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CORY STEHR Lee & Associates - LA North/Ventura 818.933.0304 | [email protected] BRE Lic # 01851029 CORP ID #01191898 DEVELOPMENT OPPORTUNITY | Multifamily 4603 Denny Avenue, Toluca Lake, CA 91602

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Page 1: DEVELOPMENT OPPORTUNITY Multifamily 4603 Denny Avenue ... · Cory Stehr Lee & Associates - LA North/Ventura 818.933.0304 | cstehr@lee-re.com BRE Lic # 01851029 CORP ID #01191898 DEVELOPMENT

Cory StehrLee & Associates - LA North/Ventura818.933.0304 | [email protected] Lic # 01851029

CORP ID #01191898

DEVELOPMENT OPPORTUNITY | Multifamily4603 Denny Avenue, Toluca Lake, CA 91602

Page 2: DEVELOPMENT OPPORTUNITY Multifamily 4603 Denny Avenue ... · Cory Stehr Lee & Associates - LA North/Ventura 818.933.0304 | cstehr@lee-re.com BRE Lic # 01851029 CORP ID #01191898 DEVELOPMENT

Development Opportunity | MULTIFAMILY4603 Denny Avenue, Toluca Lake, CA 91602

4603 DENNY AVENUE

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EXECUTIVE SUMMARY ........................................................................................... 3

PROPERTY DESCRIPTION ...................................................................................... 5

SALE COMPARABLES........................................................................................... 10

LOCATION OVERVIEW .......................................................................................... 12

ZONING SUMMARY .............................................................................................. 19

ABOUT LEE ............................................................................................................ 22

TABLE OF CONTENTS

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3EXECUTIVE SUMMARY

Page 4: DEVELOPMENT OPPORTUNITY Multifamily 4603 Denny Avenue ... · Cory Stehr Lee & Associates - LA North/Ventura 818.933.0304 | cstehr@lee-re.com BRE Lic # 01851029 CORP ID #01191898 DEVELOPMENT

Development Opportunity | MULTIFAMILY4603 Denny Avenue, Toluca Lake, CA 91602

4603 DENNY AVENUE

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Key Investment Features

• Average household Income of $92K within 1 Mile radius

• Supply Constrained Market with only 3.7% Vacancy rate

• Zoning allows for Variety of residental Uses

• Ability to renovate existing Units to Generate Cash Flow

Key Area Highlights

• Central Location with Convenient Access to the 101, 134 and 170 Freeways

• Less than 1 Mile from Universal City Metro Redline Station

• Strong Employment foundamentals - NBC Universal, Warner Bros, and Disney Studios within 2 Miles Radius

• Amenity Rich Neighborhood with many Restaurants and Shops

EXECUTIVE SUMMARY

Lee & Associates is pleased to present a well-located triplex in toluca Lake, CA with future redevelopment potential. Zoned rD 1.5 the subject property allows a developer the flexibility to develop either rental or for sale housing. the local submarket of toluca Lake is bolstered by a strong employment base of media jobs from major film and television studios such as NBC Universal, Warner Bros, and Disney Studios. the site is near

most major freeways as well as public transportation (tier 1 toC Guidelines). home prices in and around toluca Lake have continually risen with a median home value of $891,500 and an average list price of $569 per square foot1. Supply constraints have led to a historically low vacancy rate while 74% of the market is renters. 4603 Denny presents investors and developers a rare opportunity to capitalize on such strong market fundamentals.

The Offering

Property Overview

Purchase Price: $1,600,000 ($522/SF Bldg.) ($170/SF Land)

Address: 4603 Denny Avenue, North hollywood, CA

APN: 2421-030-018

Lot Size: 9,371 SF

Product Type: Multifamily/Development

Building Size: 3,061 SF

Built: 1948

Zoning: rD1.5-1

1 Information from Zillow 2 E-site Analytics

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5PROPERTY DESCRIPTION

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Development Opportunity | MULTIFAMILY4603 Denny Avenue, Toluca Lake, CA 91602

4603 DENNY AVENUE

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PROPERTY DESCRIPTION Aerial View

Page 7: DEVELOPMENT OPPORTUNITY Multifamily 4603 Denny Avenue ... · Cory Stehr Lee & Associates - LA North/Ventura 818.933.0304 | cstehr@lee-re.com BRE Lic # 01851029 CORP ID #01191898 DEVELOPMENT

Lee & Associates® - LA North/Ventura • 15250 Ventura Blvd, #100, Sherman Oaks, CA 91403 • 818.986.9800 • Corp ID #01191898

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7No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice.

