9401 Jefferson Blvd - LoopNet...4 Nike 5860 W Jefferson Blvd 50,000 4/1/2016 127 $3.80 MG $3.59 7...

9401 Jefferson BlvdCulver City, CA

Available

Table of Contents

Executive Summary

Site Plan

Investment Highlights

About the Area

Market Overview

Area Comps

The information contained herein has been obtained through sources deemed reliable but cannot be guaranteed as to its accuracy. Any information of special interest should be obtained through independent verification.

INDUSTRY PARTNERS | T 310 395 5151 | INDUSTRYPARTNERS.COM | CA BRE 01900833

Executive Summary9401 Jefferson Blvd (‘The Property’) is located in the stretch of land between Jefferson Boulevard and Ballona Creek, in Culver City. The Property presents a unique opportunity for investors to develop in one of the most active markets in the Westside, and take advantage of the direct access to the Ballona Creek and its breathtaking views.

The Property features easy access to the countless amenities in nearby Downtown Culver City. The Property is also in close proximity to the 10 Freeway, less than 2 miles from the closest access ramp, while also being accessible by public transportation with the nearest Expo Line station at only a mile away.

With a total of 39,500 SF of land (0.9 Acres), the subject property features an ubeatable location and a rare opportunity for ground-up development.

Property Details

Address 9401 Jefferson Blvd. Culver City, CA 90232

Total Land Area 39,507 SF

AIN 4204-004-001 4204-004-011 4204-004-028

Zoning IG: Industrial General

AB

C

INDUSTRY PARTNERS | T 310 395 5151 | INDUSTRYPARTNERS.COM | CA BRE 01900833 EXECUTIVE SUMMARY

APN

: 420

4-00

4-01

1APN: 4204-004-028

APN: 4204-004-001

JEFFERSON B

LVD

BALLONA CREEK

9401 Jefferson Site Plan


Santa Monica

Downtown, LA

Hollywood

Playa Vista

9401 Jefferson

Prime Location At the Heart of the Jefferson Creative Office Corridordor

9401 Jefferson Blvd is conveniently located at the center the Jefferson Creative Office Corridor - one of the most dynamic creative submarkets of the Los Angeles’ Westside, with a record 10-year low vacancy rate at 94% occupancy. The submarket has gained the attention of creative tenants in the region due in part by the submarket strategic location and accessibility – midway between Santa Monica and Downtown LA, and between Hollywood and Playa Vista.

In addition, the Jefferson Creative Office Corridor benefits by the countless pedestrian oriented amenities nearby, accessible public transportation with La Cienega/Jefferson Expo Line Station, and a bike path along Ballona Creek.

INDUSTRY PARTNERS | T 310 395 5151 | INDUSTRYPARTNERS.COM | CA BRE 01900833 INVESTMENT HIGHLIGHTS

Blur StudioThresholdCuningham Group ArchitectsBryon Allen StudiosCentury StudiosBeats by Dr DreSmashbox StudiosNantWorksUCLA Fine ArtsMartin StudiosSteelHouseNikeRaclin ArchitectsSugar DigitalAnonymous ContentMaker Studios

WoodshopCAPS Int’l49,475 RSF

Human Vending8,000 RSF

SONY Studios

ProposedCampus282,000 RSF

TumblrLRMeSalonHello Advertising148,000 RSF

MashableHSI Productions20,696 RSF

Nantworks(Proposed)200,000+ RSF

HOK Architecture25,000 RSF

WhyArchitecture7,040 RSF

KovelFuller15,000 RSF

PettybirdPictures NPR15,000 RSF

OddlotAdknowledge28,000 RSF

Access

eofficesmultitenant30,010 RSF

EbayPencil on PaperZambezi26,423 RSF

SmashboxPaige DenimIndustrial ColorOTISSchool of Design176,095 RSF

Herman MillerShowroom28,925 RSF

3460 HoldregeCreative Conversion26,000 RSF

Carmel PartnersProposed11 Acre Development

Outerknown7,543 RSF

The Platform

Ivy Station

We Work30,000 RSF

UnderConstruction49,900 RSF

Culver Studios

WrapperProposed161,000 RSF

Jukin MediaJunk Food Clothing30,000 RSF

9456 Jefferson9,600 RSF

DevelopmentOpportunity

The property has immense potential for creative office development that will draw the high rent rates seen in the city and the neighborhood. The scarcity of new development in the area combined with the great demand for high-quality creative office space, call for a thoughtful development plan to exploit the property to its full potential, take advantage of the Ballona Creek views, and the existing public transportation infrastructure.

