3521 w washington blvd - loopnet · 3521 w washington blvd 2 3 4 1 availble properties 1 2037...

3521 W Washington BlvdLOS ANGELES, CA 90018

Jones Lang LaSalle Americas, Inc. (“JLL”), real estate license #01223413

Contact information

Tracey GooDirector+1 310 407 [email protected] #0181190

Jessica BaramAnalyst+1 310 818 [email protected] #02093097

Matthew StewartDirector+1 310 407 [email protected] #01956812

INVESTMENT ADVISORS DEBT & EQUITY ADVISOR

us.jll.com/capitalmarkets

10250 Constellation Boulevard Suite 1000 Los Angeles, California 90067

310.407.2100

This Offering Memorandum has been prepared by Jones Lang LaSalle Americas, Inc. or its state-licensed affiliate (“JLL”) for use by a limited number of recipients. All

information contained herein has been obtained from sources other than JLL, and neither Owner nor JLL, nor their respective equity holders, officers, directors, employees

and agents makes any representations or warranties, expressed or implied, as to the accuracy or completeness of the information contained herein. Further, the Offering

Memorandum does not constitute a representation that no change in the business or affairs of the property or the Owner has occurred since the date of the preparation

of the Offering Memorandum. All analysis and verification of the information contained in the Offering Memorandum is solely the responsibility of the recipient. JLL and

Owner and their respective officers, directors, employees, equity holders and agents expressly disclaim any and all liability that may be based upon or relate to the use of

the information contained in this Offering Memorandum.

Additional information and an opportunity to inspect the property may be made available, in Owner’s or JLL’s sole discretion, upon written request by interested and

qualified prospective investors.

Owner and JLL each expressly reserves the right, in its sole discretion, to reject any or all expressions of interest or offers regarding the property and/or terminate

discussions with any entity at any time with or without notice. Owner shall have no legal commitment or obligations to any recipient reviewing this Offering Memorandum

or making an offer to purchase the property unless and until such offer is approved by Owner, a written agreement for the purchase of the property has been fully executed,

delivered and approved by Owner and its legal counsel, and any obligations set by Owner thereunder have been satisfied or waived.

The recipient (“Recipient”) agrees that (a) the Offering Memorandum and its contents are confidential information, except for such information contained in the Offering

Memorandum, which is a matter of public record, or is provided from sources available to the public (b) the Recipient, the Recipient’s employees, agents and consultants

who have a valid need to know business reason to know such information (collectively, the “need to know parties”) will hold and treat it in the strictest of confidence, and the

Recipient and the need to know parties will not, directly or indirectly, disclose or permit anyone else to disclose its contents to any other person, firm, or entity without the

prior written authorization of JLL and the Owner, (c) the Recipient and the need to know parties will not use or permit to be used this Offering Memorandum or its contents

in any fashion or manner detrimental to the interest of the Owner or JLL or for any purpose other than use in considering whether to purchase the property, and (d) recipient

will notify each of the need to know parties of the terms of this agreement and will be responsible for breach of same by any of the need to know parties. The Recipient

and the need to know parties agree to keep this Offering Memorandum and all confidential information contained herein permanently confidential and further agree to

use this Offering Memorandum for the purpose set forth above. If the Recipient has no interest in the property, or if in the future the Recipient or owner discontinue such

negotiations, the Recipient will return this Offering Memorandum to JLL. ©2019. Jones Lang LaSalle IP, Inc. All rights reserved.

TABLE OF CONTENTS02 Executive Summary

08 Property Overview

12 Market Overview

20 Area Overview

Execu

tive S

ummary DOWNTOWN LOS ANGELES

1-10 Freeway (285,443 VPD)

1-10 Freeway (285,443 VPD)

3521 W Washington Blvd

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THE OFFERINGJLL, as an exclusive advisor on behalf of the owner, is pleased to present the opportunity to acquire 3521 West Washington Boulevard, an 8,476 square foot infill industrial building on 0.46 acres of land in Los Angeles, California.

