14071 - 14111 newport avenue hook
TRANSCRIPT
OFFERING MEMORANDUM
HOOKRETAIL ADVISORS
STRATA TUSTIN CENTER14071 - 14111 Newport Avenue
EXCLUSIVELY MARKETED BY:
19800 MACARTHUR BLVDSUITE 150IRVINE, CA 92612949.419.3200WWW.MARCUSMILLICHAP.COM
(O) 949.419.3224 | (M) [email protected]# 00914392
Scott Hook, SENIOR VICE PRESIDENT
The information contained in the following offering memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and it should not be made available to any other person or entity without the written consent of Marcus & Millichap. By taking possession of and reviewing the information contained herein the recipient agrees to hold and treat all such information in the strictest confidence. The recipient further agrees that recipient will not photocopy or duplicate any part of the offering memorandum. If you have no interest in the subject property at this time, please return this offering memorandum to Marcus & Millichap.
This offering memorandum has been prepared to provide summary, unverified financial and physical information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap 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 or absence of contaminating substances, PCBs or asbestos, the compliance with local, state and federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of 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 to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap 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 of the information set forth herein. Prospective buyers shall be responsible for their costs and expenses of investigating the subject property.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT THE MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
Area Overview
Tustin Legacy Neighborhoods
Future Plans For Tustin Legacy
Demographics
AREA OVERVIEW
Sales Comparables
Sales Comparables Graph
COMPETITIVE PROPERTY SET
Parcel Map
Property Photos
Aerial Views
Maps
PROPERTY OVERVIEW
Investment Highlights
Property Highlights
Location Highlights
Financial Overview
Rent Roll
Common Area Admin Schedule
Site Plan
Tenant Overview
INVESTMENTOVERVIEW
TABLE OF CONTENTS:
RARE TOP-TIER ORANGE COUNTY “IRVINE-CONTIGUOUS” SHOPPING CENTER
• First-class Orange County core shopping center in affluent area.• “Internet-resistant” tenant mix of forward-looking food uses and services to meet the needs of millennials and beyond and whose sales will not
be harmed by the internet.• Over 75% of the center is occupied by international, national, and regional/local chains.• Rare opportunity to buy a first-class shopping center contiguous to Irvine, where the Irvine Company controls most retail.• Barriers to entry and escalating cost of material, labor, and development fees will continue to propel the property value upwards.• Seasoned tenants with longer term leases with staggered termination dates, with only two ending prior to 2021.• Prime central location in dense area attracts customers from a wider radius.• Higher annual CPI rent increases than many other centers.• Fair market rent options for several tenants, including Little Caesars.• Upside on below-market rents, with some rents 10-30% below market.• The majority of competitive centers in South Tustin and Irvine are owned by the Irvine Company and other large companies. The centers are
well maintained, majority 100% leased, but also have higher rents, leaving minimal options for tenants looking to expand.
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INVESTMENT HIGHLIGHTS
FIRST-CLASS SHOPPING CENTER IN GREAT LOCATION WITH GREAT FUNDAMENTALS
• Newport Avenue at I-5 Freeway, Tustin• 13,255 square feet with two buildings on two parcels• Attractive, timeless Mediterranean design• Recently-built (2006, 2010) first-class construction• Property has been recently refreshed, with buildings repainted and
parking lot resurfaced.• Easy access from both the I-5 and 55 Freeways.• On Tustin’s main retail thoroughfare, at a signalized corner with left
turn access.• Great visibility from street for all tenants• Two high quality monument signs, plus distinctive tenant signage
increases esposure and tenant sales
PRIME CENTRAL ORANGE COUNTY LOCATION
• Located in affluent and desirous Tustin, at Newport Avenue offramp at the I-5 Freeway• Excellent access from both the I-5 and 55 Freeways.• Contiguous to Irvine and 10 minutes from Newport Beach to the South and Orange to the North.• Central location attracts customers from a wider radius and allows food delivery apps to increase their customer base.• Traffic counts well exceed 150,000 cars per day, including the I-5 Freeway.• Dense surrounding area: Over 42,000 persons reside within a 1 mile radius of the property, and over 233,000 in a 3 mile radius.• Because the freeway is a barrier, Tustin High School students must use the Newport Avenue underpass to get to school. The students walk
home at around 2:45 pm - 3:00 pm, providing an additional sales period for restaurants during their quiet hours between lunch and dinner.• Tustin Legacy Mix Use Development is being constructed just 2 miles away. Columbus Square includes 1,075 dwelling units, with Columbus
Grove consisting of 465 units. Additional 800 homes are planned over the next 4 years.
