manhattan beach, california 90266 · 2018-11-14 · the manhattan 1701 artesia blvd., manhattan...
TRANSCRIPT
OFFERING MEMORANDUM
THE MANHATTAN
1701 ARTESIA BOULEVARD
Manhattan Beach, California 90266
Capital Markets | Investment Proper ties
AFFILIATED BUSINESS DISCLOSURE AND CONFIDENTIALITY AGREEMENT
CBRE, 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).
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.
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.
© 2018 CBRE, Inc. All Rights Reserved.
05 EXECUTIVE SUMMARY
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TABLE OF CONTENTS
PROPERTY DISCUSSION
AREA OVERVIEW
FINANCIAL OVERVIEW
LOCAL MARKET OVERVIEW
THE MANHATTAN
1701 Artesia, Blvd., Manhattan Beach
CONTACT US
JACK LEVIS
Senior Associate
+1 310 363 4919
Lic.01886278
MATT LEVIS
Senior Associate
+1 310 363 4787
Lic.01900634
DAVE SMITH
Senior Vice President
+1 310 363 4887
Lic.00991425
TIM VAUGHAN
Senior Vice President
+1 310 363 4888
Lic.00902652
EXECUTIVE SUMMARY
THE MANHATTAN
1701 Artesia Blvd., Manhattan Beach
5E X E C U T I V E S U M M A R Y
THE OFFERING
CBRE, Inc., as exclusive agent, is pleased to
present for sale The Manhattan, a premier, fully
entitled, development opportunity located at
1701 Artesia Boulevard in Manhattan Beach.
Boasting an irreplaceable Southern California
surf-and-sun location and surrounded by some
of the nation’s most appealing demographics
and residential communities, the property is
situated less than two miles from the beach
near the intersection of Artesia Boulevard and
Aviation Boulevard.
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THE OPPORTUNITY
This property can be purchased as a fully entitled development site or a completed mixed-use property.
Entitlement Overview:
• 13,409 square feet of land
• 13,066 rentable square feet
• Seven 2-bed / 2-bath condominiums
• Two 2-bed / 2-bath townhouse-style condominiums*
• 2,885 square foot medical / commercial office suite
• Residential parking: 2 stalls + 1 guest stall per residential unit ( 27 stalls )
• Medical commercial parking: 16 stalls
• On-site amenities include a ground-level pool on the northeast corner of the property
* Owners of the land will retain ownership of the two townhomes.
THE MANHATTAN
1701 Artesia Blvd., Manhattan Beach
PROPERTY DESCRIPTION
FIRST FLOOR
1st
Story Condo A1 = 1,004 Square Feet / 2 Parking Stalls Per Unit + 1 Guest Stall
1st
Story Condo B1 = 1,058 Square Feet / 2 Parking Stalls Per Unit + 1 Guest Stall
1st
Story Condo C1 = 1,000 Square Feet / 2 Parking Stalls Per Unit + 1 Guest Stall
1St
Story Condo D1 = 1,003 Square Feet / 2 Parking Stalls Per Unit + 1 Guest Stall
Medical / Commercial Office = 2,885 Square Feet / 16 Parking Stalls
2 Story Townhome Condo 1 = 1,244 Square Feet / 2 Parking Stalls + 1 Guest Stall *
2 Story Townhome Condo 2 = 1,244 Square Feet/ 2 Parking Stalls + 1 Guest Stall *
SECOND FLOOR
2nd
Story Condo A2 = 1,220 Square Feet / 2 Parking Stalls Per Unit + 1 Guest Stall
2nd
Story Condo B2 = 1,220 Square Feet / 2 Parking Stalls Per Unit + 1 Guest Stall
2nd
Story Condo C2 = 1,205 Square Feet / 2 Parking Stalls Per Unit + 1 Guest Stall
* Owners of the land will retain ownership of the two townhomes.
THE MANHATTAN
1701 Artesia Blvd., Manhattan Beach
PROPERTY DESCRIPTION
Owner to retain unit below after construction is completed
THE MANHATTAN
1701 Artesia Blvd., Manhattan Beach
PROPERTY DESCRIPTION
Owner to retain unit below after construction is completed
THE MANHATTAN
1701 Artesia Blvd., Manhattan Beach
PROPERTY DESCRIPTION
THE MANHATTAN
1701 Artesia Blvd., Manhattan Beach
PROPERTY DESCRIPTION
THE MANHATTAN
1701 Artesia Blvd., Manhattan Beach
PROPERTY DESCRIPTION
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LOCATION DETAILS
• Rare opportunity for a fee simple, fully entitled development site for 9 residential units and 1 medical office space in the City
of Manhattan Beach
• Fully permitted and entering the construction phase
• Easy access to world class Manhattan, Hermosa and Redondo beaches
• Residential units have full access to high quality institutional level amenities
• Ideally situated within immediate proximity to the 405, 110 and 105 freeways and blocks from Pacific Coast Highway. Los
Angeles International Airport (LAX) is also a short drive away
• Manhattan Beach and Hermosa Beach retail nearby includes Target, Vons, CVS Pharmacy, Walgreens, Chase Bank, Wells
Fargo Bank, Starbucks and 24-Hour Fitness
• Local restaurants include Nick’s Manhattan Beach, Manhattan Beach Post, Uncle Bill’s Pancake House, North End Bar and
Grill, El Torito, Baja Sharkeez, The Rockefeller and many more
• Easy access to prime shopping, dining and entertainment venues along Manhattan Beach Boulevard in Manhattan Beach
and Pier Avenue in Hermosa Beach
• Local Class A retail includes Manhattan Village, The Point, Plaza El Segundo, and Plaza Hermosa
• Property is within Manhattan beach Unified School District and just blocks from highly regarded Mira Costa High School
THE MANHATTAN
1701 Artesia Blvd., Manhattan Beach
SITE
THE MANHATTAN
1701 Artesia Blvd., Manhattan Beach
THE MANHATTAN
1701 Artesia Blvd., Manhattan Beach
THE MANHATTAN
1701 Artesia Blvd., Manhattan Beach
THE MANHATTAN
1701 Artesia Blvd., Manhattan Beach
THE MANHATTAN
1701 Artesia Blvd., Manhattan Beach
THE MANHATTAN
1701 Artesia Blvd., Manhattan Beach
THE MANHATTAN
1701 Artesia Blvd., Manhattan Beach
THE MANHATTAN
1701 Artesia Blvd., Manhattan Beach
THE MANHATTAN
1701 Artesia Blvd., Manhattan Beach
THE MANHATTAN
1701 Artesia Blvd., Manhattan Beach
THE MANHATTAN
1701 Artesia Blvd., Manhattan Beach
CONTACT US
JACK LEVIS
Senior Associate
+1 310 363 4919
Lic.01886278
MATT LEVIS
Senior Associate
+1 310 363 4787
Lic.01900634
DAVE SMITH
Senior Vice President
+1 310 363 4887
Lic.00991425
Capital Markets | Investment Properties
TIM VAUGHAN
Senior Vice President
+1 310 363 4888
Lic.00902652