THE WATERFRONT BUSINESS ADDRESS FOR CREATIVE … · preeminent project in San Pedro, ... Most...
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INVESTMENT SUMMARY MAJOR VALUE-ADD 292,540 SF SOUTHERN CALIFORNIA CLASS-A COASTAL OFFICE TOWER WITH OCEAN VIEWS THE WATERFRONT BUSINESS ADDRESS FOR CREATIVE MINDS
Transcript of THE WATERFRONT BUSINESS ADDRESS FOR CREATIVE … · preeminent project in San Pedro, ... Most...
INVESTMENT SUMMARY
MAJOR VALUE-ADD 292,540 SF SOUTHERN CALIFORNIACLASS-A COASTAL OFFICE TOWER WITH OCEAN VIEWS
THE WATERFRONT BUSINESS ADDRESS
FOR CREATIVE MINDS
TOPAZ OFFERS STUNNING CLASS “A” ARCHITECTURE IN AN AMENITY RICH COASTAL COMMUNITY.
WITH OVER $10 MILLION IN RECENT RENOVATIONS, TOPAZ BOASTS UNPARALLELED OCEAN VIEWS WITH A LOCATION IN THE HEART OF QUAINT DOWNTOWN SAN PEDRO
PROPERTYADDRESS
NUMBER OFSTORIES
TOTAL BUILDINGAREA
PARKING SPACES
OCCUPANCYYEAR BUILT/RENOVATED
RETAIL SPACE
CONSTRUCTIONTYPE
GROSS SITE AREA
222 W 6TH STREETLos Angeles (San Pedro), CA 90731
1990/2015-2017
STEEL FRAME 292,540 RSF (BOMA)
66% 11 FLOORS7-Level Parking Structure
Approximately 13,244 SF of retail storefront space located at street level within the parking structure.
Approximately 71,986 SF1.65 ACRES
Approximately 770 SPACES (3.6/1,000 RSF) in an adjacent seven-level parking structure (ratio includes oversell). Additionally numerous free and low cost parking
lots are located in downtown San Pedro.
PROPERTY FACTSTHE OFFERINGNewmark Knight Frank Capital Markets is pleased to offer the opportunity to acquire the 100% fee simple interest in Topaz (the “Property”), an 11-story, 292,540 square foot, Class “A” office tower with prominent views of the Pacific Ocean situated in Downtown San Pedro (City of Los Angeles), California. The Property is well located between Los Angeles and Orange County, less than a 10 minute drive from the intersection of two major Los Angeles area freeways, the I-405 and I-110, with average daily traffic counts of +/- 1 million. Topaz is currently 66% leased, including the recent 99,343 square foot 7-year lease with Molina Healthcare, which provides significant leasing momentum to achieve full stabilization.This premier office tower has been recently renovated with over $10 million in new improvements and boasts unparalleled ocean views with a location in the heart of quaint downtown San Pedro within 10 minutes of the South Bay’s most desirable amenities including Terranea Resort, Trump National golf course, Downtown Long Beach, Cabrillo Marina, and Fisherman’s Wharf which is undergoing a major redevelopment into the new $100 million San Pedro Public Market.
NEAR MAJOR FREEWAY INTERCHANGES WITH AN AVERAGE DAILY TRAFFIC COUNT OF +/-1.0MM
HIGH IMAGE INSTITUTIONAL CLASS “A” ASSET Topaz offers stunning Class “A” architecture in this amenity rich coastline community. As the preeminent project in San Pedro, there is signage available that can be seen from miles away. The high quality design and efficient floor plates deliver a rare combination of prestige and efficiency for corporate users.
HIGH QUALITY CLASS “A” OFFICE MARKETThe Class “A” vacancy rate in the surrounding submarkets of Downtown Long Beach and 190th Street are among the lowest vacancy in the South Bay market. There is significant demand and limited supply of large contiguous space, which Topaz offers. Large tenants today are seeking space efficiencies that can only be achieved through open floor layouts on large floors. Demand for this type of space has led to several building renovations in the South Bay, which has led to increased rental rates.
