corporate id #01191898 11915-11937 · 11916 - 11937 wicks street, los angeles, ca about the tenant...

11915-11937WICKS STREETLOS ANGELES, CA 91352

BRETT WARNER, Principal818.933.0302 | [email protected] | efax 818.933.0402

BRE # 00825581

HUNTER WARNER, Principal818.933.0349 | [email protected] | efax 818.933.0449

BRE # 01982776

No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice.

NNN INDUSTRIAL / R&D INVESTMENTCORPORATE ID #01191898

NNN INDUSTRIAL / R&D INVESTMENT11916 - 11937 Wicks Street, Los Angeles, CA

INVESTMENT HIGHLIGHTS � Lease Term TBD

� NNN Lease - $630,000 Annual - 4.6% Cap

� Business Founded in 2006

� Significant Building Upgrades and Improvements

� Extremely Low Market Vacancy Rates (±2%)

INVESTMENT OFFERINGSale Price: $13,700,000

Cap Rate: 4.6%

Price PSF: $245

Lease Income: (NNN $630,000)

INVESTMENT SUMMARY

11916-11937 Wicks Street is owned and developed by Gerto LLC, operated Forgiato Wheels, a major supplier of custom wheels througout the world. The subjet property is strategically located in the East San Fernando Valley. Sun Valley contains approximately 20,000,000 square feet of industrial buildings with low vacancy rates around 2.5% with significant barriers of entry. The San Fernando Valley is a stable industrial market in North Los Angeles.


LEASE DETAILSTenant: Forgiato

Building Size: 55,735 SF*

Lease Type/Form: NNN. AIR Commercial Real Estate Association Standard Industrial/Commercial Single- Tenant Lease - Net

Lease Commencement Date: Close of Escrow

Lease Expiration Date: 5 Years

Base Rent (11/18): $52,500 per month

Rental Increases: Three Percent (3%) Annually

Options to Extend: Two (2) Options to Renew for five (5) years each. First option based on a fixed three percent (3%) increase. Second Option at Fair Market Value (FMV).

*Note: Upstairs office included in SF not permitted.


ABOUT THE TENANT

Forgiato, or Forgiato Designs, is an American company based in Los Angeles, California. The company was founded in 2006. It designs and builds luxury wheels for performance cars,

which are built in the United States. Forgiato Flow is intended for those who desire Forgiato’s design language and unsurpassed quality, yet require a more cost-effective entry point into the brand. Forgiato utilizes the latest technology in casting to deliver a one-piece wheel that is equal parts strong, light and attractive. Forgiato Flow wheels are available in staggered 20, 22 and 24-inch fitments and all come equipped with a flush, billet floating center cap. The company holds an annual festival, Forgiato Fest, to showcase their wheels. Celebrities such as Flo Rida and 2 Chainz have Forgiato Wheels.

BUILDING SPECIFICATIONS � Building Size: 55,735* Square Feet

� Office/R&D SF: 4,942 Square Feet

� Parcel Size: 109,863 SF (2.52 Acres)

� Zoning: LAM1

� Loading: (4) Ground Level / (1) Dock High

� Clear Height: 18-21 Feet

� Power: 2,000 Amps, 277-480 Volts, 3 Phase/4 Wire

� Parking: 85 Stalls

BUILDING HIGHLIGHTS � Heavy Power/Distribution

� Two Free-Standing Buildings

� Excellent Window Line & Natural Light

� Secured Fenced Yard

� Good Parking - 85 Stalls

� 18-21 Foot Clearance Heights

� Dock High Loading



Warehouse & Manufacturing: 50,781 SF

Office: 4,942 SF

NOT TO SCALE

SITE PLAN


Showroom Below

Wicks

To Warehouse

Office Office Office

Office

Office

Office Lounge

Kitchen

Bathroom

Bathroom

Storage Storage

Storage

Storage

Storage

Bath

10’

10’

16’

20’

16’

16’12’

20’

15’25’

36’

20’

13’ 13’ 6’

Entry

36’

Not to Scale

MEZZANINE FLOOR PLAN

Mezzanine: 4,942 SF


Wicks Street

Allegheny Street

Telfair Avenue

Wicks Street


AREA DESCRIPTIONSun Valley is a community in the Northeast San Fernando Valley of Los Angeles. It is bordered by Pacoima to the north; North Hollywood to the south; Panorama City to the west and Sunland-Tujunga to the east.

