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21825 Erwin Street
Woodland Hills, CA 91367

Price: $11,000,000 Zoning: (WC) C4-165 1.5
Bldg SF: 18,042 SF Price/SF: $604
Land SF: 50,551 SF CAP Rate: 5.00%
Year Built:  1978 Lease Type: NNN
Click to View Offering MemorandumClick to Print Offering Memorandum

Exclusively Listed by:
Brandon Michaels
(818) 212-2794
bmichaels@marcusmillichap.com
License # 01434685

Price: $11,000,000
Bldg SF: 18,042 SF
Land SF: 50,551 SF
CAP Rate: 5.00%
Price/SF: $604
Property Type: Retail
Click to View Offering MemorandumClick to Print Offering Memorandum

Exclusively Listed by:
Brandon Michaels
(818) 212-2794
bmichaels@marcusmillichap.com
License # 01434685

Investment Highlights

HIGH PROFILE COVERED LAND OPPORTUNITY IN A QUALIFIED OPPORTUNITY ZONE HOME TO A TROPHY NET-LEASED STAPLES

 

• Irreplaceable location leased to a national tenant

• Ideally located in a Qualified Opportunity Zone

• Stable and secure income stream, with an in-place revenue of $549,942

• NNN Lease with no Management Obligations

• 1.16 acres of irreplaceable land located within the boundaries of the Warner Center 2035 Specific Plan, Downtown District

• Staples recently extended their lease, clearly articulating their strength and performance at this location

 

SIGNIFICANT DEVELOPMENT OPPORTUNITY IN ONE OF THE FASTEST GROWING SUBMARKETS NATIONALLY

 

• Located within the boundaries of the Warner Center Specific Plan, which allows for significant “By-Right” development

• The WC 2035 Specific Plan considers development fundamentals to supporting regional transportation investments such as the Metro Orange Line to create a vibrant Transit Oriented District (TOC) based upon sustainability, community connectedness, accessible public transit and promotion of innovative business, nob diversity and a safe and friendly pedestrian environment

• A wave of growth is currently reinventing Warner Center, the Western San Fernando Valley’s centralized business district as a self-sustaining urban live-work community

• Warner Center Specific Plan 2035 (Downtown District) provides developers a competitive advantage from a building, marketing and leasing perspective or “By-Right” development

• Thousands of new residential units coming online with a strong desire to attract millennials

• Recent office conversions hope to attract top national companies to enhance growth and opportunity

 

IRREPLACEABLE LOCATION WITHIN MULTI-BILLION DOLLAR SUB-MARKET COMPLETE WITH RETAIL ATTRACTIONS AND PREMIERE OFFICE HUB

 

• Directly adjacent to the newly built, open-air retail center “The Village” at Westfield Topanga and Westfield Topanga, encompassing over 2.7 million square feet of retail space with over 250 top brands, restaurants and entertainment options

• Directly across from the Westfield Promenade, a $1.5 billion renovation that includes retail, Class A office, two hotels, 14,000 residential units, and an entertainment and sports center

• Within close proximity to Uptown at Warner Center is receiving a $3 billion capital infusion to complete a mixed-use development

• Proximate to Metro Orange Line, with two transit stops located within walking distance, linking Warner Center and North Hollywood, with further Metro service to Downtown Los Angeles

• Local retailers include: Apple, Nordstrom, Neiman Marcus, Target, Macy’s,. REI, Costco, Best Buy Electronics, Crate & Barrel

• Local restaurants include: Roy’s Asian Fusion, Fleming’s Steakhouse, California Pizza Kitchen, Cheesecake Factory, Chipotle, Il Fornaio, Pizza Rev, Guacho Grill, Coffee Bean & Tea Leaf, P.F. Changs and many more

• Walking distance to Warner Center office buildings with over six million square feet of office space

• Approximately 40,000 employees work within Warner Center

• Major employers include HealthNet Inc., Zenith Insurance, Kaiser Permanente Hospital, Pratt & Whitney, and Pierce College

 

STRONG IMMEDIATE DEMOGRAPHICS AND POPULATION DENSITY

 

• Average household income of $106,000 – $270,000 in the immediate area

• Strong local economy with significant job growth over a multitude of diverse sectors

• Over 80,000 new jobs, 37 million square feet of business and residential buildings, 14 million square feet of non-residential building area, 200,000 residential units projected in the immediate area

• Over 2 million residents and 850,000 jobs in the densely populated San Fernando Valley