residential development site close to downtown los angeles ...€¦ · broadview christian science...

Residential Development SiteClose to Downtown Los Angeles, Pasadena & Glendale±11.69 Acre Site (±4 Acres are Flat)

Montecito Heights

±9 MINUTES FROM SUBJECT SITEDowntown Los Angeles

Mt. Washington

Dodger Stadium

BIDS DUE: FRIDAY, SEPTEMBER 15, 2017 BY 5PM

LOS ANGELES, CA

G R I F F I N A V E N U Ew w w.G r i f f i n - Ave.c o m

G R I F F I N A V E N U E

Executive Summary

Property Overview

Area Overview

Sales Comparables

C O N T E N T S

L a u r i e L u s t i g - B o w e r

Executive Vice President Lic. 00979360 +1 310 550 2556 [email protected]

K a d i e P r e s l e y W i l s o n

Senior Sales Director Lic. 01476551 +1 310 550 2575 [email protected]

06101420

www.Griffin-Ave.com


3

Subject site to...

Downtown Los Angeles ± 10 minutes ± 4 miles

Pasadena ± 12 minutes ± 6 miles

Glendale ± 15 minutes ± 6 miles

Hollywood ± 20 minutes ± 9 miles

SITE

Hollywood

Griffin Avenue

Silver Lake

Atwater Village

Mt. Washington

Los Feliz

Burbank

Glendale

Dodger Stadium

Montecito Heights

SITE

E X E C U T I V E S U M M A R Y

CBRE is pleased to present for sale 4570 Griffin Avenue, an ±11.69 acre site consisting of approximately 4 acres of flat land. Just over three miles north of Downtown Los Angeles and approximately four miles south of Pasadena, the site is nestled near the base of the Ernest E. Debs Regional Park, a 300 acre open space nature reserve and regional park full of scenic hiking trails. Zoned [Q]R1-1D, the site lends itself to a single family home community.

E X E C U T I V E S U M M A R Y

Broadview Christian Science Nursing Facility has owned the property since 1946. Broadview is a non-medical facility offering inpatient and outpatient healing through the Christian Science nursing ministry. The nursing facility is comprised of 39 rooms in a ± 22,234 square foot building. It offers a serene environment for visitors to rest and study. Services include meal preparation, and guest activities. No medical services are provided.

Broadview is looking to either relocate to a new, smaller facility, or they can pare down the space they are currently using at the Subject Site and occupy up to one acre of the land, while the rest is redeveloped by the buyer. The chart on the following page reflects some offer structures that Broadview would be willing to consider.

In a move toward renewable, clean energy, one hillside on the Subject Site has been improved with 1,441 solar panels which generate solar electricity for the current ±22,000 SF building. Broadview receives a credit from the Department of Water and Power during periods when the panels produce an excess of electricity. The excess electricity goes into a grid for others to use, and the credit is available for Broadview’s use during cloudy days, when the system is not generating as much electricity. The panels have been in operation since October of 2011 and are under a 20 year lease with Solar Max. The lease can be bought out for approximately $25,000 anytime after October 2017.

Broadview would be interested in leasing back the existing building for a period of one to two years while a developer is obtaining approvals for the project. Leaseback terms to be determined.

P r i c e : U N P R I C E DB i d s D u e : F r i d a y , S e p t e m b e r 1 5 , 2 0 1 7 b y 5 p m .

SITE

E x E C U t I V E S U m m A R y / 7


Subject Property

P O S S I B L E O F F E R S T R U C T U R E S

1 Sell all ± 11.69 acres of land.

2 Sell all but ± 0.75 to ± 1 acre of land. Seller to retain the ± 0.75 to ± 1 acre of land to continue its current use on the property.

The developer to propose building the seller a new facility of approximately 10,000 SF (exterior could match the developer’s project) on ± 0.75 to ± 1 acre of land.

3 Sell all but ± 0.75 to ± 1 acre of land. Seller to retain the ± 0.75 to ± 1 acre of land to continue its current use on the property.

The seller builds its own facility, independent of the developer, on the ± 0.75 acre to ± 1 acre of land.

