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Offering Memorandum 1301 Westwood Blvd Los Angeles, California 90024 The Bruin Building CalBre# 1290507 d to all
Offering Memorandum1301 Westwood Blvd Los Angeles, California 90024
The Bruin Building
CalBre# 1290507
The information herein is deemed reliable but not guaranteed. Buyers are advised to verify and review all information.
Contents
Disclaimer / 03
Overview / 04
Offering Summary / 05
Financial Summary / 06
Location Summary / 07
Site Description / 08
Rental Trends / 09
Sales Trends /10
The information herein is deemed reliable but not guaranteed. Buyers are advised to verify and review all information.
The Bruin Building - 1301 Westwood Blvd Los Angeles, CA Table of Contents / 02
Demographics / 11
Plot Plan / 12
Rent Roll Income / 13
Expenses / 14
Projections / 15
Tenant Profiles / 16 - 20
Contact Information / 21
CalBre# 1290507
The Information contained herein is not a substitute for a thorough due diligence investigation. Kellar Davis Inc has not made any investigation, and
makes no warranty or representation with respect to the income or expenses for the subject property, the future projected financial performance of the
property, the size and square footage of the property and improvements, the presence of absence of contaminating substances, PCBs or asbestos, the
compliance with local, state and federal regulations, the physical condition of the improvements thereon, or financial condition or business prospects of
any tenant, or any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property.
The information contained in this offering memorandum has been obtained from sources we believe reliable; however, Kellar Davis Inc, has not verified,
and will not verify, any of the information contained herein, nor has Kellar Davis Inc conducted any investigation regarding these matters and makes no
warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate
measures to verify all the information set forth herein. Prospective buyers shall be responsible for their costs and expenses of investigating the subject
property.
Property Showings Are By Appointment Only. Please Contact Kellar Davis Real Estate For More Details. If you are represented by a broker, please have
your broker contact us. For inquiries and comments regarding this disclaimer, contact Jeff (661)478-5227 CalBre# 1290507
The Bruin Building - 1301 Westwood Blvd Westwood, CA Disclaimer / 03
OverviewKellar Davis Real Estate is pleased to present this investment opportunity located in Westwood California.The property consists of a 2 story commercial retail & office building with below street level 4 car parking and storage area. On the first floor there are currently 2 retail sites which are currently occupied by long time tenants Papa Johns & Fundamental L.A. Cuisine. The 2nd floor consists of 3 office spaces in which 2 are occupied. The rooftop contains 1 large income producing marketing billboard. In early 2018 a new roof was recently installed. The property is situated on a busy signalized intersection, two blocks south of Wilshire Blvd.
The Bruin Building - 1301 Westwood Blvd Los Angeles, CA Overview / 04
CalBre# 1290507
The information herein is deemed reliable but not guaranteed. Buyers are advised to verify and review all information.
OFFERING PRICE $5,650,000
ADDRESS 1301 Westwood BlvdWestwood CA 90024
COUNTY Los Angeles
BUILDING SF 10,886 approx. SF
LAND SF 4,462 approx. SF
YEAR BUILT 1947
APN 4324-005-018
OWNERSHIP TYPE Trust / No Court Approval Needed
The Bruin Building - 1301 Westwood Blvd Los Angeles, CA Offering Summary / 05
CalBre# 1290507
The information herein is deemed reliable but not guaranteed. Buyers are advised to verify and review all information.
The Bruin Building - 1301 Westwood Blvd Los Angeles, CA Financial Summary / 06
FINANCIAL SUMMARY
OFFERING PRICE $5,650,000
PRICE PSF $519.00 PSF
OCCUPANCY 51%
*NOI $200,030
*CAP RATE (CURRENT) 3.5%
*CAP RATE (PRO FORMA) 4.4%
*based on 2017 income/expense statements for 1301 Westwood Blvd
CalBre# 1290507
The information herein is deemed reliable but not guaranteed. Buyers are advised to verify and review all information.
The Bruin Building - 1301 Westwood Blvd Los Angeles, CA Location Summary / 07
Westwood is located in the northern central portion of the west side region of Los Angeles, California. The area consists mainly of commercial & residential neighborhoods.
1301 Westwood Blvd is located in the City of Los Angeles at the southwest corner of Wellworth Avenue and Westwood Blvd. It is south of Wilshire Blvd and Westwood Village, and north of Santa Monica Blvd, and east of the San Diego (405) freeway.
