6901 Walker St. La Palma, CA BANKRUPTCY SALE OFFERING MEMORANDUM. MICHAEL LEE Senior Vice President Lic. #

Transcription

1 OFFERING MEMORANDUM 690 Walker St. La Palma, CA BANKRUPTCY SALE Prepared By: MICHAEL LEE Senior Vice President Lic. # P \\ E \\ mlee@lee-associates.com TAI NGO, CCIM Vice President Lic. #07772 P \\ E \\ tngo@lee-associates.com lee-associates.com LOCAL EXPERTISE. INTERNATIONAL REACH. WORLD CLASS.

2 Conditions of Sale The Broker and Buyer agrees and understands that any sale of the Property shall be subject to the following terms and conditions: A. The Trustee is selling the Property in her capacity, as the Chapter 7 Trustee of the Debtors estate, and not in her personal capacity, and no liability or obligations shall accrue to her personally as a result of any sale. B. If for any reason, or no reason whatsoever, the Trustee is unable to deliver possession or title to the Property to any potential purchaser, the purchaser s sole remedy shall be the return of any money that the purchaser has deposited towards the purchase of the Property. C. The Trustee is selling the Property in an AS IS condition or basis by quitclaim deed without any representations or warranties whatsoever, including without limitation representations or warranties as to title, oil and mineral rights, city or government agency notifications regarding work to be done, marketability of title, ownership, physical condition, compliance with California, city or federal statutes, codes, ordinances, or regulations, geological stability, zoning, suitability for improvement, and fire insurance policies to cover any improvements on the Property, nor any assurances regarding the subdividability of the Property. H. All escrow fees shall be shared and paid on a 0/0 basis by the Trustee and the purchaser. I. The purchaser shall, at the purchaser s sole expense, install all smoke detectors, if any, as may be required by state or local law. The Trustee is not required to deliver to the purchaser a written statement of compliance with any applicable state and local law. J. The purchaser shall, at purchaser s sole expense, obtain and all inspections and repairs, including pest control inspection and repairs that purchaser deems appropriate. K. If any local ordinance requires that the Property be brought into compliance with minimum energy conservation standards as a condition of sale or transfer, the purchaser shall comply with and pay for these requirements at purchaser s sole expense. I. Any sale is subject to the following conditions being satisfied before the close of escrow:. The Trustee must prevail with respect to any objections to the proposed sale; and 2. The Trustee reserves the right to reject any and all offers which in her judgment are insufficient. D. The sale of the Property is subject to Bankruptcy Court approval after notice to the Debtor, all creditors, the United States Trustee, and other parties in interest as required by the Bankruptcy Code, Federal Rules of Bankruptcy Procedure, and Local Bankruptcy Rules. E. The sale is subject to overbid. F. The purchaser shall, at the purchaser s sole expense, acquire any and all insurance policies, including title insurance, that the purchaser desires to cover the Property. The Trustee does not agree to acquire or transfer any insurance policies to the purchaser. G. The purchaser is to arrange for all financing of the acquisition of the Property before the close of escrow. M. The Property is being sold subject to:. All general and special taxes that are presently due, or maybe come due, regarding the Property, other than property taxes, which shall be prorated as of the close of escrow; 2. The lien of supplemental taxes, if any, assessed pursuant to the provisions of Chapter 3. (commencing with Section 7) of the California Revenue and Taxation Code; and 3. Any and all easements, restrictions, rights and conditions of record and rights of way, against, on or regarding the Property. Title, however, is to be transferred free of secured claims of record. Michael Lee Senior Vice President: P\\ E\\ mlee@lee-associates.com Tai Ngo, CCIM Vice President: P\\ E\\ tngo@lee-associates.com

3 Pricing Summary Value: $4,600,000 Bldg/Land (psf): $474 PSF/$6 PSF Capitalization Rate: 8.79% Property Description Address: 690 Walker Street, La Palma, CA Building Size: ±9,700 SF Highlights: Well Maintained Asset Large Parking Area NNN Lease Structure Infill-High Density and High Income Close Proximity to Freeways Type 47 Liquor License Freeway Overlay (FO) - Potential to Install Large Pole Sign for Freeway Visibility Lot Size/Coverage: Construction Type: ±70,987 SF (.63 Acres)/3.66% Mason with Stucco Facade Year Built: 2004/200 Parking: Lot Dimensions: ±02 Spaces (0. :,000 SF) Irregular APN: Number of Units: () Signalized Corner: Frontage: Traffic Counts: Zoning: Freeway Access: No ±6 Along Walker Street ±4,000 Cars per Day (Walker St) ±3,000 Cars per Day (Orangthorpe Av) ±244,000 Cars per Day ( Freeway) B- (Mixed-Use)//Freeway Overlay (FO) and Freeways Michael Lee Senior Vice President: P\\ E\\ mlee@lee-associates.com Tai Ngo, CCIM Vice President: P\\ E\\ tngo@lee-associates.com

