fair oaks - loopnet · 2018. 8. 8. · 3 avalon pasadena 708-716 e colorado blvd avalonbay...
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OPPORTUNITY OVERVIEW LAND ADVISORS 1
Fair OaksPasadena, California
EXCLUSIVEOFFERINGMEMORANDUM
Fair OaksPASADENA, CALIFORNIA10 UNIT MIXED-USE INVESTMENT OPPORTUNITY
EXCLUSIVE OFFERING MEMORANDUMOFFERS DUE TUESDAY, AUGUST 14, 2018
Land Advisors is a nationwide team of respected, connected andtalented land professionals that provide advisory and brokerageservices to clients who need a rock-solid, data driven roadmapfor acquiring, selling, financing or developing land and land-related assets.
RICHARD BYRD,SENIOR VICE PRESIDENT201 South Lake Avenue, Suite 500
Pasadena, CA 91101
626 376 9840 x13
CalDRE #01301749
TIM BARDEN,SENIOR VICE PRESIDENT201 South Lake Avenue, Suite 500
Pasadena, CA 91101
626 376 9840 x11
CalDRE #01769199
CHRIS GOMEZ-ORTIGOZA,VICE PRESIDENT201 South Lake Avenue, Suite 500
Pasadena, CA 91101
626 376 9840 x14
CalDRE #01887029
Contents
01 OPPORTUNITY OVERVIEW
05 Opportunity
06 Property Facts
07 Regional & Local Maps
08 Vicinity Map
09 Aerial with Site Plan
10 Site Rendering
12 Education
02 MARKET ANALYSIS
14 Competitive Market Area
15 New Home Communities
16 Multifamily Communities
20 Select Multifamily Comparables
03 COUNTY OVERVIEW
21 Los Angeles County
04 CITY OVERVIEW
23 Pasadena
24 Live in Pasadena
25 Work in Pasadena
26 Play in Pasadena
27 Metro Gold Line
05 OFFERING GUIDELINES
28 Offering Guidelines
29 Confidentiality & Disclaimer
30 Brokerage Disclosure
OPPORTUNITY OVERVIEW LAND ADVISORS 5
OpportunityLand Advisors Organization is pleased to present Fair Oaks, a rare permit-ready, in-fill development property located within close proximity to OldTown Pasadena. The Property represents a unique opportunity to acquire aparcel entitled for multifamily units. While under construction, builder maychoose to process a condominium map to enable condo sales.
INVESTMENT HIGHLIGHTS
▲ Rare opportunity to acquire in Pasadena
▲ Quick access to Pasadena landmarks and Metro Gold Line stations
▲ Zoning allows for 40 D.U./AC or 14 units
▲ Strong traffic counts on Fair Oaks Avenue, with 2017 having an averagetraffic volume of just over 21,500 vehicles per day
▲ Both rental rates and housing prices in Pasadena are at all-time highs
▲ The entire region is severely under-supplied in housing
▲ Competitively priced at $1,595,000
OPPORTUNITY OVERVIEW LAND ADVISORS 6
Property FactsLOCATION: 840 North Fair Oaks Avenue
MUNICIPALITY: City of Pasadena, County of Los Angeles, California
OWNER OF RECORD: Balian Investments, LLC
PROPERTY SIZE: 14,626 SF / 0.34 Acres
APN: 5725-001-007
ZONING DISTRICT: FGSP-C-3a
MAXIMUM DENSITY: 40 D.U./AC or 14 units allowed; 9 residential and office unitsprovided
ENTITLEMENTS: The Property is entitled and has building permits ready to pull
SITE CONDITION: Doane House to be relocated onsite by Seller. Pinney House to berelocated from another property by the Seller. Buyer responsible for all siteimprovements
,
NET FLOOR AREA SCHEDULE
LOCATION TYPE BED AREA (SF)
UNIT 150 Doane House Commercial Office Space 218 UNIT 101 Doane House Flat 1 494 UNIT 102 Doane House Flat 1 647 UNIT 103 Pinney House Flat 2 1,372 UNIT 201 Pinney House Flat 2 643 UNIT 104 New Apartments Bed 3 1,319 UNIT 105 New Apartments Bed 3 1,683 UNIT 106 New Apartments Bed 1 648 UNIT 107 New Apartments Bed 1 649 UNIT 108 New Apartments Bed 3 1,293
Total/Avg. 10 1.9 8,966