4 Seller is flexible and is willing to consider other offer structures.

8 / E x E C U t I V E S U m m A R y


Pasadena±7 MINUTES FROM SUBJECT SITE

Glendale±11 MINUTES FROM SUBJECT SITE

Mount Washington

Griffin Avenue

Montecito Drive

Montecito Heights

SITE

P R O P E R T Y O V E R V I E W

T H E P R O P E R T Y

Plat map

4570 Griffin Avenue Los Angeles, CA 90031

ADDRESS

5303-024-003

APN

Existing Non-Medical Nursing Home

± 22,234 SF Building

CURRENT USE

±11.69 Acres

LOT SIZE[Q]R1-1D – One house

per 5,000 SF.

ZONING

P R O P E R t y O V E R V I E w / 1 1


The Seller engaged JMBM, a highly regarded law firm, to analyze the zoning and development potential for the Property. JMBM provided a Memorandum dated April 5, 2017, which is available in the data room of the property website (www.Griffin-Ave.com). Below is an excerpt from the memo describing the zoning and the development potential for the Property.

1. General Plan/Communit y PlanThe Property is located within the Montecito Heights area of Northeast Los Angeles Community Plan. The Community Plan designates the Property as Low Residential. Low Residential corresponds to the R1 zone of the Property.

The Community Plan references “Design Overlay District Guidelines and Standards,” that are in progress, but the only such guidelines currently applicable are provided in the Urban Design chapter (Chapter V), though they are advisory. Also, as described below, [Q] (“qualified”) conditions and “D” development limitations attach to the zoning for the Property. No Community Design Overlay (“CDO”), specific plan, or similar mechanism applies to the Property. The design policies provided for individual projects in the Community Plan apply to commercial and industrial projects, and to multiple family residential projects; none apply specifically to single-family residential projects.

The Community Plan also contains community design and landscaping guidelines that likely apply to a new residential subdivision, including guidelines regarding public spaces and greenways and open space, streetscaping, and underground utilities. The Community Plan also cites certain issues regarding development in the hillside areas. These issues include the following: • Preservation of ridgelines and views;• Preservation of open space and open space corridors;• Infrastructure capacity; and• Preservation of historic and established neighborhoods.

The design guidelines do not limit lot sizes or establish a larger minimum lot size than the 5,000 s.f. minimum established for the R1 zone. but can limit buildable floor area, height, or other

building envelope components, such as covered porches, decks, and other accessory structures. Consequently, they do not affect the ability to subdivide, but will limit the development potential of the resulting individual lots.

2. ZoningThe Property is zoned [Q]R1-1D, which provides for limited-density, single-family residential development on lots of 5,000 s.f. or more, as well as a range of accessory structures. The zone contains certain [Q] (“qualified”) conditions and “D” density limitations in addition to those otherwise imposed by the R1 zone.

(a) [Q] Conditions

Generally, [Q] conditions provide certain limitations on construction staging and parking, but also provide some building design and landscaping requirements, retaining wall height limitations, and environmental requirements. The environmental requirements limit slope angles to 2:1 and grading volumes to 500 c.y., plus an amount equal to five percent of the lot size, to a limit of 1,000 c.y. (e.g., a 5,000 s.f. lot would be limited to 750 c.y.). The conditions also require “landform grading” (designed to preserve ridgelines and other features), and require permeable paving for hardscape areas. However, none of these conditions provide any specific limitations on development intensity or minimum lot size.

(b) D Development Limitations

The D limitations limit the building envelope for structures on each lot, as described below. These limitations would apply to the Property as a whole were it developed as a single residential property, but should not limit the number of residential lots into which the Property could be subdivided. Instead, the limitations would then apply to the structures on the individual lots.

(c) Height

The D limitations establish a maximum envelope height of 30 feet; that is, the maximum height is established by projecting a plane parallel to the natural grade of a property at a height of 30 feet. Structures with roof slopes of less than 25 percent are limited to a 26-foot maximum height. [Q]

Z O N I N G

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condition 2(e) limits structures within 50 feet of a designated ridgeline to a height of 15 feet and one story. A map of ridgelines associated with the [Q] conditions indicates no identifiable ridgelines on the Property, though one mapped ridgeline appears to abut the southern property line on the western half of the Property. Consequently, structures on lots adjacent to this ridgeline would be limited in height by these provisions.

