BANKRUPTCY SALE - lee-mktg.info · los angeles city of industry walnut diamond whittier bar...

MICHAEL LEESenior Vice President | Lic. #01703179

P \\ 562.568.2018E \\ [email protected]

TAI NGO, CCIMVice President | Lic. #01779172


Prepared By:

6901 Walker St. La Palma, CA 90623

OFFERING MEMORANDUM

BANKRUPTCY SALE

lee-associates.com LO C A L E X P E R T I S E . I N T E R N AT I O N A L R E AC H . W O R L D C L A S S .

Michael Lee | Senior Vice President: P\\ 562.568.2018 E\\ [email protected] • Tai Ngo, CCIM | Vice President: P\\ 562.568.2016 E\\ [email protected]

6901 W

alker St. La Palma, C

A 90623

6901 W


A 90623

Conditions of Sale

The Broker and Buyer agrees and understands that any sale ofthe Property shall be subject to the following terms and conditions:

A. The Trustee is selling the Property in her capacity, as the Chapter 7Trustee of the Debtors’ estate, and not in her personal capacity, and no liability or obligations shall accrue to her personally as a result of any sale.

B. If for any reason, or no reason whatsoever, the Trustee is unable todeliver possession or title to the Property to any potential purchaser, the purchaser’s sole remedy shall be the return of any money that the purchaser has deposited towards the purchase of the Property.

C. The Trustee is selling the Property in an “AS IS” condition or basisby quitclaim deed without any representations or warranties whatso-ever, including without limitation representations or warranties as to title, oil and mineral rights, city or government agency notifications regarding work to be done, marketability of title, ownership, physical condition, compliance with California, city or federal statutes, codes, ordinances, or regulations, geological stability, zoning, suitability for improvement, and fire insurance policies to cover any improvements on the Property , nor any assurances regarding the subdividability of the Property .

D. The sale of the Property is subject to Bankruptcy Court approvalafter notice to the Debtor, all creditors, the United States Trustee, and other parties in interest as required by the Bankruptcy Code, Federal Rules of Bankruptcy Procedure, and Local Bankruptcy Rules.

E. The sale is subject to overbid.

F. The purchaser shall, at the purchaser’s sole expense, acquire anyand all insurance policies, including title insurance, that the purchaser desires to cover the Property. The Trustee does not agree to acquire or transfer any insurance policies to the purchaser.

G. The purchaser is to arrange for all financing of the acquisition of the Property before the close of escrow.

H. All escrow fees shall be shared and paid on a 50/50 basis by theTrustee and the purchaser.

I. The purchaser shall, at the purchaser’s sole expense, install allsmoke detectors, if any, as may be required by state or local law. The Trustee is not required to deliver to the purchaser a written statement of compliance with any applicable state and local law.

J. The purchaser shall, at purchaser’s sole expense, obtain and allinspections and repairs, including pest control inspection and repairs that purchaser deems appropriate.

K. If any local ordinance requires that the Property be brought intocompliance with minimum energy conservation standards as a con-dition of sale or transfer, the purchaser shall comply with and pay for these requirements at purchaser’s sole expense.

I. Any sale is subject to the following conditions being satisfied beforethe close of escrow:1. The Trustee must prevail with respect to any objections to the

proposed sale; and2. The Trustee reserves the right to reject any and all offers which in

her judgment are insufficient.

M. The Property is being sold subject to:1. All general and special taxes that are presently due, or maybe

come due, regarding the Property, other than property taxes, which shall be prorated as of the close of escrow;

2. The lien of supplemental taxes, if any, assessed pursuant to the provisions of Chapter 3.5 (commencing with Section 75) of the California Revenue and Taxation Code; and

3. Any and all easements, restrictions, rights and conditions of re-cord and rights of way, against, on or regarding the Property. Title, however, is to be transferred free of secured claims of record.