LOCATION HIGHLIGHTS
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PROPERTY HIGHLIGHTS
Annual Scheduled Income
Base Rent $588,454
NNN Reimbursement Income (CAM + INS) $73,973
Property Tax Reimbusement Income $198,016
Total Gross Income $860,443
Administration Fee (15% on CAM, INS, Tax) $39,489
Total Income $899,932
* Administration Fee is not applied to tax component for Little Caeser’s and Kolache Factory
Annual Scheduled Expenses
CAM + Insurance $73,973
Property Tax Upon Sale (Current Rate .01456%) $198,016
Property Management (3% of Total Gross Rent) $25,551
Reserves @ $0.20 PSF / YR $2,651
TOTAL EXPENSES ADJUSTED UPON SALE $300,191
NET OPERATING INCOME(Income Less Expenses) $599,741
Property Name Strata Tustin Center
Property Address 14071-14111 Newport Avenue
Tustin, CA 92780
Price $13,600,000
NOI $599,741
Cap Rate (2018) 4.41%
Levered Yield (2018) 4.47%
Price Per Square Foot $1,026
Gross Leasable Area (GLA) 13,255
Current Occupancy 100%
Year Built 2006/2010
APN #1 402-371-39
Parcel Size 8,509 SF
APN #2 402-371-42
Parcel Size 31,566 SF
Cash Flow After Debt Analysis
List Price $13,600,000
Down Payment $6,800,000 (50%)
New Loan $6,800,000 (50% LTV)
Loan Terms 4.35% Interest30 Year Amortization/5 yrs
Years 1-3 Interest Only
Annual Debt Service (I.O.) $295,800
Levered Cash Flow (2018) $303,941
*2018 numbers based on 2018 NOI of $599,744 (See Page 7)
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FINANCIAL OVERVIEW
TENANT GLA % OF GLA INITIAL TERM COMMENCEMENT EXPIRATION MONTHLY RENT RENT/SF ESCALATIONS AMOUNT % RENT OPTIONS
Kaminariya 1,839 SF 13.87% 10 Years 5/1/2014 4/30/2024 $7,491.79 $4.07 Annually5/1/2018
3% 7.5% 1 - 10 Year
Chronic Tacos 1,306 SF 9.85% 10 Years 6/1/2016 5/31/2026 $3,968.28 $3.04 Annually6/1/2018
5% 7.5% 2 - 5 Year
Lucky Nails 1,238 SF 9.34% 5 Years 5/1/2014 4/30/2019 $4,646.65 $3.75 Annually3/1/2018
4% N/A N/A
THH Sandwhiches 3,519 SF 26.55% 10 Years 9/1/2006 8/31/2026 $14,041.70 $3.99 Annually9/1/2018
3.5% 7% 2 - 5 Year
Leaf N Cream 1,151 SF 8.68% 5 Years 5/15/2015 5/31/2020 $3,646.70 $3.17 Annually6/1/2018
4% N/A 1 - 3 Year
Kolache Factory 1,547 SF 11.67% 10 Years 10/1/2013 9/30/2023 $5,417.85 $3.50 Annually10/1/2018
4% 7% 2 - 5 Year
All Is Wellness 666 SF 5.02% 7 Years 2/1/2012 1/31/2019 $2,633.31 $3.95 Annually2/1/2018
4 - 8%/CPI
N/A 1 - 5 Year
Yuva Threading 738 SF 5.57% 10 Years 7/17/2012 6/30/2022 $2,202.94 $2.99 Annually7/1/2018
3% N/A 1 - 5 Year
Little Caesars 1,251 SF 9.44% 10 Years 10/18/2010 1/31/2021 $4,234.05 $3.38 Every 5 Yrs.2/1/2021
15% Fixed @ option
N/A 1 - 5 Year
TOTAL 13,255 SF 100% $48,283
Notes: THH percentage rent capped at $24,000 Lucky Nail Salon rent includes extra $250.06 per month All Is Wellness rent includes extra $200.00 per month until end of initial lease term Little Caesars includes $63 per month for electrical room per Section 2(d) of Lease
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RENT ROLL - CURRENT
Kaminariya $7,491.79 x 4 Months = $29,967.16$7,716.54 x 8 Months = $61,732.32