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5 Property Aerial WALKER ST Michael Lee Senior Vice President: P\\ E\\ Tai Ngo, CCIM Vice President: P\\ E\\

6 Property Aerial WALKER ST Michael Lee Senior Vice President: P\\ E\\ Tai Ngo, CCIM Vice President: P\\ E\\

7 Property Aerial WALKER ST ORANGETHORPE AVE Michael Lee Senior Vice President: P\\ E\\ Tai Ngo, CCIM Vice President: P\\ E\\

8 Property Aerial ORANGETHORPE AVE WALKER ST Michael Lee Senior Vice President: P\\ E\\ Tai Ngo, CCIM Vice President: P\\ E\\

9 Property Parcel Map Michael Lee Senior Vice President: P\\ E\\ Tai Ngo, CCIM Vice President: P\\ E\\

10 Sold Investment Comparables CALABASAS 27 GRANADA HILLS NORTHRIDGE 0 SANTA MONICA 40 VAN NUYS 40 LOS ANGELES INT L AIRPORT 20 BEVERLY HILLS REDONDO BEACH BURBANK LOS ANGELES INGLEWOOD 0 0 GLENDALE HUNTINGTON PARK 6 COMPTON PASADENA MONTEBELLO LAKEWOOD LONG BEACH - SAN GABRIEL MOUNTAINS 60 ROSEMEAD EL MONTE 60 WHITTIER BUENA PARK 4 ANAHEIM WEST COVINA CITY OF INDUSTRY LA HABRA FULLERTON GARDEN GROVE AZUSA 3 WALNUT 7 7 SANTA ANA 7 7 DIAMOND BAR YORBA LINDA ORANGE POMONA CHINO HILLS UPLAND 7 0 CHINO 20 ONTARIO INT L AIRPORT RANCHO CUCAMONGA ONTARIO MT. SAN ANTONIO EASTVALE CORONA FONTANA JURUPA VALLEY 20 RIALTO SAN BERNARDINO LOMA LINDA 2 REDLANDS 60 RIVERSIDE LAKE MATTHEWS PERRIS 2 HIGHLAND MORENO VALLEY PORT OF LOS ANGELES PORT OF LONG BEACH HUNTINGTON BEACH 40 COSTA MESA 73 IRVINE LAKE FOREST 74 LAKE ELSINORE MENIFEE 2 79 Sold Investments Comparables 690 Walker St. La Palma, CA NEWPORT BEACH 33 LAGUNA NIGUEL MISSION VIEJO 74 MURRIETA 430 Inglewood Ave. Hawthorne, CA SAN JUAN CAPISTRANO Oakcrest St. Yorba Linda, CA 2 S Harbor Blvd. Anaheim, CA SAN CLEMENTE TEMECULA 77 Beach Blvd. Buena Park, CA 20 Harbor Blvd. Costa Mesa, CA 9 Long Beach Blvd. Lynwood, CA Michael Lee Senior Vice President: P\\ E\\ mlee@lee-associates.com Tai Ngo, CCIM Vice President: P\\ E\\ tngo@lee-associates.com

11 Sold Investment Comparables $ $ $ $ $ $ Building PSF $,02.00 $92.44 $6.0 $6.4 $32.2 $77.37 $ Legend 690 Walker St. La Palma, CA 430 Inglewood Ave. Hawthorne, CA Oakcrest St. Yorba Linda, CA 2 S Harbor Blvd. Anaheim, CA 77 Beach Blvd. Buena Park, CA 20 Harbor Blvd. Costa Mesa, CA 9 Long Beach Blvd. Lynwood, CA $ % $ Land PSF 8.00% Cap Rate $ % $ % $ $64.80 $ $23.44 $87.09 $0.6 $43.28 $ % %.22% 4.2% 3.0% 4.6%.40% 4.60% Michael Lee Senior Vice President: P\\ E\\ mlee@lee-associates.com Tai Ngo, CCIM Vice President: P\\ E\\ tngo@lee-associates.com