$1.2 BILLION SAN PEDRO WATERFRONT REDEVELOPMENT UNDERWAYOver the next five years the Port of Los Angeles is investing $1.2 billion in the San Pedro Waterfront redevelopment stretching from the Vincent Thomas Bridge to Cabrillo Beach covering more than 400 acres. The focal point of this major capital improvement project includes the recent $38.5M Downtown Harbor and Promenade located between 5th and 6th streets located just steps from Topaz.
DESIRABLE SOUTHERN CALIFORNIA COASTAL LOCATIONStrategically located between Southern California’s two most lucrative markets, Los Angeles and Orange County, Topaz provides Class “A” office space with spectacular panoramic views overlooking the beautiful Pacific Ocean, Fisherman’s Wharf, The Queen Mary, Pike at Rainbow Harbor, and Catalina Island.
UNPARALLELED SUBMARKET LOCATION WITH NUMEROUS AMENITIES Downtown Long Beach (located 10 minutes from Topaz via the Vincent Thomas Bridge) has undergone an urban renaissance, adding over 1 million square feet of retail and entertainment venues, and over 6,000 luxury apartment and condominium units, thus creating a truly vibrant, 24/7 urban beach community.
SUBSTANTIAL DISCOUNT TO REPLACEMENT COST AND HIGH BARRIERS TO ENTRYAvailable at a major discount to replacement cost, this high image office tower is located in a supply constrained coastal submarket with major physical and economic barriers to entry for new office construction.
INVESTMENT HIGHLIGHTS
TERRANEA The Terranea resort, spanning 102 acres on the beautiful Palos Verdes cliffs, offers an impressive 582 room collection of residential bungalows, casitas, and villas. Amenities include a 9-hole golf course, three ocean-view pools, and a collection of eight restaurants, bars, cafes, and lounges.
TRUMP NATIONAL From the time the 150-acre project was acquired by Edward Zuckerman in 1953, Trump National has been on its way to becoming the world-class golf course it is today. Complete with a driving range, putting green, short-game practice areas, and the Golf Academy, for those looking to hone their playing skill, Trump National stands out as a premiere golfing destination. The on-site 45,000 SF clubhouse contains an award-winning pro shop, stately locker rooms, and executive meeting rooms. There are several upscale restaurant options in the clubhouse: The Café Pacific, the Golfer’s Lounge, The Trump National Bar, and The Grill at Trump National. The clubhouse also features a Grand Ballroom with the ability to host 300 people.
THE CROWNE PLAZA HOTEL With almost 10,000 SF of flexible meeting space, a fully operational business center, and dedicated business center staff, the Crowne Plaza Hotel offers a great location to convene for a business engagement or social event. Earlier this year, the property was purchased for $27 million by SPF Capital Real Estate, a Beijing investment firm. New ownership is expected to complete upgrades/renovations in the upcoming year.
The hotel is complete with an outdoor pool, fitness center, and on-site Blu Restaurant and Lounge. Surrounding amenities include the Aquarium of the Pacific, cruise and ferry terminals to Catalina Island and other destinations, the historic Fort MacArthur, and the HMS Queen Mary. The Crowne Plaza Hotel’s location also is conveniently located near the Trump National Golf Club and the San Pedro Gateway.
NEW MIXED-USE PROJECT DEVELOPMENT DIRECTLY ACROSS FROM TOPAZHolland Partner Group has paid $24.5 million for a large development site in San Pedro adjacent to Topaz. Renderings of the project, which is designed by Nadel Architects, portray a contemporary seven-story building stretching a full city block. The mix of studio, one-, two- and three-bedroom apartments is supplemented by multiple courtyards, a roof terrace, a large underground parking garage and ground floor storefront retail shops. The project is another addition to the revitalization of the immediate area, along with the waterfront development now beginning to take shape. Most recently, demo work has already begun with the opening anticipated for 2020.
