historic development opportunity · historic development opportunity jonathan prakash executive...

5940 Mariposa Road, Hesperia, CA 92344Offering Price: Price Not Disclosed www.5940MariposaRd.com

HISTORIC DEVELOPMENT OPPORTUNITY

Jonathan PrakashExecutive Managing Director, Partner310.301.2351 | [email protected]

CalBRE: #01483131

Derrick VartanianExecutive Managing Director, Partner

310.301.2353 | [email protected]: #01816119

In Association with KW Commercial

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5940 MARIPOSA ROAD, HESPERIA, CA 92344 2

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MVP COMMERCIAL 3

TABLE OF CONTENTS

1. EXECUTIVE SUMMARY

THE OFFERING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

INVESTMENT HIGHLIGHTS / LOCATION HIGHLIGHTS . . . . . . . 7

PLAT MAP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

GENERAL PLAN LAND USE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

SUMMIT INN HISTORY / CAJON PASS . . . . . . . . . . . . . . . . . . . 10

ROUTE 66 HISTORY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

2. ARTICLES

BUSINESS IS BOOMING: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

QUITE SIMPLY HESPERIA, CA WORKS FOR BUSINESS . . . . 13

3. THE LOCATION OVERVIEW

CITY OF HESPERIA / GEOGRAPHY . . . . . . . . . . . . . . . . . . . . . . . 14

POPULATION / INCOME / EHNICITY / TOP 10 TEMPLOYERS . . . . . 15

OFFERING MEMORANDUM

DEVELOPMENT OPPORTUNITY5940 MARIPOSA ROAD, HESPERIA, CA 92344


MVP COMMERCIAL 5

5940 MARIPOSA ROAD, HESPERIA, CA 92344

SUBJECT PROPERTY


EXECUTIVE SUMMARY

MVP Commercial Investment Real Estate is pleased to present 5940-5960 Mariposa Road, a 3.07 acre vacant lot which was once home to The Historic

Summit Inn, a diner which opened in 1952 on the original Route 66. The two parcels are situated on the summit of the Cajon Pass off the Oak Hills

exit on the lively I-15 Freeway, and have APNs: 0357-065-03 and 0357-065-04. The Summit Inn, a historic landmark on Route 66, hosted countless

travelers for over 60 years until it was tragically destroyed in the Blue Cut Wildfire of August 2016. A new buyer or developer would have several

acquisition options for this landmark site. An investor can utilize the subject property through a ground lease, joint venture with the current owner,

or an outright fee-simple sale. There is also a possibility of a division of the APNs in order to maximize the subject property’s value. (Buyer to verify

and perform own due diligence.)

Since it’s opening in the early 1950’s, the iconic Route 66 diner was a popular roadside stop for thousands of people on their drive from Los Angeles

to Las Vegas. Over it’s six decades, the Summit Inn built a loyal following of customers. Celebrities such as Elvis Presley, Pierce Brosnan, and Clint Eastwood

were among the many to make the stop along Route 66 and established The Inn as a staple of American car culture and love for the open road.

A new investor will surely benefit from the prime location of the parcels. The subject property has approximately 475 feet of highway frontage at the

peak of the prominent Cajon Pass and is traversed by over 120,000 cars daily. In addition to the existing traffic surrounding this location, an increasing

amount of commercial and residential developments are either under construction or in the planning phase on both sides of the I-15 in the surrounding

area. The property is in a prime stopover location and allows for a myriad of development opportunities.

The nearby city of Hesperia has grown by about 43.9% in the years between 2000 and 2010 resulting in an increased demand for real estate developments

as well as other stopover locations to accommodate for the travelers to and from Los Angeles. Located adjacent to a Chevron gas station and a towing

service, the subject lot is zoned RC for “Regional Commercial” in the city of Hesperia.