OPPORTUNITY OVERVIEW LAND ADVISORS 7
Regional & Local Maps
FAIR OAKSFAIR OAKS
OPPORTUNITY OVERVIEW LAND ADVISORS 8
Vicinity MapMETRO GOLD LINE STATIONSAllen Avenue StationLake Avenue StationMemorial StationDel Mar StationFillmore Station
CULTURAL HIGHLIGHTS1. Kidspace Children’s Museum2. Tournament of Roses House3. Norton Simon Museum4. Pacific Asia Museum5. Pasadena Playhouse6. Huntington Library & Gardens
MEDICAL INSTITUTIONS7. Keck Medicine of USC8. Huntington Memorial Hospital9. Shriner’s Children Hospital10. Kaiser Permanente Medical School
RECREATION / CIVIC11. Rose Bowl12. Aquatics Center13. South Arroyo Trail14. Memorial Park15. Central Park16. Pasadena City Hall17. Pasadena Convention Center
Paseo Colorado /
Civic Center
4
5
5
Old TownPasadena
PlayhouseDistrict
South LakeAvenue District
LAKE
DEL MAR
ALLEN
MEMORIAL PARK
FILLMORE
FAIR OAKS
2
3
1
4
7
8
9
13
11
12
14
15
17
163
2
10
4
5
6
OPPORTUNITY OVERVIEW LAND ADVISORS 9
Aerial with Site Plan
OPPORTUNITY OVERVIEW LAND ADVISORS 10
Site RenderingSouth Elevation
OPPORTUNITY OVERVIEW LAND ADVISORS 11
Site Rendering
MARKET ANALYSIS LAND ADVISORS 12
Education – Public SchoolsPasadena Unified School District serves the Property
DISTINGUISHED SCHOOLSPasadena Unified School District serves the Pasadena, Altadena, andSierra Madre as well as some unincorporated areas of Los AngelesCounty. The district serves over 17,000 students across 28 schools.
RooseveltElementary
Washington Middle
Muir High
▲ Roosevelt Elementary School (Grades K-5)
315 North Pasadena Avenue, Pasadena, CA 911037/10* RANKING
▲ Washington Middle School (Grades 6-8)
1505 North Marengo Avenue, Pasadena, CA 911031/10* RANKING
▲ Muir High School (Grades 9-12)
1905 North Lincoln Avenue, Pasadena, CA 910011/10* RANKING
*The State Rank is determined by a school's API Score in comparison to all other schools in California.(1 is the worst, 10 is the best). An equal number of schools occupy each rank. This rank comes from the2016 California Academic Performance Index (API) Base report.
OPPORTUNITY OVERVIEW LAND ADVISORS 12
MARKET ANALYSIS LAND ADVISORS 13
Education – Private SchoolsNiche’s 2018 Best Schools in Pasadena
With public schools ranked lower than expected, residents will have theoption to send their children to private schools. According to Niche’s2018 Best schools, the private schools listed below are some of thebest in America:
▲ Polytechnic School (Grades K-12)
1030 E California Blvd, Pasadena, CA 91106#16 Best Private School in America
OPPORTUNITY OVERVIEW LAND ADVISORS 13
▲ Westridge School (Grades 4-12)
324 Madeline Dr, Pasadena, CA 91105#27 Best Private School in America
▲ Mayfield Senior School (Grades 9-12)
500 Bellefontaine St, Pasadena, CA 91105#213 Best Private School in America
▲ La Salle High School (Grades PK-12)
3880 E Sierra Madre Blvd, Pasadena, CA 91107#660 Best Private School in America
▲ The Waverly School (Grades PK-12)
67 W Bellevue Dr, Pasadena, CA 91105#904 Best Private School in America
MayfairSenior School
WestridgeMiddle
Polytechnic School
La SalleHigh School
The Waverly School
MARKET ANALYSIS LAND ADVISORS 14
Competitive Market Area
Provided below are the current competitive, for-sale projects in Pasadena.
0503 07
04
01
0602
# COMMUNITY BUILDER PRODUCT TYPEOPENINGDATE
SALES INFORMATION PRODUCT & PRICING EST. MONTHLY COSTS
TOTALHOMES
HOMESSOLD
MONTHLYSALES RATE
AVERAGEPRICE
AVERAGEPRICE/SF
AVERAGE SIZE (SF)
APPROX.HOA
TOTAL TAX RATE WITH ASSESS.
