brandon michaels - loopnet...address 28348 roadside dr agoura hills, ca apn 2061-009-074 number of...
TRANSCRIPT
G R O U P
BRANDON MICHAELS
THE
ATRIUM28348 ROADSIDE DRIVE, AGOURA HILLS, CA
THE ATRIUM OFFICES A modern architectural beauty off the
101 Freeway in Agoura Hills, CA
1BRANDON MICHAELSSenior Managing Director InvestmentsSenior Director, National Retail GroupTel: (818) [email protected]: CA #01434685
16830 Ventura Blvd. Suite 100, Encino, CA 91436www.marcusmillichap.com
G R O U P
BRANDON MICHAELS
INVESTMENT ADVISOR
2
3
4
PROPERTY OVERVIEW
INVESTMENT HIGHLIGHTS
FINANCIALS
AREA OVERVIEW
LONNIE MCDERMOTTFirst Vice President InvestmentsDirector, National Land GroupTel: (818) [email protected]: CA #0187437
FILIP NICULETEFirst Vice President InvestmentsDirector, National Multifamily GroupTel: (818) [email protected]: CA #01905352
2 3
THE
ATRIUM28348 ROADSIDE DRIVE, AGOURA HILLS, CA
THE ATRIUM OFFICES A modern architectural beauty off the 101
Freeway in Agoura Hills, CA
Marcus & Millichap has been selected to exclusively market for sale The Atrium Offices, a 22,761 square foot office building located at 28348 Roadside Drive in the highly desirable and affluent Southern California submarket of Agoura Hills, CA. The Atrium Offices is located directly off the Interstate 101 Ventura Freeway along Roadside Drive, right off the Cheseboro Road on/off ramp. With excellent freeway visibility and frontage, the subject property is situated on 32,073 square feet of land. The Atrium Offices are centrally located within the main office district of Agoura Hills in an amenity rich pocket within close proximity to multiple high-end retailers and restaurants, high-end multi-million dollar homes, and a number of local office tenants that benefit from the high-end submarket and surrounding amenities. Offices nearby include companies such as Rantec Microwave Systems, iPayment, Dole Food Company and a host of others. There is a host of national credit tenants within walking distance as well as a wide variety of restaurants as well as the Four Seasons Hotel and Spa.
The Atrium is a modern Spanish Style beauty with high end upgrades as well as a tranquil feel that attracts tenants to the building. Suites benefit from open floor plans, excellent natural light, views, and second story balconies. The 2004 construction building also has a plethora of parking (68 spaces), which separates it from its competition. There are a total of 11 office suites and one elevator to serve the second story. All units are separately metered for electric.
The Atrium Offices has been approved for an 11 unit condominium subdivision, complete with HOA, bylaws, budget, and reserve study. This is an ideal owner-user opportunity, as all lease are currently month to month, allowing a user to occupy a portion or all of the building.
Agoura Hills, CA is an affluent city in the Conejo Valley. Agoura Hills and the surrounding areas have become synonymous to streets lined with multi-million dollar homes, high-end retailers, restaurants, large commercial offices, company headquarters, world class hotels and has become an ideal destination for executives, professionals, and celebrities.
54
Address 28348 Roadside Dr Agoura Hills, CA
APN 2061-009-074
Number of Stories 2
Year Built 2004
Building SF 22,761 SF
Lot Size 32,074 SF
Zoning AH CRS-FCParking Spaces 68
Parking Ratio 2.99 Spaces per 1,000 SF
Price $4,900,000
Office Suites 11
Price/SF (BLDG) $222
CAP Rate 1.89%
Pro Forma CAP Rate 6.90%
Current Occupancy 46%
Current Rent-Monthly $12,120.12
Net Operating Income $92,449
Lease Type Modified Gross
Lease Expiration M2M
PROPERTY INFORMATION FINANCIAL INFORMATION
PROPERTY DESCRIPTIONUS 101 - VENTURA FREEWAY
*SQUARE FOOTAGE IS APPROXIMATE; BUYER TO CONFIRM DURING DUE DILIGENCE.