Chronic Tacos $3,968.28 x 5 Months = $19,841.40$4,087.33 x 7 Months = $28,611.31
Lucky Nails $4,646.65 x 2 Months = $9,293.30$4,778.54 x 10 Months = $47,785.40
THH Sandwiches $14,041.70 x 8 Months = $112,333.60$14,533.16 x 4 Months = $58,132.64
Leaf N Cream $3,646.70 x 5 Months = $18,233.50$3,792.56 x 7 Months = $26,547.92
Kolache Factory $5,417.85 x 9 Months = $48,760.65$5,634.56 x 3 Months = $16,903.68
All is Wellness $2,633.31 x 1 Months = $2,633.31$2,730.64 x 11 Months = $30,037.04
Yuva Threading $2,202.94 x 6 Months = $13,217.64$2,269.02 x 6 Months = $13,614.12
Little Caesars $4,234.05 x 12 Months = $50,808.60
Total Base Rent (2018) = $588,454NOI (2018) = $599,741
2018 MINIMUM BASE SCHEDULED RENT
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N u t r i t i o no n
N ew p o rt
Kaminariya(Sec. 6.3, pg. 11) 15% Admin Fee Taxes, Common Areas, Insurance
Chronic Tacos(Sec. 6.3, pg. 14) 15% Admin Fee Taxes, Common Areas, Insurance
Lucky Nails(Sec. 6.3, pg. 12) 15% Admin Fee Taxes, Common Areas, Insurance
The Sandwhich Shop(Sec. 6.3, pg. 10) 15% Admin Fee Taxes, Common Areas, Insurance
Leaf N Cream(Sec. 6.3, pg. 13) 15% Admin Fee Taxes, Common Areas, Insurance
Kolache Factory(Sec. 6.3, pg. 10) 15% Admin Fee Common Areas Maintenance Only
All is Wellness(Sec. 6.3, pg. 11) 15% Admin Fee Taxes, Common Areas, Insurance
Yuva Threading Salon(Sec. 6.3, pg. 11) 15% Admin Fee Taxes, Common Areas, Insurance
Little Caesars(Sec. 9, pg. 9) 15% Admin Fee Common Areas Maintenance Only
COMMON AREA ADMINISTRATION FEE SCHEDULE
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Leaf N Cream
1,151 SF 1,306 SF 1,839 SF
14089 14075 14071
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SITE PLAN
Strata Tustin Center has a dynamic tenant mix, with a complementary food uses and services. This tenant mix represents “New Retail” - tenants whose uses will not be harmed by the internet and represent services desired by millennials and beyond. These internet-resistant tenants and their synergistic uses position the center for continued 21st century retail success.
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TENANT OVERVIEW
Headquartered in Detroit, Michigan, Little Caesars is the largest carryout-only pizza chain in the United States, with over 4,000 stores nationwide. Founded in 1959 as a single, family-owned restaurant, Little Caesars is the third largest pizza chain in the world with stores in 22 countries and territories worldwide, including in each of the 50 U.S. states.
The Little Caesars restaurant store in Strata Tustin Center is a corporate store. It has been designated a “high-volume” restaurant, a designation only given to its top restaurants in chainwide. Little Caesars does not release sales figures, but the owner has been told informally by store managers that it is the highest volume store in Orange County. This is important to know when its next option, at fair market rent, comes up in 2021.
