vd site - loopnet...$623 2016 9/29/2017 16-177748 $307 4201 radford ave #5 studio city 2 3 1,102...

1

UNIVERSAL CITYUNIVERSAL STUDIOS

WEDDINGTON PARK

LAKESIDE GOLF CLUB

HOLLYWOOD

134 FREEWAY

101 FREEWAY

RIVERSIDE DRM

OO

RP

AR

K R

D

LANKERSHIM BLVD

CAHUENGA BLVD

SITE

TOLUCA LAKE

PERMIT READY / FULLY ENTITLED FOR 12 RESIDENTIAL UNITS

www.Riverside-Drive.com

10352 – 58 Riverside Drive Toluca Lake, California

LAURIE LUSTIG-BOWERExecutive Vice President+1 310 550 [email protected]. 00979360

KAMRAN PAYDARVice President+1 310 550 [email protected]. 01242590

• “Ready To Issue” for Building Permit and MEP(Mechanical, Electrical, Plumbing)

• Buyer Can Avoid $240,000 New Homeless MitigationFee by Obtaining Building Permit Before 12/3/19

• Former Structures Have Been Demolished• Park Fees Paid• Tract Map Issued Prior to Close of Escrow

Bids Due: Friday, October 18, 2019 by 5:00 PM

2

CONTACTLAURIE LUSTIG-BOWERExecutive Vice President+1 310 550 [email protected] Lic. 00979360

KAMRAN PAYDARVice President+1 310 550 [email protected] Lic. 01242590

TABLE OF CONTENTS

1EXECUTIVE SUMMARY

2AREA OVERVIEW

3FINANCIALS

3

DOWNTOWN LA

SITE

TOLUCA LAKE LAKESIDE GOLF CLUB

UNIVERSAL CITYUNIVERSAL STUDIOS

HOLLYWOOD

RIVERSIDE DR

MOORPARK WAY

CA

HU

EN

GA

BLV

D

134 FREEWAY

4

134 FREEWAY

TOLUCA LAKE

TOLUCA WOODS

WARNER BROS STUDIO

BURBANK

GLENDALE

RIV

ERSI

DE

DR

MO

ORPARK RD

SITE

5

RIVERSIDE DR

MO

OR

PAR

K R

DSITE

5

6

SITE

PACIFIC OCEAN

6

7

EXECUTIVE SUMMARY 1

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CBRE, Inc., as exclusive agent is pleased to present for sale a prime ±9,322 development site that is fully entitled to build 12 residential units in the desirable Toluca Lake submarket of Los Angeles, California.

Located in the San Fernando Valley at 10352-58 Riverside Drive, the project is permit ready:

The project is programmed to deliver an attractive mix of two-bedroom, three-bedroom, and penthouse units, along with ample parking and private roof deck space.

Surrounding demographics within a three-mile radius are exceptionally strong with average household income of $131,304 forecasted by 2024.

Boasting a “Very Walkable” Walk Score of 80, the Property is situated in an amenity-rich neighborhood. There are 36 restaurants within walking distance of the property, including Catcher in the Rye, Kaboso Japanese Cuisine and Malbec Argentinian Cuisine. 10352 Riverside Drive is close to Lakeside Golf Club (with access to the 6-acre Toluca Lake), Weddington Park and North Hollywood Park.

The Property is located less than 1.5 miles away from the trendy North Hollywood Arts District and to bustling Universal City, and is a short drive to upscale Studio City, Sherman Oaks. Also within convenient driving distance are numerous employment centers and dining, shopping, and entertainment venues including those in Burbank, Glendale, Pasadena, Warner Center and Downtown Los Angeles.

ADDRESS: 10352-58 Riverside Drive Los Angeles, California 91602

SUBMARKET: Toluca Lake

ASSESSOR PARCEL NUMBER: 2424-005-001

ESTIMATED LAND AREA: ±9,322 Square Feet; ±0.21 Acres

ZONING: R3-1

OWNERSHIP INTEREST Fee Simple

THE OPPORTUNITY PARCEL MAP

PRICE: Unpriced

WEBSITE: www.Riverside-Drive.com

• “Ready To Issue” for Building Permit and MEP (Mechanical, Electrical, Plumbing)

• Buyer Can Avoid $240,000 New Homeless Mitigation Fee by Obtaining Building Permit Before 12/3/19

