631 grape avenue - loopnet
TRANSCRIPT
OFFERING MEMORANDUM
CLICK HERE FOR PROPERTY VIDEO
SUNNYVALE, CALIFORNIA
631 GRAPE AVENUE
I N F I L L R E D E V E L O P M E N T S I T E
CONFIDENTIALITY & DISCLAIMERThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to
provide summary, unverified 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, PCB's or asbestos, the compliance with 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 Marketing Brochure 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. Marcus & Millichap is a service
mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. All rights reserved.
NON-ENDORSEMENT NOTICEMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation's
logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to
prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
ACTIVITY ID: ZAA0010351
TA B L E O F C O N T E N TS
E X C L U S I V E LY L I S T E D B YT R A M M E L L G R O U P O F M A R C U S & M I L L I C H A P
KIRK TRAMMELL | Senior Managing Director Investments | Office (650) 391-1809 | [email protected] | CA DRE #01038657JOSHUA JOHNSON | Vice President Investments | Office (650) 391-1784 | [email protected] | CA DRE #01930127
DAVID CUTLER | Vice President Investments | Office (650) 391-1753 | [email protected] | CA DRE #01514751
FOR ALL OF OUR AVAILABLE LISTINGS, PLEASE VISIT: WWW.TRAMMELLGROUPMM.COM
04Executive Summary
06Investment Highlights
07Aerial Map
09Precise Plan for El Camino
TA B L E O F C O N T E N TS
12 Nearby Developments
18Rent Roll
20Demographics
631 GRAPE AVENUESUNNYVALE, CA 94087
631 Grape Avenue 44
E X E C U T I V E S U M M A R Y
Gross Leasable Area 10,044 SF
Site Size 0.947 Acres
Year Built 1965
Occupancy 100%
Number of Tenants Seven
Parking Ratio 6.87 Per 1,000 SF
Assessor's Parcel Number 198-17-028
Zoning C-2, Highway Business District
General Plan Commercial
Specific Plan El Camino Real Precise Plan
S A L E P R I C E $ 8 , 5 0 0 , 0 0 0
Close to retail, restaurants, and personal serviCes
infill redevelopment site along el Camino real
Corridor
short-term leases or termination rights
for all tenants
short Commute to major siliCon valley
employers
SHOPPING CENTER POSITIONED FOR REDEVELOPMENT
5631 Grape Avenue 5
631 Grape Avenue 66
I N V E S T M E N T H I G H L I G H T S SHOPPING CENTER POSITIONED FOR REDEVELOPMENT
The leases in place are short-term or include the right for the landlord to terminate the lease
with notice, providing an investor with the opportunity to receive interim income until the site is
ready to be redeveloped
MIXED-USE REDEVELOPMENT POTENTIAL
The subject property has a zoning designation of C-2, Highway Business District, a general plan
land use designation of Commercial, and is located within the boundaries of the El Camino Real
Specific Plan; redevelopment with a mixed-use residential/commercial project is allowed with a
special development permit
DENSE RETAIL CORRIDOR
El Camino Real is the main commercial thoroughfare in Sunnyvale and the site is near grocery
stores, drug stores, restaurants, and personal services; additionally, the downtown Sunnyvale
entertainment district is less than two miles from the property
CLOSE PROXIMITY TO MAJOR EMPLOYERS
Short commute to offices for Google, Apple, LinkedIn, Samsung, Juniper Networks, Lockheed
Martin, Net App, Synopsis, Symantec, and Sutter Health
EASY ACCESS
The subject property is located one property south of El Camino Real and has excellent local and
regional access; an interchange for State Highway 85 is one mile from the property and State
Highway 237 is about one and one-half miles away
ATTRACTIVE POPULATION AND INCOME DEMOGRAPHICS
The median household income within one mile of the property is $125,054 and the population
has grown by nearly 14% since 2000
A E R I A L M A P
7631 Grape Avenue
EL C
AMIN
O RE
AL I n f i l l R e d e v e l o p m e n t S i t e
7
Felipe’s Market
SUNNYVALEMAJOR
EMPLOYERS
GoogleJuniper NetworksLockheed Martin
AppleLinkedInNetAppAmazon
Intuitive SurgicalWest Valley Engineering
P R E M I E R H I G H - T E C H C E N T E R
N
631 Grape Avenue 8
I n f i l l R e d e v e l o p m e n t S i t e
SUNNYVALEMAJOR
EMPLOYERS
631 Grape Avenue 9
P R E C I S E P L A N F O R E L C A M I N O R E A L
631 Grape Avenue is located within the boundaries of the Precise Plan for El Camino Real. The Plan was established to main-
tain and increase the vibrancy and vitality of El Camino Real as it extends through Sunnyvale. It establishes a common vision for
El Camino Real, provides design guidelines for use in the redevelopment of properties in the Plan area, highlights more intense
mixed-use development opportunities in several nodes in the Plan area, and emphasizes the importance of enhancing the street
character of El Camino Real by providing a distinct aesthetic standard for the corridor.