Many development and redevelopment projects in the area are underway following the same reasoning. Most notably Carmel Partners 11 acre mixed use development project called Cumulus, with 1,200 residential units, 200,000 SF of creative office, and 100,000 SF of retail.


17 min Walk / 5 min Bike

9401 Jefferson Blvd

1

14

39

25

2

23

31

26

16

11

12

34

3

7

8

29

36

30

33

38

27

17

37

18

19 2022

21

9

154

13

6

28

5

10

40

24

32

Jefferson /La Cienega

Culver CityPalms

35



Surrounded byAmenities

A 15-minute walk along Duquesne can take you to the countless options for a meal, a cocktail, or a sip of fresh juice. The possibilities are so diverse and close to 9401 Jefferson that most activities can be done without a car, including a hike across the street at Baldwin Hills, and a 7-mile (one way) uninterrupted bike ride along the Ballona Creek.

The list of amenities and possible activities extends even more if you take the Jefferson/La Cienega Expo Line Station, which stretches Downtown Santa Monica all the way to Downtown Los Angeles — with connections to the Red/Purple and Blue Lines, and before long to the Gold Line, once the Regional Connector construction in Downtown is finalized.


Ballo

na C

reek

Bik

e Pa

th

9401 Jefferson Blvd

walkability

dedicated bike lanesbike friendly lanes

Walking and Bikingin the neighborhood and beyond

Jefferson is a highly walkable neighborhood that benefits from one of the longest uninterrupted urban bike paths in the region, the Ballona Creek bike path. The combination of designated bike lanes, the nearby Expo Line light-rail station, and the accessible hiking path at Baldwin Hills, makes Jefferson a heaven for those who favor alternative transportation options over the car.

According to WalkScore, most errands, grocery shopping and retail centers are accessible on foot from 9401 Jefferson Blvd. Playa Vista and the ocean are within less than a 30 minute bike ride on a designated path along the Ballona Creek, and Downtown Culver City and its amenities are just a 15-minute walk away.

INDUSTRY PARTNERS | T 310 395 5151 | INDUSTRYPARTNERS.COM | CA BRE 01900833 ABOUT THE AREAINVESTMENT HIGHLIGHTS

Neighborhood OverviewCulver City / Jefferson Creative Corridor

INDUSTRY PARTNERS | T 310 395 5151 | INDUSTRYPARTNERS.COM | CA BRE 01900833 ABOUT THE AREA

Located in the Jefferson neighborhood of Culver City, 9401 Jefferson Blvd is located in within what many people call the Jefferson Creative Office Corridor. Jefferson is shaped by natural and topographic elements, with Ballona Creek defining the Northwest border, and Baldwin Hills the Southeast, providing the neighborhood with its breathtaking views and a unique natural environment.

Within a half-mile radius of 9401 Jefferson Blvd, there are approximately 2,114 residential units — 37.2% of which are owner occupied, 57.7% are renter occupied and 5.1% remain vacant. The largest age segment within the half-mile radius area is 35-44, totaling 16.6% of the total population. The average household income is $111,691 — expected to grow by 10.2% by 2021, well above the County average.

Much like the rest of Culver City, the neighborhood is predominantly young, educated (54% of the population has a bachelor’s degree or above), and economically prosperous, and is populated by people willing to pay higher rental rates in exchange for access to a diverse selection of quality amenities, proximity to cultural and natural destinations and pedestrian oriented development.

Culver City

SOURCE: 2016 ESRI, US CENSUS

DEMOGRAPHICS WITHIN 0.5 MILE RADIUS

NEIGHBORHOOD POPULATION4,626

AVERAGE HH INCOME$111,691

RESIDENTIAL UNITS2,114

0.5 m

i

Jeffe

rson

Blv

d

Ballona Creek

9401 Jefferson Blvd

9401 Jefferson Blvd

Hayden Tract

Downtown Culver City

Market OverviewCulver City

INDUSTRY PARTNERS | T 310 395 5151 | INDUSTRYPARTNERS.COM | CA BRE 01900833 MARKET OVERVIEW

Rents to remain higher than average with the lack of quality creative office inventory.