Points of InterestsUCLA - University of California Los AngelesWestwood Village - Historic Movie Theater & Retail DistrictWestwood Village Memorial Park CemeteryHammer Museum - Art Museum & Cultural CenterHolmby Hills - Affluent Residential CommunityGeffen Playhouse - Non Profit Theater PlayhouseLDS (Mormon) Temple - 2nd largest LDS Temple
CalBre# 1290507
The information herein is deemed reliable but not guaranteed. Buyers are advised to verify and review all information.
Site DescriptionNUMBER OF TENANTS; 5 (4 onsite + Billboard)BUILDING SF: 10,886 SF (approx.)LAND SF / ACRES: 4,462 SF / 0.10 Acres (approx.)YEAR BUILT: 1947ZONING TYPE: C4 Retail & OfficesLOT DIMENSIONS: NUMBER OF PARKING SPACES: 4STREET FRONTAGE: Westwood Blvd 51 ft. Wellworth Ave 73 ft.CORNER LOCATION: Signalized Intersection.
The Bruin Building - 1301 Westwood Blvd Los Angeles, CA Site Description / 08
CalBre# 1290507
The information herein is deemed reliable but not guaranteed. Buyers are advised to verify and review all information.
The Bruin Building - 1301 Westwood Blvd Los Angeles, CA Rental Trends / 09
Rents have struggled to grow recently as gains
have moderated since the cycle peaked in 2015. LA
rent growth surpassed the National Index up until
18Q1.
Westside submarkets typically post the highest rent
levels, although less expensive submarkets are
enjoying some of the strongest growth over the last
year. Lower-end stock—in less-affluent
neighborhood centers—could lead the pack moving
forward, as recent income gains appear more
widespread than they were earlier in the cycle.
*Source: CoStar Group updated September 18 2018
CalBre# 1290507
The information herein is deemed reliable but not guaranteed. Buyers are advised to verify and review all information.
The Bruin Building - 1301 Westwood Blvd Los Angeles, CA Sales Trends / 10
*Source: CoStar Group updated September 18 2018
CalBre# 1290507
The information herein is deemed reliable but not guaranteed. Buyers are advised to verify and review all information.
The Bruin Building - 1301 Westwood Blvd Los Angeles, CA Demographics / 11
*Source: CoStar Group updated September 18 2018CalBre# 1290507
The information herein is deemed reliable but not guaranteed. Buyers are advised to verify and review all information.
The Bruin Building - 1301 Westwood Blvd Los Angeles, CA Plot Plan / 12
CalBre# 1290507
The information herein is deemed reliable but not guaranteed. Buyers are advised to verify and review all information.
The Bruin Building - 1301 Westwood Blvd Los Angeles, CA Rent Roll Income / 13
Clear Channel Billboard 05/21/18 $35,300.27
05/05/17 $31,050.53
05/04/16 $11,450.28
05/08/15 $23,169.60
06/04/14 $6,216.14
Additional Income from 25% of revenue proceeds from Clear Channel billboard advertising sales.
Income from rooftop billboard with Annual Payment date received
Tenant Lease Term RentClear Channel 05/01/98 to 05/01/19 $1,167 Billboard Base Rent (See Below)Papa Johns 05/01/00 to 12/25/22 $6,064 Pizza Delivery 1780 SFFundamental LA 04/01/09 to 07/31/19 $3,902 Restaurant 2140 SFFundamental LA 01/18/11 to 07/31/19 $400 Storage 400 SF Narduli Studio 04/01/10 m/m $1,500 Architect 800 SFFuture Prod. 02/01/05 m/m $500 Recycling 400 SFVacant unit 207 (former dental) 2640 SFVacant Storage (former wonder) 2726 SF
*1301 Westwood Blvd Monthly Report for Aug 2018
CURRENT INCOME $248,469
CalBre# 1290507
The information herein is deemed reliable but not guaranteed. Buyers are advised to verify and review all information.
The Bruin Building - 1301 Westwood Blvd Los Angeles, CA Expenses / 14
Expenses for 2017Operating Expenses $48,439General Expenses $72,117
TOTAL EXPENSES $120,556
2017 GROSS INCOME $248,467TOTAL EXPENSES $120,556
2017 NET INCOME $127,913
CalBre# 1290507
The information herein is deemed reliable but not guaranteed. Buyers are advised to verify and review all information.
