STARBUCKS CORPORATE / PRE-SALE OPPORTUNITY
CO NO
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10737 BEVERLY BOULEVARD @ NORWALK BOULEVARD, WHITTIER, CA
C O R P O R AT E L E A S E D I N V E S T M E N T : : O F F E R I N G M E M O R A N D U M
STARBUCKS PRE-SALE OPPORTUNITY
10737 BEVERLY BOULEVARD @ NORWALK BOULEVARD, WHITTIER, CA
AFFILIATED BUSINESS DISCLOSURE
CBRE 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
CONFIDENTIALITY AGREEMENT
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 all Property
(the”Owner”), to be all-inclusive or to contain all or part of
the information are provided for general reference purposes
only and are based on assumptions relating to the general
economy, market conditions, competition and other factors
being 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 respectful directors, officers, Affiliates
or representatives make an representation or warranty,
expressed or implied, as to the accuracy or completeness of
this Memorandum or any 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 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.
DISCLAIMER
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.
© 2013 CBRE, Inc. The information containing in this document
has been obtained for sources believed reliable. While CBRE,
Inc. does not doubt its accuracy, CBRE, Inc. has not verified it
and makes no guarantee, warranty or representation about it.
It is your responsibility to independently confirm its accuracy
and completeness. Any projections, opinions, assumptions or
estimates used are for example only and do not represent the
current or future performance of the property, The value of
this transaction to you depends on tax and other factors which
should be evaluated by your tax, financial and legal advisors.
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.
Photos herein are the property of their respective owners and
use of these images without the express written consent of the
owner is prohibited.
CBRE and the CBRE logo are service marks of CBRE, Inc. and/
or its affiliated or related companies in the United States and
other countries. All other marks displayed on this document
are the Property of their respective owners.
Macintosh HD:Users:clujan2:Box Sync:Southern California:GLAOC Marketing:Property Marketing:Newport Beach:Starbucks - 10737 Beverly Blvd - Whittier - JMiller - 14837 :10737 Beverly Blvd_OM_v04CL.indd
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F O R M O R E I N F O R M AT I O N P L E A S E C O N TA C T:
Joseph Miller
Vice President
3501 Jamboree Road, Suite 100
Newport Beach, CA 92660
TA B L E O F C O N T E N T S
03
EXECUTIVE SUMMARY
05
PROPERTY OVERVIEW
11
OVERVIEW WHITTIER /
ORANGE COUNTY
13
DEMOGRAPHIC SUMMARY
Lic. 00902422
+1 949 725 8665
joe.miller@cbre.com
STARBUCKS PRE-SALE OPPORTUNITY
STARBUCKS—WHITTIER, CA
10737 BEVERLY BOULEVARD @ NORWALK BOULEVARD, WHITTIER, CA
:: WHITTER, CALIFORNIA
Aerial Photograph
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CBRE | 3501 Jamboree Road Suite #100 Newport Beach , CA 92660 | +1 949 725 8500 | www.cbre.com/newportbeach
© 2013 CBRE,Summary
Inc. This information has::been2obtained 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.
