The Right Partnership
525 South Virgil Avenue | Los Angeles, CA 90020
Presentation for Commercial Real Estate Services June 30th, 2023
+
Today's Agenda
Introductions Our Understanding Who We Are Track Record of Success How We’ll Do It Q&A
1
2
3
4
5
6
Who's in the Room
Senior Vice President
Adam Tischer
Michael Weiner
Team Leader
Henrik Shaknazaryan
Agent
Victoria Brown
Sr. Executive Vice President
Nathan Pellow
Managing Director
Ricardo Pacheco
Marketing Director
Briana Galper
Marketing Manager
Brette Tracy
Understanding
our
PIDS Site Area Current Zoning Proposed Improvements Apartments Condos Office Parking (Residential) Surface P1 P2 Parking (Office) Accessible Parking (Total) Total Area
5077-004-030 42,399 SF (0.97 acres) R4P1 - CR1 133,031 SF 64,046 SF | 84 Units 42,353 SF | 46 Units 26,632 SF 106 22 65 79 54 6 166 133,031 SF
Building 1
Building 2
Building 3
All towers sit atop of a one-story podium, and two subterranean parking levels. With the 70% TOC Program, site can be developed up to 181 units.
8 Story (86 foot height) 84 Units: 64,046 SF - proposed floor area
35 Studio
21 1 Bedroom
28 2 Bedroom
6 Story (79 foot height) 46 Units: 42,353 SF - proposed floor area
30 1 Bedroom
16 2 Bedroom
3 Story (44 foot height) 26,632 SF - proposed floor area
Property Details
Property Entitlements
Address Building Size Floors Year Built Land Size Zoning Sale Date Sales Price
525 S. Virgil Ave, Los Angeles, CA 90020 52,596 SF 4-Story 1965 42,399 SF LACR 10/21/2002 $1,750,000 ($31.21/SF)
Property Profile
We Know You
Colliers began consulting on behalf of C.A.R. in February of 2022 and completed the assignment in April of 2022 and provided the following services:
What We Provided
We completed the assignment in April 2022.
Reviewed and negotiated proposals from Thomas Safran & Associates Development, Inc. ("TSA") and/or other parties
Conclusion
Developed negotiation strategies
1.
Advised on market conditions and business practices for comparable projects
Addressed risk management considerations
Offered additional advice and recommendations to achieve C.A.R.'s goals after thorough analysis and discussions with TSA Housing
2.
3.
4.
5.
The concerns of C.A.R.'s Board could not be adequately addressed in TSA Housing negotiations It is unlikely that the concerns of C.A.R.'s Board can be addressed with any joint venture partnership structure
Result
A joint venture structure was rejected
• •
Your Objectives
Our Solutions
Highest and best use analysis
Choose a proven brokerage team
Targeted marketing campaign
Leverage Colliers network and platform
Negotiate favorable terms
Explore creative transaction structures
Consulting services
Document the marketing process
Maximize sale value while preserving C.A.R. values
Minimize risk to C.A.R.
Timing
Buyer profile
Are
Who We
With our deep-seated global relationships, our experts are experienced in working together, delivering unique advisory service, corroboratively pushing our clients to think differently and facilitating results that exceed our clients’ expectations — every single time.
When it comes to serving occupier clients, our experts collaborate daily across markets and around the globe.
meet colliers
Local Impact, Global Reach
3rd Largest CRE Firm Globally by market cap
3rd Largest CRE Firm Globally
$4.5B
68
2B
51,000
$33B
18,000+
Unparalleled experience. Market intel and collaboration. Strategic focus. Unmatched broker relationships. Passion for excellence.
Global Reach, World-Class Service
Annual Revenue
Square Feet Managed
Lease/Sale Transactions
Assets Under Management
$98B
Continents
55+
Market Locations
800
Regions
Strong Local Presence
Across Greater Los Angeles
*Totals are from 2022 and include transactions from Los Angeles, Inland Empire and Orange County.