The Bruin Building - 1301 Westwood Blvd Westwood, CA Projections / 15
Projected Expenses (3% increase) Operating Expenses $49,892 General Expenses $141,606 PROJECTED TOTAL EXPENSES $191,498
PROJECTED INCOME $299,520PROJECTED TOTAL EXP. $191,498
PROJECTED NET INCOME $108,021
Projected Annual Gross Market Rent1st Floor Rent (based on 3% increase) $10,6772nd Floor Rent ($2.25psf) $ 8.640Basement Storage Rents ($1.00psf) $ 3,143
Projected Total Rents $22,460 X 12 monthsProjected Annual Rents $269,520
Projected Income from Billboard $30,000
Projected Annual Income $299,520
*based on 100% occupancy**General Expenses based on 3% projected increase and property taxes based on estimated 1.25% of purchase price.
CalBre# 1290507
The information herein is deemed reliable but not guaranteed. Buyers are advised to verify and review all information.
The Bruin Building - 1301 Westwood Blvd Los Angeles, CA Tenant Profiles / 16
Clear Channel Outdoor Holdings, Inc., is a public subsidiary of iHeartMedia, and is one of the world's largest outdoor advertising corporations. The company is headquartered in San Antonio, Texas. The company offers advertising on traditional and nontraditional advertising media. They are a publicly traded company (NASDAQ SYM: CCO)
CalBre# 1290507
The information herein is deemed reliable but not guaranteed. Buyers are advised to verify and review all information.
The Bruin Building - 1301 Westwood Blvd Los Angeles, CA Tenant Profiles / 17
Papa John's Pizza is an American restaurant franchise company. It runs the third largest take-out and pizza delivery restaurant chain in the United States, with headquarters in Jeffersontown, Kentucky, a suburb of Louisville. They are a publicly traded company (NASDAQ SYM: PZZA)
Papa Johns has been located here for over 15 years and although this store does not report its local sales, Papa Johns overall store revenues for 2016 was $1.71 Billion and $1.63 Billion for 2015.
Papa Johns has recently exercised their Third 5 year option which began in December 26 2017 and the have a Fourth 5 year option remaining which begins in December of 2022.
CalBre# 1290507
The information herein is deemed reliable but not guaranteed. Buyers are advised to verify and review all information.
The Bruin Building - 1301 Westwood Blvd Los Angeles, CA Tenant Profiles / 18
Modern neighborhood restaurant in Westwood, serving creative food made from the freshest farmer's market ingredients. They have two locations in Westwood and Downtown Los Angeles for dining and have an established catering service.
CalBre# 1290507
The information herein is deemed reliable but not guaranteed. Buyers are advised to verify and review all information.
The Bruin Building - 1301 Westwood Blvd Los Angels, CA Tenant Profiles / 19
Narduli Studio is an interdisciplinary practice working at the intersection of art, architecture, technology and public space.The design team is led by Los Angeles based architect and media artist Susan Narduli. She holds a Bachelor of Fine Arts, a Masters of Architecture and is a licensed architect. Narduli guides the conceptual evolution of the work for her award-winning studio and is director of experiential and interactive projects for Cheeky Films. Prior to starting her own firm, Narduli was Project Designer for Frank Gehry.
CalBre# 1290507
The information herein is deemed reliable but not guaranteed. Buyers are advised to verify and review all information.
The Bruin Building - 1301 Westwood Blvd Los Angels, CA Tenant Profiles / 20
Future Products Inc. A California corporation since 1997 is a trading company where they offer quality grades of Plastic scrap, copper scrap, metal wire etc.
CalBre# 1290507
The information herein is deemed reliable but not guaranteed. Buyers are advised to verify and review all information.
Marty Kovacs
(661)433-3435
CalBre#01294838
Robert Kellar
(661)510-097
CalBre#01030351
16670 Soledad Canyon Road
Canyon Country CA 91387
Office (661)299-5570
Fax (661)2996783
The Bruin Building - 1301 Westwood Blvd Los Angeles, CA Contact Information / 21
Jeff Lui
(661)478-5227
CalBre#01390798
CalBre# 1290507