In 2015, the City of Sunnyvale began work on an update to the Precise Plan for El Camino Real. The new plan, known as the El
Camino Real Corridor Specific Plan, is still in the draft phase and work on the plan has slowed due to staffing issues. It is not
known when the new Plan will be completed and implemented. Please contact the City of Sunnyvale Community Development
Department for more information on the status and timing of the El Camino Real Corridor Specific Plan.
R E G I O N A L M A P
S U B J E C T P R O P E R T Y
631 Grape Avenue 10
11Bridge View Vi l las
CLOSE TO RETAIL, RESTAURANTS, AND PERSONAL SERVICES
11631 Grape Avenue 11
1
2 3
4
6 5
1. 610 Grape Avenue 2. 803 W. El Camino Real 3. 696 W. El Camino Real 4. 528 S. Mathilda Avenue 5. 403 S. Mathilda Avenue 6. 311 S. Mathilda Avenue
8 9
10
117. CityLine Sunnyvale 8. 150 Aries Way 9. 111 W. Evelyn Avenue 10. 221 N. Mathilda Avenue 11. 275 N. Mathilda Avenue
631 Grape Avenue12
7
N E A R B Y D E V E L O P M E N T S
12
S U B J E C T P R O P E R T Y
N E A R B Y D E V E L O P M E N T S
1 6 1 0 G r a p e A v e n u e A developer has proposed building 108 residential units and 19,422 square feet of commercial space on the Lozano’s Car Wash and Patio World site across from the subject property. The development is in the planning stages.
2 8 0 3 W . E l C a m i n o R e a l De Anza Properties is building 49 residential units and 5,662 square feet of commercial space on the site of a former shopping center. The project also includes expanding the adjacent Grand Hotel by 51 rooms.
3 6 9 6 W . E l C a m i n o R e a l A 9,836 square foot single-story commercial building was recently constructed at the corner of Hollenbeck Avenue and El Camino Real. The property was leased to RadNet, a radiology and imaging company.
4 5 2 8 S . M a t h i l d a A v e n u e SiliconSage Builders has proposed constructing a 38-unit residential property on this site that is currently improved with an 8-unit apartment building. The project is currently being reviewed by the city.
5 4 0 3 S . M a t h i l d a A v e n u e The Related Companies has proposed developing a 92-unit affordable housing property for very low- and extremely low-income households, with 5,400 square feet of ground floor commercial space, on a 1.38-acre site owned by the city of Sunnyvale. The project is in the planning stages.
6 3 1 1 S . M a t h i l d a A v e n u e Lane Partners has proposed constructing a mixed-use development with 75 multi-family units and 5,000 square feet of ground floor commercial space on the site of a former Denny’s restaurant. The development has approved in 2018 and the project is in plan check.
