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32 W. Colorado Blvd. // Pasadena CA 91105
Owner-User or Investment Sale Opportunity in the Heart of Old Pasadena
BRUNSWICK COURT
OFFERING MEMORANDUM
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01 02 03 04 05EXECUTIVE SUMMARY
PROPERTYDESCRIPTION
FINANCIALANALYSIS
MARKET:PASADENA &
OLD PASADENA
MARKET:LOS ANGELES
COUNTY
TABLE OF CONTENTS
EXCLUSIVE AGENTS JODI SHOEMAKEPrincipal
LIC. NO. 01833063
DAN BACANIPrincipal
LIC. NO. 01385413
CHRISTOPHER LARIMORE
President626.240.2788
[email protected]. NO. 01314464
Lee & Associates - Pasadena, Inc. // 155 N. Lake Avenue Suite 430 // Pasadena CA 91101 // 626.535.9888 // #02059558 // lee-associates.com
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CONFIDENTIALITY AGREEMENT & DISCLAIMER
Lee & Associates® – Pasadena, Inc. has been retained as the exclusive agents to list the property known as “Brunswick Court” located at 32 W. Colorado Boulevard (aka 8 Mills Place), Pasadena, California for sale. The information contained in the following Offering Memorandum is proprietary and confidential.
This Offering Memorandum has been prepared to provide unverified summary information to prospective purchasers. The Brokers have not made any investigation and makes no warranty or representation regarding the information presented herein, including, but not limited to: income, expenses, size, projections, improvements, environmental issues, leases, general condition and compliance with State and Federal regulations.
The information contained herein has been obtained from third party sources that we believe to be reliable. However, it is the Buyer’s sole responsibility to verify all information and perform all due diligence. Lee & Associates® – Pasadena, Inc. Commercial Real Estate Services make no warranty or representation whatsoever regarding the accuracy or completeness of the information provided.
/ 4 /EXECUTIVE SUMMARY
EXECUTIVE SUMMARYLee & Associates-Pasadena, Inc. is pleased to present this exciting opportunity to purchase the Brunswick Court Building, located at 32 W Colorado in the City of Pasadena, a mecca of arts, cultural and business institutions only 12 miles from Downtown Los Angeles. The architecturally significant 3-story mixed-use office/retail building was built in 1887 and seismically retrofitted in 1988 with 50’ frontage on Colorado Blvd., home of the annual Tournament of Roses Pasadena. The property offers the new owner a unique opportunity to acquire a value-add, trophy investment or owner/user asset in the Old Pasadena Business District, widely known as one of the top shopping and entertainment districts in the US. The Brunswick Court Building’s neighboring retail tenants include the Apple Store, Tiffany’s, Zara, Cheesecake Factory, Athleta, Lululemon, Tesla, Forever 21, Sephora and Pottery Barn. Old Pasadena draws an average of 15,000-20,000 visitors on weekends and the City is home to the Tournament of Roses, Norton Simon Museum, Cal-Tech and JPL/Nasa.
01
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PRESTIGIOUS CORNER LOCATION IN OLD PASADENA
• Mixed-use trophy Retail and Office building in Old Pasadena’s Premier Business & Shopping District. The Brunswick Court Building is eligible for the City of Pasadena’s Historic Property Contract Program established under the authority of a State enabled program known as the Mills Act
• Three-story mixed-use building consisting of ±4,013 square feet ground floor retail and ±6,742 square foot open plan office
• ±7,500 parking spaces located throughout the City, including public surface parking and public garages offering 90 minutes free parking
• Only 12 miles from Downtown LA, Pasadena’s rich history, cultural museums, fine dining, shopping and entertainment draw an average 15,000-20,000 visitors on weekends, which is enhanced by the increase in ridership on the MTA’s Gold Line
• Neighboring Tenants: Cheesecake Factory, Nike, Apple, Tiffany, Footlocker House of Hoops, Yogurtland, Sephora, M.A.C., Zara, True Food Kitchen
• Main lobby entrance accessed directly from Mills Place with elevator service
• Conveniently located in the heart Old Pasadena near the 710, 134 and 210 freeways. As a result, this 20-block area offers more than 130 specialty shops, retail stores and boutiques, 80 plus restaurants and entertainment. Pasadena is home to the Tournament of Roses, The Rose Bowl, and California Institute of Technology (CalTech).
EXECUTIVE SUMMARY01
INVESTMENT HIGHLIGHTS
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ADDRESS32 W. Colorado Blvd. (aka 8 Mills Pl)Pasadena, CA 91105
IMPROVEMENTSThe Brunswick Court building is on the Register of Historic Places and qualifies for the Mills Act.