ROA
DSI
DE
DRI
VE
WESTLAKE VILLAGE
7 MILES SOUTHA
GO
URAHILLS
THE
ATRIUM
CANWOOD STREET
6 7
$120,9921-mile radius median HH income
67,4425-mile radius population
25,8815-mile radius number of households
EXCELLENT AGOURA HILLS LOCATION
y Directly off the Interstate 101 Ventura Freeway
y Excellent freeway access and visibility
y Ideally located in the main office district of Agoura Hills which is home to national companies and a host of corporate headquarters and large commercial offices
y Close proximity to The Four Seasons Hotel and Spa, high-end
retailers and a wide variety of restaurants
NEW CONSTRUCTION OFFICE BUILDING FULLY APPROVED FOR CONDOMINIUMS
y Approved for an 11 unit condominium subdivision complete with HOA, bylaws, budget, and reserve study
y High end upgrades with open floor plans, views, and second story balconies
y Architecturally pleasing building with beautiful garden and open area
y Excellent parking – 68 spaces
INVESTMENT HIGHLIGHTSBUSINESS FRIENDLY ENVIRONMENT
y A number of commercial and light industrial business firms are located in the immediate area
y Agoura Hills is a well-managed city known for its serene landscapes and high quality of life
y Home to a host of national companies and large commercial offices
y Excellent business climate in which companies prosper
IDEAL OWNER-USER OR INVESTMENT OPPORTUNITY
y Flexibility in leases allow an Owner-User Buyer to occupy a portion or all of the building
y Owner-User can occupy a portion of the building and generate income from the remaining tenants
STRONG IMMEDIATE DEMOGRAPHICS
y A number of commercial and light industrial business firms are located in the immediate area. Agoura Hills is a well-managed city known for its serene landscapes and high quality of life
y Agoura Hills is a well-managed city known for its serene landscapes and high quality of life
y Home to a host of national companies and large commercial offices
y Excellent business climate in which companies prosper
9
INTEREST OFFERED:100% fee simple interest in The Atrium Offices, a 31,173 SF office building located at 28348 Roadside Dr, Agoura Hills, CA 91301.
TERMS OF THE SALE:Property is being offered on a free and clear basis.
PROPERTY TOURS:Prospective purchasers are encouraged to visit the site prior to submitting offers. All property tours must be coordinated through the listing broker.
SUMMARY OF TERMS
10 11
LOCATION28348 Roadside Dr, Agoura Hills, CA 91301
SITELocated on the South side of Roadside Drive, just west of the Chesebro o on / off ramp
SQUARE FOOTAGES22,761 SF with a land area of 32,073 SF
PARKING68 parking spaces between a rare ground floor garage and on-site to the side and rear of the building
PARKING RATIO2.99 Parking Spaces per 1,000 SF
YEAR BUILTThe property was built in 2004
ZONINGZoning is AH CRS-FC
ARCHITECTURAL / CONSTRUCTIONModern Spanish style. Block wall garage with concrete deck. Upper floors wood frame, stucco and drywall.
POWER SOURCEAll condo units are separately metered for electrical.
ELEVATORThere is one elevator to serve the second story.