Executive
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. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the
property of their respective owners. C:\USERS\lzEgARRA\DESkTop\BEvERlY BlvD AnD noRWAlk BlvD\AM_BEvERlYBlvD^noRWAlkBlvD_v01_lz.InDD
EXECUTIVE SUMMARY
Offering Summary
Address:
Starbucks Corporate
10737 Beverly Boulevard
Whittier, CA
Offering Price:
$2,265,000
Pro-forma Cap Rate:
4.5%
Net Income:
$102,000
Rental Increase:
10% every five (5) years
Lease Start:
±11/01/2014
Lease Expiration:
±10/31/2024
Option:
2 x 5 year options
Building Area:
±998 SF – plus patio
Land Area:
±15,808
Ownership:
Fee Simple
Executive Summary :: 3
STARBUCKS PRE-SALE OPPORTUNITY
10737 BEVERLY BOULEVARD @ NORWALK BOULEVARD, WHITTIER, CA
INVESTMENT HIGHLIGHTS
Ideal Investment
•Incredible opportunity to own a free-standing Starbucks
•Rental increases – 10% every five years
•Relocation of successful location
•Traffic counts exceed 33,600 at the intersection
•Signalized corner
Executive Summary :: 4
Property Overview
Property Location:
Starbucks Corporate
10737 Beverly Boulevard
Whittier, CA
GLA:
±998 SF – plus patio
Estimated Completion Date:
±11/01/2014
Construction Type:
Wood-frame/Craftsman
Parking:
10 parking spaces
Access:
Norwalk (Workman Mill Road)
Property Overview :: 5
STARBUCKS PRE-SALE OPPORTUNITY
10737 BEVERLY BOULEVARD @ NORWALK BOULEVARD, WHITTIER, CA
Parcel Map
Property Overview :: 6
Regional Map
Property Overview :: 7
STARBUCKS PRE-SALE OPPORTUNITY
10737 BEVERLY BOULEVARD @ NORWALK BOULEVARD, WHITTIER, CA
STARBUCKS—WHITTIER, CA
:: WHITTER, CALIFORNIA
Aerial Photograph
SI
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CBRE | 3501 Jamboree Road Suite #100 Newport Beach , CA 92660 | +1 949 725 8500 | www.cbre.com/newportbeach
© 2013 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. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the
property of their respective owners. C:\USERS\lzEgARRA\DESkTop\BEvERlY BlvD AnD noRWAlk BlvD\AM_BEvERlYBlvD^noRWAlkBlvD_v01_lz.InDD
Property Overview :: 8
STARBUCKS—WHITTIER, CA
:: WHITTER, CALIFORNIA
Aerial Photograph
SI
TE
CBRE | 3501 Jamboree Road Suite #100 Newport Beach , CA 92660 | +1 949 725 8500 | www.cbre.com/newportbeach
© 2013 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. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the
property of their respective owners. C:\USERS\lzEgARRA\DESkTop\BEvERlY BlvD AnD noRWAlk BlvD\AM_BEvERlYBlvD^noRWAlkBlvD_v01_lz.InDD
Property Overview :: 9
STARBUCKS PRE-SALE OPPORTUNITY
10737 BEVERLY BOULEVARD @ NORWALK BOULEVARD, WHITTIER, CA
Site Plan
Property Overview :: 10
Whittier City Profile
The city of Whittier is located in the southeast sector
of Los Angeles County just 12 miles from the city
of Los Angeles. Founded in 1898, Whittier became
a charter law city in 1955 and like its neighboring
communities, acts as a Gateway City. The City
covers 14.8 square miles and has an estimated
population of 85,999 making it the 20th largest city
of the 88 in the county. There are multiple businesses and industries in the area
include over 400 professional services, 506 retail stores, 193 family restaurants,
38 manufacturing plants, 11 hotels, and well over 200 boutiques and specialty
shops. Uptown Whittier homes the Quad shopping center, as well as the
Whittwood Town Center which are frequented by visitors and locals. Whittier is
serviced by the I-605 freeway running right along the northern edge. State route
72, Whittier Boulevard, runs through the city and forms part of El Camino Real.
One of the most popular places in town is the Quad at Whittier drawing in
more than 450,000 shoppers regularly. This shopping center is located on the
intersection of Whittier Blvd and Painter Ave and is home to major retailers such
as Big 5, PetCo, Ross, Starbucks, Olive Garden, Old Navy, and many others that
make up the 433,553 square foot space. Residents also frequent the Whittwood
Town Center which is located on the other end of Whittier Blvd between Hacienda
Blvd and Colima Rd. Whittwood houses Target, 24Hour Fitness, JC Penney’s,
Kohl’s, World Market, and over 50 other retailers covering the expansive785,674
square foot area.