Property Overview

ADDRESS3521 West Washington Boulevard, Los Angeles, CA 90018

PARCEL NUMBER 5072-021-014

SITE SIZE 0.46 acres (20,001 square feet)

BUILDING SF 8,476

YEAR BUILT 1947

PARKING19 surface spaces, ratio of 2.24/1,000 square feet

ZONING C2

CEILING HEIGHT Approximately 18 feet

OCCUPANCY Vacant

Pricing Guidance

OFFERING PRICE $4,500,000

PRICE/SF $531

PRICE/LAND SF $225

1-10 Freeway (285,443 VPD)

1-10 Freeway (285,443 VPD)

JLL | 3

Marina del Rey

Santa Monica

West Hollywood

Hollywood

INVESTMENT HIGHLIGHTSRare excess yard spaceThe property has a desirable 42% floor area ratio on a half-acre lot, allowing for up to 19 parking spaces within a secured yard. Many other properties along Washington Boulevard do not have any parking at all.

Lack of available propertiesCurrently, there are only four industrial properties greater than 7,500 square feet marketed for lease north of the I-10 Freeway in West Los Angeles and asking rents range from $2.20 to $3.90 per square foot on a net lease basis. None of these properties offer a floor area ratio less than 50%.


3 421

AVAILBLE PROPERTIES

1 2037 GRANVILLE AVE

2 11173 W PICO BLVD

3 2252 W WASHINGTON BLVD

4 944 W PICO BLVD

ALL PROPERTIES GREATER THAN 7,500 SF AVAILABLE FOR LEASE

WEST LOS ANGELES

4 | 3521 W Washington Blvd

SantaMonica Blvd

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I-105 W

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Slauson AveE Slauson Ave

W Manchester Ave

CA-90 W

Los Feliz Blvd

C A-90 E

I-10 WI-10 E

Venice Blvd

Pacific Coast Hwy

Wilshire Blvd

W Slauson Ave

ST60

ST27

ST90

ST2

ST42

ST2

ST1

ST110

£¤101

§̈¦105

§̈¦5

§̈¦10

§̈¦405

Los Ange lesInt 'l A irport

Pacific Ocean

Los Angeles

I-11

0N

I-11

0S

I -10 W

CA-60 E

CA

-2N

CA-2

S

I-105 EI-105 W

CA-110 N

CA-11

0 SI-5 N

I -5S

US-101 S

US-101 N

I-10 E

I-405S

I-405N

EncinoReservoir

Griffith Park

TopangaState Park

MarinaMarinadel Reydel Rey

VernonVernon

Beverly HillsBeverly Hills

Culver CityCulver City

InglewoodInglewood

LennoxLennox

Santa MonicaSanta Monica

WestWestHollywoodHollywood

Playa VistaPlaya Vista BellBellHuntingtonHuntingtonParkPark

LynwoodLynwood

MaywoodMaywood

South GateSouth Gate

Walnut ParkWalnut Park

WestmontWestmont

Los AngelesLos Angeles

Los Angeles, CAMedian Household Income

Data contained herein was compiled from sources deemed to be reliable. Jones Lang LaSalle provides this data without warranty and claims no responsibility for errors and/or omissions. Performance and/or pricing data is provided as example only.

11/15/2019

Median HH Income by Block Group

Over $100,000

$80,001 - $100,000

$65,001 - $80,000

$50,001 - $65,000

$40,001 - $50,000

$30,000 - $40,000

Under $30,000

Ideal last-mile location in the heart of Los AngelesThe property can be reached by virtually anywhere in the City of Los Angeles within a 30-minute drive.


30-MINUTE DRIVE TIME RADIUS

MEDIAN HOUSEHOLD INCOME

Future residential development potentialThe current C2 zoning allows for future redevelopment with up to +/-50 residential units by-right utilizing the property’s current R4 density or up to +/-75 residential units by-right if new ownership decides to take advantage of the TOC Affordable Housing Incentive Program.

JLL | 5

High profile Washington Boulevard addressThe property is highly visible with frontage on Washington Boulevard and an average daily traffic volume of 26,358 vehicles per day.

Easily accessible via public transportationThe Washington Boulevard & 6th Avenue bus stop in front of the property provides direct access to the Los Angeles Metro and DASH routes, which connect to the Metro Expo Line that runs between Downtown Los Angeles and Santa Monica.