MAJOR WATERFRONT DEVELOPMENT COMING SOONThe City and Port of Los Angeles have agreed to a long term ground lease with The Ratkovich Co. and Jerico Development for a $100 million redevelopment of the 30 acre Ports O’ Call into the “San Pedro Public Market” which is currently underway and slated to be completed in 2020. The project will include over 150,000 square feet of restaurants, shopping, fresh markets, and more than a half-mile of waterfront promenade. There will also be a “discovery sea park,” event space and attractions such as a Ferris wheel, a carousel and other interactive “seaside adventures” along with an outdoor amphitheater. The project will include a Red Car rail trolley which will carry visitors up and down the project’s linear footprint in addition to a fleet of rubber-tire trolleys connecting passengers to downtown San Pedro.
CABRILLO MARINA Cabrillo Marina offers a wide variety of amenities for visitors, tourists and boaters. The Plaza at Cabrillo Marina is the hub of a multipurpose facility that includes excellent restaurant options, and the elegant Hilton Hotel. Capable of hosting a party of up to 260 people, the Plaza is the choice of many for weddings and other momentous occasions.
On-site staff, plenty of open space, maintained facilities, and plenty of free parking make Cabrillo Marina a great location for boaters to dock and launch their watercraft.
Cabrillo Marina is conveniently located near the Los Angeles Airport and local freeways. Catalina Island is a mere 19.4 miles away. One is able to boat around the harbor, dine at one of the fine restaurants, and take a stroll around the marinas’ park-like setting within the same day.
SAN PEDRO MARKETPLACE
AMENITY HIGHLIGHTS
SAN PEDRO
PACIFIC OCEAN
SAN PEDRO MARINA
PORT OF LOS ANGELES
LOS ANGELES MARITIME MUSEUM
CROWNE PLAZA HOTEL
CITY HALL
DOWNTOWN HARBOR
PROMENADE
VUE APARTMENTS
SOUTH HARBOR BOULEVARD
PORT OF LOS ANGELES HEADQUARTERS
6TH STREET
LA WATERFRONTRETAIL DEVELOPMENT
HOLLAND GROUP’SMIXED-USE DEVELOPMENT
TERRANEA/TRUMP NATIONAL GOLF COURSE
INVESTMENT CONTACTS
KEVIN SHANNONPresident – West Coast Capital MarketsCA RE License #00836549+1 310 491 [email protected]
SCOTT SCHUMACHERManaging DirectorCA RE License #1078450+1 310 491 [email protected]
KEN WHITEExecutive Managing DirectorCA RE License #01788506+1 310 491 [email protected]
GUILLERMO BOISSONAssociateCA RE License #01950782+1 310 491 [email protected]
LOCAL MARKET CONTACTS
DAVE SMITHCA RE License #00991425+1 310 363 [email protected]
TIM VAUGHANCA RE License #00902652+1 310 363 [email protected]
MIKE HARRYCA RE License #00940402+1 310 363 [email protected]
RETAIL LEASING SPECIALIST
DERRICK MOORECA RE License #01029938+1 213 935 [email protected]
FINANCING CONTACTS
DAVID MILESTONECA RE License #01515842+1 310 491 [email protected]
BRETT GREENCA RE License #01892016+1 310 491 [email protected]
2301 Rosecrans Avenue, Suite 4100El Segundo, CA 90245
Corporate License #01355491
The broker for a purchaser of the property shall be entitled to receive a real estate commission only in the event that broker and the property’s owner execute a written commission agreement containing the manner of calculation of that commission and all conditions to its payment, and the satisfaction of those conditions. Absent a written agreement to the contrary between that broker and NKF, that broker shall not look to NKF for payment of such a commission or any other compensation.
Although all information furnished regarding property for sale, lease, or financing has been obtained from sources deemed to be reliable, that information has not been verified by NKF and no express representation is made nor is any to be implied as to the accuracy thereof. That information is subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice and to any special conditions imposed by NKF’s client.
