20341 sw birch street - loopnet · william pereira and welton becket. in 2009, the irvine company...
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20341 SW Birch StreetNewport Beach CA 92660
SCOTT [email protected] BRE No. 01252835
CARLE [email protected] BRE No. 01464318
INDUSTRY PARTNERST 310 395 [email protected] CA BRE NO. 01900833
INVESTMENT AND/OR OWNER-USER OPPORTUNITYClass A Office Building in Highly Desirable Newport Beach
+ Executive Summary
+ The Property
+ About Newport Beach
+ Additional Information
+ Confidentiality Agreement
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The information contained herein has been obtained through sources deemed reliable but cannot be guaranteed as to its accuracy. Any information of special interest should be obtained through independent verification.
Table of Contents Executive Summary
20341 SW Birch St
20341 SW Birch St
20341 SW Birch St
20341 SW Birch St
20341 SW Birch St
20341 SW Birch Street, Newport Beach, CA 92660
APN 439-381-39
LOT AREA 42,846 SF (.98 acres)
BUILDING SF 21,668 RSF
STORIES 3
BUILT 2005
PARKING 78 on-site
OCCUPANCY 76%
This investment or owner/user opportunity consists of a 21,668 SF class A office building on 42,846 SF (.98 acres) at the Newport Beach Back-Bay Professional Park. Located just southwest of John Wayne Airport, 20341 SW Birch Street (“the Property”) was built in 2005 and designed in the prevailing commercial style that is prominent in the market. The Property features on-site parking for 78 cars, but it is part of a larger consolidation of accessible parking in the Newport Beach Back-Bay Professional Park.
With a current occupancy of approximately 76% and several tenants’ leases ending in 2018, the Property presents either significant upside for an investor as it is relet at market rates, or the opportunity for an owner-user to occupy over half of the building.
The Property’s position in Newport Beach allows easy access to four major freeways/highways including State Route 73 and Interstate 5. On the amenity front, the Property is surrounded by a rich base of restaurants, bars, cafés, hotels and retail.
On a larger scale, the Property is part of the hot Airport Area market that has seen a consistent rise in rents since the start of 2017. Vacancy has remained relatively low even as new office space has come onto the market, and the growing multi-family housing market in the area is increasing the concentration educated workers.
ABOUT THE BUILDING
Opportunity to purchase premium office asset
FOR SALE $7,825,000 (REDUCED PRICE)
3INDUSTRY PARTNERS | T 310 395 5151 | INDUSTRYPARTNERS.COM | CA BRE LIC NO. 01900833
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale are subject to change or withdrawal without notice. ©2018 INDUSTRY PARTNERS, INC.
20341 SW Birch Ave
Newport BeachNewport Beach
Balboa PeninsulaBalboa Peninsula
University of CaliforniaIrvine
University of CaliforniaIrvine
IrvineIrvine
Costa MesaCosta Mesa
JohnWayneAirport
JohnWayneAirport
The Property in Context
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Additional Images Additional Images
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20341
Site PlanAdditional Images
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NEWPORT BEACH’S TOP EMPLOYERS
POPULATION
90,832+0.94% annual growth
+10% by 2022
AVERAGE INCOME
$182,889
+4% by 2022
MEDIAN HOME VALUE
$1,132,551
with bachelor’s or higher degree
EDUCATIONAL ATTAINMENT
65%
48% occupied by owners
HOUSING UNITS
45,469On Average
ANNUAL VISITORS
6.9mm
DEMOGRAPHIC INSIGHTS
Source: ESRI 2017, US Census, Newport Beach Chamber of Commerce
Founded in 1906, Newport Beach is a picturesque seaside community with close to 90,000 residents. It boasts world class shopping, a thriving business community, a hot real estate market and eight miles of coastline. Between its year-around temperate climate and quality of life, Newport Beach is truly a remarkable place.
The 52 square mile city is 40 miles south of Downtown Los Angeles and just over 80 miles north from San Diego. Newport Beach is home to over 8,000 businesses, employing over 80,000 people. It helps that it is surrounded by some of the country’s best universities including UC Irvine, Chapman University and Cal State Fullerton.
NEWPORT BEACH
About Newport Beach
20341 SW Birch Street
11INDUSTRY PARTNERS | T 310 395 5151 | INDUSTRYPARTNERS.COM | CA BRE LIC NO. 01900833
NEWPORT BEACH
The Balboa Peninsula. The Wedge. The Newport Harbor. Upper Newport Bay. These are just a few of the places and amenities surrounding 20341 Birch Avenue in Newport Beach. Whether you’re a foody or an avid surfer, Newport Beach awes in its gamut of opportunities to experience the best that Orange County has to offer.
SOUTH COAST PLAZA
Built in 1967 and designed by famed mall designer Victor Gruen, South Coast Plaza is one of Orange County’s most visited shopping centers. In a time when enclosed shopping malls have fallen in popularity, South Coast Plaza has stayed relevant with its tenant mix, programming, and design upgrades over the years. Anchor tenants include Bloomingdales, Saks Fifth Avenue, and Nordstrom.
FASHION ISLAND
Opening the same year as the South Coast Plaza and developed by the prolific Irvine Company, Fashion Island is a stunning open-air shopping center designed by architects William Pereira and Welton Becket. In 2009, the Irvine Company began a $100 million renovation of the property. Fashion Island features a range of mid-market to high-end retailers, as well as two nearby hotels, and a Whole Foods.
JOHN WAYNE AIRPORT
Just north of 20341 Birch Street, John Wayne Airport is the sole commercial airport in Orange County , serving over 9 million passengers every year. As of 2015, the airport’s largest operating airlines were Southwest, American, United, Alaska and Delta.