Washington Boulevard (25,604 VPD)


Venice BoulevardVenice Boulevard

6th Avenue

6th Avenue

Excellent freeway accessThe property is conveniently situated just two blocks from the I-10 Freeway.


Fully entitled for conversion into commercial kitchensThe City of Los Angeles has approved a full set of drawings for the conversion of the property into a shared catering facility with up to 17 commercial kitchen spaces. Cloud Kitchens recently converted a similar industrial property at 1842 West Washington Boulevard.

KOREATOWN



Western AvenueWestern Avenue

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JLL | 7

Prop

erty

Overv

iew

Site Plan

ALLEY

6TH

AVE

NU

E

WASHINGTON BOULEVARD

JLL | 9

Property Description

ADDRESS 3521 West Washington Boulevard, Los Angeles CA 90018

SITE SIZE 0.46 acres (20,001 square feet)

BUILDING SF 8,476 square feet

FLOOR AREA RATIO (FAR) 0.42

CEILING HEIGHT Approximately 18 feet

LOADING DOORS 3

STORIES 1

OCCUPANCY Vacant

DOCKS None

PARCEL 5072-021-014

ZONING C2

YEAR BUILT 1947

PARKING The property features 19 spaces for a parking ratio of 2.24 per 1,000 square feet


BEVERLY HILLS

MIRACLE MILE

CENTURY CITY

3521 W Washington BlvdWashington Boulevard (25,604 VPD)


M IDTOWN SHOPPING CENTER

MIDTOWN CROSSING

T H E UNDERGROUN D M USEU M

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JLL | 11

Marke

t Over

view

The property is located in the Westside submarket, which comprises less than 3% of the total Los Angeles industrial market. Overall, Los Angeles consists of approximately 1 billion square feet of rentable industrial space and ended 2019 Q3 with an average occupancy of 97%. The Westside submarket commands the highest asking rents of all 26 submarkets in the Los Angeles industrial market, with an average quoted rental rate of $2.30 per square foot per month.

LOS ANGELES INDUSTRIAL MARKET OVERVIEW

Los Angeles Industrial Market – Q3 2019Submarket # of Buildings Inventory SF Occupancy Average Quoted Rent PSF YTD Deliveries Under Construction SFAgoura Hills Ind 138 3,515,071 95.7% $1.70 0 0Antelope Valley Ind 435 10,529,586 97.4% $1.00 59,830 0Carson/Rancho Domingz Ind 1,240 75,770,309 97.6% $0.97 411,840 0Catalina Island Ind 1 2,160 100.0% $0.00 0 0Central LA Ind 4,465 86,103,754 96.3% $1.29 0 297,455Commerce Area Ind 1,721 77,131,640 97.6% $0.86 118,664 103,796Conejo Valley Ind 715 21,158,193 95.0% $0.97 56,306 211,715East LA Cnty Outlying Ind 4 27,682 100.0% $1.05 0 0Eastern SGV Ind 1,107 27,741,266 98.9% $0.83 0 66,982El Segundo/Hawthorne Ind 966 25,089,890 96.7% $1.72 0 0Gardena/110 Corridor Ind 1,687 36,595,072 98.1% $0.98 0 112,000Long Beach Area Ind 1,727 31,983,124 97.9% $1.44 0 1,064,419Lower SGV Ind 1,571 86,314,625 97.8% $0.98 0 0Lynwood/Paramount Ind 585 13,302,254 98.7% $0.92 0 0Mid Counties-LA Ind 2,752 96,963,417 97.2% $0.89 142,439 17,338NE LA Cnty Outlying Ind 1 1,583 100.0% $0.00 0 0Northwest SGV Ind 1,084 18,511,436 96.2% $1.09 23,217 1,327,909SCV/Lancaster/Palmdale Ind 685 23,906,801 95.8% $0.83 299,916 1,260,273SFV East Ind 5,028 83,299,103 98.4% $1.34 55,326 0SFV West Ind 1,968 45,418,622 97.8% $1.17 0 0Southwest SGV Ind 1,061 11,702,537 97.0% $0.95 0 0Torrance/Beach Cities Ind 1,080 36,952,395 98.2% $1.09 34,734 0Upper SGV Ind 1,586 32,486,639 97.4% $1.02 227,691 545,652Ventura County Ind 2,178 49,857,341 96.7% $0.74 0 134,531Vernon Area Ind 2,242 81,199,064 97.6% $0.94 52,500 463,541