12 Sold Investment Comparables 430 Inglewood Ave. Hawthorne, CA COE: March 27, 208 Sales Price: $3,00,000 Building Size: ±4,4 SF Building PSF: $77.37 Land Size: 4,37 SF Cap Rate: 4.60% Year Built: 978 Years Left on Term: 6.0 Sold Date: TBD Oakcrest St. Yorba Linda, CA COE: July 2, 207 Sales Price: $3,2,000 Building Size: ±9,600 SF Building PSF: $32.2 Land Size: 33,294 SF Cap Rate:.40% Year Built: 989 Years Left on Term: 2. Sold Date: 7/2/207 2 S. Harbor Blvd. Anaheim, CA COE: July 3, 207 Sales Price: $3,60,000 Building Size: 6,00 SF Building PSF: $6.4 Land Size: 27,007 SF Cap Rate: 4.6% Year Built: 990 Years Left on Term: TBD Sold Date: 7/3/ Beach Blvd. Buena Park, CA 20 Harbor Blvd. Costa Mesa, CA 9 Long Beach Blvd. Lynwood, CA COE: March 3, 207 Sales Price: $3,420,000 COE: February, 207 Sales Price: $,300,000 COE: February 9, 207 Sales Price: $4,00,000 Building Size: 6,0 SF Building Size:,727 SF Building Size: 4,000 SF Building PSF: $6.0 Building PSF: $92.44 Building PSF: $,02.00 Land Size: 79,08 SF Land Size: 47,6 SF Land Size: 2, SF Cap Rate: 3.0% Year Built: 200 Years Left on Term:.0 Sold Date: 3/3/207 Cap Rate: 4.2% Year Built: 984 Years Left on Term: 8.0 Sold Date: 2//207 Cap Rate:.22% Year Built: 2000 Years Left on Term:.0 Sold Date: 2/9/209 Michael Lee Senior Vice President: P\\ E\\ mlee@lee-associates.com Tai Ngo, CCIM Vice President: P\\ E\\ tngo@lee-associates.com

13 Area Overview of La Palma, California (Orange County) La Palma is a city in Orange County, California, United States. The population was,68 at the 200 Census, up from,408 at the 2000 census. In 203, La Palma was ranked 3st in the Best places to live among small cities (0,000 or less) in the United States by CNN s Money magazine. In 2007, it was ranked 6th best place to live in the US. The rankings are based on the small-andfriendly neighborhood vibe, high-ranking schools, low crime-rate and the lowest police response time in Orange County. It is bordered by Cerritos on the north and west, Cypress on the south and west, and Buena Park on the east. According to the United States Census Bureau, the city has a total area of.83 square miles (4.7 km2)..8 square miles (4.7 km2) of it is land and 0.02 square miles (0.02 km2) of it (.32%) is water. This makes it the smallest city in Orange County in terms of area. Top Employers According to La Palma s 200 Comprehensive Annual Financial Report # Employer # of Employees ADP La Palma Intercommunity Hospital BP West Coast Products Unisource Worldwide 300 Anaheim Union High School District 20 6 Performance Machine 20 7 Kellogg s Arcadia 0 9 Honeywell 00 0 C&D Zodiac 80 Michael Lee Senior Vice President: P\\ E\\ mlee@lee-associates.com Tai Ngo, CCIM Vice President: P\\ E\\ tngo@lee-associates.com

14 Demographics Map Powered By: Demographics (207) Mile 3 Miles Miles Population: 24,28 227, ,097 Average HH Income: $3,39 $9,90 $, Michael Lee Senior Vice President: P\\ E\\ mlee@lee-associates.com Tai Ngo, CCIM Vice President: P\\ E\\ tngo@lee-associates.com

15 Traffic Count Map Powered By: 4, ,000 22,00 3,200 9,000 Michael Lee Senior Vice President: P\\ E\\ Tai Ngo, CCIM Vice President: P\\ E\\

16 PRESENTED BY: MICHAEL LEE Senior Vice President License ID # P \\ E \\ mlee@lee-associates.com TAI NGO, CCIM Vice President License ID # P \\ E \\ tngo@lee-associates.com LEE & ASSOCIATES - INDUSTRY, INC. 38 Crossroads Pkwy North, Suite 300 City of Industry, CA 746 P \\ F \\ The information contained herein is obtained from sources believed to be reliable. However, we have not verified it and make no guarantees, warranties or representations as to the completeness or accuracy thereof. The presentation of this property is used for example and is submitted subject to errors, omissions, change of price or conditions, and is subject to prior sale, lease or withdrawal without notice.