LAND: 31,000 SF (188’X165’) BUILDING: 6,840 SF (ASSESSOR’S ... · approximately 6,840 square...
Transcript of LAND: 31,000 SF (188’X165’) BUILDING: 6,840 SF (ASSESSOR’S ... · approximately 6,840 square...
LINCOLN AVENUE
WYO
MIN
G S
TREET
TOO
LEN P
LAC
E
1955 1975
REDEVELOPMENT OR OWNER/USER INVESTMENT OPPORTUNITYPASADENA, CALIFORNIA
LAND: 31,000 SF (188’X165’) BUILDING: 6,840 SF (ASSESSOR’S RECORDS)1955 - 1975 LINCOLN AVENUE, PASADENA, CALIFORNIA 91103
STEVE NELSONFirst Vice President+1 818 502 [email protected]. 00644825
| RETAIL INVESTMENT PROPERTIES | FOR SALE
| RETAIL INVESTMENT PROPERTIES 1955-1975 LINCOLN AVE. | PASADENA, CA | 2
INVESTMENT SUMMARY
1955 1975
Chap
ter 2
Co
ntex
t and
Con
ditio
ns
Lincoln Avenue Specific Plan
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2.2.4
Figure 2-3 Baseline Land Uses (2010)
Gle
n A
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LIN
CO
LN A
VE
Fore
st A
ve
Men
tone
Ave
Suns
et A
ve
Nav
arro
Ave
Cas
itas
Ave
Zanja St
Wyoming St
W Hammond St
Canada Ave
W WASHINGTON BLVDN
ewpo
rt A
ve
Laun St
Del Monte St
Idaho St
W Montana St
W MOUNTAIN ST
Bel
mon
t Ave
Westgate St
Ken
neth
Way
Pepper St
Toolen Pl
Kirk
woo
d Av
e
Seco
St
W Claremont St
Stanton St
Palisade St
Vermont St
Anderson Pl
Pro
spe c
t Blv
d
MacDonald St
Everts St
Coniston Rd
Ken
ilwor
th A
ve
B lak
e St
Glorieta St
Cham
pman
Ave
Cedar St
W Tremont St
Rose
wal
k W
ay
Barthe
Dr
Poplar Ln
Pepper St
Armada Dr
Palisade St
Stanton St
Del Monte St
Fore
st A
ve
W Claremont St
Palisade St
MacDonald St
Cas
itas
Ave Men
tone
Ave
Gle
n A
ve
Nav
arro
Ave
Solit
a R
d
Fore
st A
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Washington Pl
W Howard St
Armada Dr
La Mesa Pl
Arm
ada
Dr
Wotkyns Dr
W Hammond St
Gle
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N ARR
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LVD
Euca
l yp t
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Existing Land Use
Single-Unit Residential
Multi-Unit Residential
Commercial/Retail
Industrial
Institutional
Vacant
Source: City of Pasadena, 2009,and Hogle-Ireland, Inc.
0 400 800Feet
Specific Plan Boundary
Freeway/Highway
Primary Street
Secondary Street
Private Street
Existing Structures
| RETAIL INVESTMENT PROPERTIES 1955-1975 LINCOLN AVE. | PASADENA, CA | 3
INVESTMENT SUMMARY
The Lincoln Avenue Properties, located in Pasadena, presents an investor/developer or owner/user a tremendous opportunity to ac-quire two (2) parcels of land (under separate ownerships and to be sold independently) totaling approximately 31,000 square feet with approximately 6,840 square feet of buildings (per Tax Assessor) on a corner lot. The property is situated at the SWC of Lincoln Avenue and Toolen Place within the Lincoln Avenue Specific Plan corridor. The district includes several Pasadena businesses including: 24 Hour Fitness, Panda Express, Kettles Nursery, Honeybee Robotics, Super King Market and Muir High School. The site is zoned LASP-CG-1 which can be further described by visiting the city at: https://ww5.cityofpasadena.net/planning.
• Opportunity to acquire a corner development site in Pasadena• Existing 6,840 SF structure (Google Estimate of corner buildings)• Excellent visibility with 188 feet of combined frontage along Lincoln
Avenue and 165 feet long along Toolen Place• LASP-CG-1 zoning allowing a variety of commercial uses within
the Lincoln Avenue specific plan, a district designed to promote employment generating/community serving resources
• Estimated Population of over 141,000 within a 3 mile radius• 99,917 Estimated Daytime Employees with a 3 mile radius• 2017 Average Household Income within a 3 mile radius: $116,452
The Lincoln corridor has revamped itself over recent years as a hip des-tination. With the addition of new cafés, ice cream parlor and creative shops add charm to existing nurseries and long standing family owned businesses offering nearby resident’s additional opportunities to fulfill their dining, retail and fitness needs. New businesses are: Perry’s Joint Cafe, Lincoln Cafe, Good Earth Pharmacy, and NuFit Pro Center.