1 Chelsea Court – SOLD OUT 2017 Toledo Homes Condominium 2/2/16 28 28 1.2 $1,045,500 $799 1,427 $283 1.16%2 Del Mar Gardens Toledo Homes Condominium 5/6/17 17 16 1.1 $818,429 $611 1,386 $333 1.16%3 Terraces ETCO Homes Townhome 9/23/17 60 7 0.7 $2,788,192 $823 3,391 $800 1.19%4 The Montana West Builders Condominium 6/1/2007 28 25 0.2 $2,698,679 $700 3,832 $2,340 N/A5 Town & Country BDK Capital Condominium 12/1/17 18 10 1.6 $873,800 $612 1,431 $398 1.27%6 Town & Country BDK Capital Townhome 8/16/17 42 28 2.9 $1,129,450 $616 1,840 $329 1.27%7 Villas ETCO Homes Townhome 11/30/16 18 12 0.6 $2,337,022 $742 3,148 $679 1.25%TOTAL: 211 126 1.2 $1,670,153 $700 2,351 $737 1.22%
Overview
MARKET ANALYSIS LAND ADVISORS 15
CHELSEA COURT SOLD OUT 12.2017
DEL MAR GARDENS TERRACES THE MONTANATOWN & COUNTRY -CONDOMINIUM
TOWN & COUNTRY -TOWNHOME
VILLAS
BUILDER Toledo Homes Toledo Homes ETCO Homes West Builders BDK Capital BDK Capital ETCO Homes
SUBMARKET Pasadena Pasadena Pasadena Pasadena Pasadena Pasadena Pasadena
OPENING DATE 2/2/16 5/6/17 9/23/17 6/1/2007 12/1/17 8/16/17 11/30/16
TOTAL HOMES 28 17 60 28 18 42 18
TOTAL HOMES SOLD 28 16 7 25 10 28 12
TOTAL HOMES REMAINING 0 1 53 3 8 14 6
MONTHLY SALES RATE 1.2 1.1 0.7 0.2 1.6 2.9 0.6
AVERAGE PRICE $1,045,500 $818,429 $2,788,192 $2,698,679 $873,800 $1,129,450 $2,337,022
AVERAGE PRICE / SF $799 $611 $823 $700 $612 $616 $742
AVERAGE SF 1,427 1,386 3,391 3,832 1,431 1,840 3,148
HOMEOWNERS ASSOCIATION $283 $333 $800 $2,340 $398 $329 $679
TOTAL TAX RATE WITH ASSESSMENTS 1.16% 1.16% 1.19% N/A 1.27% 1.27% 1.25%
New Home Communities
MARKET ANALYSIS LAND ADVISORS 16
Multifamily Communities
Provided below are the current, competitive multi-family communities in Pasadena.
0503 07
04
01
06
02
0908
# NAME ADDRESS OWNERYEARBUILT
PROPERTY SIZE ASKING RENT PER MONTH PER UNIT
TOTALUNITS
AVG. UNITSIZE (SF) STUDIO 1 BED 2 BED RENT/SF
1 Hudson West 678 E Walnut St Greystar Real Estate Partners 2017 82 831 $2,278 $2,871 $3,494 $3.552 The Palermo 22 W Green St Old Pasadena Collection Apartments 2003 48 780 - $2,268 $2,917 $3.323 Avalon Pasadena 708-716 E Colorado Blvd AvalonBay Communities, Inc 2004 120 869 - $2,506 $3,363 $3.294 The Andalucia 686 E Union St Mack Urban 2016 118 887 $2,295 $2,527 $3,519 $3.215 Trio 44 N Madison Ave CFT Group 2004 304 1,013 $2,036 $2,378 $3,208 $2.606 Terraces Paseo Colorado 375 E Green St G.I.D. 2002 391 838 $2,030 $2,149 $2,685 $2.757 Eaves Old Town Pasadena 350 E Del Mar Blvd AvalonBay Communities, Inc 1973 96 692 $2,206 $2,220 $2,941 $3.338 Avila in Pasadena 75 W Walnut St Greystar Real Estate Partners 2018 221 695 $2,729 $3,023 $3,959 $4.209 City Place 801 E Walnut St The Sobrato Organization 2001 214 956 - $2,414 $3,034 $2.90TOTAL/AVERAGE: 1,594 840 $2,262 2,484 $3,236 $3.24
Overview
MARKET ANALYSIS LAND ADVISORS 17
Multifamily Communities
UNIT MIX
UNITS AVG. SFAVG.RENT / UNIT
AVG. RENT / SF
Studio 18 556 $2,278 $4.10
1 Bed 36 794 $2,871 $3.61
2 Bed 28 1,056 $3,494 $3.31
Total 82 831 $2,953 $3.55
UNIT MIX
UNITS AVG. SFAVG.RENT / UNIT
AVG. RENT / SF
1 Bed 24 620 $2,268 $3.66
2 Bed 24 941 $2,917 $3.10
Total 48 780 $2,592 $3.32
UNIT MIX
UNITS AVG. SFAVG.RENT / UNIT
AVG. RENT / SF
1 Bed 70 720 $2,506 $3.48
2 Bed 50 1,078 $3,363 $3.12
Total 120 869 $2,863 $3.29
HUDSON WEST
Submarket Pasadena
Year Built 2017
Units 82
THE PALERMO
Submarket Pasadena
Year Built 2003
Units 48
AVALON PASADENA
Submarket Pasadena