Known for its HOT-N-READY pizza and famed Crazy Bread, Little Caesars has been named “Best Value in America” for ten years in a row. Little Caesars products are made with quality ingredients, like fresh, never frozen, mozzarella and Muenster cheese, dough made fresh daily in the stores and sauce made from fresh-packed, vine-ripened California crushed tomatoes.
Kolache Factory was founded in 1982 in Houston, Texas by co-founders John and Jerri Banks, who identified a need for a fresh, high-quality breakfast that could be eaten “on the run.” By stuffing kolaches (traditional Czech pastries with sweet yeast dough) with a variety of high-grade ingredients, a new product was born. This chain, based primarily in Texas, has over 50 stores. The Tustin restaurant is the first Kolache Factory location in California and is a franchised location.
Privately owned Kolache Factory has been recognized across the country as one of the Top 5 Drive-thrus in America by the Food Network, one of the fastest growing companies in Houston, and was recently named one of the top 50 food service bakeries in the United States by Modern Baking magazine. In addition, Franchise Times magazine listed Kolache Factory as one of the top 20 bakery cafes to watch.
TENANT OVERVIEW
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THH Sandwiches is an Orange County-based chain with four stores, high volume sales, and a devoted following. THH is known for its outstanding Vietnamese sandwiches, consisting of crunchy French baguettes filled with meat (beef, pork, chicken) and topped with pickled vegetables. THH also serves other Vietnamese menu items in a quick service format. Its food gets stellar reviews and attracts lots of loyal customers to the center. THH is very busy during peak hours. This is a corporate location.
Chronic Tacos is a Mexican restaurant quick service chain specializing in custom tacos, burritos, bowls and salads that you order at the counter. With third-generation family recipes and inspired by the Southern California lifestyle, the first Chronic Tacos swung open its doors in 2002 in Newport Beach, California. From the beginning, Chronic Tacos has stressed great service, music, and artistic design, but the food and its fresh ingredients is what makes it special. This authentic Mexican food, combined with Chronic Taco’s unique style, has been so popular that there are now over 50 stores in the U.S. and Canada. This is a franchised location.
Kaminariya, which means House of Thunder in Japanese, is the first United States location of a Japanese-based restaurant chain with over 40 locations in Japan. It is an Izakaya-style restaurant, a lively restaurant that serves beer and sake with lots of small dishes. Delicately flavored dishes are ordered first, followed iwth progressively more robust flavors, finishing the meal with rice or noodle dishes to fill up. Menu items include yakitori (grilled chicken skewers), kushiyaki (grilled meat and vegetable skewers) sashimi, and kara-age (bite-sized fried chicken). Unlike other Japanese styles of eating, food items are usually shared by everyone at the table. This restaurant, which is a corporate location, is very popular.
Headquartered in New York City, YUVA Threading Salon is a five store chain combining South Asian beauty traditions with Western techniques and bringing them to a vast and diverse clientele of women and men. Threading is a timeless technique of hair removal and is the best and most natural way to remove unwanted hair in a relatively painless and most precise manners. Yuva specializes in threading, ayurvedic facials, waxing, henna, and more. This is a corporate location.
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TENANT OVERVIEW
Nutrition on Newport, affiliated with Herbalife, is a nutrition store selling healthy products to customers, including nutrition shakes, and helping them with their long-term nutrition and health needs.
Leaf n Cream is a boba tea lounge, a newer concept in the United States that is extremely popular with millennials. Leaf n Cream, at the vanguard of this boba tea movement, specializes in authentic Chinese-style teas. By providing handcrafted tea drinks along with ice-cream-based desserts in a coffeehouse setting, it attracts a lot of younger customers to Strata Tustin Center.
Lucky Nails is an upscale luxury nail salon with a devoted following among Tustin residents and beyond.