Westside Ind 1,711 26,363,787 95.2% $2.30 0 0Total 37,738 1,001,927,351 97.4% $1.08 1,482,463 5,605,611Sources: JLL, CoStar JLL | 13

Occupancy & Rental Rates

WESTSIDE INDUSTRIAL SUBMARKET

The Westside submarket is comprised of approximately 26 million square feet of rentable industrial space. The submarket ended Q3 2019 at 95% occupancy with average asking rental rates of $2.30 per square foot. Asking rents have increased on average 7% annually over the past 5 years, while occupancy has consistently remained over 95% during that same time period.

Westside Industrial Submarket Occupancy & Rental Rates

$2.30 $2.23$2.09

$1.94$1.79

$1.65$1.55

95% 96% 97% 96% 96% 95% 94%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

2019 YTD 2018 2017 2016 2015 2014 2013

Occ

upan

cy

Aver

age

Quo

ted

Rent

PSF

Average Quoted Rent PSF Occupancy


Westside Industrial Submarket - Historical Data

Inventory SF Inventory Change Under Construction SF Occupancy Average Quoted

Rent PSFAnnual Rent

Growth Market Cap Rate

2019 YTD 26,363,787 -0.1% 0 95.2% $2.30 2.9% 4.4%

2018 26,388,238 -0.9% 0 95.6% $2.23 6.7% 4.5%

2017 26,628,732 -1.5% 0 97.4% $2.09 8.0% 4.5%

2016 27,044,548 -0.8% 0 96.1% $1.94 8.1% 4.7%

2015 27,274,524 -1.3% 3,000 96.5% $1.79 8.4% 5.0%

2014 27,626,650 -0.7% 0 95.0% $1.65 6.8% 5.3%

2013 27,810,453 0.3% 6,872 93.8% $1.55 4.9% 5.6%

2012 27,732,801 -1.7% 162,426 94.4% $1.48 3.5% 5.8%

2011 28,224,406 -3.1% 177,394 93.7% $1.43 1.2% 6.0%

2010 29,123,322 -0.9% 29,024 90.9% $1.41 -2.1% 6.2%

2009 29,387,048 -1.5% 34,727 91.9% $1.44 -3.9% 6.5%

2008 29,836,649 -0.1% 9,334 91.9% $1.50 0.7% 6.1%

2007 29,876,510 -0.7% 14,272 94.2% $1.49 3.3% 5.5%

2006 30,088,854 -0.6% 2,478 93.9% $1.44 4.9% 5.6%

2005 30,267,930 -0.5% 57,939 94.1% $1.37 4.4% 5.9%

2004 30,409,281 -0.2% 53,500 93.3% $1.32 3.5% 6.3%

2003 30,474,714 -0.7% 3,268 94.2% $1.27 3.0% 6.8%

2002 30,684,908 -0.1% 37,967 94.0% $1.23 2.7% 7.4%

2001 30,724,765 -0.1% 5,000 93.8% $1.20 3.7% 7.7%

Sources: JLL, CoStar

JLL | 15

COMPETITIVE INDUSTRIAL PROPERTIESSUBJECT 1 2 3 4

ADDRESS 3521 W WASHINGTON BLVD 2037 GRANVILLE AVE 11173 W PICO BLVD 2252 W WASHINGTON

BLVD 944 VENICE BLVD

BUILDING SF 8,476 SF 23,000 SF 7,810 SF 8,500 SF 7,880 SF

AVAILABLE SF 8,476 SF 11,500 SF 7,810 SF 7,000 SF + 1,500 SF Mezz 7,880 SF

LEASE RATE/SF TBD $3.90 $3.50 $2.35 $2.20

LEASE RATE/MO TBD $44,850 $27,335 $16,450 $17,336

LEASE TYPE NNN NNN NNN NNN NNN

CLEAR / CEILING HEIGHT ~18 feet ~12 feet ~ 12 feet ~10 feet ~12 feet

LOADING DOORS 3 1 None 2 2

YEAR BUILT 1947 1951 1957 1939 1956

SITE SIZE 0.46 acres (20,001 SF) 0.83 acres (36,295 SF) 0.21 acres (9,148 SF) 0.23 acres (10,019 SF) 0.33 acres (14,375 SF)