Year Built 2004
Units 120
01 02 03
Class A market rate apartments within Pasadena
MARKET ANALYSIS LAND ADVISORS 18
Multifamily Communities
THE ANDALUCIA
Submarket Pasadena
Year Built 2016
Units 118
TRIO
Submarket Pasadena
Year Built 2004
Units 304
TERRACES PASEO COLORADO
Submarket Pasadena
Year Built 2002
Units 391
04 05 06
UNIT MIX
UNITS AVG. SFAVG.RENT / UNIT
AVG. RENT / SF
Studio 26 534 $2,295 $4.30
1 Bed 45 791 $2,527 $3.16
2 Bed 47 1,190 $3,519 $2.95
Total 118 887 $2,871 $3.21
UNIT MIX
UNITS AVG. SFAVG.RENT / UNIT
AVG. RENT / SF
Studio 75 794 $2,036 $2.56
1 Bed 104 827 $2,378 $2.88
2 Bed 125 1,298 $3,208 $2.47
Total 304 1,013 $2,635 $2.60
UNIT MIX
UNITS AVG. SFAVG.RENT / UNIT
AVG. RENT / SF
Studio 85 632 $2,030 $3.21
1 Bed 175 733 $2,149 $2.93
2 Bed 131 1,113 $2,685 $2.41
Total 391 838 $2,303 $2.75
Class A market rate apartments within Pasadena
MARKET ANALYSIS LAND ADVISORS 19
Multifamily Communities
EAVES OLD TOWN PASADENA
Submarket Pasadena
Year Built 1973
Units 96
AVILA IN PASADENA
Submarket Pasadena
Year Built 2018
Units 221
07 08
UNIT MIX
UNITS AVG. SFAVG.RENT / UNIT
AVG. RENT / SF
Studio 30 590 $2,206 $3.74
1 Bed 54 680 $2,220 $3.26
2 Bed 12 1,000 $2,941 $2.94
Total 96 692 $2,305 $3.33
UNIT MIX
UNITS AVG. SFAVG.RENT / UNIT
AVG. RENT / SF
Studio 105 600 $2,729 $4.54
1 Bed 108 750 $3,023 $4.03
2 Bed 8 1,191 $3,959 $3.32
Total 221 695 $2,917 $4.20
Class A market rate apartments within Pasadena
CITY PLACE
Submarket Pasadena
Year Built 2001
Units 214
09
UNIT MIX
UNITS AVG. SFAVG.RENT / UNIT
AVG. RENT / SF
1 Bed 108 791 $2,414 $3.05
2 Bed 86 1,085 $3,034 $2.80
3 Bed 20 1,291 $3,475 $2.69
Total 214 956 $2,762 $2.89
MARKET ANALYSIS LAND ADVISORS 20
Select Multifamily Comparables
The chart below shows the top three of each bedroom type for multi-family units comparable to Fair Oaks in Pasadena.
# NAME ADDRESS PRODUCT TYPE
ASKING RENT PER MONTH PER UNIT
1 BED 2 BED 3 BED
1 Pasadena Gateway Villas 290 N Hudson Ave Apartment $3,029 - -2 Acappella Pasadena Apartments 145 Chestnut St Apartment $2,519 - -3 The Villas Rentals 231-239 E Villa St Apartment $1,895 - -4 Pasadena Gateway Villas 290 N Hudson Ave Apartment - $3,875 -5 N/A 931 E Walnut St Unit 317 Condominium - $3,200 -6 N/A 504 N Orange Grove Blvd Townhome - $2,995 -7 Pasadena Gateway Villas 290 N Hudson Ave Apartment - - $4,1318 N/A 281 Mar Vista Ave Townhome - - $3,7509 N/A 1309 Marengo Ave Unit 3 Apartment - - $3,195TOTAL/AVERAGE: $2,481 $3,357 $3,692
05
03
0602
09
0801, 04, 07
Overview
COUNTY OVERVIEW LAND ADVISORS 21
Los Angeles CountyCOUNTY OVERVIEW
With over 10 million residents, Los Angeles County is the most populous county in Californiaand the United States. Economic growth within Los Angeles County is largely due to theentertainment industry (all 6 major film studios are within the county – Paramount Pictures, 21stCentury Fox, Sony, Warner Bros., Universal Pictures, and Walt Disney Studios), internationaltrade ports of Los Angeles and Long Beach, music recording and production, aerospace, law,and medicine. Residents of Los Angeles County have access to various forms ofentertainment, shopping, dinning, housing, beaches, mountains, and resorts. Los AngelesCounty covers approximately 4,751 square miles and is bordered by Ventura County, KernCounty, San Bernardino County, Orange County, and the Pacific Ocean. There are 88incorporated cities and many unincorporated areas in Los Angeles County.