(d) Residential Floor Area

The [Q] conditions provide a formula for residential floor area, based on the average slope of a lot. However, this formula applies to individual parcels and would not necessarily limit the ability to subdivide the Property.

(e) Slope Density Formula

We understand a question exists as to whether the “Slope Density” formula applies to the Property. The Slope Density formula applies to properties located in hillside areas and designated “Minimum Residential” in the applicable General Plan or Community Land Use Map.5 As described above, although the Property is located in the hillside area, the applicable Community Plan designates the Property “Low Residential.” Consequently, the Slope Density Formula does not apply.

(f) Development Potential

As described above, the Property encompasses about 509,226 s.f. However, the development potential for a tentative tract map is calculated exclusive of the area devoted to streets. A general rule of thumb is that streets will occupy approximately 18 to 20 percent of the land area of a tract map. Applying that rule here would assign about 101,845 s.f. (20 percent) to streets, leaving about 407,380 s.f. for residential lots and associated uses. Assuming the entirety of the remaining lot area is assignable to residential lots (excluding, for example, open space) yields a development potential of about 81 lots.



SITE


Griffin Avenue

Montecito Drive

SITE

Broadview entranceBroadview



Rose Garden Broadview entrance



A R E A O V E R V I E W

N e a r b y E m p l o y m e n t C e n t e r s

4570 Griffin Avenue is within 8 miles to regional employment centers including Downtown Los Angeles, Glendale and Hollywood. Additionally, there are approximately 48,000 undergraduate and graduate students attending one of three private universities located within a 15 minute drive of the Subject Property.

HOLLYWOOD

PASADENA

BURBANK

DOWNTOWN LOS ANGELES

GLENDALE

D o w n t o w n L o s A n g e l e s

Downtown Los Angeles, located 10 minutes from the property, has over 31 million square feet of office space and nearly 500,000 employees. Major employers include AEG, Aon Corporation, Ernst & Young, Gensler, Wells Fargo Bank, Herbalife, and Oaktree Capital Management.

SITE

DISNEY

DreamWorks

A R E A O V E R V I E w / 1 9


DTLA FINANCIAL DISTRICT

WARNER BROS BURBANK CAPITAL RECORDS

DOWNTOWN GLENDALE

D o w n t o w n L o s A n g e l e sDowntown Los Angeles, located 10 minutes from the property, has over 31 million

square feet of office space and nearly 500,000 employees. Major employers include AEG, Aon Corporation, Ernst & Young, Gensler, Wells Fargo Bank, Herbalife,

and Oaktree Capital Management.

P a s a d e n aPasadena has over 9.3 million square feet of office space, with over 122,220

employees; Major employers include California Institute of Technology’s Jet

Propulsion Laboratory, Kaiser Permanente, California Institute of Technology,

Huntington Hospital, Pasadena Unified School District and AT&T.

G l e n d a l eGlendale, located 15 minutes north of the property, has 6.7 million square feet of office space, with some of the largest employers in the San Fernando Valley, such as Nestlé USA headquarters, Whole Foods Western headquarters, DreamWorks Animation SKG, Disney, The Walt Disney Company Internet Group, California Credit Union, Citibank, Avery Dennison, LegalZoom.com, Unum Group, HealthNet, Allstate, United Healthcare and Employers Holdings.

B u r b a n k M e d i a D i s t r i c t Burbank Media District is a 15 minute drive from the property and is comprised of 6.9 million square feet of office space and is home to Warner Brothers Studio and Warner Brothers Ranch, Walt Disney Studios and NBC. These studio lots are three of the largest motion picture/television facilities in the world.