PROPERTY DESCRIPTION Parcel Map

Page 8: DEVELOPMENT OPPORTUNITY Multifamily 4603 Denny Avenue ... · Cory Stehr Lee & Associates - LA North/Ventura 818.933.0304 | cstehr@lee-re.com BRE Lic # 01851029 CORP ID #01191898 DEVELOPMENT

Development Opportunity | MULTIFAMILY4603 Denny Avenue, Toluca Lake, CA 91602

4603 DENNY AVENUE

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PROPERTY DESCRIPTION Location Map

Page 9: DEVELOPMENT OPPORTUNITY Multifamily 4603 Denny Avenue ... · Cory Stehr Lee & Associates - LA North/Ventura 818.933.0304 | cstehr@lee-re.com BRE Lic # 01851029 CORP ID #01191898 DEVELOPMENT

Lee & Associates® - LA North/Ventura • 15250 Ventura Blvd, #100, Sherman Oaks, CA 91403 • 818.986.9800 • Corp ID #01191898

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9No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice.

Property Address: 4603 Denny Avenue toluca Lake, CA 91602

Location: the subject property is located on Denny Avenue in toluca Lake, California between hortense Street to the north and Sarah Street to the south. riverton Avenue is west and Cartwright Avenue is east.

APN: 2421-030-018

Zoning: rD1.5-1

Property Highlights/Features

• Large Corner Lot

• Strong Demographics and household Incomes

• Zoning Allows for a Variety of residential Uses

• Central Location Close to Major Bus routes, 101, 134 & 170 Metro Freeways, and Universal city red Line

• Amenity rich Neighborhood with Many Shops and restaurants

• Numerous Public and Private Schools Nearby

PROPERTY DESCRIPTION

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10SALE COMPARABLES

Page 11: DEVELOPMENT OPPORTUNITY Multifamily 4603 Denny Avenue ... · Cory Stehr Lee & Associates - LA North/Ventura 818.933.0304 | cstehr@lee-re.com BRE Lic # 01851029 CORP ID #01191898 DEVELOPMENT

Lee & Associates® - LA North/Ventura • 15250 Ventura Blvd, #100, Sherman Oaks, CA 91403 • 818.986.9800 • Corp ID #01191898

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11No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice.

MARKET OVERVIEW Sale Comparables

ADDRESS CITY COEBUILDINGAREA (SF) PRICE

BUILDINGPRICE PSF

5803 Cartwright Avenue Noth Hollywood 03/20/2018 1,665 $925,000 $555.56

5425 Willowcrest Avenue North Hollywood 02/02/2018 1,800 $1,060,000 $588.89

10803 Morrison Street North Hollywood 09/29/2017 1,708 $1,060,000 $620.61

10836 Camarillo Street North Hollywood 02/13/2018 4,722 $1,440,000 $304.96

11914-11916 Hartsook Street North Hollywood 11/08/2017 2,518 $1,180,000 $468.63

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Page 13: DEVELOPMENT OPPORTUNITY Multifamily 4603 Denny Avenue ... · Cory Stehr Lee & Associates - LA North/Ventura 818.933.0304 | cstehr@lee-re.com BRE Lic # 01851029 CORP ID #01191898 DEVELOPMENT

Lee & Associates® - LA North/Ventura • 15250 Ventura Blvd, #100, Sherman Oaks, CA 91403 • 818.986.9800 • Corp ID #01191898

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13No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice.

LOCATION OVERVIEW Amenities Aerial

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Development Opportunity | MULTIFAMILY4603 Denny Avenue, Toluca Lake, CA 91602

4603 DENNY AVENUE

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LOCATION OVERVIEW Toluca Lake

Tucked in between Burbank and Studio City in the city of Los Angeles, Toluca Lake has long been a favorite of celebrities who choose it for its location close to the major studios, its quaint, tree-lined ‘Mayberry-esque’ streets and the privacy offered to those who live along the lake itself where the priciest homes are located.