Ground floor Retail: ±4,013 SF2nd Floor Office: ±3,371 SF3rd Floor Office: ±3,371 SF
LOCATIONThe Brunswick Court Building is located on the south block between Fair Oaks Avenue and Mills Place in the Old Pasadena District of the City of Pasadena in the Tri-Cities submarket of Los Angeles County
BUILDING SIZE±10,755 RSF
NUMBER OF FLOORSThree (3)
PARKING ±7,500 public parking spaces (90 minutes free)
CEILING HEIGHT Ground Floor: ±13 ftSecond Floor: ±11.5 ftThird Floor: ±14.8 ft
LAND USE Commercial Mixed Use, Retail/Office
ZONING CD-1
ASSESSOR’S PARCEL NUMBER5713-007-005
STREET FRONTAGE 51 feet on Colorado Blvd.86 feet on Mills Place
AGEBuilt in 1887Renovated/Seismic Retrofit 1988
CONSTRUCTION Wood frame on concrete slab with concrete block exterior walls. Flat roof.
OFFICE SPECSElevator served. Secure entrance to 2nd & 3rd floor from Mills Place. Open Floor Plans. High Ceilings. Large Windows. Kitchens. Private Restrooms.
PROPERTY DESCRIPTION02
PROPERTY DESCRIPTION
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W. COLORADO BLVD.
MILLS PLACE
FAIR OAKS AVE.
DEL
ACEY
AVE
.
MCCORMICK ALLEY
AERIAL LOCATION
N̂
02PROPERTY DESCRIPTION
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PROPERTY PHOTOS
PROPERTY DESCRIPTION02
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2ND FLOOR OFFICE PHOTOS
PROPERTY DESCRIPTION02
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3RD FLOOR OFFICE PHOTOS
PROPERTY DESCRIPTION02
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Metro Gold Line Station
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Health, Beauty, & Spa
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Pasadena FireDept. Station 31
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Pasadena Shell Gas Station
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Church of Scientology
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SalonSessionsStudio
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Scizz
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Elite
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Edwin AlleySm
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Doug
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Mill
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All India Café
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Chado Tea Room
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City Thai
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Frida Tacos
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Dog Haus
DotsCupcakes
El Toreo CaféEdwin Millsby Equator
FatherNature
GrandviewPalace
Green Earth
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Kend
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Anna ElyseBridesmaids
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DMI M
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Plotkin Alley
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Pacific Alley
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Morgan Alley
SpinFish
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800DegreesPizzeria
Ice CreamLab
Tea RoseGarden
WhiteHorse
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Title Gym
Zabon Ramen
85°CBakery Café
Dog Bakery
Neon Retro Arcade
Waf
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Lux Tots
Gelato by Stick Station
Kit &
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Shan
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J. Bullock &Associates
Der Wolfskopf
S P
ASA
DE
NA
AV
EN
PA
SAD
EN
A A
VE
W COLORADO BLVD E COLORADO BLVD
W GREEN ST E GREEN ST
S F
AIR
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KS
AV
E
S A
RR
OYO
PK
WY
E WALNUT STW WALNUT ST
N F
AIR
OA
KS
AV
E
E DEL MAR BLVD
W UNION ST E UNION ST
LEONARD V. PIERONI ST
W DAYTON ST
S D
E L
AC
EY
AV
EN
DE
LA
CE
Y A
VE
S R
AYM
ON
D A
VE
N R
AYM
ON
D A
VE
HOLLY ST
W VALLEY ST
E HOLLY ST
75 W. 3 W. 1 E.
48 S.82 S.
175 S.65 E. 83 E.
16 N.44 N.
100 N.
LAZ ParkingWest
De Lacey
Schoolhouse
Marriott
One Colorado
LAZ Parking Lot LAZ Parking Lot
MemorialPark
CentralPark
Memorial ParkGold LineStation
Del MarGold LineStation
MACY’SLOT SO
UTH
LO
T
BRUNSWICK
OLD PASADENA RETAIL MAPLocated in 20-block area offering more than 130 specialty shops, retail stores and boutiques, 80 plus restaurants and entertainment
PROPERTY DESCRIPTION02
N̂
/ 12 / 02D
E LACEY AVE.PA
SAD
ENA
AVE.
UNION AVE.
GREEN ST.
FAIR O
AKS AV
E.
P
PUBLIC SURFACE PARKING
PUBLIC SURFACE PARKING
HOLLY AVE.
RAYMO
ND
AVE.
ROU
TE 66
MILLS P
LAC
E
PP
P P
P
P
P
PP
PUBLIC SURFACE PARKING
PUBLIC SURFACE PARKING PUBLIC SURFACE PARKING
PUBLIC SURFACE PARKINGCOLORADO BLVD.
SITE
OLD PASADENA PARKING MAPPlenty of parking available, ±7,500 parking spaces located throughout the City, including public surface parking and public garages offering 90 minutes free.