THE OFFERINGSUBJECT PROPERTY :5940 Mariposa Road, Hesperia, CA 92344

1 Los Angeles Times - http://www.latimes.com/local/california/la-me-updates-wildfire-season-summit-inn-a-popular-roadside-diner-1471410149-htmlstory.html

2 2015 Traffic Volumes on California State Highways - http://www.dot.ca.gov/trafficops/census/docs/2015_aadt_volumes.pdf

3 http://www.cityofhesperia.us/150/Demographics-Facts

PRICE: Price is Not Disclosed / LOT SIZE: 3.07 Acres / ZONING: RC

MVP COMMERCIAL 7

EXECUTIVE SUMMARY

LOCATION HIGHLIGHTS

• Traffic Count: Over 120,000 Cars per Day

• Along the Iconic Route 66

• Prime Location on the I-15.

• Close Proximity to new Commercial and Residential

Developments

INVESTMENT HIGHLIGHTS

• 3.07 Acre Lot for Development, Ground Lease,

Fee-Simple Sale, or JV on Historic Landmark

• High Demand for Roadside Stops

• Possibility of Rebuilding the Summit Inn

• Over 475 Feet of Frontage on the I-15


PLAT MAP5940 MARIPOSA ROAD, HESPERIA, CA 92344

MVP COMMERCIAL 9

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3 63 63 53 53 43 43 33 33 23 23 13 1

1122445566

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1 21 211111 01 09988771 21 2

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DISCLAIMER:This map is a public resource of general information. The feature dataprovided on this map represents the most accurate zoning and parcelinformation available at the most recent date of revision. In the eventof a conflict between information on this map and adopted CityResolutions or Ordinances, the City’s Resolutions or Ordinances shallgovern.

GENERAL PLAN LAND USE41"=2000'

Effective Date: August 15, 2017

£¤

395NOTE:du/ac = Dwelling Units per gross acre

IndustrialI1 - Limited Manufacturing (0.0 - 1.0 FAR)I2 - General Manufacturing (0.0 - 1.0 FAR)

ResidentialR1-18000 (2.1 - 2.4 du/ac)R1 (2.5 - 4.5 du/ac)R1-4500 (4.6 - 8.0 du/ac)R3 (8.1 - 15.0 du/ac)

General PlanAgricultural

A2 (0.0 - 0.2 du/ac)A1-2 1/2 (0.21 - 0.4 du/ac)A1 (0.41 - 1.0 du/ac)

NOTE:FAR = Floor Area Ratio (gross building square footage / acre)

OtherAirport UseRec-Com - Recreational Commercial

TC - Transportation CorridorAQ - Aqueduct

RC - Resource Conservation/Oak Hills Community PlanRRC - Railroad Corridor

UC - Utility CorridorOverlay

FP - 100-Year Flood Plain Overlay

AAT - Airport Approach and Transistional ZoneAS - Airport Safety Zone

Dam Innundation

OS / D - Open Space Drainage

AN - Airport Notice Area - 2-Mile Radius

Rural ResidentialRR-2 1/2 (0.0 - 0.4 du/ac)

RR-1 (0.41 - 1.0 du/ac)RR-20000 (1.1 - 2.0 du/ac)

RR (SD) (0.0 - 0.4 du/ac)

PublicP-SCHOOL - Public School (0.0 - 1.0 FAR)P-GOVT - Government Facility (0.0 - 1.0 FAR)P-PARK/REC - Park & Recreation (0.0 - 1.0 FAR)

City Boundary

Sphere of InfluenceOak Hills Community Plan

Specific Plans

SP-91-003 - Summit Valley Ranch Specific PlanSP-2013-01 Tapestry Specific Plan

MSFC-SP - Main Street / Freeway Corridor Specific Plan

Potential ParkWash Protection OverlayASC - Auto Sales CommercialCIBP - Com/Ind Business ParkGI - General IndustrialHDR - High Density ResidentialLDR - Low Density ResidentialMDR - Medium Density ResidentialMU - Mixed UseNC - Neighborhood CommercialOC - Office CommercialOP - Office ParkPC - Pedestrian CommercialPIO - Public/Institutional OverlayRC - Regional CommercialRER - Rural Estate ResidentialVLR - Very Low Density Residential

C2 - General Commericial (0.0 - 1.0 FAR)C3 - Service Commercial (0.0 - 0.5 FAR)

CommercialC1 - Convenience Commercial (0.0 - 0.5 FAR)

PPD- Planned Development

File:R:\ALL_GIS_COH\COH\Planning\Hesperia_Zoning\MXDs\GPZoning.mxd

Name: jjung

SP-89-01 Rancho Las Flores Specific Plan


EXECUTIVE SUMMARY

SUMMIT INN HISTORY4

Originally founded in 1928, The Summit Inn took its name from its original location between the east and westbound lanes of Route 66. The Mariposa

Road location was in operation since 1952 and embodied a glimpse of road tripping in the 1950s. The Summit Inn became an iconic stop along the

famous Route 66 serving travelers and giving them a place for their cars to cool as they journey through the Cajon Pass going to or from California.