6901 W


A 90623

Property Description

Pricing Summary

Address: 6901 Walker Street, La Palma, CA 90623

Building Size: ±9,700 SF

Lot Size/Coverage: ±70,987 SF (1.63 Acres)/13.66%

Construction Type: Mason with Stucco Facade

Year Built: 2004/2005

Parking: ±102 Spaces (10.5 : 1,000 SF)

Lot Dimensions: Irregular

APN: 8005-008-035

Number of Units: 1 (1)

Signalized Corner: No

Frontage: ±165’ Along Walker Street

Traffic Counts:±14,000 Cars per Day (Walker St)±31,000 Cars per Day (Orangthorpe Av)±244,000 Cars per Day (91 Freeway)

Zoning: B-1 (Mixed-Use)//Freeway Overlay (FO)

Freeway Access: 91 and 5 Freeways

Value: $4,600,000

Bldg/Land (psf): $474 PSF/$65 PSF

Capitalization Rate: 8.79%

Highlights:► Well Maintained Asset

► Large Parking Area

► NNN Lease Structure

► Infill-High Density and High Income

► Close Proximity to Freeways

► Type 47 Liquor License

► Freeway Overlay (FO) - Potential to Install Large Pole Sign for Freeway Visibility

6901 W


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6901 W


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Property Aerial

WALKER ST

91


6901 W


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Property Aerial

WA

LKER ST

9191

91


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Property Aerial

WALKER ST

ORA

NG

ETHO

RPE AVE

91

91

91


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Property Aerial

WA

LKER

ST

ORANGETHORPE AVE

91

91

91

9191


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Property Parcel Map


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210

605

605

605

710

710110

110

105105

110

210405

405

5

5

5

5

5

5

5

5

5

405

405

405

210

215

215

215

15

15

15

15

15

10

10

10

10

10 10

10

15

15

15

215

210

9191

60

27

60

60

57

71

71

57

57

60

60 60

9191

91

91

7474

74

74

73

55

55

22 22

241

241

210210

138

18

1818

18

14

14

395

395

133

134

101

11

2

1

1

1

1

1

1

133

79

CORONA

EASTVALE

ONTARIO

POMONA

CHINOHILLS

CHINO

YORBALINDA

LA HABRA

FONTANARIALTO

LOMALINDA

SANBERNARDINO

JURUPAVALLEY

RANCHOCUCAMONGA

REDLANDS

HIGHLAND

HESPERIA

ADELANTO

SANTACLARITA

PALMDALE

CALABASAS

BURBANK

NORTHRIDGE

GRANADAHILLS

VAN NUYS

BEVERLYHILLS

GLENDALE

LOS ANGELES

CITY OFINDUSTRY

WALNUTDIAMOND

BARWHITTIER

MONTEBELLO

ANAHEIM

GARDENGROVE

HUNTINGTONBEACH COSTA

MESA

NEWPORTBEACH

ORANGESANTA

ANA

IRVINE

LAKEFOREST

LAGUNANIGUEL

MISSIONVIEJO

SAN JUANCAPISTRANO

SAN CLEMENTE

LAKEELSINORE

MENIFEE

MURRIETA

TEMECULA

FULLERTONBUENAPARK

LAKEWOOD

COMPTON

LONGBEACH

REDONDOBEACH

SANTAMONICA HUNTINGTON

PARKINGLEWOOD

EL MONTE

ROSEMEAD

ANGELESNATIONAL FOREST

- SAN GABRIELMOUNTAINS

MT. SANANTONIO

LAKE MATTHEWS

PORT OFLOS ANGELES

ONTARIOINT’L AIRPORT

PORT OFLONG BEACH

PASADENA

WESTCOVINA

AZUSA

UPLAND

VICTORVILLE

RIVERSIDE MORENO VALLEY

PERRIS

LOS ANGELESINT’L AIRPORT

1

6

4

3

2

5

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Sold Investment Comparables

Sold Investments Comparables

6901 Walker St. La Palma, CA

14301 Inglewood Ave. Hawthorne, CA

22699 Oakcrest St. Yorba Linda, CA

2191 S Harbor Blvd. Anaheim, CA

7575 Beach Blvd. Buena Park, CA

2150 Harbor Blvd. Costa Mesa, CA

11195 Long Beach Blvd. Lynwood, CA


6901 W


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0

$200.00

$400.00

$600.00

$800.00

$1000.00

$1200.00

$474.23

$775.37

$325.52

$561.54

$556.10

$925.44

$1,025.00

1 2 3 4 5 6

0

$50.00

$100.00

$150.00

$200.00

$250.00

$64.80

$243.48

$23.44

$135.15

$43.28

$110.61

$187.09

1 2 3 4 5 60

2.00%

4.00%

6.00%

8.00%

10.00%8.79%

4.60%

4.65%

5.40%

3.50%

4.25%

5.22%

1 2 3 4 5 6

Legend

6901 Walker St. La Palma, CA

14301 Inglewood Ave. Hawthorne, CA