Whittier’s community has a strong sense of history and vision for the future making
it an upscale and vibrant environment for residents and visitors. Whittier is home
to Whittier College and Remnant University with many of its residents attending
neighboring cities schools such as Biola University and Cerritos College. Whittier
has a large percentage of families in the area and has multiple noteworthy school
districts for primary and secondary education. The City has also been an example
in health and safety due to its solid administrative foundations and innovative
thinking. Rich in history and opportunity, Whittier is not a city to be overlooked.
Top Employers
Presbyterian Intercommunity Hospital
United States Postal Office
Whittier Hospital Medical Center
Bright Health Physicians
City of Whittier
Johnson Controls
Whittier Union High School District
SC University of Health Sciences
Whittier College
Whittier City School District
Overview Whittier/ Orange County :: 11
Los Angeles
LOS ANGELES COUNTY PROFILE
Demographics
2012 Estimate
2017 Projection
Avg. Household Income
Percent Married
Average Age
Ethnicity
9,860,343
9,983,520
$74,880
46.7%
36
Other,
27.5%
White,
50.0%
Housing
Median Property Value
Housing Units
Owner-Occupied
Avg. Household Size
Asian,
14.0%
$357,748
3,467,943
47.76%
2.97
Black,
8.5%
Size: 4,752.3 Square Miles
Employment by Occupation
Population / Income
Population Growth Trend
Growth 2000-2012
Growth 2012-2017
Trade &
Labor
22.8%
Household Income Trend
Exec. &
Prof.
35.2%
Average: 2017 Projection
Median: 2017 Projection
Service
Personnel
14.6%
UCLA | USC | Claremont McKenna
3.58% Six Flags Magic Mountain
1.25% Griffith Observatory
La Brea Tar Pits
Dodger Stadium
$77,337 STAPLES Center
$53,274 Museum of Tolerance
J. Paul Getty Center
Job Growth - Project Next 10 Yrs.
Admin. &
Support
27.5%
Taxable Sales in Thousands
Major Employers
Los Angeles County
$116,942,334 Kaiser Permanente
33,600
California
$477,347,986 Northrop Grumman Corp.
21,000
Employment
Total Businesses
Total Employed in County
Landmarks and Tourist Attractions
463,611
4,474,944
40%
30%
20%
10%
0%
26.7%
25.5%
Los Angeles Co
California
University of Southern California
16,180
Target Corp.
15,000
Los Angeles County
Ralphs/Food 4 Less
13,500
Incorporation
Assessor-Co Clerk-Recorder
Board of Supervisors
City Hall
Website
Disney Concert Hall
Hollywood Bowl
31.3%
US
1850
12400 Imperial Hwy
800.815.2666
5 District Members
500 W. Temple St.
800.339.6993
www.lacounty.gov
Orange County Offices ∙ 3501 Jamboree Road, Suite 100 ∙ Newport Beach, California 92660 ∙ 1100 W. Town and Country Road, Suite 1200 ∙ Orange, CA 92868
City Profiles are produced by CB Richard Ellis Research. The information contained in this publication has been gathered from sources deemed reliable. Though we have no reason to doubt its accurace, we do not guarantee it. Data sources: Claritas, California Econcomic Development
Department, California Board of Equalization, Dun & Bradstreet, and the cities themselves. UPDATED: 12/12
Overview Whittier/ Orange County :: 12
STARBUCKS PRE-SALE OPPORTUNITY
10737 BEVERLY BOULEVARD @ NORWALK BOULEVARD, WHITTIER, CA