Among the thousands of travelers to stop at the Summit Inn, there have been a number of celebrities including Elvis Presley, Clint Eastwood, and

Pierce Brosnan. Elvis Presley is known to have kicked the jukebox at the Summit Inn and jokingly remark that he better see one of his records in

there the next time around.

Since 1966, ownership of The Inn had not changed hands for 50 years until the property was sold in 2016. Unfortunately, mere weeks after the sale,

The Summit Inn was one of more than 300 structures destroyed in the Blue Cut Wildfire. Upon the news of the fire, fans of The Inn emotionally came

together to put on a car show benefiting the reconstruction of the iconic diner.

4 adg lighting, BackRoadsWest Trips Blog, www.pe.com, CNN

CAJON PASSThe Cajon Pass is most renowned as the only significant automotive channel through the San Gabriel and San Bernardino Mountains. The first road for

automobiles was established in 1914, later designated US Route 66 in 1926. Today, the pass serves as the main route from Los Angeles to Las Vegas and

is traversed daily by thousands. In 2016, the average daily auto traffic count on the I-15 at the California-Nevada border was about 45,000 vehicles per

day , many of these vehicles traveling over the Cajon pass to get to their destination.

MVP COMMERCIAL 11

EXECUTIVE SUMMARY

ROUTE 66 HISTORY5

Established in 1926, Route 66, also known as the “Main Street of America” or the “Mother Road,” is one of the most iconic thoroughfares in the world

connecting Chicago to Los Angeles and serving as a major path for those migrating west, including those affected by the Dust Bowl and

Great Depression of the 1930s. Along the way, Route 66 passed through eight different states- Illinois, Missouri, Kansas, Oklahoma, Texas, New Mexico,

Arizona, and finally California. Route 66 illustrated the evolution of the American road from unpaved dirt to superhighway and embodied the American

love for the open road. Providing both an economic and social link between the West and Midwest, Route 66 offered a way for millions to relocate and

change their lives and assisted in transforming the west from a frontier to what it is today. By the 1950’s, the average American family owned a car, allowing

for more road trips and ultimately connecting the many parts of America together. Numerous historic businesses such as The Summit Inn opened up

along Route 66, providing tired travelers with a place to eat and sleep.

When President Dwight Eisenhower signed the Interstate Highway Act of 1956, the prominence of Route 66 began to decline. As a direct result of the act,

Route 66 was either bypassed or replaced with a wider interstate on top of it, such as the I-15 over the Cajon Pass. Although much of the original Route

66 has been replaced, Americans still share the same passion for the open road today as they did back in 1952 when The Summit Inn opened it’s doors.


Business is booming: Hesperia flooded with housing, commercial development projectsBy Rene Ray De La Cruz / Staff Writer / Posted Jul 10, 2017 at 9:13 AM / Updated Jul 10, 2017 at 1:33 PM

HESPERIA - City officials shared several development highlights that will keep staff of the “Gateway City of the High Desert” busy for years. In a City Hall conference

room Wednesday, analyst Lisa LaMere and director Rod Yahnke with Hesperia’s Economic Development Department shared several housing and commercial projects

currently in the works. According to Yahnke, the ALDI supermarket, Les Schwab Tire Center and Wendy’s, located on Main Street across from the Hesperia Marketplace

Shopping Center, will be completed this year. “Every since ALDI’s broke ground, there has been a lot of people asking questions,” Yahnke said. “We’ve heard wonderful

things about ALDI’s and were excited they’re coming to Hesperia.” The Marketplace Shopping Center, which is the home to the Walmart Supercenter, has attracted

Pieology Pizzeria, The Habit Burger Grill, Yogurtland, Panda Express. MetroPCS, Hesperia Speedwash and Petco over the last two years. “We have been proactive in not

only drawing businesses to Hesperia, but also helping those businesses to succeed way beyond the permitting stage,” LaMere said. “Working for and with businesses is

part of the ‘Hesperia works for business’ theme.”