Address: 1955 1975
Offering Price: $920,000 $1,675,000
Land Area: 10,230 SF 20,790 SF
Existing Bldg. GLA (Assessor): N/A 6,840 SF
Zoning: LASP-CG-1 LASP-CG-1
SITE
1975
1955
| RETAIL INVESTMENT PROPERTIES 1955-1975 LINCOLN AVE. | PASADENA, CA | 4
PROPERTY DESCRIPTION
ADDRESS1975 Lincoln Avenue1955 Lincoln Avenue
LAND AREA (APPROX.)20,760 SF10,230 SF
BUILDING AREA6,840 SF ±N/A
APN’s5825-009-052 5825-009-053
COMBINED SITESFRONTAGELincoln Avenue: 188’ FeetToolen Place: 165’ Feet
TOTAL LAND AREA31,000 SF ±
ZONINGLASP-CG-1
TRAFFIC COUNTSLincoln Avenue: 22,658 CPDSource: Kalibrate 2003
OWNERSHIPS1975: B.G.Holt Enterprises1955: Charlene Thomas Trust
OFFER PRICE$1,675,000$920,000
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PROPERTY PHOTOS
NEIGHBORING PROPERTIES
NEW 24 HOUR FITNESS
1975 1955
TENANTS ACROSS THE STREET SUPER KING MARKETKNOWN FOR ITS PRODUCE
PROPERTY PHOTOS
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ZONING OVERVIEW
SITE
SPECIFIC PLAN ZONING
LINCOLN AVENUE LASP-CG-1
Purpose of LASP
Repurposing the Lincoln Avenue corridor from an industrial and limited commercial area into a vibrant neighborhood- oriented district, with new housing options and a complement of local-serving retail and service businesses, office spaces and community uses, all tied together with public improve-ments that create a vibrant and enjoyable pedestrian environ-ment, and to create a neighborhood “main street” that will serve as the focal point for the neighborhoods surrounding Lincoln Avenue.
Facilitate opportunities for catalytic developments that provide desired neighborhood-oriented retail and service businesses, local employment opportunities, and a link to the community.
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SALE COMPARABLES
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AREA MAP
© 2018 CBRE Limited. Data © TeleAtlas, Google, AerialExpress, DigitalGlobe, Landiscor, USGS, i-cubed. The information contained herein (the “Information”) is intended for informational purposes only and should not be relied upon by recipients hereof. Although the Information is believed to be correct, its accuracy, correctness or completeness cannot be guaranteed and has not been verified by either CBRE Limited or any of its affiliates (CBRE Limited and its affiliates are collectively referred to herein as “CBRE”). CBRE neither guarantees, warrants nor assumes any responsibility or liability of any kind with respect to the accuracy, correctness,completeness, or suitability of, or decisions based upon or in connection with, the Information. The recipient of the Information should take such steps as the recipient may deem appropriate with respect to using the Information. The Information may change and any property described herein may be withdrawn from the market at any time without notice or obligation of any kind on the part of CBRE. The Information is protected by copyright and shall be fully enforced. Layout ID: L19 MapId: 5134078
SITE
| RETAIL INVESTMENT PROPERTIES 1955-1975 LINCOLN AVE. | PASADENA, CA | 9
AERIAL OVERVIEW
© 2018 CBRE Limited. Data © TeleAtlas, Google, AerialExpress, DigitalGlobe, Landiscor, USGS, i-cubed. The information contained herein (the “Information”) is intended for informational purposes only and should not be relied upon by recipients hereof. Although the Information is believed to be correct, its accuracy, correctness or completeness cannot be guaranteed and has not been verified by either CBRE Limited or any of its affiliates (CBRE Limited and its affiliates are collectively referred to herein as “CBRE”). CBRE neither guarantees, warrants nor assumes any responsibility or liability of any kind with respect to the accuracy, correctness,completeness, or suitability of, or decisions based upon or in connection with, the Information. The recipient of the Information should take such steps as the recipient may deem appropriate with respect to using the Information. The Information may change and any property described herein may be withdrawn from the market at any time without notice or obligation of any kind on the part of CBRE. The Information is protected by copyright and shall be fully enforced. Layout ID: L19 MapId: 5123647
| RETAIL INVESTMENT PROPERTIES 1955-1975 LINCOLN AVE. | PASADENA, CA | 10
AREA OVERVIEW
Lincoln Corridor
Link to: Demographic Information (Buxton©)
| RETAIL INVESTMENT PROPERTIES 1955-1975 LINCOLN AVE. | PASADENA, CA | 11
AREA OVERVIEW
Pasadena is one of the primary cultural centers of Los Angeles County. The city is known for hosting the annual Rose Bowl football game and Tournament of Roses Parade. Pasadena is also home to several scientific and cultural institutions, including California Institute of Technology (Caltech), Jet Propulsion Laboratory (JPL), Pasadena Playhouse, Norton Simon Museum of Art, and many others. Pasadena is the ninth-largest city in Los Angeles County. The city is primarily serviced by Foothill Freeway (I-10) & Ventura Freeway (SR 134) and Arroyo Seco Parkway (SR 110) also known as the Pasadena Freeway.