SUITESSuites benefit from open floor plans, excellent natural light, views, and second story balconies
PROPERTY DETAILSTotal Building Area 22,761 SF
Leasable Area 16,295 SF
Mezzanine Area 6,466 SF
Land Area 32,074 SF
Parking 68 Spaces
Parking Ratio 2.99 per 1,000
Zoning AH CRS-FC
Office Area 1st Floor 11,933 SF 52%
Office Area 2nd Floor 10,828 SF 48%
Total Office Area 22,761 SF 100%
PROPERTY DETAILS
35%
OFFICE AREA1ST FLOOR
OFFICE AREA 2ND FLOOR48%
52%
1312
OPERATING DATA
CURRENT PRO FORMA
Scheduled Lease Income: $145,441 $391,080NNN Charges: $0 $0Effective Gross Income: $145,441 $391,080Vacancy - 5.0% $19,554HOA Income $57,021 $57,021
Expenses: $110,014 $110,014Net Operating Income: $92,449 $338,087
FINANCIAL ANALYSISTENANT INFORMATION LEASABLE SF LEASE EXP RENT $/SF HOA/UNIT PF $/SFVACANT 1,480 M2M - - $431.58 $2.00VACANT 796 M2M - - - $2.00SoCal Auto Brokers 1504 M2M $1,000.00 $0.97 $438.58 $2.00Dr. Nimira Alibhoy 850 M2M $1,300.00 $1.53 - $2.00VACANT 1,800 M2M - - $524.90 $2.00VACANT 1,904 M2M - - $555.22 $2.00VACANT 2,195 M2M - - $640.08 $2.00VACANT 1,189 M2M - - $346.72 $2.00Infinity- Robert Catania 1,125 M2M $400.00 $0.68 $328.06 $2.00Wilshire Coin II 456 M2M $930.00 $2.04 - $2.00Agoura Hills Financial/Nottinghill 1873 M2M $1,957.00 $1.58 $546.18 $2.00Arkitip, Inc. 943 M2M $1,038.40 $1.10 - $2.00Wallace and Wallace Accountancy 1,462 M2M $3,494.72 $1.60 $426.33 $2.00G2K Construction, Inc. 1,518 M2M $2,000.00 $0.93 $442.66 $2.00VACANT 245 M2M - - $71.44 $2.00
16,295 $12,120.12
PROFORMA EXPENSES
$/YEAR $/YEAR/SFTaxes @ 1.25%* $61,250 $2.77Insurance $8,084 $0.36Services $8,000 $0.35Utilities $12,537 $0.55Maintenance $4,500 $0.20Management $15,643 $0.69Total $110,014 $4.98/$0.41
1514
SALES COMPARABLES - OFFICE# ADDRESS SALE PRICE YEAR BUILT PRICE/SF BLDG SF LOT SF COE DATE CAP RATE
1 5014 Chesebro Rd Bldg 4, Agoura Hills, CA 91301 $1,600,000 2008 $329.76 4,852 4,792 6/5/2018 -
2 5016 Chesebro Rd, Agoura Hills, CA 91301 $2,000,000 2008 $295.12 6,777 5,737 9/25/2018 -
3 28038 Dorothy Dr, Agoura Hills, CA 91301 $2,935,000 1985 $270.81 10,838 20,473 8/30/2018 -
4Calabasas Park Centre24025 Park Sorrento Calabasas, CA 91302
$79,000,000 2000 $347.00 225,340 225,256 12/31/2018 6.50%
5Westlake Gardens I & II2535 Townsgate Rd,Westlake Village, CA 91361
$23,300,000 1998 $247.24 94,241 204,732 2/2/2018 6.50%
6 1 Dole Dr,Westlake Village, CA 91362 $50,000,000 1999 $296.33 168,729 445,723 9/13/2018 -
7 30005 Ladyface Cir,Agoura Hills, CA 91301 $10,300,000 2006 $356.67 28,878 133,899 2/26/2018 -
8 31248 Oak Crest Dr, Westlake Village, CA 91361 $11,000,000 1998 $207.03 53,133 166,835 3/7/2018 -
9 30700 Russel Ranch Rd, Westlake Village, CA 91362 $33,350,000 2001 $240.34 138,762 378,101 1/11/2018 7.00%
Average $287.81 6.67%
OFFICE SALES COMPARABLES PRICE/SF
SALES COMPARABLES - OFFICE
$500
$450
$400
$350
$300
$250
$200
$150
$100
$50
AVG: $287.81
5014 Chesebro Rd
5016 Chesebro Rd
28038 Dorothy Dr
24025 Park Sorrento
2535 Townsgate Rd
1 Dole Dr
30005 Ladyface Cir
31248 Oak Crest Dr
30700 Russel Ranch Rd
$329.76
$295.12
$347.00
$247.24
$296.33
$356.67
$207.03$240.34
$270.81
16 17
RENT COMPARABLES - OFFICE# ADDRESS RENT/YR/SF RENT/MO/SF LEASE TYPE SPACE AVAIL
1 30313-30317 Canwood St,Agoura Hills, CA 91301 $36.00 $3.00 NNN 1,200
2 5115 Clareton Dr, Agoura Hills, CA 91301 $28.20 $2.35 Modified Gross 1,404
3 30601 Canwood St, Agoura Hills, CA 91301 $39.96 $3.33 NNN 3,000
4 30343 Canwood St, Agoura Hills, CA 91301 $19.80 $1.65 Modified Gross 1,410
5 28310 Roadside Dr, Agoura Hills, CA 91301 $21.48 $1.79 Plus All Utilities 350