13631 Grape Avenue 13
631 Grape Avenue14
N E A R B Y D E V E L O P M E N T S
7 C i t y L i n e S u n n y v a l e
Sares Regis and Hunter Properties are working to finish redevelopment of the Sunnyvale Town Center, a project that has been underway for more than a decade. Upon completion, the project will include 292 residential units, 315,000 square feet of office space, a 200-room hotel, and nearly 1 million square feet of retail and commercial space, including a movie theater. The office space has been completed, as have most of the residential units and a portion of the retail and commercial space.
8 1 5 0 A r i e s W a y Minkoff Group submitted a proposal to construct a 134,324 square foot office building in downtown Sunnyvale on the site of the post office and an existing apartment building. This project requires an amendment to the Downtown Specific Plan and is still being reviewed by the city.
9 1 1 1 W . E v e l y n A v e n u e Giurland, Inc. plans to build a 69,102 square foot office building on Evelyn Avenue near the Sunnyvale Caltrain station. The project is currently being reviewed by the city.
10 2 2 1 N . M a t h i l d a A v e n u eSpear Street Capital is building a 145,500 square foot office building on a 4.3-acre site. The property has been leased to 23andMe as their headquarters and was recently purchased by Stockbridge Capital.
11 2 7 5 N . M a t h i l d a A v e n u e v a l e The Irvine Company plans to replace three older office/R&D buildings with a 123,000 square foot office building. The project has been approved by the city.
14
15Bridge View Vi l las
EXCELLENT LOCAL AND REGIONAL ACCESS
15631 Grape Avenue 15
P A R C E L M A P
631 Grape Avenue
APN: 198-17-028
16
TENANT UNIT SIZE (SF)
Aikido Santa Clara 631 2,288
Nail Now 641 936
The Optical Shoppe 649 936
Tracy Beauty Salon 657 936
Amaravathi Food 661-673 1,872
Heavenly Spa 685 1,100
Beefy’s Cabin Inc 693 1,976
TOTAL 10,044
17631 Grape Avenue
S I T E M A P
17150 ‘
275 ‘
UNIT 693
UNIT 685
UNIT 673
UNIT 661
UNIT 657
UNIT 649
UNIT 641
UNIT 631
R E N T R O L L
631 Grape Avenue 18
TENANT SIZE (SF) % OF TOTAL
LEASE EXPIRATION
MONTHLY RENT
ANNUAL RENT
RENT PSFRENT
INCREASESLEASE TYPE
TERMINATION NOTICE
Aikido Santa Clara 2,288 22.8% May-21 $4,500 $54,000 $1.97 3% Annual NNN 6 Months
Nail Now 936 9.3% Mo-Mo $2,150 $25,800 $2.30 N/A NNN N/A
The Optical Shoppe 936 9.3% Mo-Mo $1,800 $21,600 $1.92 N/A NNN N/A
Tracy Beauty Salon 936 9.3% Oct-20 $2,062 $24,744 $2.20 3% Annual NNN 4 Months
Amaravathi Food 1,872 18.6% Mar-21 $4,600 $55,200 $2.46 $200/Mo Annual NNN 9 months
Heavenly Spa 1,100 11.0% Sep-20 $2,260 $27,120 $2.05 Fixed Increases NNN 7 Months
Beefy’s Cabin Inc 1,976 19.7% May-19 $4,000 $48,000 $2.02 CPI Annual NNN 9 Months
Total 10,044 100.0% $21,372 $256,464 $2.13
19Bridge View Vi l las 19631 Grape Avenue 19
TENANT SIZE (SF) % OF TOTAL
LEASE EXPIRATION
MONTHLY RENT
ANNUAL RENT
RENT PSFRENT
INCREASESLEASE TYPE
TERMINATION NOTICE
Aikido Santa Clara 2,288 22.8% May-21 $4,500 $54,000 $1.97 3% Annual NNN 6 Months
Nail Now 936 9.3% Mo-Mo $2,150 $25,800 $2.30 N/A NNN N/A
The Optical Shoppe 936 9.3% Mo-Mo $1,800 $21,600 $1.92 N/A NNN N/A