Pasadena, CaliforniaDemographic Brief
2015 Estimated Population: 141,641Percent
Percentage Change 2010 to 2015: 3.3%
2015 Est. Households: 57,386
2015 Est. Avg. HH Income: $95,349
2015 Est. Daytime Employment: 126,019
2015 Est. Avg. Age: 39.8
Source: Nielsen
| RETAIL INVESTMENT PROPERTIES 1955-1975 LINCOLN AVE. | PASADENA, CA | 12
AFFILIATED BUSINESS DISCLOSURE AND CONFIDENTIALITY AGREEMENT
AFFILIATED BUSINESS DISCLOSURE AND CONFIDENTIALITY AGREEMENT
CBRE, Inc. operates within a global family of companies with many
subsidiaries and/or 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 may represent various clients with competing
interests in the same transaction. For example, this Memorandum
may be received by our Affiliates, including CBRE Investors, Inc. or
Trammell Crow Company. Those, or other, Affiliates may express
an interest in the property described in this Memorandum (the
“Property”) may submit an offer to purchase the Property and may
be the successful bidder for the Property. You hereby acknowledge
that possibility and agree that neither CBRE, Inc. nor any involved
Affiliate will have any obligation to disclose to you the involvement of
any Affiliate in the sale or purchase of the Property. In all instances,
however, CBRE, Inc. will act in the best interest of the client(s) it
represents in the transaction described in this Memorandum and will
not act in concert with or otherwise conduct its business in a way
that benefits any Affiliate to the detriment of any other offeror or
prospective offeror, but rather will conduct its business in a manner
consistent with the law and any fiduciary duties owed to the client(s) it
represents in the transaction described in this Memorandum.
This is a confidential Memorandum intended solely for your limited
use and benefit in determining whether you desire to express further
interest in the acquisition of the Property. This Memorandum contains
selected information pertaining to the Property and does not purport
to be a representation of the state of affairs of the Property or the
owner of the Property (the “Owner”), to be all-inclusive or to contain
all or part of the information which prospective investors may require
to evaluate a purchase of real property. All financial projections and
information are provided for general reference purposes only and
are based on assumptions relating to the general economy, market
conditions, competition and other factors beyond the control of the
Owner and CBRE, Inc. Therefore, all projections, assumptions and
other information provided and made herein are subject to material
variation. All references to acreages, square footages, and other
measurements are approximations. Additional information and an
opportunity to inspect the Property will be made available to interested
and qualified prospective purchasers. In this Memorandum, certain
documents, including leases and other materials, are described in
summary form. These summaries do not purport to be complete nor
necessarily accurate descriptions of the full agreements referenced.
Interested parties are expected to review all such summaries and
other documents of whatever nature independently and not rely on
the contents of this Memorandum in any manner.
Neither the Owner or CBRE, Inc, nor any of their respective directors,
officers, Affiliates or representatives make any representation or
warranty, expressed or implied, as to the accuracy or completeness of
this Memorandum or any of its contents, and no legal commitment or
obligation shall arise by reason of your receipt of this Memorandum
or use of its contents; and you are to rely solely on your investigations
and inspections of the Property in evaluating a possible purchase of
the real property.
The Owner expressly reserved 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 with any entity at any
time with or without notice which may arise as a result of review of
this Memorandum. The Owner shall have no legal commitment or
obligation to any entity reviewing this Memorandum or making an
offer to purchase the Property unless and until written agreement(s)
for the purchase of the Property have been fully executed, delivered
and approved by the Owner and any conditions to the Owner’s
obligations therein have been satisfied or waived.
By receipt of this Memorandum, you agree that this Memorandum
and its contents are of a confidential nature, that you will hold and
treat it in the strictest confidence and that you will not disclose this
Memorandum or any of its contents to any other entity without the
prior written authorization of the Owner or CBRE, Inc. You also
agree that you will not use this Memorandum or any of its contents
in any manner detrimental to the interest of the Owner or CBRE, Inc.
If after reviewing this Memorandum, you have no further interest in
purchasing the Property, kindly return this Memorandum to CBRE,
Inc.
© 2019 CBRE, Inc. This information has been obtained from sources
believed reliable. We have not verified it and make no guarantee,
warranty or representation about it. Any projections, opinions,
assumptions or estimates used are for example only and do not
represent the current or future performance of the property. You and
your advisors should conduct a careful, independent investigation
of the property to determine to your satisfaction the suitability of the
property for your needs.