PROPERTY DESCRIPTION
N̂
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BRUNSWICK COURT
MAP LOCATIONBrunswick Court at 32 W. Colorado Boulevard is conveniently located in the heart Old Pasadena near the 710, 134 and 210 freeways. As a result, this 20-block area offers more than 130 specialty shops, retail stores and boutiques, 80 plus restaurants and entertainment. Pasadena is home to the Tournament of Roses, The Rose Bowl, and California Institute of Technology (CalTech).
PROPERTY DESCRIPTION02
N̂
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FLOOR PLAN
PROPERTY DESCRIPTION02VACANT
Existing Ground Floor Retail Space
W. C
OLO
RAD
O B
LVD
.
^
N
A
C
B
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FLOOR PLAN
PROPERTY DESCRIPTION02VACANT
Ground Floor Retail // Proposed Demising Option #1
VACANTC
W. C
OLO
RAD
O B
LVD
.
^
N
1900 SF
Common Restrooms
±513 SF
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FLOOR PLAN
PROPERTY DESCRIPTION02VACANT
Ground Floor Retail // Proposed Demising Option #2
VACANT
W. C
OLO
RAD
O B
LVD
.
^
N
VACANTCommon
Restrooms±513 SF
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FINANCIAL ANALYSIS
FINANCIAL ANALYSIS03/ 17 /
IncomeGross Income: $220,152 $656,244 $656,244CAM REIM (4,013 SF Retail): $8,352 $77,531 $38,766Effective Gross Income: $228,504 $733,775 $695,766Total Expenses: $85,878 $211,557 $135,173NOI: $142,626 $522,219 $560,5922017 EXPENSES Repairs & Maintenance $24,576 *1 15,000$ 15,000$ Taxes & Licenses*2 $19,870 152,767$ *2 76,383$ *3
Janitorial $1,210 1,210$ 1,210$ Insurance $3,680 6,035$ 6,035$ Management Fees $14,500 14,500$ 14,500$ Utilities-Water-Power- City $16,067 16,070$ 16,070$ Alarm $1,274 1,274$ 1,274$ Fire Protection $4,701 4,701$ 4,701$
TOTAL EXPENSES: $85,878 $211,557 $135,173Expenses/SF $7.98 $19.67 $12.57
Proforma Current Proforma with
Mills Act
2018 ANNUALIZED OPERATING DATA
LIST PRICE: $13,000,000 PROFORMA CAP RATE: 4.02%
BUILDING SIZE: ±10,755 SF PROFORMA CAP RATEWITH MILLS ACT:
4.30%
PRICE PER SQ FT: $1,208.74
NOTES: *1 includes $13,328.00 roofing expense*2 based on increase in property taxes due to sale @ $13,000,000*3 Based on acceptance from the City of Pasadena Historic Property Program into the Mills Act (California Government Code, Article 12, Sections 50280-50290). Lee & Assoc makes no representations or guarantees of acceptance into the Mills Act program
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PASADENA // OLD PASADENA
With an estimated population of Pasadena of 142,059 residents, Pasadena is the 183rd-largest city in the United States. Pasadena is the ninth-largest city in Los Angeles County. Pasadena was incorporated on June 19, 1886, becoming one of the first cities to be incorporated in what is now Los Angeles County, following the city of Los Angeles (April 4, 1850). It is one of the primary cultural centers of the San Gabriel Valley.
The city is known for hosting the annual Rose Bowl football game and Tournament of Roses Parade. In addition, Pasadena is also home to many scientific and cultural institutions, including Caltech, JPL, Pasadena City College, Fuller Theological Seminary, ArtCenter College of Design, the Pasadena Playhouse, the Ambassador Auditorium, the Norton Simon Museum, and the USC Pacific Asia Museum.
Pasadena is nestled along the San Gabriel Mountains. With an enviable climate, charming neighborhoods, world-class cultural institutions, and numerous schools and universities, the city offers its residents culture, commerce, convenience, and a community that feels small town and neighborly.
Old Pasadena, the city’s historic commercial district, offers residents a unique
opportunity to live, work, and play in a vibrant, urban setting and authentic downtown experience.Explore 22 historic blocks with over 200 shops and restaurants. From the early days in the late 19th century and the boom years of the early 20th century, to the decay and neglect of the 1960s and 1970s and its amazing revival in the 1990s, Old Pasadena showcases a rich patina of nearly 150 years of development, change, and the care of many stakeholders.
Today, the historic streets and alleyways, rustic brick façades, and architectural accents of Pasadena’s original business district create an authentic streetscape of open-air eateries, specialty boutiques, galleries, theaters, and much more—a skillful blend of old and new that has reclaimed the heritage of Pasadena’s early downtown charm.