H o l l y w o o dHollywood is one of the strongest submarkets for office demand in Los Angeles and is located 15 minutes from the property, comprised roughly 5.2 million square feet of office space. Within a 10 minute drive of the property, major employers include: Live Nation, CNN West Coast, Panavision, Time Warner, Fox, HBO, Universal Music Group, Technicolor, Paramount Pictures, Raleigh Studios, Capitol Records and Nielsen Media Research.

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LA LIVE / STAPLE CENTER

DISNEY CONCERT HALL

L o s A n g e l e s S t a t e H i s t o r i c P a r k ( T h e C o r n f i e l d )The 32-acre park, located just 7 minutes from the property, is currently undergoing a $20 million renovation and is due to re-open in November of 2015. Highlights of the renovation include three event spaces, a 14-foot-tall elevated walkway including the Roundhouse Observation Deck which will rise above an exposed archaeological reveal space, an amphitheater, space for a Farmer’s Market, a children’s interpretive play area, as well as play, workout and group gathering areas.

D o r o t h y C h a n d l e r P a v i l i o n a n d D i s n e y C o n c e r t H a l lThe Dorothy Chandler Pavilion is one of the halls in the Los Angeles Music Center (which is one of the three largest performing arts centers in the United States). Just 8 minutes from the property, the Music Center’s other halls include the Mark Taper Forum, Ahmanson Theatre, and Walt Disney Concert Hall. The Walt Disney Concert Hall was designed by Frank Gehry. It opened on October 24, 2003. The concert hall seats 2,265 people and serves as the home of the Los Angeles Philharmonic Orchestra and the Los Angeles Master Chorale.

G r a n d C e n t r a l M a r k e tLocated 10 minutes from the property, Grand Central Market was opened in 1917 and is Los Angeles’ largest and oldest public market. Located in the Homer Laughlin Building at 317 S. Broadway in Downtown, Grand Central Market hosts a collection of old school and new school eateries in an indoor farmer’s market style layout. It was recently listed in Bon Appetit’s ‘Best New Restaurants in America’ nominations (one of 50 restaurants).

S t a p l e s C e n t e rLocated 10 minutes south of the property, Staples Center, opened in 1999, quickly established a reputation as a world-class arena and helped seed the Downtown LA renaissance over the last 14 years. As one of the top sports and entertainment centers in the world, Staples Center hosts over 270 events a year, including the Grammy Awards, the Pac-12 basketball tournament, and the X Games. It is the home of four professional sports franchises: Los Angeles Lakers (professional basketball), Los Angeles Clippers (professional basketball), Los Angeles Kings (professional hockey), and the Los Angeles Sparks (women’s professional basketball).



L A L i v eAdjacent to Staples Center, the LA Live campus is a major entertainment campus developed by AEG directly with an iconic JW Marriott and Ritz Carlton convention center hotel as its centerpiece. The 54-story JW Marriott/Ritz Carlton hotel building is topped with 224 luxury residential condominiums, with access to the Ritz services and amenities.

The following summarizes the LA Live campus:• Nokia Theater – 7,100 seats• 18 Restaurants – 115,000 square feet• 3 Clubs – 110,000 square feet• Grammy Museum – 33,000 square feet• Other Event Space – 87,000 square feet• AEG offices and Herbalife Headquarters – 225,000 square feet• 14-screen Regal Cinema – 127,000 square feet

O l d T o w n P a s a d e n a Located 10 minutes from the property to the northeast, Old Town Pasadena spans 21 blocks and features upscale retail, restaurants, nightclubs, outdoor cafes, pubs and comedy clubs. “One Colorado“ the newest development in Old Town houses 277,000 square feet of retail within 17 preserved historic buildings. It encompasses a full city block and includes such retailers as: Crate & Barrel, Gap, J Crew, Kate Spade New York, Nike, Sephora, Il Fornaio, Sushi Roku and iPic Theater. “Paseo Colorado” is another retail area located in Old Town which features Starbucks, Yard House, Ocach, P.F. Changs, Arclight Cinemas and Equinox.