• Former Structures Have Been Demolished

• Park Fees Paid• Tract Map Issued Prior to

Close of Escrow

9

# UNITS FLOOR PLAN UNIT SIZE

4 3 Bedroom / 3 Bath 1,690 SF

1 2 Bedroom / 2.5 Bath 1,387 SF




12 Total* 19,471 SF

PROPOSED BUILDING AREA: 22,177 SF

Basement Parking: 7,037 SF

1st Floor Parking 241 SF

Total Parking ±7,278 SF

PARKING SPACES:

Automobile 27 Spaces

Bicycle 16 Spaces

OPEN SPACE PROVIDED:

Private Open Space 600 SF

Common Open Space- Roof Deck 1,730 SF

Total Open Space 2,330 SF

HEIGHT LIMIT: 45 Feet

BUILDING TYPE:4 Story Over Basement/Parking

CONSTRUCTION TYPE: II-A / I-A

SUMMARY OF ENTITLEMENTS PROPOSED UNIT MIX

*Includes 3 Penthouse Units

Building plans and additional information are posted in the data room via www.Riverside-Drive.com.

• “Ready To Issue” for Building Permit and MEP (Mechanical, Electrical, Plumbing)

• Buyer Can Avoid $240,000 New Homeless Mitigation Fee by Obtaining Building Permit Before 12/3/19

• Former Structures Have Been Demolished

• Park Fees Paid• Tract Map Issued Prior to Close

of Escrow

10

SALES COMPARABLES 2

11

SOLD CONDOMINIUM PROPERTIESCriteria: Units located in Toluca Lake, Sherman Oaks, Studio City & Encino, $500+ PSF, sold from 9/13/17 to 9/13/19 Source: MLS, sorted by rice per square foot

You are solely responsible for independently verifying the information in this Memorandum. Any reliance on it is solely at your own risk.