Demographics
Presented in the following table is a summary of demographics for the area surrounding the subject property:
Beverly Blvd at Norwalk Blvd
1 mile radius
Beverly Blvd at Norwalk Blvd
2 mile radius
Beverly Blvd at Norwalk Blvd
3 mile radius
19,252
78,539
146,161
POPULATION
2013 Estimated Population
2018 Projected Population
19,709
79,945
148,834
Growth 2010-2013
19,058
78,041
145,194
Growth 2013-2018
18,609
77,733
145,272
2013 Estimated Median Age
36.78
35.21
34.71
2013 Estimated Average Age
37.20
36.62
36.40
6,030
23,856
42,562
HOUSEHOLDS
2013 Estimated Households
2018 Projected Households
6,173
24,307
43,378
Growth 2010-2013
1.01%
0.68%
0.72%
Growth 2013-2018
2.36%
1.89%
1.92%
3.19
3.29
3.38
3.56%
4.41%
4.86%
2013 Est. Median Household Income
$63,505
$54,665
$53,444
2018 Prj. Median Household Income
$64,447
$55,332
$54,103
2013 Est. Average Household Income
$78,126
$68,457
$67,060
2013 Estimated Per Capita Income
$24,472
$20,794
$19,528
2013 Est. Median Housing Value
$334,293
$318,894
$321,161
2013 Est. Average Housing Value
$368,901
$351,669
$354,170
2013 Est. Average Household Size
INCOME
HOUSING
Demographic Summary :: 13
Demographics Continued
Beverly Blvd at Norwalk Blvd
1 mile radius
Beverly Blvd at Norwalk Blvd
2 mile radius
Beverly Blvd at Norwalk Blvd
3 mile radius
RACE & ETHNICITY
2013 Estimated Population by Race and Origin
19,252
- White Population
11,923
78,539
(61.9%)
46,238
146,161
(58.9%)
85,730
(58.7%)
- Black Population
221
(1.1%)
878
(1.1%)
1,666
(1.1%)
- Asian Population
569
(3.0%)
2,689
(3.4%)
5,270
(3.6%)
- Pacific Islander Population
- American Indian and Alaska Native
- Other Race Population
- Two or More Races Population
- Hispanic Population
- White Non-Hispanic Population
52
(.3%)
276
(1.4%)
5,337
95
1,066
(.1%)
(1.4%)
45,302
(.1%)
(1.4%)
(27.7%)
24,225
(4.5%)
3,348
(4.3%)
15,060
(78.2%)
65,103
(82.9%)
122,033
(83.5%)
3,267
(17.0%)
9,505
(12.1%)
16,595
(11.4%)
874
(30.8%)
190
2,100
5,904
(31.0%)
(4.0%)
OCCUPATION
2013 Estimated Employed Population by Occupation
8,998
35,700
65,202
- Architect/Engineer
169
(1.9%)
372
(1.0%)
703
(1.1%)
- Arts/Entertain/Sports
175
(1.9%)
547
(1.5%)
921
(1.4%)
- Building Grounds Maint
201
(2.2%)
1,111
(3.1%)
2,480
(3.8%)
- Business/Financial Ops
437
(4.9%)
1,411
(4.0%)
2,568
(3.9%)
- Community/Soc Svcs
200
(2.2%)
773
(2.2%)
1,339
(2.1%)
- Computer/Mathematical
121
(1.3%)
528
(1.5%)
918
(1.4%)
- Construction/Extraction
288
(3.2%)
1,694
(4.7%)
3,219
(4.9%)
- Edu/Training/Library
815
(9.1%)
2,294
(6.4%)
3,873
(5.9%)
- Farm/Fish/Forestry
40
(.4%)
- Food Prep/Serving
375
(4.2%)
1,704
- Health Practitioner/Tec
318
(3.5%)
1,012
(2.8%)
1,708
(2.6%)
- Healthcare Support
128
(1.4%)
833
(2.3%)
1,543
(2.4%)
- Legal
46
(.5%)
188
(.5%)
368
(.6%)
- Life/Phys/Soc Science
15
(.2%)
66
(.2%)
158
(.2%)
132
(.4%)
(4.8%)
343
3,248
(.5%)
(5.0%)
Demographic Summary :: 14
STARBUCKS PRE-SALE OPPORTUNITY
10737 BEVERLY BOULEVARD @ NORWALK BOULEVARD, WHITTIER, CA
CBRE | Exclusive Agent
Joseph Miller
Vice President
3501 Jamboree Road, Suite 100
Newport Beach, CA 92660
Lic. 00902422
+1 949 725 8665
joe.miller@cbre.com
Demographic Summary :: 15