffee & Donuts 10. Walgreens 11. JF Chen 12. SAE Institute 13. Sunset Las Palmas Studios 14. Hollywood & Highland Center 15. Crossroad of the World 16. Hannah Hoffman Gallery 17. Alaya Hollywood 18. Loews Hollywood Hotel 19. Highland Residence 20. The Avenue Hollywood 21. The Huxley 22. Jefferson at Hollywood 23. Space 15 Twenty 24. The Hollywood Roosevelt 25. Siren Studios 26. Los Angeles Recording Schools 27. Sycamore Tavern 28. Pooch Hotel Hollywood 29. TLC Chinese Theatre 30. D Pet Hotels 15

16 WILLIAM B. ALTHOUSE Executive Vice President BRE# Coldwell Banker Commercial WESTMAC 1515 South Sepulveda Boulevard Los Angeles, CA CompanyBRE # Coldwell Banker Real Estate LLC, dba Coldwell Banker Commercial Affiliates. All Rights Reserved. Coldwell Banker Real Estate LLC, dba Coldwell Banker Commercial Affiliates fully supports the principles of the Equal Opportunity Act. Each Office is Independently Owned and Operated. Coldwell Banker Commercial and the Coldwell Banker Commercial Logo are registered service marks owned by Coldwell Banker Real Estate LLC, dba Coldwell Banker Commercial Affiliates