UNIVERSITY OF CALIFORNIA, IRVINE
Just two miles away is the main campus of the University of California at Irvine (UCI). Recognized as one of the nation’s top research universities, UCI has leading science and engineering departments, and it administers the UC Irvine Medical Center with several locations throughout Orange County. Established in 1965, UCI has over 30,000 students.
Area Amenities
20341 Birch St
South Coast Plaza
Bosscat
Equinox
Coffee NatureSushi Imari
Irvine Ranch MarketNewport Beach Vineyards & Winery Starbucks
Provenance
Wild Fish Seafood Grill
Juliette Kitchen BarPain du Monde
The Coffee Bean & Tea Leaf
Fashion Island
Lido Marina Village
Kit Coffee
Peet’s Coffee
Newport BeachGolf Course
John WayneAirport
UC Irvine
Select Local Amenities
13INDUSTRY PARTNERS | T 310 395 5151 | INDUSTRYPARTNERS.COM | CA BRE LIC NO. 01900833
INDUSTRY PARTNERST 310 395 [email protected] CA BRE NO. 01900833
Additional Information
To receive the complete offering memorandum and access to the war room with additional materials, please complete and return the Confidentiality Agreement to Industry Partners—Attention: Renee Nelson, Industry Partners, 1645 Euclid St, Santa Monica, CA 90404; [email protected]; Phone 310-395-5151; Fax 424-387-4453.
15INDUSTRY PARTNERS | T 310 395 5151 | INDUSTRYPARTNERS.COM | CA BRE LIC NO. 01900833
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale are subject to change or withdrawal without notice. ©2018 INDUSTRY PARTNERS, INC.
17INDUSTRY PARTNERS | T 310 395 5151 | INDUSTRYPARTNERS.COM | CA BRE LIC NO. 01900833
INDUSTRYPARTNERS.COM INDUSTRY PARTNERS
1645 EUCLID STREETSANTA MONICA CA 90404T 310 395 5151
CONFIDENTIALITY AGREEMENT
The undersigned prospective buyer (“Prospective Buyer”) declares its interest in exploring the possibility of acquiring 20341 SW Birch Ave, Newport Beach, CA 92660 (the “Subject Property”) from owner (“Owner”) and hereby covenants and agrees as follows for the benefit of the Subject Property and Industry Partners, Inc. (“Broker”).
1. Prospective Buyer agrees to at all times use the Confidential Information solely for the express purpose of exploring the possibility of purchasing the Subject Property and for no other purpose. Prospective Buyer will hold and treat the Confidential Information at all times in the strictest confidence, and will not, directly or indirectly, disclose or permit anyone else to disclose the Confidential Information or any part thereof to any other person, firm or entity without prior written authorization of Owner, nor will they use or permit the use of the Confidential Information in any fashion or manner detrimental to or in conflict with the interests of the Owner. “Confidential Information” shall mean and include any information, marketing materials, technical data, records, books of accounts, records, documents, agreements, licenses, contracts, vendor lists, operating history, assets or operations, architectural and engineering information, management agreements, or any other information, without limitation, related to the Subject Property, and/or the Owner, provided by the Owner or Broker, before or after the date hereof, to Prospective Buyer, or its employees or agents or other authorized representatives (collectively, "Representatives"), directly or indirectly, in writing, orally or through inspection of the assets or records. Representatives shall agree to be bound by the terms of this Agreement.
2. Prospective Buyer will conduct its own independent investigation of those matters which it deems appropriate in order to evaluate the Subject Property. Neither the Owner nor Broker has made any representations or warranties, expressed or implied, as to the accuracy or completeness of any of the information provided to Prospective Buyer. Any and all projections, pro forma budgets, and financial analysis’, which may be contained therein, represent estimates only, based on assumptions considered reasonable. No representations or warranties, express or implied, are made that actual results will conform to such projections. Any information provided by Owner or Broker is provided, subject to possible errors, omissions and changes in same, and is delivered subject to later modification or withdrawal. Furthermore, any information provided shall not be deemed a representation of the state of affairs of the Owner or the Subject Property. Prospective Buyer shall return all materials provided to it pursuant to this Agreement in the event Prospective Buyer does not buy the Subject Property.
3. Prospective Buyer is aware that Broker is concurrently marketing the Subject Property to Prospective Buyer and multiple other parties. Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Subject Property, and/or to terminate discussions with any party at any time, with or without notice.
4. Prospective Buyer and its Representatives shall be liable for all damages caused as a result of their failure to comply with the provisions of this Agreement. In the event any legal action is required to enforce
INDUSTRY PARTNERS
the terms of this Agreement, including arbitration mediation or alternative dispute resolution, the prevailing parties shall be entitled to recover all of their reasonable attorneys fees and costs. If any provision hereof, or the application thereof to any circumstance, is found unenforceable, invalid, or illegal, such provision shall be deemed severed and deleted from this Agreement, or not applicable to such circumstance, as the case may be, and the remainder of this Agreement shall not be affected or impaired thereby. This Agreement is entered into in Los Angeles County, California, and shall be governed by the laws of the State of California.
AGREED AND ACCEPTED: PROSPECTIVE BUYER
By:___________________________
Its:____________________________
Date:__________________________
Address:_______________________
Please complete and return to Industry Partners—Attention: Renee Nelson, Industry Partners, 1645 Euclid St, Santa Monica, CA 90404; [email protected]; Phone 310-395-5151; Fax 424-387-4453.