FLOOR AREA RATIO (FAR) 0.42 0.63 0.85 0.85 0.55

Sources: JLL, CoStar

The four properties above are the only industrial properties greater than 7,500 square feet and located north of the I-10 Freeway in West Los Angeles that are listed as available to lease on CoStar.


Marina del Rey

Santa Monica

West Hollywood

Hollywood

4321


JLL | 17

RECENT SALES COMPARABLES

Sources: JLL, Real Capital Analytics

SUBJECT 1 2 3

ADDRESS 3521 W WASHINGTON BLVD 5444-5460 W WASHINGTON 1212 ALBANY STREET 1332 W 12TH PLACE

BUILDING SF 8,476 SF 10,021 SF 7,320 SF 6,570 SF

SITE SIZE 0.46 acres (20,001 SF) 0.38 acres (16,754 SF) 0.23 acres (10,126 SF) 0.20 acres (8,818 SF)

OCCUPANCY 0% 0% 0% 0%

YEAR BUILT 1947 1958 1956 1959

PRICE $4,500,000 $5,400,000 $3,500,000 $2,726,000

PRICE/ SF $531 $539 $478 $415

PRICE/LAND SF $225 $322 $346 $309

LOADING DOORS 3 3 1 1

BUYER TBD Tyson Beem George Peykar George Peykar

SELLER Small Family Partnership Bautista Family Living Trust 12 Albany LLC Danny Shaoulian

DATE TBD May-19 Mar-19 Apr-18


Marina del Rey

Santa Monica

West Hollywood

Hollywood

32

1


JLL | 19

Area

Over

view

Bordered by Koreatown to the north, Harvard Heights to the east, Jefferson Park to the south and Mid-City to the west, Arlington Heights is known for being a densely populated and highly diverse neighborhood in Los Angeles.

ARLINGTON HEIGHTS

Neighborhood Favoritesfavorites inFOOD & DRINK

favorites inRETAIL & ACTIVITIES

MEXICANTaqueria Los Anaya4651 W Adams Blvd, Los Angeles

BREAKFAST & BRUNCHHoney Bee’s House of Breakfast4715 W Adams Blvd, Los Angeles

CHINESETwin Dragon Restaurant8597 W Pico Blvd, Los Angeles

COFFEE SHOPAlibi Coffee Co.2268 Venice Blvd, Los Angeles

ICE CREAM SHOPMateo’s Ice Cream & Fruit Bars4236 W Pico Blvd, Los Angeles

BARBECUEPhillips Barbeque2619 Crenshaw Blvd, Los Angeles

GROCERY STORERalphs4760 W Pico Blvd, Los Angeles

FARMER’S MARKETLarchmont Farmers’ Market209 N Larchmont Blvd, Los Angeles

HARDWARE STORELowe’s Home Improvement4550 W Pico Blvd Unit D-101, Los Angeles

MUSEUMThe Underground Museum3508 W Washington Blvd, Los Angeles

BOOKSTOREThe Last Bookstore453 S Spring St Ste 100, Los Angeles

2019 WINNERS 10,532

41%

50 years

RESIDENTS

HOMEOWNERS

AVERAGE AGE OF HOMEOWNERS

JLL | 21

(±3-miles)

MINUTEDRIVE

101±15

±7MINUTE

DRIVE405

10

±10

±3MINUTE

DRIVE

MINUTEDRIVE

110

(±0.5-miles)

(±7-miles)

(±4-miles)