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

4466 COLDWATER CANYON AVE #103 STUDIO CITY 1 1 610 $439,000 $720 1988 7/12/2018 18-338984 $338

11847 LAURELWOOD DR #101 STUDIO CITY 2 3 1,467 $995,000 $678 1994 8/12/2019 19-476812 $450

4128 WHITSETT AVE #205 STUDIO CITY 2 2 1,040 $705,000 $678 1988 9/9/2019 19-507730 $434

12045 Guerin Street #PH1 STUDIO CITY 3 3 2,000 $1,350,000 $675 2017 2/23/2018 18-302224 $307

4201 RADFORD AVE #2 STUDIO CITY 2 3 1,056 $697,500 $661 1992 6/20/2019 19-456490 $425

4170 FAIR AVE #PH6 STUDIO CITY 2 2 1,250 $805,000 $644 2006 9/22/2018 18-376954 $340

12045 GUERIN ST #PH3 STUDIO CITY 3 3 1,959 $1,250,000 $638 2017 11/10/2017 17-259532 $307

12045 GUERIN ST #PH4 STUDIO CITY 3 3 1,959 $1,250,000 $638 2017 10/13/2017 17-240016 $307

4660 COLDWATER CANYON AVE #12 STUDIO CITY 1 1 625 $390,000 $624 1974 8/26/2019 19-456600 $242

12045 GUERIN ST #301 STUDIO CITY 0 0 2,000 $1,245,000 $623 2016 9/29/2017 16-177748 $307

4201 RADFORD AVE #5 STUDIO CITY 2 3 1,102 $676,000 $613 1992 11/29/2018 18-396248 $403

4242 STANSBURY AVE #115 SHERMAN OAKS 2 3 1,165 $699,000 $600 1975 7/27/2018 18-350192 $612

4240 Laurel Canyon BLVD #304 STUDIO CITY 2 3 1,356 $811,000 $598 - 9/27/2018 18-364254 $300

4466 COLDWATER CANYON AVE #204 STUDIO CITY 2 2 1,005 $595,000 $592 1988 7/7/2018 18-349544 $393

4859 COLDWATER CANYON AVE #10A SHERMAN OAKS 1 1 657 $388,000 $591 1975 2/27/2018 18-300542 $283

4370 TROOST AVE #201 STUDIO CITY 3 2 1,055 $620,900 $589 1984 6/5/2018 18-351694 $355


12020 GUERIN ST #104 STUDIO CITY 3 3 1,560 $900,000 $577 2009 4/27/2018 18-324528 $415

4200 LAUREL CANYON BLVD #202 STUDIO CITY 2 2 1,240 $715,000 $577 1964 11/22/2017 17-274624 $350

4170 FAIR AVE #PH7 STUDIO CITY 2 2 1,120 $645,000 $576 2006 11/15/2017 17-275866 $340


11138 AQUA VISTA ST #49 STUDIO CITY 0 1 551 $315,000 $572 1963 4/11/2018 17-297652 $288

12504 WOODBRIDGE ST #304 STUDIO CITY 2 2 1,491 $845,000 $567 2010 9/21/2018 18-376518 $487

4720 PARK ENCINO LN #120 ENCINO 2 3 2,267 $1,283,285 $566 1982 8/20/2018 18-365666 $1,325

11485 MOORPARK ST #2 STUDIO CITY 2 2 884 $500,000 $566 1988 8/1/2018 18-351184 $218

14014 MILBANK ST #2 SHERMAN OAKS 2 3 1,207 $681,000 $564 1980 6/4/2018 18-329372 $325

12060 HOFFMAN ST #101 STUDIO CITY 2 3 1,166 $657,000 $563 1990 4/6/2019 19-438614 $396


13250 MOORPARK ST #6 SHERMAN OAKS 2 3 991 $555,000 $560 1995 7/11/2019 19-475264 $325



10618 WOODBRIDGE ST #305 TOLUCA LAKE 2 3 1,440 $805,000 $559 2006 3/28/2018 18-322346 $460

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SOLD CONDOMINIUM PROPERTIES (CONT).

Criteria: Units located in Toluca Lake, Sherman Oaks, Studio City & Encino, $500+ PSF, sold from 9/13/17 to 9/13/19 Source: MLS, sorted by rice per square foot


12603 MOORPARK ST #304 STUDIO CITY 2 2 1,288 $720,000 $559 2001 6/28/2018 18-343716 $500



4501 CEDROS AVE #315 SHERMAN OAKS 1 1 667 $371,000 $556 1971 12/13/2018 18-404594 $455

4125 W HOOD AVE #102 TOLUCA LAKE 3 3 1,520 $840,000 $553 2005 5/13/2019 19-451046 $250


4832 COLDWATER CANYON AVE #4 SHERMAN OAKS 2 3 1,220 $673,000 $552 2000 3/27/2018 18-313432 $350



15222 1/4 DICKENS ST #1/4 SHERMAN OAKS 2 1 921 $506,000 $549 1948 2/9/2019 19-420654 $384


4511 MURIETTA AVE #9 SHERMAN OAKS 2 2 943 $511,000 $542 1986 7/1/2019 19-469082 $395

11155 SUNSHINE TER #101 STUDIO CITY 2 2 1,249 $675,000 $540 1989 5/28/2018 18-318580 $350


11738 MOORPARK ST #B STUDIO CITY 2 2 1,272 $686,500 $540 1974 5/28/2019 19-453720 $557

14937 DICKENS ST #203 SHERMAN OAKS 2 2 948 $510,000 $538 1987 2/26/2018 18-305796 $367

4524 TUJUNGA AVE #6 STUDIO CITY 1 1 810 $435,000 $537 1978 11/18/2018 18-400618 $340

4342 GENTRY AVE #1 STUDIO CITY 3 3 1,400 $750,000 $536 1971 9/5/2019 19-482034 $298

14960 DICKENS ST #315 SHERMAN OAKS 2 2 1,301 $692,500 $532 1986 10/3/2018 18-372088 $414




11507 MOORPARK ST #101 STUDIO CITY 2 2 897 $475,000 $530 1969 7/12/2018 18-346750 $385


5325 NEWCASTLE AVE #128 ENCINO 0 1 483 $255,000 $528 1971 6/27/2019 19-465050 $261

4400 CARTWRIGHT AVE #302 TOLUCA LAKE 2 2 1,215 $640,000 $527 2002 11/7/2017 17-276708 $430


11138 AQUA VISTA ST #41 STUDIO CITY 2 2 905 $475,000 $525 1963 4/28/2019 19-445958 $369




12938 Valleyheart DR #11 STUDIO CITY 1 1 970 $505,000 $521 1977 12/29/2017 17-294198 $315

11818 MOORPARK ST #O STUDIO CITY 2 2 1,056 $549,000 $520 1974 12/5/2018 18-400560 $545

13

SOLD CONDOMINIUM PROPERTIES (CONT).