6 29020 Agoura Rd, Agoura Hills, CA 91301 $39.00 $3.25 NNN 975
7 28720 Canwood St, Agoura Hills, CA 91301 $19.80 $1.65 Modified Gross 2,000
8 29209 Canwood St, Agoura Hills, CA 91301 $25.20 $2.10 Full Service Gross 5,360
AVERAGE $28.68 $2.39
THE
ATRIUM28348 ROADSIDE DR, AGOURA HILLS, CA
1 2
3 4
5 6
7 818 19
RENT COMPARABLES - OFFICE
OFFICE RENT COMPARABLES PRICE/SF/MONTH
$5.00
$4.50
$4.00
$3.50
$3.00
$2.50
$2.00
$1.50
$1.00
$0.50
AVG: $2 .39
30313-30317 Canwood St
5115 Clareton Dr
30601 Canwood St
30343 Canwood St
28310 Roadside Dr
29020 Agoura Rd
28720 Canwood St
29209 Canwood St
$3.00
$2.35
$1.65$1.79
$3.25
$1.65
$2.10
$3.33
20 21
Nestled at the northern edge of the beautiful and serene Santa Monica Mountains and the southern edge of the rolling Simi Hills, the City of Agoura Hills is a very quiet, friendly and family-oriented community. Boasting some of the few paths through the breathtaking Santa Monica Mountains to the paradise beaches of Malibu, and a carefully planned layout to maintain a harmonious balance between residential and business development, Agoura Hills is the ideal location for both raising a family and starting or growing a business. Once known as Picture City, Agoura Hills was the filming site for myriad western movies, including “Gunsmoke” (1931), “The Virginian” (1946) and “Gunfight at the OK Corral” (1957). Following the dozens of western movies filmed here, a host of the most classic of T.V. shows including “The Rifleman,” “The Dukes of Hazard,” and “CHPS” were filmed in the rustic hills and winding streets of Agoura. Today, the hills are quieter without the filming, but the streets are still driven by many of today’s actors and celebrities who call Agoura Hills home. Today, visitors can see the props and history of Agoura Hills’ Picture City days with free admission to Paramount’s “Movie Ranch.” With the quiet neighborhoods and rich history, Agoura Hills is among the most coveted areas to live in the U.S. and hosts the popular Great Race of Agoura. It is listed as one of SafeWise 50 Safest Cities, and has earned that reputation over years. Located just a short drive from the booming commercial areas and nightlife of Los Angeles, the thriving business districts and attractions of Thousand Oaks, andthe world-renowned beaches and wineries of Malibu, work and play are never far away. Nestled at the northern edge of the beautiful and serene Santa Monica Mountains and the southern edge of the rolling Simi Hills, the City of Agoura Hills is a very quiet, friendly and family-oriented community. Boasting some of the few paths through
AGOURA HILLSThe Conejo Valley is one of the most affluent areas in the country. It was ranked as one of the top 100 places to live in the country by Money Magazine. The Conejo Valley is a stunning area surrounded by rolling hills, majestic oak trees, and open space. The valley is located about an hours drive north from Downtown L.A., 45 minutes south of Santa Barbara, and about 30 minutes east of Malibu and the ocean. The Valley is an ideal location to live, work, and visit.The Conejo Valley is made up of five main towns/cities: Westlake Village, Thousand Oaks, Oak Park, Agoura Hills, and Newbury Park. Lake Sherwood, which is its own unincorporated community, is also part of the Conejo Valley as well as a portion of the city of Calabasas. Boasting some of the finest weather in the country, the area provides a sunny, mild climate with the perfectly-timed ocean breeze. With average winter temperatures in the mid-50s, average summer temperatures in the mid-70s