The transportation system is Los Angeles County is one of the largest systems in the UnitedStates. It serves as a regional, national, and international hub for passenger and freight traffic.This infrastructure includes light rail lines, subway lines, airports, bus lines, freeways, androads. Union Station is the major regional train station for Metro Rail, Metrolink, and Amtrak. Asfor the international trade ports (Port of Los Angeles and Port of Long Beach), they comprisethe largest seaport complex in the United States.
FAST FACTS
FOUNDED February 18, 1850POPULATION 10,163,507
TOTAL EMPLOYMENT 3,871,716
MEDIAN HOUSEHOLD INCOME $61,338
ESTIMATED HOMES 3,542,636
HOME OWNERSHIP RATE 46% (55% California)
COUNTY OVERVIEW LAND ADVISORS 22
Los Angeles CountyEMPLOYMENT
Los Angeles County has experienced high and low unemployment rates over the past 18 years. Since 2010, the county has seen decreasing numbers in theunemployment rate. The average unemployment rate since 2000 in Los Angeles County is 7.4.
HOUSING
As economic conditions have improved, home prices have stabilized countywide and, more recently, have trended upward. Since 2013, the County’s median home pricehas increased steadily.
5.4 5.76.7 7.0 6.5
5.44.8 5.1
7.6
11.612.5 12.2
10.99.8
8.37.1
5.1 4.74.1
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018YTD
Perc
enta
ge (%
)
$429
,200
$400
,400
$388
,667
$364
,333
$361
,083
$416
,750
$458
,417
$489
,500
$529
,250
$568
,750
$608
,500
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD
Med
ian
Hom
e Pr
icin
g
CITY OVERVIEW LAND ADVISORS 23
PasadenaTHE CROWN CITY
As the main population and cultural center of the San Gabriel Valley, Pasadena is a cityrevered for its charm, natural beauty, culture, and architectural inspiration. It is a dynamic placeto live, work, and play, and it is a growing center for innovation in technology, education,science, and health.
Pasadena has something for everyone. Visitors can find world class museums, galleries, andartistic performances at a variety of venues, such as the Norton Simon Museum, Pacific AsiaMuseum, Art Center College of Design, Pasadena Museum of History, and the HuntingtonLibrary and Botanical Gardens. For live action, Pasadena offers top notch professionalperformances at the Pasadena Playhouse and Civic Auditorium, and the Crown City’s rich 125years of history is most famously put on display every January in the Rose Parade and RoseBowl Game.
The city is world renowned for its scientific institutions, including California Institute ofTechnology (Caltech), NASA’s Jet Propulsion Laboratory (JPL), the Carnegie Observatories, thePlanetary Society, and the Mount Wilson Observatory. Pasadena is also an innovator in themedical field through efforts at Huntington Hospital, Keck Medicine of USC, Shriners ChildrenHospital, and the newly announced construction of Kaiser Permanente’s medical school.
Those shopping in Pasadena can choose from trendy boutiques, international retailers,independent shops, and national chains, primarily situated in several distinct shopping districtssuch as Old Town Pasadena, Playhouse District, Paseo Colorado, and South Lake Avenue.
For ease of access, Pasadena offers multiple Gold Line light rail stations linking the City toDowntown Los Angeles in less than 25 minutes. From there, the ever expanding Metro railnetwork links travelers to a myriad of cultural and recreational highlights in greater LosAngeles County.
CITY OVERVIEW LAND ADVISORS 24
Live in Pasadena
141,510 2.51 $628,000POPULATION AVERAGE HOUSEHOLD SIZE MEDIAN PROPERTY VALUE
15 23 69 1866MILES NORTH OF DOWNTOWN LA
SQUARE MILES AVERAGE TEMPERATURE
YEAR INCORPORATED
Urban WalkabilityPasadena offers 700 restaurants, bars, and coffee shops giving residents a plethora of options for all types ofpeople and their unique tastes. In addition, numerous retail and entertainment options are available within aneasy walk or bike ride of the Property. Notable destinations include Pasadena Civic Center, Paseo Colorado,Old Pasadena, and the Playhouse District.