N u t r i t i o no n
N ew p o rt
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TENANT OVERVIEW
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PARCEL MAP
STRATA TUSTIN CENTER
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PROPERTY PHOTOS
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AERIAL VIEW
Old TownTustin
The District at Tustin
Legacy
Tustin Legacy Homes Coming Soon
Tustin High School
McFadden Ave
SITE
I-5 FWY 336,000 ADT
55 FWY 276,0
00 ADTThe
Market Place
Irvine High School
Beckman High School
Culver Plaza
Von Karman
Plaza
Tustin Sports Pakrk
Tustin Ranch
Golf Club
Harvard Athletic
Park
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AERIAL VIEW
Castilian Apartments
Newport Ave
27,746 ADT
Mitchell Ave
CordovaApartments
Tustin High School
McFadden Ave
I-5 FWY 336,000 ADT
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AERIAL VIEW
SITE
19800 MACARTHUR BOULEVARD, SUITE 150 | IRVINE, CA // 19
MAP
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MAP
ADDRESS SALE PRICE SOLD DATE PRICE/SF CAP RATE BUILDING SF
SubjectProperty
Strata Tustin Center14071-14111 Newport Ave
Tustin, CA 92780$13,600,000 TBD $1,026 4.41% 13,255
1
Pacific Center15071-15111 Newport Ave
Tustin, CA 92780$7,500,000 8/25/2015 $1,057 4.10% 7,097
2
Carl’s Jr.14041 Newport Avenue
Tustin, CA 92780$4,300,000 2/03/2017 $1,223 4.42% 3,515
3
16141 Beach BlvdHuntington Beach, CA 92647 $8,500,000 11/15/2016 $719 4.30% 11,818
4
10026-10038 Adams AveHuntington Beach, CA 92646 $5,364,061 3/17/2016 $774 4.4% 6,932
Adjacent to Marriott Hotel off Edinger & 55 Freeway.
Adjacent to Subject Property.
Newly completed development. Part of 3 building sale including non-occupied Petsmart building.
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SALE COMPS
ADDRESS SALE PRICE SOLD DATE PRICE/SF CAP RATE BUILDING SF
5
7550-7560 Orangethorpe AveBuena Park, CA 90621 $8,000,000 12/9/2016 $990 4.65% 8,080
6
24531 Trabuco Rd Lake Forest, CA 92630 $6,675,000 8/9/2017 $618 4.9% 10,799
7
1028-1034 Montana Ave Santa Monica, CA 90403 $6,500,000 1/26/2016 $1,578 4.42% 4,118
8
5258-5272 E 2nd Street Long Beach, CA 90803 $11,200,000 4/7/2016 $1,369 4.5% 8,179
9
8213-8223 W 3rd Street Los Angeles, CA 90048 $9,600,000 8/8/2017 $1,168 3.00% 7,237
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SALE COMPS
ADDRESS SALE PRICE SOLD DATE PRICE/SF CAP RATE BUILDING SF
10
23228-23240 Hawthorne Blvd Torrance, CA 90505 $6,533,500 3/7/2016 $1,306 4.68% 5,000
11
Wells Fargo Bank 4135 Pacific Coast Hwy
Torrance, CA 90505 $6,750,000 7/22/2015 $1,253 4.29% 5,386
12
8351 Santa Monica Blvd West Hollywood, CA 90069 $11,000,000 9/29/2016 $1,251 3.68% 8,790
13
4437 Sepulveda Blvd Torrance, CA 90505 $5,357,500 9/23/2016 $1,168 4.14% 4,586
14
1500 Canada Blvd Glendale, CA 91208 $6,300,000 6/8/2015 $1,139 3.43% 5,529
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SALE COMPS
4.41% 4.42% 4.50%
3.00%
4.68%
4.29%
4.90%
4.42% 4.50%
3.00%
4.68%
4.29%
3.68%
4.14%
3.43%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
SubjectProperty
1 2 3 4 5 6 7 8 9 10 11 12 13 14
CAP RATE
*CAP Rate is estimated per research
AVG. 4.14%
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SALE COMPS | GRAPHS
$1,026
$1,578
$1,369$1,327 $1,307
$1,253
$618
$1,578
$1,369$1,327 $1,306
$1,253 $1,251
$1,168 $1,139
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
SubjectProperty
1 2 3 4 5 6 7 8 9 10 11 12 13 14
PRICE PER SQUARE FOOT
AVG. $1,274.50
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SALE COMPS | GRAPHS
Tustin, also known as “The City of Trees,” is an upscale community in central Orange County with a population of over 75,000 and an area of 11.08 square miles. Encompassing foothills and flatlands, Tustin is bounded on the south and east by Irvine, on the north by the City of Orange, and on the west by Santa Ana. Tustin is located approximately two miles north of Orange County’s John Wayne Airport and is transected by two major regional freeways: the I-5 (Santa Ana) Freeway and the SR-55 (Costa Mesa) Freeway.