Criteria: Units located in Toluca Lake, Sherman Oaks, Studio City & Encino, $500+ PSF, sold from 9/13/17 to 9/13/19 Source: MLS, sorted by rice per square foot


11023 FRUITLAND DR #302 STUDIO CITY 2 3 1,300 $675,000 $519 2010 2/13/2019 19-421028 $421




10926 MOORPARK ST #2 TOLUCA LAKE 2 3 1,147 $589,000 $514 1988 5/29/2019 19-447016 $320

4859 COLDWATER CANYON AVE #14A SHERMAN OAKS 1 1 653 $335,000 $513 1975 10/27/2017 17-276184 $283

14937 DICKENS ST #104 SHERMAN OAKS 2 2 898 $460,000 $512 1987 7/18/2019 19-463142 $332

11138 AQUA VISTA ST #63 STUDIO CITY 2 2 1,048 $535,000 $510 1963 2/28/2019 19-426374 $383


4237 LONGRIDGE AVE #302 STUDIO CITY 3 3 1,460 $745,000 $510 2007 12/18/2018 18-403098 $330

5325 NEWCASTLE AVE #120 ENCINO 1 1 475 $242,000 $509 1971 10/10/2017 17-266360 $238



4371 TROOST AVE STUDIO CITY 2 2 1,959 $995,000 $508 2000 9/3/2018 18-357176 $215

4237 LONGRIDGE AVE #101 STUDIO CITY 3 3 1,480 $750,000 $507 2007 8/27/2019 19-469192 $345



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CONDOMINIUM LISTINGS ON THE MARKET

Property Address City Br Ba SF Sale Price $/SF Built List Date MLS HOA

15344 WEDDINGTON ST #208 SHERMAN OAKS 1 1 482 $305,000 $633 1965 9/7/2019 19-505516 $238

13308 VALLEYHEART DR #205 SHERMAN OAKS 2 3 1,280 $749,000 $585 2014 8/3/2019 19-491676 $479

4312 TUJUNGA AVE #5 STUDIO CITY 2 3 1,292 $749,000 $580 2003 8/17/2019 19-491708 $380

4401 SEPULVEDA #106 SHERMAN OAKS 1 1 690 $399,000 $578 1988 8/27/2019 19-494738 $299

4230 COLFAX AVE #304 STUDIO CITY 2 2 1,160 $649,900 $560 1989 8/23/2019 19-499450 $425

11044 ACAMA ST #306 STUDIO CITY 2 2 1,308 $719,000 $550 1991 8/1/2019 19-492194 $434




4328 GENTRY AVE #4 STUDIO CITY 3 3 1,710 $895,000 $523 2005 8/2/2019 19-492646 $420

Criteria: Units located in Toluca Lake, Sherman Oaks, Studio City & Encino, $500+ PSF, Active as of 9/10/2019 Source: MLS, sorted by rice per square foot


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AREA OVERVIEW 3

16

SITE

TOLUCA LAKE

LOCAL AREA MAP

17

TOLUCA LAKEToluca Lake is a neighborhood in the city of Los Angeles, within the city of Los Angeles that is generally situated in the southeast portion of the San Fernando Valley. It is bounded on the south by Universal City, on the west by Studio City, on the north by North Hollywood and on the east by the city of Burbank.

The project is located by downtown Toluca Lake one block from Bob Hope’s estate now owned by Steve Ballmer owner of the Clippers.

UNIVERSAL CITYLocated about 1.5 miles away from Toluca Lake is Universal City. Covering 415 acres, Universal City is home to one of the major film studios and world-famous destination attractions in the U.S.: Universal Studios Hollywood film studio and theme park and the Universal CityWalk shopping and entertainment center.

Tony’s DeliArty’sUmami BurgerAeriloom BakerySimplethingsLemonade Seasonal California CuisineCiaoCristina! Classic Italian FoodTimmy Nolan’s Irish Tavern and GrillMalbec Argentinian CuisineSummer Canteen

Baja FreshThe Coffee Bean & Tea LeafPorto’s Bakery & Cafe BurbankNovo CaféDon Cuco Mexican RestaurantRed Maple Café – Gelato & Coffee BarCasabel RestaurantBob’s Big BoyKabosu Japanese CuisineForman’s Whiskey Tavern

JINYA Ramen BarDog HausThe CounterSharkey’s Woodfired Mexican GrillPatys RestaurantGindi Thai Restaurant and SushiChipotleStarbucks CoffeeRAWkin’ JuiceArde’s Bistro

Area Restaurants Include:

Local Grocery Stores Include:

Trader Joe’s (Walkable)VonsRalphs Fresh Fare Grocery Supermarket

Universal CityWalk Dining

Universal CityWalk Retailers

Cinema

High-tech 18-plex and 7-story IMAX with Laser theatre

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TOLUCA LAKE AREA RETAIL

SITE

BANK

BANK

BANK

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HOLLYWOODHollywood is a community within the city of Los Angeles that is generally situated in the southeast portion of the San Fernando Valley. It is bounded by the city of Burbank to the east, the Los Angeles city districts of Sun Valley to the north, Van Nuys to the west, and Studio City to the south. Much of the district is older, relatively modest quality apartments, and middle to lower middle class single family residential development.