82 95 15WALK SCORE BIKE SCORE MINUTE WALK TO
MEMORIAL PARK STATION
CITY OVERVIEW LAND ADVISORS 25
INNOVATIVE TECHNOLOGY
There are over 150 design, start-up, andtechnology companies in Pasadena. Notableinnovators include:
▲ Caltech OTTP
o Established in 1995
o Started 130+ new companies
o Has about 1,800 active U.S. patents
▲ Idealab
o A startup studio founded in 1996
o Created over 150 companies with morethan 45 IPOs and acquisitions.
▲ JPL
o Founded in 1936
o Carries out robotic space and Earthscience missions
o Federally funded by Nasa
Work in Pasadena
LARGEST EMPLOYERS
▲ California Institute of Technology
▲ City of Pasadena
▲ East West Bank
▲ Huntington Memorial Hospital
▲ Jacobs Engineering Group
▲ Jet Propulsion Laboratory
▲ Kaiser Permanente
▲ Pasadena Unified School District
ADVANCED HEALTHCARE
Healthcare is not only the largest industry inPasadena, it also employs more than any otherindustry.
▲ Huntington Memorial Hospital
o Non-profit, independent hospital offering619 beds
o Ranked by U.S. News & World Report asthe 4th best hospital in Los Angeles
o Servicing the community for over 125years
▲ Kaiser Permanente
o Regional headquarters in Pasadena
o New medical school under constructionwithin walking distance to the Property
▲ Shriners Children Hospital
o Opened in 2017, Shriners is knownnationally and internationally andspecializes in procedures for children
EMPLOYMENT BY OCCUPATION
Community ServicesProduction
ArchitectureLegal
Life & PhysicalComputer & Math
ConstructionCleaning & Maintenance
Personal CareOtherFood
Arts & RecreationBusiness & Financial
EducationSales
AdministrativeManagement
0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13%
Finance
Manufacturing
Other
Food
Retail
Healthcare
Education
Professional, Technology
0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13%
EMPLOYMENT BY INDUSTRY
Pasadena’s economy is largely comprised of companies and institutions specializing in technology, finance, education, and healthcare.
CITY OVERVIEW LAND ADVISORS 26
Play in Pasadena
OLD TOWN PASADENA
▲ Over 300 bars, restaurants, and shops
▲ iPic Theaters
▲ Armory Center for the Arts
▲ Norton Simon Museum
▲ Levitt Pavilion at Memorial Park
CIVIC CENTER / PASEO COLORADO
▲ Arclight Cinemas at Paseo Colorado
▲ Equinox Fitness Center
▲ Pasadena Ice Skating Center
▲ Pasadena Civic Auditorium
▲ Pasadena Convention Center
SOUTH LAKE AVENUE
▲ The Commons
▲ The Shops on Lake Avenue
▲ Taste of South Lake
▲ Rooftop Movie Series
▲ CalTech Speaker Series
PLAYHOUSE DISTRICT
▲ Pasadena Playhouse
▲ Boston Court Performing Arts Center
▲ Southern California Children’s Museum
▲ Pasadena Museum of California Art
▲ USC Pacific Asian Museum
▲ Vroman’s Bookstore & Speaker Series
As the cultural hub of San Gabriel Valley, the City of Pasadena is home to countless shopping, dining, and entertainment venues. Within a short
distance of Fair Oaks are 4 distinct districts that offer non-stop entertainment day or night.
Other major entertainment venues and highlights include the Rose Bowl, Kidspace Children’sMuseum, and the Huntington Library and Botanical Gardens. With so many things to see, do,enjoy, and be a part of, Pasadena is never short of exciting events for residents and visitorsalike.
CITY OVERVIEW LAND ADVISORS 27
Metro Gold Line
FAIR OAKS
Pasadena is served by six Gold Line stations: Fillmore Station, Del Mar Station in Old Pasadena, Memorial Park Station in Old Pasadena, Lake Station in Downtown, Allen Station, and Sierra Madre Villa Station.
ANTICIPATED WAIT TIMES FROM MEMORIAL PARK STATION
WAIT TIME (MINUTES)
SOUTH PASADENA 8 min.UNION STATION / DOWNTOWN LA 25 min.USC (VIA TRANSFER) 45 min.ARCADIA 14 min.CITY OF HOPE / DUARTE 20 min.AZUSA PACIFIC UNIVERSITY 28 min.