The community’s central location provides easy access to the Golden State (5) Freeway connecting with the Hollywood Freeway (SR 170) and the Ronald Reagan (SR118). Metrolink also operates a station in Sun Valley connecting commuters to downtown Los Angeles and the Antelope Valley to the north. The Metro and Federal Transit Administration are also conducting a feasibility study to install a major mass transit project that would run 9.2 miles from Van Nuys Boulevard in Van Nuys to the Sylmar/San Fernando Metrolink Station.

Along with the whole of the Northeast Valley, Sun Valley has its roots in the aerospace industry dating back to World War II. With its

central location to major freeways connecting throughout the state of California, manufacturing continues to be a dominant industry sector with employers such as aerospace company Pacific Sky Supply and Hawker Pacific Aerospace. But Sun Valley has since developed a more diversified economy that includes chemicals maker PMC Global and Mission Valley Bancorp and Pacifica Hospital of the Valley, to name a few. Sun Valley is also home to several below-the-line entertainment companies who favor its close location to the Burbank movie studios and reasonable rental rates.

As a result, Sun Valley has an exceptionally low industrial vacancy rate of 1.2 percent as of the second quarter of 2018.

The community’s population of 81,788 residents also provides an ample workforce for companies based here. Residents in Sun Valley tend to be young families earning a median household income of $51,290.



NORTHEAST SAN FERNANDO VALLEY

The Northeast San Fernando Valley occupies a large swath of land that stretches from Sunland Tujunga on the east to Panorama City to the west, Sylmar to the north and North Hollywood to the South. The region also includes the communities of Pacoima,

Arleta, Hansen Dam, Lakeview Terrace and the city of San Fernando.

The area’s economy developed during World War II when Lockheed established operations here for the manufacture of such iconic planes as the P-38. Aerospace and defense contractors followed, occupying the many industrial facilities throughout the region for the proximity offered to their largest client. By the 1980s, with the decline of L.A.’s aerospace industry, the economy began to shift. Although some defense and aerospace manufacturers remain, the area’s economy has diversified and now includes a variety of manufacturing companies, along with biomed, construction, pharmaceutical and healthcare.

Among the largest employers are:

• Abbott, Sylmar

• Hawker Pacific Aerospace, Sun Valley

• Superior Thread Rolling Company, Arleta

• Esterline Technologies Corp, Sylmar

• Second Sight Medical Products, Sylmar

• Tutor Perini Corporation, Sylmar

• Bernard’s Construction, San Fernando

• Kaiser Permanente Medical Center, Panorama City

• Flamemaster Corp., Pacoima

The population of the region numbers a half-million residents, accounting for one-quarter of the San Fernando Valley, which itself is the fifth largest metropolitan area in the U.S.

The many communities in the region range from working class Panorama City with a median household income of $44,468 to affluent Mission Hills with a median household income of $75,675.

Developers have recently turned their attention to the Northeast Valley and a number of commercial and residential projects are underway or in planning. Among the largest is the Icon at Panorama City, a $150 million mixed use development on the site of a long-shuttered Montgomery Ward. The project, which spans 8.9 acres, would include 422 apartment units, 200,000 square feet of commercial space and parking for 1,690 vehicles.

Nearby, Primestor Development has plans to expand and renovate the Panorama Mall with 130,000 square feet of shops and restaurants, a 2,000-seat theater, a hotel and landscaped plazas and open spaces.

Also in Panorama City, developer Izek Shomof has proposed a renovation of a 13-story office building that has been vacant since 1994. He plans to incorporate housing and retail in the

tower along with an outdoor mall.

To the south, Merlone Geier Partners and GPI Companies are underway with a mixed use project on the 25-acre site that was formerly Laurel Plaza in North Hollywood. The project, with an anticipated completion date in 2019, will include 642 apartment units, 60 restaurant and shopping options, a grocery, a gym and a movie theater.



NORTHEAST SAN FERNANDO VALLEY CONT’D

Several affordable housing projects are also underway, and last year, Meta Housing Corporation completed Sylmar Court, a mixed use project that includes 101 subsidized apartments with 3,500 square feet of

ground floor commercial space.

Industrial space is very limited throughout the San Fernando Valley, but especially so in the Northeast Valley where the vacancy rate averaged 1 percent in the second quarter of 2018, less than half of the 2.4 percent industrial vacancy rate for all of the San Fernando Valley.



Lee & Associates® - LA North/Ventura, Inc.Corporate ID #01191898A Member of the Lee & Associates Group of Companies26050 Mureau Road, Suite 101Calabasas, CA 91302818.223.4388 | 818.591.1450www.lee-associates.com

CONTACT:

Brett [email protected] # 00825581

Hunter [email protected] # 01982776

corporate id #01191898 11915-11937 · 11916 - 11937 wicks street, los angeles, ca about the tenant...

Documents