and 347 days of California sunshine a year, the Conejo Valley is an ideal place to live, work and visit. The people of Conejo Valley cherish the perfect combination of small town living and world-class industry, shopping and recreation in their own backyard. Many high-tech companies, particularly those in biotechnology, including Amgen, Baxter, General Dynamics Corporation, and Rockwell International are prevalent in the area. It also includes many other tech corporations, especially dot com companies and telecommunications like Verizon and Verizon Wireless. It also ishome to many healthcare and other various companies like WellPoint, J.D. Power and Associates, Volkswagen, Audi, THQ, SAGE Publications, MacTech and JAFRA Cosmeticsthe breathtaking Santa Monica Mountains to the paradise beaches of Malibu, and a carefully planned layout to maintain a harmonious balance between residential and business development, Agoura Hills is the ideal location for both raising a family and starting or growing a business.
CONEJO VALLEY
22 23
With a mix of stylish boutiques, popular global brands and the latest trends in fashion, beauty, home goods and more, The Promenade at Westlake brings you the ultimate shopping experience in the area. The Westlake Promenade is a great place to shop, hang out, have dinner and see a movie. There are several restaurants including Paul Martin’s, Marmalade, Farfalla, The Grill, Lemonade and more. There’s also a Barnes and Noble, Vintage Grocers, Nike Store, and many boutique stores. Fernando Valley.
SHOPPING RETAIL
The Shoppes at Westlake Village is a luxurious shopping mall in the heart of Westlake Village that provides residents of the community with many great shops and restaurants to visit, as well as events to be a part of. This 240,000 sq. ft. shopping center was originally opened in 2014 and offers a clean and friendly destination for local residents and visitors to spend time with friends and family. You can spend your time at the Shoppes socializing or window-shopping for your next purchase in this luxurious outdoor shopping mall.
There are numerous outdoor eating areas situated around the shopping venues, providing you with a premier destination for a picnic in the lovely Southern California weather. When you’re not shopping, there are more than enough comfortable benches in the area for you and your friends or family to relax. In total, there are well over a dozen stores for you to enjoy in this shopping center, as well as numerous highly-rated restaurants, from Hook Burger to Olio Pizzeria. No matter what you’re looking for, you’re sure to find it and more at Shoppes at Westlake Village!
When you’re a resident of Westlake Village and the surrounding areas, you’re served by the shopping, dining, entertainment, and amenities that are provided by the The Promenade and Shoppes at Westlake Village. These shoppes offer variety and a destination away from home that will provide you with everything you could possibly need, from clothing and jewelry to a wide range of unique and delicious dining experiences.
2524
G R O U P
BRANDON MICHAELS
THE
ATRIUM28348 ROADSIDE DR, AGOURA HILLS, CA
BRANDON MICHAELSSenior Managing Director InvestmentsSenior Director, National Retail Group
Tel: (818) [email protected]
License: CA #01434685
LONNIE MCDERMOTTFirst Vice President InvestmentsDirector, National Land Group
Tel: (818) [email protected]
License: CA #01874375
FILIP NICULETEFirst Vice President Investments
Director, National Multifamily GroupTel: (818) 212-2748
[email protected]: CA #01905352