2,000+
Transactions
Transactional Value
$7.7B
Brokerage Professionals
300+
Commercial Agents in California
1,000+
Sold Volume
$2B+
C.A.R. Members in California
20,000+
Relevant Expertise Across All Investor Types
Create visual that tells the story of how Residential is covered by KW (Henrik/Victoria) Multifamily / Mixed-Use is covered by Adam Office is covered by Nathan and Michael.
Office & Redevelopment
Mixed Use & Redevelopment
Multifamily & Residential
David Josker
Jodie Poirier
Management
Public Relations
Dennys Aguilar
marketing
Mona Namin
Matthew nelson
wendy Aponte
Vincent Chang
research
Bryan Welch
Leanne Daly
Who We Are
Meet the Team
PR & Communications Manager
PR & Communications Specialist
President, west Region Brokerage
Executive Managing Director, Greater Los Angeles
Marketing Specialist
Creative Manager
Sr. Research Director
Research Manager
Research Analyst
Managing Director, Los Angeles
Sr. Content Strategist
Sagan Evans
Sr. Graphic Designer
Graphic Designer
Jay Gilliland
Sonny Sounnadath
Devon Kraemer
Lead Brokers
Success
Track Record of
Relevant Experience
Address Buyer Seller Square Footage Price Date Closed
3764 S. Normandie Avenue | Los Angeles, CA Government Entity Private Family/Developer 195,282 SF Bldg | 36,619 RSF Land $16,000,000 | $518/RSF Land 6/21/2023
10525 Washington Boulevard | Culver City, CA Helio Group Globecast America 16,536 RSF Office | 25,548 RSF Land $12,350,000 | $747/RSF Office, $483/RSF Land 3/30/2023
1126 Wilshire Boulevard | Los Angeles, CA Gary A. Dordick Confidential 20,000 RSF Office | 20,000 RSF Land $8,625,000 | $431/RSF Office, $431/RSF Land 3/31/2023
6119 E Washington Boulevard | City of Commerce, CA Dunn Edwards 6119 Washington LLC 56,046 RSF Office | 108,103 RSF Land $15,000,000 | $268/RSF Office, $139/RSF Land 11/2/2021
1940 E Mariposa | El Segundo, CA 1940 Mariposa, LLC (Montana Avenue Capital Partners) Insight 85,471 RSF Office | 183,823 RSF Land $26,400,000 | $309/RSF Office, $144/RSF Land 12/23/2020
324 N Larchmont Boulevard | Los Angeles, CA 324 N Larchmont LLC (Toni Ko) Cerrell Larchmont LLC 12,400 RSF Office | 11,119 RSF Land $10,500,00 | $847/RSF Office, $904/RSF Land 7/9/2019
1911 W Sunset | Los Angeles, CA Holland Acquisition Co., LLC Taix Family Trust 40,000 SF $22,500,000 8/24/2020
4900 Hollywood Blvd | Los Angeles, CA LaTerra Development Cen Fed LTD 6,600 SF $21,750,000 7/12/2018
City Park West | 1330 W 11th Street | Los Angeles, CA Dos Cabezas Properties, LLC 110 West Properties LLC 70,000 SF $22,000,000 5/20/2023
NW Corner of Olympic Blvd and Georgia St Shenglong (China) Healthcare Partners 3.3 Acres $121,000,000 8/3/2019
9949 Sepulveda Blvd | Mission Hills, CA Elkins Family Trust Vecino Villas LLC 32,162 SF $10,600,000 | $329/RSF Land 3/14/2023
21121 Vanowen St | Canoga Park, CA Yaya Vanowen LLC Douglas Guthrie 99,069 SF $55,300,000 | $558/RSF Land 10/3/2022
Client Mix
Do It
How We'll
Buyer Groups
International
Private
Domestic
Government
Publicly Traded
And how we will reach them
1. Suggested imagery: marketing campaigns, icons related to all of our service offerings Speak to: our “ad-agency” approach
Strategic Design & Brand Identity
Creating an eye-catching visual that captures the essence of the experience
Create a brand and visual identity that attracts and aligns with the target tenant base.