Old Pasadena offers an ideal environment for success - a central location with immediate freeway and transit access, a high-quality client base, high-tech infrastructure and innovation opportunities, and world-class amenities.
PASADENA // WALKABLE CITY WITH WORLD RENOWNED AMENITIES AND QUAINT HISTORIC CHARM
04MARKET: PASADENA // OLD PASADENA/ 18 /
/ 19 /
BUSINESS
4,930Total Businesses
65,113
Total Employees
Key Facts
$576,180Median Home Value
8.9Home Value toIncome Ratio
$64,570Median HH Income
35.1Median Age
19,530Households
Education
12%No HS Diploma
12%HS Graduate
20%Some College
57%Degree or Higher
Pasadena, California (Ring of 1 mile)
EMPLOYMENT
76%White Collar
9%Blue Collar
15%Services
3.4%
UnemploymentRate
Age Profile
0-4 5-910-1
415-1
920-2
425-2
930-3
435-3
940-4
445-4
950-5
455-5
960-6
465-6
970-7
475-7
980-8
4 85
Perc
ent
0
4
8
12
Dots show comparison to Los Angeles County
ANNUAL HOUSEHOLD SPENDING
$2,672Apparel &Services
$220Computers &
Hardware
$4,286Eating Out
$5,894Groceries
$5,712Health Care
Households By IncomeThe largest group: $50,000 - $74,999 (16.5%)
The smallest group: $25,000 - $34,999 (7.2%)
Value DifferenceIndicator
<$15,000
$25,000 - $34,999
$15,000 - $24,999
$50,000 - $74,999
$35,000 - $49,999
$75,000 - $99,999
$100,000 - $149,999
$200,000+
$150,000 - $199,999
14.0%
7.2%
7.3%
10.5%
16.5%
15.9%
11.1%
8.1%
9.4%
+3.0%
-1.1%
-1.9%
-1.1%
0
-0.6%
+1.0%
-0.2%
+0.9%
Bars show deviation from
Los Angeles County
Tapestry Segments
Metro Renters
International
Laptops and Lattes
Marketplace
1,585 households
10,107 households
13A
2,878 households
51.8%
8.1%
14.7%
3B
3A
of Households
of Households
of Households
Street Count year 1 Cross street Traffic 1 Direction
Distance
N Marengo Ave 2001 E Union St 19,804 SW 0.1
E ColoradoBlvd 1999 N Marengo Ave 25,583 SW 0.1
N Marengo Ave 2005 Ramona St 21,645 NW 0.1
E ColoradoBlvd 2013 N Euclid Ave 16,034 SE 0.2
S Marengo Ave 1999 Morgan Aly 19,972 SW 0.2
Closest 25 locationsMARKET: PASADENA // OLD PASADENA04
DEMOGRAPHICS / TRAFFIC COUNTS
$105,221Average HH Income
$857,501AverageHome Value
/ 20 /MARKET // LOS ANGELES COUNTY05
• Greater Los Angeles consists of five counties: Los Angeles, Riverside, Orange, Ventura and San Bernardino.
• Los Angeles County has a diverse population and economic base with a number of Fortune 500 companies headquarters in the region including Healthnet, Qualcomm, Avery Dennison and many more.
• With a population of more than ten million people, Los Angeles County is the most populous county in the United States. Its population is larger than that of 40 individual U.S. states with 88 incorporated cities and many unincorporated areas totaling 4,751 square miles.
• Los Angeles County is commonly associated with the entertainment and digital media industry; all six major film studios—Paramount Pictures, 21st Century Fox, Sony, Warner Bros., Universal Pictures, and Walt Disney Studios—are located within the county.
• The county is home to more than one quarter of all California residents and is one of the most ethnically diverse counties in the U.S. As a city, the metropolitan area is the second largest in the country. Thirty of LA’s suburbs have population of 80,000 or more. LA County is very diverse, with a population from over 140 countries and the largest Latin-American and Asian -American population of any US city.
• Los Angeles County enjoys the most diverse topography; it borders 70 miles of coast on the Pacific Ocean and encompasses mountain ranges, valleys, forests, islands, lakes, rivers, and desert. The Los Angeles River, Rio Hondo, the San Gabriel River and the Santa Clara River flow in Los Angeles County, while the primary mountain ranges are the Santa Monica Mountains and the San Gabriel Mountains.
• Los Angeles County boasts numerous major universities and colleges to include UCLA, USC, Pepperdine, Loyola Marymount University and five California State Universities.
LOS ANGELES COUNTY
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© 2018 Lee & Associates, Inc. The information contained in this document has been obtained from sources believed reliable. While Lee & Associates, Inc. does not doubt its accuracy, Lee & Associates, 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.
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