OFFERING GUIDELINES LAND ADVISORS 28
Offering Guidelines
OFFERS DUESubmit offers in writing by Tuesday, August 14, 2018 at 5PM PDT to:
▲ Richard Byrd | [email protected]
▲ Tim Barden | [email protected]
▲ Chris Gomez-Ortigoza | [email protected]
PURCHASE PRICEPlease submit all-cash offer.
LETTER OF INTENTThe Property shall be removed from the market and the Feasibility Period shallcommence upon the execution of a Letter of Intent (LOI).
FEASIBILITY PERIODBuyer shall have a Feasibility Period of 30 days in which to investigate all aspectsof the Property, including the physical condition of the Property. The FeasibilityPeriod shall begin upon the execution of the LOI and receipt of all approvedplans.
DEPOSITThe Initial Deposit shall be equal to five percent (5%) of the gross Purchase Price.Said Initial Deposit shall be paid at the Opening of Escrow and shall remainrefundable during the Feasibility Period. Upon Buyer’s approval of Feasibility,escrow shall release the deposit and the deposit shall be non-refundable andapplicable to the Purchase Price.
PROPERTY CONDITION AT CLOSE OF ESCROWThe Property will be delivered with both relocation homes placed in their finaldestinations. Buyer is responsible for foundations and all site improvements.
CLOSE OF ESCROWThe Close of Escrow shall occur on or before 15 days after expiration of feasibility, or10 days after delivery of the site in the agreed upon condition.
OFFER DETAILSPlease submit offer in the form of a Letter of Intent. Bids should identify the proposedBuyer, its principals and/or material aspects of its corporate organization. Buyer’ssubmission should include information regarding Buyer’s relevant experience andfinancial wherewithal and its intended equity and debt sources for consummatingthe Transaction.
“AS-IS” SALE: NO REPRESENTATIONS & WARRANTIESThe Property is being sold “as-is” with no representations or warranties from eitherthe Seller or its Affiliates. The information provided is intended to help a Buyerdevelop an offer to purchase the Property, but the buyer must not rely on anythingother than its own due diligence.
BROKERAGE FEEThe brokerage fees will be paid for by the Seller. Seller expressly reserves the right,at their sole discretion, to reject any or all expressions of interest or offers topurchase the Property and/or to terminate discussions with any party at any timewith or without notice. Brokers, please call for co-op information.
BROKERAGE DISCLOSURESLand Advisors Organization may act as Seller’s agent for more than one prospectiveBuyer on the subject property. Any prospective Buyer requesting Land Advisors tosubmit an offer on its behalf acknowledges the foregoing disclosures and agrees tothe described agency relationships as with other prospective Buyers. Pursuant toS.B. 1171, all offers on real estate in the State of California are required to beaccompanied by an executed version of the Brokerage Disclosures forms. Pleaserequest and fill out the forms and return them with your offer.
Offers Due by Tuesday, August 14, 2018
OFFERING GUIDELINES LAND ADVISORS 29
Confidentiality & Disclaimer
The information contained in this offering material (“Brochure”) is confidential, furnished solely for the purpose of a review by prospective purchaser of any portion of Fair Oaks withinthe City of Pasadena, Los Angeles County, California (“Property”) and is not to be used for any other purpose or made available to any other person without the express writtenconsent of Park Place Partners, Inc. d/b/a Land Advisors Organization (“Land Advisors”). The material is based in part upon information supplied by Balian Investments, LLC (“Seller”)and in part upon information obtained by Land Advisors from sources it deems reasonably reliable. Summaries of any documents are not intended to be comprehensive or all-inclusive but rather only an outline of some of the provisions contained therein. No warranty or representation, expressed or implied, is made by Seller, Land Advisors, or any of theirrespective affiliates, as to the accuracy or completeness of the information contained herein or as to engineering or environmental matters. Prospective purchasers should make theirown projections and conclusions without reliance upon the materials contained herein and conduct their own independent due diligence, including engineering and environmentalinspections, to determine the condition of the Property and the existence of any potentially hazardous material located at the site.
This Brochure was prepared by Land Advisors. It contains select information pertaining to the Property and does not purport to be all-inclusive or to contain all of the information thata prospective purchaser may desire. All assumptions are provided for general reference purposes only and are based on assumptions relating to the general economy, competitionand other factors beyond control and, therefore, are subject to material change or variation.
In this Brochure, certain documents and other materials are described in summary form. The summaries do not purport to be complete nor, necessarily, accurate descriptions of thefull agreements involved, nor do they constitute a legal analysis of such documents. Interested parties are expected to independently review all documents.
This Brochure is subject to prior placement, errors, omissions, changes or withdrawal without notice and does not constitute a recommendation, endorsement or advice as to thevalue of the Property by Land Advisors or the Seller. Each prospective purchaser is to rely upon its own investigation, evaluation and judgment as to the advisability of purchasing theProperty described herein.