Extend the brand to the grassroots community level. Maintain a holistic approach to the project.
c m y k
82 78 46 45
r g b
48 47 71
h e x
30 2f 47
Rust
Peach
60 0 18 0
84 198 211
54 c6 d3
0 50 74 0
247 149 84
f7 95 54
82 62 0 0
62 103 177
3e 67 b1
42 36 21 0
156 154 173
9c 9a ad
86 38 37 6
18 123 141
12 7B 8D
Clean design
contemporary typeface
Tagline Concept
colors
fonts
Building a Brand Identity
Charcoal
Leather
Tangerine
Bone
Beryl
Teal
an iconic address
Bringing your Brand to Life
View Brochure
Watch Video
An Iconic Address
Youtube
twitter
instagram
linkedin
Cross Promotion
5. Suggested imagery: virtual tour mockups Speak to: Matterport
Digital Solutions
Marketing Timeline
2 Weeks
Unpriced • “Off-market” Campaign • Personally Contact Developer Groups Most Likely to Perform & Solicit Offers
3 Weeks
Potentially Announce Call for Offers Date • Send E-blasts with CAs • Distribute Marketing Package with Due Diligence • Continued Discussions with Prospects • Call for Indications of Interest • Exposure to Broad Markets • Yields TRUE Asset Pricing
1-2 Weeks
Prospect Solicitation • Evaluate offers • Best and Final Bid • Developer Interviews • Accept or Counter Best and Final Offers • Multiple Competing Offers • Creates a Bidding Frenzy • Drives Pricing & Terms Leverage
Managed Bid Process
Preparing Marketing Materials • Conduct Thorough Property Due Diligence • Assemble/Review Due Diligence Materials • Prepare Offering Materials • Limit Investor Contingencies • Reduce Investor’s Due Diligence and Potential for Re-Trade • Maximize Property Value
4 Weeks
Escrow/Contigencies • Review Title, Physical, Environmental, Market, Zoning and Construction • Developer Waives Contingencies/Contract Becomes Non-Contingent • Minimize Seller Risk
4-6 Weeks
Buyer Finalizes Closing • Developer Finalizes Financing • Successful Transaction
17-21 weeks
Why Us
Experienced, multifaceted team
Real-time buyer and active buyer relationships
Deep property knowledge & history with C.A.R.
Creative, branded marketing approach
Ethical & transparent
Q&A
Appendix
The
Sold Comps
13
14
9
10
15
16
11
12
7
8
17
18
Office
1371 W Jefferson Blvd 2511-2517 W Sunset Blvd 3020 Wilshire Blvd 3100 S Figueroa St 621 S Catalina St 3377 W Olympic Blvd 1200 Vine St 850 S Hill St 433 S Main St
Land
430 S Berendo St 340 S Kenmore Ave 900 Irolo St (Part of Portfolio) 3471 W 5th St (Part of Portfolio) 130 S Alexandria Ave 520 S Mariposa Ave (Part of Portfolio) 523 S Westmoreland Ave 134 N Mariposa Ave 310-314 S Virgil Ave (Part of Multi-Property Sale) 315-319 S Virgil Ave (Part of Multi-Property Sale) 301 S Kenmore Ave 709 S Mariposa Ave (Part of Multi-Property Sale) 720 S Normandie Ave (Part of Multi-Property Sale) 338-346 N Vermont Ave 218 S Occidental Blvd 350 S Reno St 340 S La Fayette Park Pl 326 S Reno St
Multifamily
3273-3287 Wilshire Blvd 1818 S Western Ave 3020 Wilshire Blvd 3251 W 6th St 130 S Alvarado St 711 W College St 124 E Olympic Blvd 120 S San Pedro 1001 Wilshire Blvd (Multi-Property Sale)
*Sold properties the last 24 months >25K SF & $10M
Past 2 Years, 3-Mile Radius, >$10M, <25K SF