Tracy Beauty Salon 936 9.3% Oct-20 $2,062 $24,744 $2.20 3% Annual NNN 4 Months
Amaravathi Food 1,872 18.6% Mar-21 $4,600 $55,200 $2.46 $200/Mo Annual NNN 9 months
Heavenly Spa 1,100 11.0% Sep-20 $2,260 $27,120 $2.05 Fixed Increases NNN 7 Months
Beefy’s Cabin Inc 1,976 19.7% May-19 $4,000 $48,000 $2.02 CPI Annual NNN 9 Months
Total 10,044 100.0% $21,372 $256,464 $2.13
SHORT-TERM LEASES OR TERMINATION RIGHTS FOR ALL TENANTS
631 Grape Avenue 20
D E M O G R A P H I C S
20
Sunnyvale is located in Santa Clara County at the southern end of the San Francisco Bay; it is ten
miles north of San Jose and fifty miles south of San Francisco. The city is located in the heart of Silicon
Valley and the economy is concentrated in the technology sector. Major employers in the city include
Google, LinkedIn, Juniper Networks, Apple, Yahoo, Intuitive Surgical, Lockheed Martin, NetApp, and
Amazon Lab126. In addition to technology jobs, the retail, health services, and educational services
sector play an important role in the local economy.
At the end of 2018, Sunnyvale had an estimated population of 151,549. This represents a 16.9%
increase over the population in 2000. Future population growth will be constrained by the lack
of available land for development, increasing construction costs, and political hurdles to new
development. There is significant demand for housing in Sunnyvale, but these factors will limit the
addition of new inventory to the market. The median household income in the city is estimated at
$119,774 and the per capita income is estimated at $63,628. The median income for the city is
forecast to grow steadily, with an 21.6% increase of to $145,601.
ABOUT SUNNYVALE, CALIFORNIA
LOCATION HIGHLIGHTS
PREMIER HIGH-TECH CENTER HIGH INCOMES HIGHLY EDUCATED WORKFORCENearly half of all residents age 25 and older have obtained at least a
bachelor’s degree, well above the U.S. average.
There are many Fortune 500 companies headquartered in Silicon Valley, including Intel, Cisco Systems,
Apple Inc., eBay and Google Inc.
The San Jose metro employment base contains more than 1 million workers,
ranking the metro as one of the 30 largest job markets in the nation.
D E M O G R A P H I C S
631 Grape Avenue
5-Mile Radius
3-Mile Radius
1-Mile Radius
TOTAL POPULATION - 3 MILES
AVERAGE HH INCOME - 3 MILES
MEDIAN HOUSEHOLD INCOME - 3 MILES
2 1 6 , 5 8 3
$ 1 7 6 , 9 4 7
$ 1 2 6 , 3 1 1 1 MILE 3 MILE 5 MILE
Total Population 33,254 216,583 411,823
Average Household Income
$174,167 $176,947 $178,530
Median Household Income
$125,054 $126,311 $127,242
21
KIRK TRAMMELL | Senior Managing Director Investments | Office (650) 391-1809 | [email protected] | CA DRE #01038657JOSHUA JOHNSON | Vice President Investments | Office (650) 391-1784 | [email protected] | CA DRE #01930127
DAVID CUTLER | Vice President Investments | Office (650) 391-1753 | [email protected] | CA DRE #01514751
E X C L U S I V E LY L I S T E D B YT R A M M E L L G R O U P O F M A R C U S & M I L L I C H A P
FOR ALL OF OUR AVAILABLE LISTINGS, PLEASE VISIT: WWW.TRAMMELLGROUPMM.COM
SUNNYVALE, CALIFORNIA
631 GRAPE AVENUE
I N F I L L R E D E V E L O P M E N T S I T E