Infrastructure improvements garnering attention

LaMere told the Daily Press that the completion of the Ranchero Road Interchange project has prompted many inquiries from developers, brokers and industry leaders.

“Some of these projects are under development, entitled or going into negotiation,” Yahnke said. “On the northwest corner of the interchange, we have a project that

includes a hotel, a 10,000-square-foot convention center, a restaurant and some retail.” Yahnke said the construction of a gas station has begun on the northwest corner

of the interchange, with a restaurant possibly being built on the parcel The widening of Ranchero Road, from two to four lanes between Kern and Topaz avenues, will begin

soon and should be completed by mid-August. In addition to the widening project, the city will install traffic signals at several intersections along Ranchero Road. The first

signals will be installed at Maple, Seventh and Cottonwood avenues, with additional signals installed at Oxford, Farmdale and Danbury avenues, located east of Summit

Valley Road. There are no confirmed dates for installation.

Businesses flocking to Hesperia

A developer is currently searching for industrial and traditional business tenants for Covington Capital’s 3.5-million-square foot Hesperia Commerce Center project, which

is located west of the I-15 and north of the interchange, LaMere said. “They are completely open to any kind of real estate transactions or construction,” Yahnke said.

“The Covington site is on 225 acres and it’s basically a build to suit situation.” The center will consist of a 13-parcel industrial park on 232 gross acres, with 34 industrial

warehouse and office buildings, warehousing and wholesale distribution facilities, commercial storage facilities, health and fitness clubs, restaurants, vehicle repair, medical

services and schools, the Daily Press previously reported. Mag Bay Yachts will relocate from its Adelanto location to a new facility near Joshua Street and Caliente Road,

just north of the Covington site. The project will include the construction of three metal buildings totaling nearly 81,000 square feet on 20.3 acres.

Source: http://www.vvdailypress.com/news/20170710/business-is-booming-hesperia-flooded-with-housing-commercial-development-projects

ARTICLE

MVP COMMERCIAL 13

Quite Simply Hesperia, CA Works For BusinessHesperia has it all: a strategic location with great access to markets and a growing community

that offers a low cost of living and a low cost of doing business.

March 27, 2017 / By the BF Staff / From the January/February 2017 Issue

Hesperia, located in a superior Southern California region outside the South Coast Air Quality

Management District, but only 90 miles from Los Angeles, makes an ideal location for any

industrial, distribution, and manufacturing operations.

Incorporated 25 years ago, Hesperia has, especially over the past decade, built a strong

economic foundation supported by a young and growing population, good access to markets,

a strategic location, along with relatively low living and operating costs. Hesperia is a thriving

community of 102,123residents projected to reach a population of 113,151 by the year 2020.

Hesperia is positioned as the gateway to the Inland Empire’s High Desert region with a

population in excess of 431,000.

Encompassing over 111 square miles, Hesperia’s sphere of influence extends to hundreds of

industrial/commercially-zoned acres along the desirable north-south frontage of Interstate 15.

Sited along Interstate 15 and U.S. Highway 395, Hesperia combines access to air, ground, and

rail transportation for fastest-to-market delivery, and offers exceptional time and cost

advantages to companies requiring logistics benefits.

Interstate 15 and Highway 395 provide an economic lifeline for goods movement between the

major shipping ports and population hubs of southern California and various communities

throughout the southwestern and western regions of the United States. From a location in

Hesperia, nine Western states can be reached by truck in 16 hours. Interstate 15 is a leading

transcontinental north-south highway in the western United States that extends more than

1,470 miles through six states, connecting with the nation’s three transcontinental east-west

highways: Interstates 10, 80, and 90. Logistics and manufacturing companies will benefit from

Hesperia’s proximity to the ports in Los Angeles and Long Beach, less than 100 miles distant, as

well as air service from Ontario International Airport and Southern California Logistics Airport.