Koreatown Koreatown Koreatown Koreatown Koreatown Koreatown Koreatown Koreatown Koreatown Koreatown Koreatown Koreatown Koreatown East Hollywood Westlake Westlake Westlake Westlake
10/7/2022 9/21/2022 7/29/2022 3/4/2022 12/10/2021 12/10/2021 12/6/2021 8/10/2021 8/5/2021 8/5/2021 7/13/2021 6/16/2021 6/16/2021 12/10/2021 3/29/2023 8/1/2022 8/30/2021 7/13/2021
Submarket
Sale Date
$13,125,000 $15,900,000 $14,798,389 $16,800,000 $12,950,000 $10,810,000 $11,525,000 $12,240,000 $17,440,000 $23,760,000 $10,975,000 $10,125,000 $13,500,000 $15,475,000 $10,230,000 $17,230,000 $25,500,000 $31,500,000
Sale Price
41,824 45,345 51,524 55,713 41,181 28,472 30,280 35,216 53,240 67,477 48,168 23,076 55,362 37,675 56,266 38,612 88,315 70,000
Building Area SF
$314 $351 $577 $302 $314 $380 $381 $348 $328 $352 $228 $439 $244 $411 $182 $446 $289 $450
Building Price PSF
$312,500 $294,444 $155,773 $207,407 $431,667 $225,208 $205,804 $278,182 $311,429 $321,081 $174,206 $253,125 $221,311 $193,438 $262,308 $478,611 $255,000 $484,615
Price Per Unit
$283,883,389
867,746
$327
Past 2 Years, 3-Mile Radius, >$10M, 25-75K SF
Wilshire-Berendo Bldg | 3273-3287 Wilshire Blvd Ross Plaza Professional Ctr | 1818 S Western Ave 3020 Wilshire Blvd Holmes Center | 3251 W 6th St 130 S Alvarado St Chinatown Medical Ctr | 711 W College St Mart South | 124 E Olympic Blvd 120 S San Pedro 1001 Wilshire Blvd (Multi-Property Sale)
Past 2 Years, 3-Mile Radius, >$10M, >10K SF
Koreatown Koreatown Koreatown Koreatown East Hollywood /Silver Lake DTLA DTLA DTLA DTLA
3/31/2023 3/31/2023 3/28/2023 8/31/2022 3/31/2022 12/30/2022 11/28/2022 2/3/2022 12/13/2021
$14,000,000 $13,250,000 $26,000,000 $16,750,000 $11,000,000 $13,900,000 $18,000,000 $26,540,000 $16,700,000
35,284 48,735 52,708 17,424 37,897 57,935 12,014 24,245 14,044
Land Area SF
$388 $307 $413 $344 $393 $210 $254 $335 $350
$156,140,000
300,286
$317
Koreatown East Hollywood /Silver Lake Koreatown Koreatown Koreatown Koreatown Hollywood DTLA DTLA
In Escrow In Escrow 3/28/2023 6/1/2022 11/1/2021 9/20/2021 12/30/2021 3/30/2023 9/15/2021
Withheld Withheld $26,000,000 $60,000,000 $14,250,000 $12,250,000 $17,000,000 $26,160,000 $12,000,000
83,200 27,176 52,708 155,958 24,450 34,965 41,508 31,709 19,135
Withheld Withheld $493 $385 $583 $350 $410 $825 $627
Price Per Land SF
Escrow - Fell out this week Escrow Sold Sold Sold Sold Sold Sold Sold
Sale Status
Land Land Office Land Land Retail Retail Specialty Land
Property Type
$167,660,000
360,433
$465
Total/Average
22,499 22,751 31,651 10,886 23,958 9,148 10,202 18,024 21,754 28,767 14,858 16,200 15,037 20,473 14,922 14,279 45,416 21,706
36,102 43,225 72,604 48,762 28,017 66,104 70,744 79,242 47,758
492,558
$397 $272 $569 $961 $290 $240 $1,498 $1,095 $1,189
Land Price PSF
$520
362,531
$266,808
For Sale Comps
28
21
22
23
24
19
20
25
26
27
2415 W 6th St 1730 W Olympic Blvd 4055 Wilshire Blvd 4322 Wilshire Blvd 2301 S Hill St 2707-2711 Beverly Blvd 737 S Broadway 950 S Broadway 752-754 S Los Angeles St
1012 Beacon 2615 W 8th 600-620 S St Andrews Pl 717-759 N Hill St (KW Listing) 1135-1145 W 7th St 121 W 3rd St 1260 W 2nd St (Colliers Listing) 774 N Broadway (Colliers Listing) 1111 W 6th St (Colliers Listing) 601-625 S Main St