LA LIVE

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USC

CALTECH

USC – TOMMY TROJAN

O c c i d e n t a l C o l l e g eOccidental College is a private institution that was founded in 1887. It has a total undergraduate enrollment of 2,112 on a 120 acre campus. Occidental College is located in the suburban neighborhood of Eagle Rock, 3.5 miles from the property. Students can choose from more than 100 clubs and organizations, and a handful of sororities and fraternities.

C a l i f o r n i a I n s t i t u t e o f T e c h n o l o g y ( C a l t e c h )Located 10 minutes from the property, Caltech is a private research university which has six academic divisions with strong emphasis on science and engineering. The university has a total of 2,290 students and, despite its small size, 33 Caltech alumni and faculty have won a total of 34 Nobel Prizes.

U n i v e r s i t y o f S o u t h e r n C a l i f o r n i a ( U S C )USC, located 15 minutes from the property, is a private research university founded in 1880. It has a total undergraduate enrollment of 19,000 students and a total graduate enrollment of 25,000 students. As of 2014 the university has produced the fourth largest number of billionaire alumni out of all undergraduate institutions in the world.



S A L E S C O M P A R A B L E S

Property Address Br Ba Sale Price SF $/SF Built Lot SF Sale Date MLS

4226 Berenice Pl 2 2 $649,000 750 $865 1922 2,639 01/12/17 16-173392

219 E Avenue 32 2 2 $585,000 740 $791 1910 1,623 05/26/17 17-215262

1167 Montecito Dr 2 1 $792,500 1,010 $785 1926 6,835 03/01/17 17-196420

4339 Latona Ave 2 1 $590,900 756 $781 1958 7,276 05/05/17 BB17063645MR

2303 Riverdale Ave 2 2 $849,000 1,100 $772 1927 5,369 04/14/17 17-214420

2404 Glover Pl 2 1 $510,000 672 $758 1929 4,598 01/05/17 PW16189449MR

1338 Montecito Cir 2 1 $677,000 933 $725 1948 5,217 06/09/17 CV17093483MR

1314 Blake Ave 2 1 $530,000 759 $698 1925 3,200 12/27/16 16-146548

1098 Montecito Dr 2 1 $735,000 1,071 $686 1964 8,249 05/19/17 17-220664

3604 Latrobe St 2 1 $548,681 828 $663 1957 4,584 03/15/17 317000097IT

3534 Griffin Ave 3 1 $551,000 840 $656 1902 5,798 01/23/17 SR16754644CN

4030 Elderbank Dr Dr 3 3 $835,000 1,360 $614 1965 4,089 06/07/17 317003405IT

965 Montecito Dr 2 1 $855,000 1,416 $604 1954 5,611 04/20/17 317001221IT

2415 Cabot St 2 1 $565,000 936 $604 1924 4,602 01/27/17 SR16754451CN

2246 Harwood St 3 2 $800,000 1,326 $603 1950 6,376 04/20/17 17-207186

1050 Montecito Dr 0 0 $1,600,000 2,776 $576 1948 374,122 06/06/17 17-223648

2359 Dallas St 3 2 $799,000 1,425 $561 1925 5,170 12/27/16 16-175158

1092 Montecito Dr 4 3 $885,000 1,581 $560 1965 5,200 05/05/17 17-214932

4336 Mosher Ave 3 2 $529,000 1,004 $526 1912 4,157 06/08/17 PW17090585MR

1363 Montecito Cir 2 1 $483,500 922 $524 1926 7,979 03/07/17 16-176088

2118 Thomas St 3 2 $620,000 1,187 $522 1905 12,934 03/08/17 SR17013217CN

3517 Emma Ave 1 1 $425,000 828 $513 1923 3,489 06/07/17 DW17090319MR

219 E Avenue 32 2 1 $340,000 666 $510 1910 1,623 01/26/17 WS16716504MR

3219 Darwin Ave 2 1 $394,900 787 $501 1964 2,024 01/25/17 CV16767937MR

