CENTRAL AVENUE Glendale, CA FOR LEASE A UNIQUE STAND ALONE BUILDING OPPORTUNITY
EXCLUSIVELY LISTED BY: Don Hudson Executive Managing Director Tel. 818-667-5611 BRE 00637048 2018 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. Each sales representative and broker is responsible for complying with any consumer disclosure laws or regulations.
LEASING Summary Address: Building Size: 414 Central Ave Glendale, CA 91203 10,540 SF Parking: Up to 15 cars on site plus possible parking exception Ground Floor 6,797 SF Lease Type: Net Mezzanine 3,743 SF Lease Term: Up to 15 years Land Size: ±17,338 SF (0.40 Acres) Zoning: DSP/OC 3
CENTRAL AVE PROPERTY Highlights»» Unique Opportunity - As it is Currently the Only Stand Alone Office Building of this Size in the City of Glendale»» Glendale is the Financial Center of North San Fernando Valley»» Site is a Key City Landmark DOWNTOWN LA KOREATOWN AMERICANA AT BRAND GLENDALE GALLERIA PACIFIC AVE SITE BRAND BLVD GLENOAKS BLVD 4
FLOOR Plan Millford Street Ground Floor 6,797 SF Central Avenue Mezzanine 3,743 SF Drive-Thru ATM 5
AREA Overview CITY of GLENDALE 6 Glendale is one of LA s hotspots for new multifamily construction, but robust demand has prevented any major supply-driven vacancy expansion. Vacancies have held at or near 4% for several consecutive years despite the delivery of more than 2,000 units since 2013. With roughly 1,300 more units under construction, local owners and developers are hoping demand continues to intensify. The influx of new supply is weighing on rent growth however, and Glendale now ranks in the bottom half of LA submarkets for rental gains. The average price per unit in multifamily sales remains at or near record highs, while average cap rates have held below 4% for several straight years. The City of Glendale was incorporated on February 16, 1906 and spans approximately 30.6 square miles with a current population of approximately 194,478 people (US Census). Located minutes away from downtown Los Angeles, Pasadena, Burbank, Hollywood, and Universal City, Glendale is the fourth largest city in Los Angeles County and is surrounded by Southern California s leading commercial districts. As one of its core functions, Glendale provides wellmaintained streets and a variety of transportation services. The City s historic success at attracting employers is partially attributed to the result of its location at the center of four major freeways including the I-5 Golden State Freeway, SR-2 Glendale Freeway, ST-134 Ventura Freeway, and the 210 Foothill Freeway; all provide easy access for residents, workers, and customers from around the region. Glendale also offers its own bus services, the Beeline, with 13 routes connecting customers to Jet Propulsion Laboratory (JPL), the City of Burbank, and the Metrolink Stations in both Burbank and Glendale. The Bob Hope Airport in Burbank serves the Los Angeles area including Glendale, Pasadena and the San Fernando Valley. It is the only airport in the greater Los Angeles area with a direct rail connection to downtown Los Angeles. The City of Glendale is located about 30 minutes from Los Angeles International Airport (LAX) which is a commerce leader and designated as a world-class airport for its convenient location, modern facilities, and superior sea/air/ land connections.
Glendale CONSTRUCTION OVERVIEW ALL TIME ANNUAL AVG. UNITS 108 DELIVERED UNITS NEXT 4 QTRS 1,289 DELIVERED UNITS PAST 4 QTRS 262 PROPOSED UNITS NEXT 4 QTRS 10 Businesses and residents alike have taken advantage of Glendale s central location, reputation for safety, excellent business environment, outstanding schools, stateof-the-art healthcare facilities, and growing restaurant and entertainment options. Glendale is also one of Southern California s leading office markets featuring a wide range of properties and amenities. The City has over six million square feet of office space and is home to such recognized firms as Walt Disney Imagineering, Nestle USA, IHOP / Applebees, DreamWorks, LegalZoom, and Public Storage. Glendale prides itself on the quality of services it provides to the community. It is a full-service City, which includes a water and electrical department. The City operates its own power plant capable of serving the electrical needs of the entire city, although the majority of power is currently imported from other areas for cost savings. Water comes primarily from the Metropolitan Water District, along with a small portion from local wells. 7
TOP GLENDALE Employers # Employer # of Employees 1 Glendale Adventist Medical Center 2,662 2 Glendale Unified School District 2,460 3 City of Glendale 1,997 4 Dreamworks Animation 1,478 5 Glenair Inc. 1,322 6 Nestle Company 1,275 7 Glendale Community College 1,242 8 Glendale Memorial Medical Center 1,200 9 USC Verdugo Hills Hospital 726 10 Public Storage 354 8
AREA Demographics POPULATION 1 Mile 3 Miles 5 Miles 2023 Projection 69,421 227,367 560,926 2018 Estimate 67,499 223,021 551,838 2010 Census 61,255 213,115 536,200 Growth 2018-2023 2.85% 1.95% 1.65% Growth 2010-2018 10.19% 4.65% 2.92% BUSINESS EMPLOYMENT 1 Mile 3 Miles 5 Miles Total Businesses 5,054 11,195 25,065 Total Employees 71,280 133,442 272,539 TRAFFIC COUNTS HOUSEHOLDS 1 Mile 3 Miles 5 Miles 2023 Projection 27,649 84,899 215,310 2018 Estimate 26,911 83,373 212,059 2010 Census 24,580 80,206 207,407 Growth 2018-2023 2.74% 1.83% 1.53% Growth 2010-2018 9.48% 3.95% 2.24% Owner Occupied 6,200 28,414 78,609 Renter Occupied 20,711 54,959 133,451 2018 Avg HH Income $71,912 $82,749 $90,273 2018 Med HH Income $49,433 $57,495 $62,476 N Central Ave Ventura Fwy 14,300 Cars/Day 231,000 Cars/Day 9
EXCLUSIVELY LISTED BY: Don Hudson Executive Managing Director Tel. 818-667-5611 BRE 00637048