Because of a top 10% ranking in start-ups and sole proprietors per capita and one of the shortest commutes in Southern California, the city was chosen in 2009 by Forbes as one of the top 25 towns to live well in America. The Tustin Unified School District is regarded as excellent, with its high schools winning accolades as some of the best in the country.
The City continues to be a discernible entity, characterized physically by its strategic crossroads location, the former Marine Corps Air Station, Tustin, (closed in July 1999), hillside areas which offer sweeping panoramic views of the Pacific Coast and Saddleback Mountains, prime commercial, industrial, and residential development, and one of the oldest historical “old towns” in Orange County. These significant natural and man-made characteristics provide a commonly acknowledged basis for a “sense of place”. Together, they act as a foundation for Tustin’s Future...a functional desirable and attractive community to live, work or visit.
Incorporated in 1927, the City of Tustin is a General Law city. The Constitution of the State of California establishes two types of cities: Charter and General Law. A General Law City, may exercise only those powers expressly given under State law. All cities begin as General Law cities, and the City of Tustin has chosen to remain such.
Tustin has a Council-Manager form of government which consists of an elected City Council responsible for policy making, and a professional City Manager, appointed by the Council. The City Manager provides policy advice, directs the daily operations of City government, handles personnel functions (including the power to appoint and remove employees) and is responsible for preparing the City budget. State law permits two basic forms of government in General Law Cities: the Mayor-City Council and Council-Manager system.
“The City of Trees”
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AREA OVERVIEW
OLD TOWN TUSTIN is an area centered around a group of historic buildings located on Main Street and El Camino Real which date back to the 1880s. Among the early businesses and structures in Tustin were a blacksmith shop, a combined grocery store/meat market, a business and feed store building, churches and school buildings. The present day museum is located in a historic old building which has housed many businesses over the decades.
Main Street runs from Williams Street on the west to just past Newport Avenue on the east. Today, its one-and-a-half miles reveal over twelve decades of Tustin’s past. Tourists are advised to park their cars and follow a map to “Take Main Street to Tustin History.” This sidewalk tour has three short side trips to expand the study. The total walking distance is just over two miles, but in that distance Southern California’s past is illuminated in a special way.
THE MARKET PLACE The Market Place (also known as the Tustin Market Place or the Tustin/Irvine Market Place) is an outdoor shopping center located in Orange County, California that straddles the borders of Tustin and Irvine. Opened in 1988, the center is located along Jamboree Road, just northeast of Interstate 5. Anchor tenants include Best Buy, Barnes & Noble, Dick’s Sporting Goods, Lowe’s, The Home Depot, Target, Babies R’ Us, and Edwards Theaters.
TUSTIN LEGACY. Built on a legacy defined by service, entrepreneurial spirit, and innovation, Tustin Legacy is a new master planned community that will bring about the best of living, working and enjoying all at the heart of Orange County. Today Tustin Legacy is home to exciting new restaurants and retail, a variety of neighborhoods, open space and parks, historic memorials, and plans for dynamic forward-thinking business environments.
Even now, there still remain hundreds of acres to be developed. The future of Tustin Legacy is exciting. It will be driven by an opportunity to connect business and people to neighborhoods and pathways, open space and bike trails, as well as educational centers and history.
THE DISTRICT AT TUSTIN LEGACY The District at Tustin Legacy is a lifestyle shopping experience with retailers providing goods and services for all aspects of life. The District features a Whole Foods Market, Costco, Target, Lowe’s and TJ Maxx/Home Goods. It also sports a 14-screen movie theater and 30 bowling lanes at Bowlmor.