3556 Sierra St 2 2 $565,000 1,215 $465 1924 5,000 02/28/17 WS16741094MR

2135 Johnston St 2 1 $416,000 908 $458 1907 1,650 12/30/16 MB16735848MR

998 Montecito Dr 2 1 $470,100 1,032 $455 1931 9,451 05/16/17 CV17039265MR

2319 Harwood St 3 3 $744,600 1,657 $449 1923 5,320 03/31/17 PW17033275MR

3553 Sierra St 3 2 $524,000 1,182 $443 1947 5,062 03/20/17 TR17013243MR

4430 Griffin Ave 4 2 $1,057,000 2,393 $442 1910 6,238 04/26/17 317001860IT

116 W Avenue 34 3 1 $439,900 1,000 $439 1909 3,853 01/13/17 DW16731260MR

2232 Hancock St 3 1 $527,500 1,256 $419 1904 6,599 06/15/17 TR16751758MR

4507 Berenice Ave 3 2 $544,931 1,310 $416 1925 5,504 06/14/17 317003196IT

4029 Elderbank Dr 4 3 $748,000 1,859 $402 2009 5,000 06/15/17 DW17036950MR

1911 Alta St 2 1 $360,000 898 $400 1912 5,986 01/31/17 WS16715636MR

S I N G L E F A M I L Y H O M E S A L E S C O M P A R A B L E S

S O L D

Criteria: Properties located in 90031, sold from 12/27/16 to 06/27/17, for $400 or more

Source: MLS, sorted by price per square foot

F A M I L Y H O M E S A L E S C O M P A R A B L E S

Property Address Br Ba Asking Price SF $/SF Built Lot SF MLS

1363 Montecito Cir 2 1 $699,888 922 $759 1926 7,979 317005293IT

4365 Latona Ave 3 2 $599,000 944 $635 1949 4,872 817000399IT

4135 Griffin Ave 3 2 $939,000 1,548 $607 1920 9,901 17-237884

128 Sycamore Park Dr 2 1 $700,000 1,176 $595 1913 5,803 CV17140056MR

3816 Homer St 2 2 $669,000 1,134 $590 1907 5,761 17-243758

1142 Montecito Dr 2 2 $819,000 1,550 $528 1957 5,178 817000418IT

906 Montecito Dr 4 3 $999,000 2,320 $431 1995 4,659 SR17121990CN

2512 Thomas St 3 3 $849,888 2,074 $410 1990 13,294 IG17119928MR

3723 Carlota Blvd 3 3 $610,000 1,496 $408 1936 2,742 MB17058763MR

Criteria: Properties located in 90031, on the market as of 06/27/17, for $400 or more.

Source: MLS, sorted by price per square foot

A C T I V E

2 6 / S A L E S C O m P A R A b L E S


Property Address City Zip Code Proposed Use Zoning Sale Price Land SF

$/SF Land Sale Date

1021 N Ogden Dr Los Angeles 90046Entitled for 7 Condo Townhouse Units, Shovel Ready

R3 $1,800,000 6,499 $277 09/09/16

733-743 N Grammercy Pl Los Angeles 90038Single-Family Development - 11 Units

LARD1.5 $4,500,000 18,238 $247 05/02/17

Hortense St & Riverton Ave North Hollywood 91602Single Family Development - Unentitled, 15 Units, Small Lot Division

LAR3 $4,077,500 22,398 $182 7/29/15

846-852 N Coronado St Los Angeles 90026Single Family Development - "Approved," 10 Units, Small Lot Division

LAR3 $2,250,000 15,245 $148 5/12/16

11145 Sylvan St North Hollywood 91606 Single Family Development LARD6 $699,000 5,092 $137 9/24/15

701-709 Bridewell St Los Angeles 90042Apartment Units - Zoned for 9 Single-Family Homes, In Plan Check

LARD1.5 $1,525,000 15,002 $102 4/15/16

14680 Sherman Way Van Nuys 91405 Entitled for 58 Single-Family Homes LAR1 $10,900,000 149,689 $73 3/29/17

S Fremont Ave @ Carlos Alhambra 91803 Entitled for 65 Homes ALR1 $27,316,000 383,328 $71 02/15/17

Criteria: Select properties sold in Los Angeles Market with a proposed Single Family Development use, sold 06/27/15 to 06/27/17 for $70 per Land SF or more Source: CoStar, sorted by price per square foot