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ENTERTAINMENT INDUSTRYThe area has a high historic concentration of movie and TV production. Warner Brothers, CBS, Universal Studios, and Disney are all located either in Burbank just east of North Hollywood or in Universal City and Studio City just to the south. All are major integrated production studios, located in the area for many decades.As a result of the proximity of these industry anchors—and to Hollywood to the south—the area has long been a center of related entertainment-industry companies. Over the past two decades, entertainment production uses have expanded greatly, reflecting the overall growth of the industry in the region.

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SITE

Walt Disney Studios (8 minute drive)

Universal Studios (10 minute drive)

CBS Studios (10 minute drive)

Warner Brothers Studios (4 minute drive)

SITE

32

4

1

NEARBY STUDIOS

1

2

3

4

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TOLUCA LAKE AREA EMPLOYERS

SITE

BURBANK

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TRANSPORTATIONThe Property benefits from Toluca Lake’s excellent regional transportation access provided by several freeways; the Ventura (U.S. Highway 101) Freeway; the Golden State (Interstate 5) Freeway; and the Hollywood (State Route 170), and Ventura (134) Freeway. Major nearby streets include Laurel Canyon Boulevard, Tujunga Avenue, Lankershim Boulevard, Cahuenga Boulevard, Verdugo Avenue, Barham Boulevard, and Olive Avenue.

Two Metro Rail stations are in the immediate vicinity: At Universal City and in North Hollywood. North Hollywood is the northern most MetroRailstation, located at Lankershim and ChandlerBoulevard. The Metro Rail subway terminates here,extending south, under Lankershim Boulevardto Universal City, then southeast into Hollywoodand to Downtown Los Angeles. The site containsthe portal or entry to the subway, 600+ surfaceparking spaces, and a number of bus lanes.

The Metro Orange Line was opened to the publicon October 29, 2005. The bus line is an expressbus service that utilizes a private transit-wayreserved only for Metro Liner vehicles. The MetroOrange Line extends east from North Hollywoodto Woodland Hills, starting at Lankershim andChandler (across Lankershim from the Metro Railstation).

