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A TROPHY MIXED USE RETAIL/OFFICE OPPORTUNITY ALONG PACIFIC COAST HIGHWAY Deal secured by Holliday GP Corp. prior to being acquired by JLL on July 1, 2019. Brokerage services now provided by Jonas Lang LaSalle Americas, Inc. (“JLL”), a licensed real estate broker. CA Real Estate License No. 01223413 NEWPORT BEACH | CALIFORNIA

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Page 1: NEWPORT BEACH | CALIFORNIAimages1.loopnet.com/d2/YdkTg9...Newport Beach is one of the most affluent communities in Southern California with average household incomes exceeding $150,142

A TROPHY MIXED USE RETAIL/OFFICE OPPORTUNITY ALONG PACIFIC COAST HIGHWAY

Deal secured by Holliday GP Corp. prior to being acquired by JLL on July 1, 2019. Brokerage services now provided by Jonas Lang LaSalle Americas, Inc. (“JLL”), a licensed real estate broker. CA Real Estate License No. 01223413

NEWPORT BEACH | CAL I FORNIA

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JLL as an exclusive advisor is pleased to present the opportunity

to acquire Khoshbin’s Landing (the “Property”) a 32,715

SF mixed-use waterfront property located on Pacific Coast

Highway in Newport Beach, California. The Property’s 100%

occupancy provides potential investors the rare opportunity to

acquire a trophy mixed-use center with strong in-place cash

flow. Khoshbin’s Landing offers high-end food & beverage

users, office space, and boat slips within a highly sought after

coastal submarket.

PROPERTY SUMMARY

ADDRESS:2751-2801 West Coast Highway

Newport Beach, CA 92663

RENTABLE BUILDING AREA: 32,715

PERCENT LEASED: 100%

YEAR BUILT / RENOVATED: 1968 / 2018

ACRES: 1.37

YEAR 1 NOI: $2,297,321

PARKING: 98 Spaces (3.00: 1,000 SF)

THE OFFERING

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PROPERTY BREAKDOWN

ADDRESS TYPE AREA OCCUPANCY MAJOR TENANTS/COMMENTS

2751 West Coast Highway Office / Retail 6,933 SF 100% Billy's at the Beach

2801 West Coast Highway Office / Retail 25,782 SF 100%Louie’s by the Bay, Cubano Room,

Crows Nest, Hoag Hospital

Marina Boat Slips 21 Slips 95%

+/-18,000 ft of dock & water space

accommodating 21 boat slips

accommodating vessels up to 80 feet

2620 Avon Street Parking Lot 7,206 SF N/A off-site parking/redevelopment site

Khoshbin's Landing -Revenue Breakdown

Retail

Office

Marina

Parking

Other

BOAT SLIP INCOME

PARKING INCOME

OTHER INCOME

RETAIL INCOMEOFFICE INCOME

13%

35%

9%

13%

30%

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GENERATIONAL OPPORTUNITY TO OWN A CORE COASTAL ASSET

Khoshbin’s Landing is located on a premier bay front location along Pacific Coast Highway

within Mariner’s Mile. With investment properties rarely trading in Newport Beach, this presents

a unique opportunity to acquire a core mixed use-asset in one of the most desirable cities in

the country.

ATTRACTIVE IN-PLACE CASH FLOW

Khoshbin’s Landing is currently 100% leased and has maintained an occupancy of 90% or better

over the last 5 years, offering potential investors a predictable and reliable income stream.

Additionally, the opportunity includes 21 boat slips which attribute to about 15% of the total

income at the Property.

EXCEPTIONAL RESTAURANT GENERATING STRONG SALES

The Property features two of the most prominent restaurants and sales generators in Newport

Beach, Billy’s at the Beach and Louie’s by the Bay, making Khoshbin’s Landing one of the most

frequently visited properties in Newport Beach for both local residents and tourists.

“Best Mai Thai in Newport Beach”– Yelp, June 2019

“It’s all about the Mai Tais here. If you’re going to have a cocktail overlooking the water while watching the watercraft float by, then this is a good spot to do it. With a Mai Tai in hand. Perhaps multiple Mai Tais. They are that good here!”

$3.7M in Recent Renovations

“Place was packed and rightfully so, the food, view and ambiance is all good. Completely redone to the 9’s. Love it !”

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LOCATED WITHIN MARINER’S MILE

Mariner’s Mile is home to some of the most notable retail names in Newport Beach such

as, A Restaurant, Sterling BMW, McLaren Newport Beach, Maserati Newport Beach, and

Ferrari of Newport Beach. Furthermore, Mariner’s Mile is going to continue to be enhanced

as ±100 apartment units, ±120,000 SF of office and retail space, and ±15 high-end residential

condos have been proposed in addition to ±35,000 SF of office and retail space currently

undergoing construction.

HIGHLY VISIBLE LOCATION WITH EXCELLENT ACCESSIBILITY

Khoshbin’s Landing is located along one of the most prominent and well-traveled regions

in the county, Pacific Coast Highway, with traffic counts exceeding 42,000 vehicles day.

The Property also has a rare signalized straight from Riverside Avenue, making Khoshbin’s

Landing the most accessible waterfront location in Newport Beach.

STRONG TOURISM DRAW

Khoshbin’s Landing benefits from not only the local population, but also the ±7 million

people that visit Newport Beach annually.

SIGNIFICANT PROPERTY RENOVATIONS

The Property has been immaculately maintained, incorporating ±$4.7M in capital

improvements since 2015, significantly reducing costs for future investors.

DELIVERED FREE AND CLEAR

The Property will be delivered free and clear of any existing financing allowing investors to

take advantage of the low interest rate environment and optimize their leverage level.

HIGHLY AFFLUENT TRADE AREA

Newport Beach is one of the most affluent communities in Southern California with average

household incomes exceeding $150,142 within a 1-mile radius and average housing values

in excess of $1,851,903.

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D E M O G R A P H I C S

1-MILE 3-MILE 5-MILE

AVERAGE HOUSEHOLD INCOME $150,142 $136,735 $145,641

TOTAL POPULATION 2019 EST. 22,353 116,478 242,830

TOTAL POPULATION 2024 PROJ. 23,321 120,582 251,686

PROJECTED POPULATION GROWTH 4.33% 3.52% 3.65%

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Sterling BMW

Costa Mesa

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PACIFIC COAST HIGHWAY (36,000 VPD)

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Newport Heights

Irvine Business District

Parking Lot Part of Khoshbin’s

Landing Acquistion

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LOUIE’S

OFFICE

OFFICE

BILLY’SOFFICE

STACKING PLAN

2801 PACIFIC COAST HWY

2751

PACIFIC COAST HWY

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7,901 SF

10,072 SF

3,414 SF

3,519 SF

7,809 SF

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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

Jones Lang LaSalle Americas, Inc. or its state-licensed affiliate (“JLL”) has been engaged by the owner of the property [properties] to market it [them] for sale. Information concerning the property [properties] 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, and JLL, its officers, directors, employees and agents 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.

jll.com

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INVESTMENT ADVISORS

DANIEL TYNER(949) 798-4125

[email protected] Lic # 01959818

GLEB LVOVICH(949) 798-4115

[email protected] Lic # 01496699

FINANCING ADVISORS

BRIAN TORP(949) 798-4118

[email protected] Lic # 01886645

JOHN MARSHALL(949) 798-4132

[email protected] Lic. # 02022107

ANALYST

CONOR QUINN(949) 527-4993

[email protected] Lic #02073016