Old Town Tustin
The Market Place
Tustin Legacy
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AREA OVERVIEW
ORANGE COUNTY ranks at 6th most populated county in the United States with over 3.1 million residents. With 42 miles of pristine coastline, comprised of 34 cities within 798 square miles. The average household income of Orange County residents is $97,734 making it one of the wealthiest areas in the United States. Orange County is centrally located in Southern California with easy access to 15 major Interstates and State Routes to the ports of Los Angeles and Long Beach which are the two largest container ports in the world. This thriving metro area enjoys lower business costs, a highly qualified workforce, and one of the lowest unemployment rates in the country. It’s famous for its tourism with the attractions like Disneyland, Knott’s Berry Farm and several beaches along its coastline.
Orange County General InfoThe OC welcomes a remarkable 42 million visitors annually, who spend $7.75 billion and help support 160,000 local tourism industry jobs.Attractions include Disneyland, Knotts Berry Farm, Angels baseball, Ducks hockey, Fashion Island, OC Fair, South Coast Plaza, Irvine SpectrumThe area’s warm Mediterranean climate and 42 miles (68 km) of year-round beaches attract millions of tourists annually. Huntington Beach is a hot spot for sunbathing and surfing; nicknamed “Surf City, U.S.A.”, it is home to many surfing competitions. “The Wedge”, at the tip of The Balboa Peninsula in Newport Beach, is one of the most famous body surfing spots in the world. Southern California surf culture is prominent in Orange County’s beach cities.Other tourist destinations include the theme parks Disneyland and Disney California Adventure Park in Anaheim and Knott’s Berry Farm in Buena Park. Since the 2011 closure of Wild Rivers in Irvine, the county is home to just one water park: Soak City in Buena Park. The Anaheim Convention Center is the largest such facility on the West Coast. The old town area in the City of Orange (the traffic circle at the middle of Chapman Ave. at Glassell) still maintains its 1950s image, and appeared in the That Thing You Do! movie. Little Saigon is another tourist destination, being home to the largest concentration of Vietnamese people outside of Vietnam. There are also sizable Taiwanese, Chinese, and Korean communities, particularly in western Orange County. This is evident in several Asian-influenced shopping centers in Asian American hubs like the city of Irvine.
Historical points of interest include Mission San Juan Capistrano, the renowned destination of migrating swallows. The Richard Nixon Presidential Library and Museum is in Yorba Linda and the Richard Nixon Birthplace home, located on the grounds of the Library, is a National Historic Landmark. John Wayne’s yacht, the Wild Goose or USS YMS-328, is in Newport Beach. Other notable structures include the home of Madame Helena Modjeska, located in Modjeska Canyon on Santiago Creek; Ronald Reagan Federal Building and Courthouse in Santa Ana, the largest building in the county; the historic Balboa Pavilion in Newport Beach; and the Huntington Beach Pier. The county has nationally known centers of worship, such as Crystal Cathedral in Garden Grove, the largest house of worship in California; Saddleback Church in Lake Forest, one of the largest churches in the United States; and the Calvary Chapel.
Airport: John WayneFlights originating here go to several destinations all over the United States. On average, SNA handles more than 240 arrivals and departures a day and serves over 740,000 passengers every month, which is second only to LAX in the immediate Orange County area. However, it is important to keep in mind that John Wayne Airport does not offer any international flights at this time.
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AREA OVERVIEW
“LOT 19” - The City entered into an ENA with CalAtlantic on February 21, 2017 for development of approximately 218-home community comprised of single-family detached cluster homes, row townhomes and motorcourt flats. “Lot 19,” as it is currently called, is an approximately 14.45 acre site located adjacent to the Greenwood in Tustin Legacy community that was developed by CalAtlantic and Brookfield. Lot 19 is bordered by Tustin Ranch Road to the west, Victory Road to the south, Park Avenue to the east and future Moffett Drive to the north.
GREENWOOD IN TUSTIN LEGACY - Greenwood offers four exceptional single-family home neighborhoods totaling 375 homes. These new home designs, set on the largest homesite in Tustin Legacy, showcase impeccable craftsmanship, stunning architecture, flowing floorplans, and indoor-outdoor living features.Resort-style amenities include The Legacy Club, a residents-only clubhouse with catering kitchen, covered outdoor living space, swimming pool and spa, interactive water play area, fire pits, barbeques, and private restrooms and showers and six-acre Greenwood Park with multi-functional lawn, amphitheater, full-size basketball court, two bocce ball courts and an adventure play zone.