Companies will continue to seek out office space in Culver City as it continues to be a vital part of ‘Silicon Beach’.

Continued focus on redevelopment as vacant parcels are scarce and limits the possibility of new, ground-up development.

Increased preference for walkable neighborhoods on a regional level as public transportation, with special focus on rail continues to improve in the metropolitan area.

Average Asking Rent $3.59

Average Vacancy 3.2%

Net Absorption -2,901 SF

2015 Q1 2015 Q2 2015 Q3 2015 Q4 2016 Q1 2017 Q2

2.6%

2.7%

2.8%

2.9%

3.0%

3.1%

3.2%

3.3%

3.4%

$2.80

$2.90

$3.00

$3.10

$3.20

$3.30

$3.40

$3.50

$3.60

AverageVacancy

Absorption

Avg RentRate

9,736 SF

224,496 SF

17,147 SF

-2,901 SF

94,245 SF

4,863 SF

TRENDSCreative Office Market

FORECASTMARKET SNAPSHOT

SOURCE: COSTAR / INDUSTRY PARTNERS

SOURCE: COSTAR / INDUSTRY PARTNERS

Area Comps9401 Jefferson

12

3

5

89

7

46

10

INDUSTRY PARTNERS | T 310 395 5151 | INDUSTRYPARTNERS.COM | CA BRE 01900833 MARKET OVERVIEW

ADDRESS LAND SALE DATE SALE PRICE PRICE PSF

1 8777 Washington Blvd 42,500 /sf Oct-14 $16,000,000 $376.47

2 8770 Washington Blvd 74,096 /sf May-13 $30,830,000 $416.08

3 3211 S La Cienega Blvd 50,094 /sf Feb-16 $14,600,000 $291.45

4 9723 Washington Blvd 28,627 /sf Sep-15 $11,300,000 $394.73

5 3475 S La Cienega Blvd 67,954 /sf Feb-15 $15,200,000 $223.68

6 5875 Rodeo Road 42,910 /sf Aug-16 $8,475,000 $197.50

7 10601 Washington Blvd 38,812 /sf Oct-14 $23,400,000 $602.91

8 9522-9528 Jefferson Blvd 102,802 /sf Jan-16 $24,000,000 $233.46

9 9465 Jefferson Blvd 31,090 /sf Apr-14 $7,725,077 $248.47

10 5830 Rodeo Road 39,983 /sf On Market $14,995,000 $375.03

Sale Comps

Area Comps9401 Jefferson

1-3

4

13

5

8

12

9

67

10-11


TENANT ADDRESS SF LEASED COMMENCEMENT TERM RATE FSG EQUIV FREE RENT (MONTHS)

TIs

1 Woven Digital 10391 Jefferson Blvd 7,137 12/5/2018 29 $3.49 NNN $4.31 0



4 Nike 5860 W Jefferson Blvd 50,000 4/1/2016 127 $3.80 MG $3.59 7 $76

5 Photogenic Media 3101-3243 La Cienega Blvd 3,219 5/1/2013 91 $3.95 NNN

6 Sky Frame Inc. 5912 Blackwelder 1,750 7/1/2016 60 $4.10 NNN

7 Network of One 5895 Blackwelder 7,016 60 $4.10 NNN

8 Secret Weapon 5785 Jefferson Blvd 6,250 4/15/2016 60 $4.15 MG $25

9 SweetGreen 3920 Landmark St 9,680 1/1/2016 90 $4.84 MG 6 $50

10 Criteo 8840 Washington Blvd 9,677 12/1/2015 88 $4.85 MG 4 $45

11 Reformation 8840 Washington Blvd 9,950 12/1/2016 $4.85 MG 4 $55

12 Hello Design 10305 Jefferson Blvd 6,283 9/15/2016 11 $8

13 Industrial Tenant 5875 Jefferson Blvd 42,910 60 $0.75 IG

Lease Comps - Development Completed / Industrial Land

DAN PICKARTTEL

[email protected] 968 8194

9401 Jefferson Blvd - LoopNet...4 Nike 5860 W Jefferson Blvd 50,000 4/1/2016 127 $3.80 MG $3.59 7...

Documents

Transcript of 9401 Jefferson Blvd - LoopNet...4 Nike 5860 W Jefferson Blvd 50,000 4/1/2016 127 $3.80 MG $3.59 7...