Hesperia’s industrial strength

The City has long understood the need to attract more businesses to provide its large labor

force with better paying jobs and to help improve and balance the quality of life in Hesperia.

This goal is achieved, in part, with an infrastructure investment in the industrial core of Hesperia,

ARTICLE

in particular to support the development of the city-owned properties adjacent to the G Avenue

Rail Lead Track. A $2M grant from the U.S. Department of Commerce Economic Development

Administration augmented construction funding for the $8.1 million track, runaround, service

road and drainage channel, which were completed in 2012. Hesperia’s nearly one-mile long

track is served by BNSF Railway, which reaches markets at every compass point of the United

States.

For those companies requiring large scale facilities and proximity to transportation corridors

such as Interstate 15 and US Highway 395, Hesperia offers what is becoming a rarity in the Los

Angeles Basin and Inland Empire valleys of Southern California—two strategically located 200+

acre sites, each controlled by a single entity, as well as 80+ acres of rail-accessible city-owned

land. All of these properties are adjacent to or in close proximity to major transportation

corridors.

The 232-acre Hesperia Commerce Center is a five-phased, entitled project which at build-out

could consist of up to 3.5 million square feet. Comprised of up to 34 buildings of industrial

warehouse and office space, the future logistics development is located on the west side of the

I-15, just north of the new Ranchero Road Interchange at I-15.

Five parcels, all under a single ownership, encompass 225+/- acres zoned as Commercial/

Industrial Business Park. The approximate aggregate dimension is 3,988’ x 2,585’, plus a flag lot

connecting the site to U.S. Highway 395, which ultimately joins with Interstate 15 to the south.

However, just over a mile to the east of this site on Phelan Road/Main Street, I-15 is also fully

accessible to exiting and entering truck traffic.

With its strong Interstate highway network, large parcels and prime rail-accessible land,

Hesperia can forge a strong link in any supply chain. Goods movement has never been easier or

more cost effective-than in the City of Hesperia. The city is staffed with pro-development

professionals who make it their business to cut through red tape. Wielding a toolbox that

includes a huge selection of prime sites; a City Council committed to commerce; and incentive

and assistance resources, the Hesperia team will remain your strategic partner, making your

transition here expedient, affordable, productive and profitable.

Source:

https://businessfacilities.com/2017/03/quite-simply-hesperia-california-works-for-business/


LOCATION OVERVIEW

CITY OF HESPERIA

Hesperia has become known, not only for affordable

housing, but also for the pleasant desert climate, clean

air, beautiful scenery and sunsets and hometown essence

that Hesperia has to offer.

A variety of housing opportunities are available including:

• Custom-built villas overlooking Hesperia Lakes

• Modern, amenity-rich subdivisions

• Large-lot residential zoning (enjoy a rural lifestyle

with the benefits of City services)

• Our wonderful City is just minutes from the Cajon

Pass, providing a minimal commute time to the nearby

Ontario, San Bernardino and Riverside areas.

Hesperia’s growing population has prompted an increase

in business growth throughout the City, including the

High Desert Gateway Retail Center shops at Topaz and

Topaz Marketplace.

GEOGRAPHY

Hesperia is located at 3,191 feet (973 m) above sea level and is a

neighbor of Victorville, Oak Hills and Apple Valley. The Mojave

River flows northerly through the east side of the city, while the

California Aqueduct splits the city from north to south en route to

Silverwood Lake. According to the United States Census Bureau,

the city has a total area of 73.2 square miles (190 km2), with 73.1

square miles (189 km2) being land and 0.1 square miles (0.26 km2)

(0.15%) being water.