3617-3623 Venice Blvd 1135-1147 W 7th St 1306 Angelina St 1641-1645 N Alexandria Ave 3933 Marathon St 4055-4065 W Oakwood Ave 404 W 7th St 3050 W 11th St 3057-3067 W Pico Blvd 350 S Hill St 408 S Spring St 424-440 S Main St 5718-5728 Hollywood Blvd 5837 W Sunset Blvd 118-124 N Westmoreland Ave 314 S Alexandria Ave 330 S Kenmore Ave 608 S St Andrews Plz 614 S St Andrews Pl 620 S St Andrews Pl
620 S St Andrews Pl 4310 Russell Ave 2430 Ocean View Ave 1209 S Lake St 2121 W 11th St 1616 N Serrano Ave 443 S San Pedro St 514-526 S Union
*3 Mile Radius > 25K SF & > $10M
Arlington Heights City West City West East Hollywood East Hollywood East Hollywood Financial District Harvard Heights Harvard Heights DTLA DTLA DTLA Hollywood Hollywood Koreatown Koreatown Koreatown Koreatown Koreatown Koreatown
241 104 447 217 136 397 80 83 187 313 256 403 132 31 244 409 35 720 720 720
Days on Market
$16,800,000 $17,000,000 $16,000,000 $16,000,000 $10,500,000 $42,000,000 Withheld Withheld Withheld Withheld $38,000,000 $12,500,000 $23,000,000 Withheld $12,800,000 $10,600,000 Withheld Withheld Withheld Withheld
64,732 247,900 85,600 36,519 17,916 56,000 147,346 46,574 54,143 375,000 77,030 38,412 49,023 70,812 36,495 38,651 15,214 29,000 36,000 108,400
$260 $69 $187 $438 $586 $750 $493 $325 $469 $351 $274
Bldg Price PSF
$1,042 $514 $253 $937 $677 $1,435 $5,452 $870 $973 $761 $853
$215,200,000
1,486,367
$189
Koreatown Koreatown Park Mile Park Mile Mid-Cities Westside DTLA DTLA DTLA
53 461 146 390 726 160 7 390 322
Withheld Withheld $19,500,000 $21,800,000 In-Escrow; Pricing withheld $14,000,000 $19,250,000 $14,500,000 $10,200,000
34,020 41,382 64,033 33,106 39,370 31,363 10,890 4,792 5,190
Withheld Withheld $276 $424 Withheld $482 $282 $459 $218
$99,250,000
264,146
$333
Koreatown Koreatown Koreatown DTLA DTLA DTLA DTLA DTLA DTLA DTLA
5 273 729 9 104 126 298 300 538 859
$15,000,000 Withheld Withheld $27,500,000 $19,000,000 $16,000,000 $14,900,000 $8,450,000 $37,000,000 $39,000,000
35,900 27,641 42,336 82,111 33,425 27,443 39,256 26,403 83,635 60,831
$418 Withheld Withheld $339 $568 $583 $380 $320 $442 $641
$149,350,000
458,981
$487
295
246
$592 $960 $731 $428 $838 $2,019 $733 $1,042 $514 $253 $937 $677 $1,435
Price per Land SF
46,000 83,619 70,760 51,468 26,500 29,024 68,160 31,616 46,709
Bldg Area SF
453,856
Withheld Withheld $305 $658 Withheld $446 $1,768 $3,026 $1,965
$664
$543
$178,293
324
28 225 82 72 22 68 126 39 51 428 56 16 41 79 54 60 21 46 107
No. of Units
1,514
Koreatown Los Feliz MacArthur Park Pico-Union Pico-Union Thai Town Toy District Westlake North
720 88 158 141 139 108 115 33
Withheld $16,000,000 $12,500,000 $25,950,000 $10,250,000 $10,995,000 $39,000,000 $11,820,000
43,400 33,504 52,871 94,140 37,108 23,671 92,538 57,721
$592 $960 $731 $428 $838 $2,019 $733
$478 $236 $276 $276 $464 $421 $205
$484,848 $240,385 $161,180 $189,815 $407,222 $672,414 $120,612
53 33 52 161 54 27 58 98
Tired and vacant 24,900 sq.ft. 2-floor concrete bldg plus parking lot fronting Olympic. Combination of C4 and R3 land. Owner occupied closed business.