Seller and Land Advisors expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the property and/or to terminatediscussions with any party at any time with or without notice. Seller shall have no legal commitment or obligation to any purchaser reviewing this Brochure or making an offer topurchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered and approved by the Seller and any conditions to Seller'sobligations there under have been satisfied or waived. Land Advisors is not authorized to make any representations or agreements on behalf of Seller.
This Brochure is the Property of Land Advisors and may be used only by parties approved by Land Advisors. The Property is privately offered and, by accepting this Brochure, theparty in possession hereof agrees (i) to return it to Land Advisors immediately upon request of Land Advisors or Seller and (ii) that this Brochure and its contents are of a confidentialnature and will be held and treated in the strictest confidence. No portion of this Brochure may be copied or otherwise reproduced or disclosed to anyone without the prior writtenauthorization of Land Advisors and Seller.
Please be advised, Buyer acknowledges that Park Place Partners, Inc. d/b/a Land Advisors Organization, may (1) act as an agent for more than one prospective Buyer on the Propertyand/or (2) act as the agent for both the Buyer and Seller on the subject property. Any prospective Buyer requesting Land Advisors to submit an offer on its behalf acknowledges theforegoing disclosures and agrees to the described agency relationships with other prospective Buyers.
The terms and conditions set forth above apply to this Brochure in its entirety.
OFFERING GUIDELINES LAND ADVISORS 30
Brokerage Disclosure
DISCLOSURE AND CONSENT FOR REPRESENTATION OF MORE THAN ONE BUYER OR SELLER EXCERPTS FROM – C.A.R. FORM DA, 11/06
A real estate broker, whether a corporation, partnership or sole proprietorship, (“Broker”) may represent more than one buyer or seller provided the Broker has made a disclosureand the principals have given their consent. This multiple representation can occur through an individual license as a broker or through different associate licensees acting for theBroker. The associates licensees may be working out of the same or different office locations.
Broker may be working with many prospective buyers at the same time. These prospective buyers may have an interest in, and make offers on, the same properties. Some of theseproperties may be listed with Broker and some may not. Broker will not limit or restrict any particular buyer from making an offer on any particular property whether or not Brokerrepresents other buyers interested in the same property.
Broker (individually or through its associate licensees) may have listings on many properties at the same time. As a result, Broker will attempt to find buyers for each of those listedproperties. Some listed properties may appeal to the same prospective buyers. Some properties may attract more prospective buyers than others. Some of these prospectivebuyers may be represented by Broker and some may not. Broker will market all listed properties to all prospective buyers whether or not Broker has another or other listedproperties that may appeal to the same prospective buyers.
Buyer and Seller understand that Broker may represent more than one buyer or seller and even both buyer and seller on the same transaction.
If Seller is represented by Broker, Seller acknowledges that Broker may represent prospective buyers of Seller’s property and consents to Broker acting as a dual agent for bothSeller and Buyer in that transaction.
If Buyer is represented by Broker, Buyer acknowledges that Broker may represent sellers of property that Buyer is interested in acquiring and consents to Broker acting as a dualagent for both Buyer and Seller with regard to that property.
In the event of a dual agency, Seller and Buyer agree that: (a) Broker, without the prior notice written consent of the Buyer, will not disclose to the Seller that the Buyer is willing topay a price greater than the offered price; (b) Broker, without the prior written consent of the Seller, will not disclose to the Buyer that Seller is willing to sell property at a price lessthan the listing price; and (c) other than as set forth in (a) and (b) above, a Dual Agent is obligated to disclose known facts materially affecting the value or desirability of the propertyto both parties.
NON CONFIDENTIALITY OF OFFERS: Buyer is advised that Seller or Listing Agent may disclose the existence, terms, or conditions of Buyer’s offer unless all parties and their agenthave signed a written confidentiality agreement. Whether any such information is actually disclosed depends on many factors, such as current market conditions, the prevailingpractice in the real estate community, the Listing Agent’s marketing strategy and the instructions of the seller.
Seller and/or Buyer acknowledges reading and understanding this Disclosure and Consent for Representation of More than One Buyer or Seller and agree to the dual agencypossibility disclosed.
Sources used throughout this package: 2018 Best Schools Niche, Apartments.com, City of Pasadena, Community Websites, CoStar, County of Los Angeles, Data USA, FederalReserve Economic Data, Foothill Gold Line, LA Times, Land Advisors research, Pasadena Unified School District, School Ratings, Snazzy Maps, Zillow, and Zonda.
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