City of Hesperia 73.21 square miles

County of San Bernardino 20,105 square miles

Source: United States Census Bureau

Source: www.cityofhesperia.us/397/City-History

MVP COMMERCIAL 15

City of Hesperia: 93,724

County of San Bernadino: 2.03 Million

POPULATION (2016)

Source: 2016 Census Estimate Data

White 58.9% African-American: 5.7%

Hispanic or Latino: 52.9% American Indian/Others: 1.2%

Asian/Pacific Islander: 2.5%

ETHNICITY

Median Household Income $44,874

Per Capita Income $16,369

Source:

http://www.census.gov/quickfacts/fact/table/hesperiacitycalifornia/PST045216

INCOME

Source: http://www.cityofhesperia.us/DocumentCenter/View/4039

Hesperia Unified School District: 2,000

Stater Brothers Markets: 361

County of San Bernardino: 367

Super Target: 250

City of Hesperia: 210

Arizona Pipeline Company: 195

Hesperia Recreation & Park District: 166

Robar Ent/Hi Grade Material: 144

Double Eagle Transportation: 124

In-N-Out: 100

Source: City of Hesperia - Comprehensive Annual Financial Report 2010

TOP 10 EMPLOYERS IN HESPERIA

LOCATION OVERVIEW

MVP COMMERCIAL 17

CONFIDENTIAL DISCLAIMER

This Confidential Memorandum has been prepared by MVP Commercial Investment Real Estate (“MVP”) and is being furnished to you solely for the purpose of your review of the commercial property located at 5940 Mariposa Road, Hesperia, CA 92344. The material contained in this Offering Memorandum shall be used for the purposes of evaluating the Property for acquisition and shall not be used for any purpose or made available to any other person without the express written consent of MVP Commercial Investment Real Estate and KW Commercial (“Broker”).

By accepting the Confidential Memorandum, you acknowledge and agree that: (1) all of the information contained herein and any other information you will be receiving in connection with this transaction, whether oral, written or in any other form (collectively, the “Materials”), is confidential; (2) you will not reproduce the Confidential Memorandum in whole or in part; (3) if you do not wish to pursue this matter, you will return this Confidential Memorandum to MVP as soon as practicable together with all other materials relating to the Property which you may have received from MVP; and (4) any proposed actions by you which are inconsistent in any manner with the foregoing agreements will require the prior written consent of MVP.

This Confidential Memorandum has been prepared by MVP, based upon certain information pertaining to the Property and any information obtained from MVP to assist interested parties in making their own evaluation of the Property is offered on a no representation or warranty provision other than customary warranties of title and is sold on an “as-is, where-is” basis and with all faults. The material and transaction does not purport to be all inclusive. This Confidential Memorandum contains descriptive materials, financial information and other data compiled for the convenience of parties interested in the Property. The Materials are being delivered by MVP to prospective investors with the understanding that it is not all inclusive and that it is qualified in its entirety by independent investigation by prospective investors of those matters which they deem appropriate in evaluating this offering without reliance upon MVP, the Broker or any of their respective affiliates or any of the information set out in the Materials. Neither MVP or KW Commercial, the Broker, nor any of their respective affiliates have independently verified any of the information contained herein or in any of the Materials, and no representations or warranties as to the accuracy or completeness thereof or of any other kind whatsoever are made or intended and none should be inferred.

MVP, for itself and its affiliates of the Property, expressly disclaim any and all liability for statements or representations, express or implied, contained herein or for omissions from the Materials or for any other written, oral or other format of communication transmitted to a prospective investor in the course of its evaluation of the proposed transaction. All summaries and discussions of documentation and/or financial information contained herein are qualified in their entirety by reference to the actual documents and/or financial statements, which upon request may be made available. The terms and conditions described herein are subject to change without notice.

This Confidential Memorandum does not constitute an offer to accept any investment proposal but is merely a solicitation of interest with respect to the investment described herein. The Confidential Memorandum does not constitute an offer of security. The investment described herein may be financed or withdrawn from the market, without prior notice. By accepting this Confidential Memorandum, you agree to release MVP and hold it harmless from any kind of claim, expense, or liability arising out of your discovery or purchase of the Property. MVP reserves the right to request the return of the Materials at any time. Ownership of the Property reserves the right to negotiate with one or more prospective investors at any time.

Derrick VartanianExecutive Managing Director, Partner310.301.2353 | [email protected]: #01816119

Jonathan PrakashExecutive Managing Director, Partner310.301.2351 | [email protected]: #01483131

www.mvpcre.com


historic development opportunity · historic development opportunity jonathan prakash executive...

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