Notes
Vacant lot available for development. Not marketed as "entitled."
Recently fell out of escrow. Four Contiguous TOC Tier 4 Properties 99 Existing Apartment Units in Two Apartment Buildings & Two Development Sites for ±147 Residential Units.
Entitled for 130 residential condominiums. The entitled structure is 114,980 SF in addition to 7,037SF of commercial space. The property also is entitled for 253 parking spaces.
Entitled Gensler designed 15-story luxury multi-family with 331-units. Studio, 1-BR, and 2-BR's + 6,350 sf of GF retail/restaurant. 1 level of subterranean parking @37 spaces, central courtyard, rooftop deck/pool, gym and lounge area. Fee parking lot by L&R Auto Parks leased on a month-to-month basis. Can be delivered vacant and unencumbered.
Fully entitled for mixed-use, multifamily development 335 units.
Non-entitled redevelopment opportunity. The property is being used as a surface parking lot and a pole sign/billboard is located on the property.
Building is 100% vacant. Can be built as two stand-alone development projects: South: 227 units (RTI) & North: 142 units (entitled) for Total: 369 units; Total Entitled Floor Area: 348,430 SF, Retail: 13,000 SF, Potential to re-entitle for additional 200+ units (TOC/DTLA 2040) 100% Market Rate (zero affordable requirements). ±120,000 SF of existing medical office space offers excellent value-add alternative with 322-stall parking garage.
3 entitled residential high-rise mixed-use development sites with the potential to build up to a combined 854 units and ±33,591 square feet of commercial space. Asphalt paved lots; Multifamily Mixed-Use Development Site. Can be delivered “Ready to Issue”. All Market Rate – No Affordable Required – No Linkage Fee. Approved Vesting Tentative Tract Map. In-Place Month-to-Month Parking Revenue.
Parking lot with sub-market rents. mixed-use project consisting of 411 residential units, 42 are set aside as deed-restricted affordable housing at extremely low-income level and 17,140 commercial square feet.
Comps Valuation
Sold Comps - 3 mile radius
Price per SF Bldg SF Valuation
Sold Comps - 1 mile radius
Low
Mid
High
$210 52,596 $11,059,361
$385 42,339 $16,288,616
$317 52,596 $16,672,837
$487 42,339 $20,616,620
$413 52,596 $21,732,667
$583 42,339 $24,676,104
Average DOM: 295
Average DOM: 359
For Sale Comps - 3 mile radius
Price PSF
$218
$482
$320
$641
Fees
Colliers agrees to be compensated through a commercial real estate brokerage commission based on the sale price of the property. This commission will be paid from the proceeds of the sale at the close of escrow, as detailed below: 1. Colliers Listing Team Commission: The Colliers listing team will be paid a commission of 3% of the sales price, due at closing and paid through escrow. 2. Buyer’s agent shall be paid at the expense of the Buyer. By agreeing to this compensation structure, Colliers International Greater Los Angeles, Inc. is committed to providing exceptional value and service to our clients, ensuring that we work diligently and effectively to achieve the best possible outcome in the sale transaction.
Thank You
for your time
Presentation for Leasing Services
This document/email has been prepared by Colliers for advertising and general information only. Colliers makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers and /or its licensor(s). © 2023. All rights reserved. This communication is not intended to cause or induce breach of an existing listing agreement. Colliers International Greater Los Angeles, Inc.