WESTSIDE

Los

Ange

les

Rive

r

Los Angeles River

PACIFIC OCEAN

CRENSHAW/

PURPLE LINE EXTENSION

REGIONAL CONNECTOR

LAX LINE

LAX

Little To

kyo/

Little To

kyo/

Arts Dist

Universal C

ity/Studio City

Hollywood/V

ine

Hollywood/H

ighland

Universal C

ity/Studio City

Balboa

Canoga

De Soto

Pierce Colle

ge

Tampa

Reseda

Civic Ctr/

Civic Ctr/

Civic Ctr/

Civic Ctr/

GrandGrandGrandGrand

ParkParkParkPark

Westlake/M

acArthur P

ark

Warner Ctr

Roscoe

Pico/Alis

o

Mariach

i Plaza

Long Beach Bl

Artesia

Del Amo

Civic Ctr/

GrandPark

Allen

LakeSierra

Madre Villa

Arcadia

Monrovia

Duarte/City

of Hope

Irwindale

Azusa Downtown

APU/Citrus Colle

ge

Lincoln/Cypress

Heritage Sq

Southwest Museum

Highland Park

Fillmore

Del Mar

Memorial Park

South Pasadena

Westlake/M

acArthur P

ark

Wilshire

/Vermont

Pershing

Chinatown

Union Station

Chinatown

Square

7th St/Metro CtrPico

LATTC/OrthoInstitute

Jefferson/U

SC

Union Station

LAX FlyAwayAmtrak & MetrolinkLAX FlyAway

LAX Shuttle G

Amtrak & MetrolinkMetro

link

Sherman Way

Warner Ctr

Roscoe

Nordhoff

Chatsworth

Hollywood/W

estern

Vermont/S

anta MonicaHolly

wood/Western

Hollywood/V

ine

Hollywood/H

ighlandNorth

Hollywood

Balboa

Woodley

Sepulveda

Van Nuys

Sepulveda

Van Nuys

Woodman

Valley Colle

ge

Laurel Canyo

n

Canoga

De Soto

Pierce Colle

ge

Tampa

Reseda

Vermont/B

everly

Vermont/S

anta Monica

Vermont/S

unset

Vermont/S

unset

Amtrak & Metrolink

Soto

Indiana

Maravilla

East LA Civic C

tr

Atlantic

El Monte

Cal State LA

LAC+USC Medica

l Ctr

Pico/Alis

o

Mariach

i Plaza

Wilshire

/

Normandie

Wilshire

/Western

ExpoPark

/USC

Expo/Vermont

Expo/Western

Expo/Crenshaw

Farmdale

Expo/La Brea

La Cienega/Jefferson

Culver C

ity

Palms

Westwood/R

ancho Park

Expo/Sepulveda

Expo/Bundy

26th St/Bergamot

Expo/Sepulveda

Expo/Bundy

26th St/Bergamot

17th St/S

MC

Downtown Santa Monica

Mariposa

El Segundo

Douglas

Redondo Beach

37th St/USC

Rosecrans

Harbor

Carson

Pacific CoastHwy

GatewayTransit Ctr

Long Beach Bl

AvalonVerm

ont/

AthensCrenshaw

Hawthorne/Lennox

Aviation/L

AX

Lakewood Bl

Norwalk

Norwalk

Slauson

Manchester

Harbor F

wy

5th St

1st St

PacificAv

DowntownLong Beach

PacificAv

Washington

Vernon

Slauson

Florence

Firestone

Compton

Artesia

Del Amo

Wardlow

Willow St

Pacific Coast Hwy

Anaheim St

103rd St/

Willowbrook/Rosa Parks

Watts Towers 103rd St/

Willowbrook/Rosa Parks

DowntownLong Beach

Grand/LATTC

San Pedro St

Watts Towers

SAN FERNANDO VALLEY

SAN GABRIEL VALLEY

EASTSIDE

SOUTH BAY

San Pedro

GATEWAY CITIES

DOWNTOWNLA

SOUTH LA

WESTSIDE

CENTRAL LA

SAN FERNANDO VALLEY

SAN GABRIEL VALLEY

EASTSIDE

SOUTH BAY

San Pedro

GATEWAY CITIES

DOWNTOWNLA

SOUTH LA

CENTRAL LA

North Hollywood to Union Station

Metro Rail

Wilshire/Western to Union StationPurple Line

Blue Line

Expo Line

Orange Line

Amtrak

LAX FlyAway

Metrolink

Metro Busway

Regional Rail

Green Line

Gold Line

Downtown LA to Long Beach

Downtown LA to Santa Monica

Redondo Beach to Norwalk

East Los Angeles to Azusa

Silver Line Chatsworth to North Hollywood

San Pedro to El Monte

amtrak.com

metrolinktrains.com

lawa.org/flyaway

LAX Shuttle (free)lawa.org

Street Service in Downtown LAand San Pedro

MAY 2016 Subject to Change

Airport Shuttle

Rail Station

StationTransfer

Busway

Station

UNDERCONSTRUCTION

Busway StreetService

Red Line

metro.netMetro Rail & Busway

17-0

753

©20

16 L

ACM

TA

OCT 2016 Subject to Change

SITE

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Affiliated Business DisclosureCBRE, Inc. operates within a global family of companies with many subsidiaries and related entities (each an “Affiliate”) engaging in a broad range 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).

Confidentiality AgreementYour 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.

DISCLAIMERThis 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.

© 2019 CBRE, Inc. All Rights Reserved.

25

SITELAURIE LUSTIG-BOWERExecutive Vice President+1 310 550 [email protected] Lic. 00979360

KAMRAN PAYDARVice President+1 310 550 [email protected] Lic. 01242590

CONTACT

www.Riverside-Drive.com

PERMIT READY / FULLY ENTITLED FOR 12

RESIDENTIAL UNITS

10352 – 58 Riverside Drive Toluca Lake, California

• “Ready To Issue” for Building

Permit and MEP (Mechanical,

Electrical, Plumbing)

• Buyer Can Avoid $240,000

New Homeless Mitigation Fee

by Obtaining Building Permit

Before 12/3/19

• Former Structures Have Been

Demolished

• Park Fees Paid

• Tract Map Issued Prior to Close

of Escrow

Bids Due: Friday, October 18, 2019 by 5:00 PM

vd site - loopnet...$623 2016 9/29/2017 16-177748 $307 4201 radford ave #5 studio city 2 3 1,102...

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