AMALFI APARTMENTS - Amalfi offers studio, one and two bedroom floor plans. With 533 apartment homes, Amalfi provides rich Italian architecture and lush landscaping in a vibrant, social community. The resort pool area features a large pool, spa, extensive deck area with cabanas and shaded areas along with a fireplace courtyard, state-of-the-art fitness room, clubroom with gourmet kitchen area, outdoor entertainment courtyard, common green park bordered by BBQ areas, activity space with horseshoe pits, and dog park with dog wash facilities, among other amenities. 37 (7%) of the units are reserved for moderate income households.
ANTON LEGACY - Anton Legacy, a 225 affordable apartment development, offers spacious one, two, and three bedroom floor plans with designer interiors, pre-wired for high speed internet, with in home laundry. The stunningexteriors feature modern – style architecture, stylish patios and decks. Community amenities include lush landscaping, athletic studio, resort-style pool deck, exquisite clubhouse, lavishly-decorated outdoor recreation area and much more. Of the 225 units, 88 are reserved for very low income, 73 for low income, and 64 for moderate income households.
TUSTIN FIELD I & II - Tustin Field I was the first residential development at Tustin Legacy and is located at the northwest corner of Edinger Avenue and Harvard Avenue. Tustin Field I consists of 376 homes that include a diverse mix of architecture of paired homes, detached cluster homes, row townhomes and cluster townhomes. 78 (21%) of the homes are income restricted and sold at prices affordable to very low, low and moderate income households. Tustin Field II consists of 189 single family detached homes and is located at the southwest corner of Edinger Avenue and Harvard Avenue. 40 (21%) of the homes are income restricted and sold at prices affordable to very low, low and moderate income households.
Anton Legacy
Tustin Field I &II
Amalfi Apartments
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TUSTIN LEGACY NEIGHBORHOODS
COLUMBUS SQUARE - The master developer for Columbus Square was Marble Mountain Partners,LLC, a joint-venture of Lennar Homes, William Lyon, and an investment partner with individual sites within the project sold to merchant developers. Columbus Square includes a total of 1,075 dwelling units, and is bordered by Edinger Avenue to the north, Kensington Park Drive to the east, Valencia Avenue to the south, and Severyns Road to the west. Columbus Square includes a number of different residential products. 266 (25%) of the units are income restricted dwelling units to be sold and/or rented, as applicable, to very low, low, and moderate income households.
COLUMBUS GROVE - The master developer for Columbus Square was Moffett Meadows Partners,LLC, a joint-venture of Lennar Homes, William Lyon, and an investment partner with individual sites within the project sold to merchant developers. Columbus Grove is bordered by Moffett Drive to the north, Harvard Avenue to the east, Warner Avenue to the south and Jamboree Road to the west. Columbus Grove consists of 465 units, 42 (9%) of which are income restricted dwelling units sold to very low, low and moderate income households.
Columbus Grove
Columbus Square
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TUSTIN LEGACY NEIGHBORHOODS
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FUTURE PLANS FOR TUSTIN LEGACY
DEMOGRAPHICS 1 MILE 3 MILE 5 MILE
Population
2016 Estimated 42,251 233,079 653,346
2021 Projected 44,000 242,534 679,873
Households
2016 Estimated 12,920 67,535 192,122
2021 Projected 13,663 71,403 203,637
Income
2016 Median HHI $59,735 $81,194 $85,419
2016 Average HHI $69,721 $96,529 $102,013
2016 Per Capita $21,342 $28,048 $30,220
Information provided by REGIS, Sites USA
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DEMOGRAPHICS
19800 MACARTHUR BLVD, SUITE 150IRVINE, CA 92612
(O) 949.419.3224 | (M) [email protected]# 00914392
Scott Hook, SENIOR VICE PRESIDENT
STRATA TUSTIN CENTER