22699 Oakcrest St. Yorba Linda, CA

2191 S Harbor Blvd. Anaheim, CA

7575 Beach Blvd. Buena Park, CA

2150 Harbor Blvd. Costa Mesa, CA

11195 Long Beach Blvd. Lynwood, CA

Building PSF

Land PSF Cap Rate


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6901 W


A 90623

14301 Inglewood Ave.Hawthorne, CA

COE: March 27, 2018

Sales Price: $3,500,000


Building PSF: $775.37

Land Size: 14,375 SF

Cap Rate: 4.60%

Year Built: 1978

Years Left on Term: 6.0

Sold Date: TBD

22699 Oakcrest St.Yorba Linda, CA

COE: July 12, 2017





Cap Rate: 5.40%

Year Built: 1989


Sold Date: 7/12/2017

2191 S. Harbor Blvd.Anaheim, CA

COE: July 3, 2017


Building Size: 6,500 SF



Cap Rate: 4.65%

Year Built: 1990

Years Left on Term: TBD

Sold Date: 7/3/2017

7575 Beach Blvd.Buena Park, CA

COE: March 31, 2017





Cap Rate: 3.50%

Year Built: 2001



2150 Harbor Blvd.Costa Mesa, CA

COE: February 15, 2017





Cap Rate: 4.25%

Year Built: 1984



11195 Long Beach Blvd.Lynwood, CA

COE: February 9, 2017



Building PSF: $1,025.00


Cap Rate: 5.22%

Year Built: 2000


Sold Date: 2/9/2019



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La Palma is a city in Orange County, California, United States. The population was 15,568 at the 2010 Census, up from 15,408 at the 2000 census.

In 2013, La Palma was ranked 31st in the “Best places to live” among small cities (50,000 or less) in the United States by CNN’s Money magazine. In 2007, it was ranked 16th best place to live in the US. The rankings are based on the small-and-friendly neighborhood vibe, high-ranking schools, low crime-rate and the lowest police response time in Orange County.

It is bordered by Cerritos on the north and west, Cypress on the south and west, and Buena Park on the east. According to the United States Census Bureau, the city has a total area of 1.83 square miles (4.7 km2). 1.8 square miles (4.7 km2) of it is land and 0.02 square miles (0.052 km2) of it (1.32%) is water. This makes it the smallest city in Orange County in terms of area.

Area Overview of La Palma, California (Orange County)

Top EmployersAccording to La Palma’s 2010 Comprehensive Annual Financial Report

# Employer # of Employees

1 ADP 600

2 La Palma Intercommunity Hospital 480

3 BP West Coast Products 300

4 Unisource Worldwide 300

5 Anaheim Union High School District 205

6 Performance Machine 205

7 Kellogg’s 200

8 Arcadia 150

9 Honeywell 100

10 C&D Zodiac 80


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9191 91 91

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Demographics MapPowered By:

Demographics (2017) 1 Mile 3 Miles 5 Miles

Population: 24,281 227,826 646,097

Average HH Income: $113,359 $95,590 $91,449


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224,000

14,000

19,000

22,50031,200

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Traffic Count MapPowered By:

P R E S E N T E D B Y :

LEE & ASSOCIATES® - INDUSTRY, INC.13181 Crossroads Pkwy North, Suite 300City of Industry, CA 91746

WWW.TAI-NGO.COM

P \\ 562.699.7500 F \\ 562.695.3133

WWW.LEE-ASSOCIATES.COMThe information contained herein is obtained from sources believed to be reliable. However, we have not verified it and make no guarantees, warranties or representations as to the completeness or accuracy thereof. The presentation of this property is used for example and is submitted subject to errors, omissions, change of price or conditions, and is subject to prior sale, lease or withdrawal without notice.


MICHAEL LEESenior Vice President | License ID # 01703179


TAI NGO, CCIMVice President | License ID # 01779172

BANKRUPTCY SALE - lee-mktg.info · los angeles city of industry walnut diamond whittier bar...

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