S O L D

L A N D S A L E S C O M P A R A B L E S

S A L E S C O m P A R A b L E S / 2 7


Montecito Heights

±9 MINUTES FROM SUBJECT SITEDowntown Los Angeles

Mt. Washington

Dodger Stadium

2 8


A f f i l i a t e d B u s i n e s s D i s c l o s u r e

CBRE, Inc. operates within a global family of companies with many subsidiaries and related entities (each an “Affiliate”) engaging in a broad rangve of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different Affiliates, including CBRE Global Investors, Inc. or Trammell Crow Company, may have or represent clients who have competing interests in the same transaction. For example, Affiliates or their clients may have or express an interest in the property described in this Memorandum (the “Property”), and may be the successful bidder for the Property. Your receipt of this Memorandum constitutes your acknowledgement of that possibility and your agreement that neither CBRE, Inc. nor any Affiliate has an obligation to disclose to you such Affiliates’ interest or involvement in the sale or purchase of the Property. In all instances, however, CBRE, Inc. and its Affiliates will act in the best interest of their respective client(s), at arms’ length, not in concert, or in a manner detrimental to any third party. CBRE, Inc. and its Affiliates will conduct their respective businesses in a manner consistent with the law and all fiduciary duties owed to their respective client(s).

C o n f i d e n t i a l i t y A g r e e m e n t

Your receipt of this Memorandum constitutes your acknowledgement that (i) it is a confidential Memorandum solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property, (ii) you will hold it in the strictest confidence, (iii) you will not disclose it or its contents to any third party without the prior written authorization of the owner of the Property (“Owner”) or CBRE, Inc., and (iv) you will not use any part of this Memorandum in any manner detrimental to the Owner or CBRE, Inc.

If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return it to CBRE, Inc.

D i s c l a i m e r

This Memorandum contains select information pertaining to the Property and the Owner, and does not purport to be all-inclusive or contain all or part of the information which prospective investors may require to evaluate a purchase of the Property. The information contained in this Memorandum has been obtained from sources believed to be reliable, but has not been verified for accuracy, completeness, or fitness for any particular purpose. All information is presented “as is” without representation or warranty of any kind. Such information includes estimates based on forward-looking assumptions relating to the general economy, market conditions, competition and other factors which are subject to uncertainty and may not represent the current or future performance of the Property. All references to acreages, square footages, and other measurements are approximations. This Memorandum describes certain documents, including leases and other materials, in summary form. These summaries may not be complete nor accurate descriptions of the full agreements referenced. Additional information and an opportunity to inspect the Property may be made available to qualified prospective purchasers. You are advised to independently verify the accuracy and completeness of all summaries and information contained herein, to consult with independent legal and financial advisors, and carefully investigate the economics of this transaction and Property’s suitability for your needs. ANY RELIANCE ON THE CONTENT OF THIS MEMORANDUM IS SOLELY AT YOUR OWN RISK.

The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions at any time with or without notice to you. All offers, counteroffers, and negotiations shall be non-binding and neither CBRE, Inc. nor the Owner shall have any legal commitment or obligation except as set forth in a fully executed, definitive purchase and sale agreement delivered by the Owner.

The shaded area indicating the Property throughout this Memorandum is an approximation of the Property boundaries.

C o p y r i g h t N o t i c e

© 2017 CBRE, Inc. All Rights Reserved.

© 2017 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. Any projections, opinions, or estimates are subject to uncertainty. The information may not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk.

CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners.

CBRE, INC. Broker Lic. 00409987

L a u r i e L u s t i g - B o w e r

Executive Vice President Lic. 00979360 +1 310 550 2556 [email protected]

K a d i e P r e s l e y W i l s o n

Senior Sales Director Lic. 01476551 +1 310 550 2575 [email protected]

LOS ANGELES, CA

G R I F F I N A V E N U Ew w w.G r i f f i n - Ave.c o m

BIDS DUE: FRIDAY, SEPTEMBER 15, 2017 BY 5PM

residential development site close to downtown los angeles ...€¦ · broadview christian science...

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