3521 W Washington

Blvd


ACCESSIBILITY



JLL | 23

1.1MMEDIAN SALES PRICE FOR

SINGLE-FAMILY HOMES

10.8%YEAR-OVER-YEAR INCREASE

SantaMonica Blvd

N San

Fe rnandoRd

N Figueroa

St

SLa

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neg

aB

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Col orado Blvd

L a urel Canyon

Bl vd

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Firestone Blvd

S W

este

rn A

ve

Lincoln Blvd

Whittier Blvd

Jeffe

rson

Bl

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E 7th St

E 4 th StE 6th St

I-105 W

I-10 Ex p ress Ln

N W

este

rn A

ve

Slauson AveE Slauson Ave

W Manchester Ave

CA-90 W

Los Feliz Blvd

C A-90 E

I-10 WI-10 E

Venice Blvd

Pacific Coast Hwy

Wilshire Blvd

W Slauson Ave

ST60

ST27

ST90

ST2

ST42

ST2

ST1

ST110

£¤101

§̈¦105

§̈¦5

§̈¦10

§̈¦405

Los Ange lesInt 'l A irport

Pacific Ocean

Los Angeles

I-11

0N

I-11

0S

I -10 W

CA-60 E

CA

-2N

CA-2

S

I-105 EI-105 W

CA-110 N

CA-11

0 SI-5 N

I -5S

US-101 S

US-101 N

I-10 E

I-405S

I-405N

EncinoReservoir

Griffith Park

TopangaState Park

MarinaMarinadel Reydel Rey

VernonVernon

Beverly HillsBeverly Hills

Culver CityCulver City

InglewoodInglewood

LennoxLennox

Santa MonicaSanta Monica

WestWestHollywoodHollywood

Playa VistaPlaya Vista BellBellHuntingtonHuntingtonParkPark

LynwoodLynwood

MaywoodMaywood

South GateSouth Gate

Walnut ParkWalnut Park

WestmontWestmont

Los AngelesLos Angeles

Los Angeles, CAMedian Household Income

Data contained herein was compiled from sources deemed to be reliable. Jones Lang LaSalle provides this data without warranty and claims no responsibility for errors and/or omissions. Performance and/or pricing data is provided as example only.

11/15/2019

Median HH Income by Block Group

Over $100,000

$80,001 - $100,000

$65,001 - $80,000

$50,001 - $65,000

$40,001 - $50,000

$30,000 - $40,000

Under $30,000


M EDIAN HOUSE HOLD INCOME

ARLINGTON HEIGHTSNEIGHBORING DEMOGRAPHICS


LAST-MILE DELIVERY

A “cloud kitchen” is a takeaway outlet that provides no dine-in facility. It functions as a production unit with a space for the preparation of food. The food can be ordered online for delivery to your home.

30-MINUTE DRIVE TIME RADIUS


JLL | 25

Contact information

Tracey GooDirector+1 310 407 [email protected] #0181190

Jessica BaramAnalyst+1 310 818 [email protected] #02093097

Matthew StewartDirector+1 310 407 [email protected] #01956812

INVESTMENT ADVISORS

DEBT & EQUITY ADVISOR

us.jll.com/capitalmarkets

10250 Constellation Boulevard Suite 1000 Los Angeles, California 90067

310.407.2100

Jones Lang LaSalle Americas, Inc. or its state-licensed affiliate (“JLL”) has been engaged by the owner of the property to market it for

sale. Information concerning the property described herein has been obtained from sources other than JLL, and neither Owner nor JLL,

nor their respective equity holders, officers, directors, employees and agents makes any representations or warranties, express or implied, as to

the accuracy or completeness of such information. Any and all reference to age, square footage, income, expenses and any other property specific

information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may

be based on assumptions or due diligence criteria different from that used by a purchaser. JLL and owner disclaim any liability that may be based upon or

related to the information contained herein. Prospective purchasers should conduct their own independent investigation and rely on those results. The information

contained herein is subject to change. The Property may be withdrawn without notice. If the recipient of this information has signed a confidentiality agreement

regarding this matter, this information is subject to the terms of that agreement. ©2019. Jones Lang LaSalle IP, Inc. All rights reserved.


1-10 Freeway (285,443 VPD)

1-10 Freeway (285,443 VPD)

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3521 w washington blvd - loopnet · 3521 w washington blvd 2 3 4 1 availble properties 1 2037...

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