Through the years this community of 8,563 has been home to Frank Sinatra, Bob Hope, Miley Cyrus, Viola Davis, Steve Carell, Eurythmics musician Dave Stewart and numerous production executives who work at nearby Disney , Warner Bros., Universal and CBS studios.

The general population is largely college educated and affluent, accounting for a median home price of $1.073 million. And while the median age skews older, Toluca Lake was

recently ranked 13 out of 114 ‘Best Places to Live for Millennials’ in the Los Angeles area, according to Niche.

Toluca Lake also boasts some of the best public schools in the area, including Toluca Lake Elementary, R.L. Stevenson Elementary and Rio Vista Elementary, all top scoring Academic Performance Index schools.

The community’s main street, Riverside Drive, is home to numerous trendy restaurants and boutiques including SweetSalt from 2010 Top Chef alum Alex Eusebio and his wife, Forman Tavern, craft cocktail bar Catcher in the Rye; and Aeirloom, an organic bakery.

The immediate Lake area is protected by electric gates and multiple security cameras and guards. It contains just 35 homes with lake privileges, a golf course and a country club.

The iconic Bob’s Big Boy hosts a classic car show weekly and the neighborhood holds a huge Christmas Parade each year.

Page 15: DEVELOPMENT OPPORTUNITY Multifamily 4603 Denny Avenue ... · Cory Stehr Lee & Associates - LA North/Ventura 818.933.0304 | cstehr@lee-re.com BRE Lic # 01851029 CORP ID #01191898 DEVELOPMENT

Lee & Associates® - LA North/Ventura • 15250 Ventura Blvd, #100, Sherman Oaks, CA 91403 • 818.986.9800 • Corp ID #01191898

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15No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice.

New Development

All this revitalization has attracted even more development. Laurel Plaza, a traditional shopping center that dates back to the 1960s, is undergoing a major redevelopment. The 25-acre site under development by Goldstein Planting Investments will feature 742 residential units, 500,000 square feet of office space and 190,000 square feet of commercial space.

A new boutique hotel, Ikon North Hollywood at Tujunga Avenue and Weddington Street, will offer 43 guest rooms and gallery space for local artists when it opens later this year.

The Academy of Television Arts & Sciences, a centerpiece of the NoHo Arts District, recently completed a $40 million expansion, and a proposal submitted by Greenland USA and Trammel Crow Company seeks to redevelop a 16-acre parcel that surrounds the North Hollywood Metro Station.

LOCATION OVERVIEW Toluca Lake

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Development Opportunity | MULTIFAMILY4603 Denny Avenue, Toluca Lake, CA 91602

4603 DENNY AVENUE

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NBCUniversal

Universal Studios has implemented a new five-year plan that will result in more production soundstage square footage and expand its theme park.

Some aspects of the plan have already been completed. The company invested $1 billion in the lot and theme park to include the recently opened “The Wizarding World of Harry Potter” along with infrastructure upgrades and a bridge over Lankershim Boulevard to connect visitors arriving by Metro with the park.

Also in the works is a new childcare facility, an expanded fire station and sheriff’s substation and a trail head park and bike path along the Los Angeles River.

A complex of 10 new soundstages is under construction on the backlot’s Park Lake. The soundstages will each range from 16,000 – 18,000 square feet with adjacent offices, dressing rooms, rehearsal halls and parking.

Thirteen existing stages on the front lot will be removed to make way for the theme park expansion. Although fewer new production facilities will be constructed, they will be larger in size, adding about 11,000 square feet for production.

LOCATION OVERVIEW Toluca Lake

Page 17: DEVELOPMENT OPPORTUNITY Multifamily 4603 Denny Avenue ... · Cory Stehr Lee & Associates - LA North/Ventura 818.933.0304 | cstehr@lee-re.com BRE Lic # 01851029 CORP ID #01191898 DEVELOPMENT

Lee & Associates® - LA North/Ventura • 15250 Ventura Blvd, #100, Sherman Oaks, CA 91403 • 818.986.9800 • Corp ID #01191898

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17No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice.

LOCATION OVERVIEW DemographicsSite SelectionFebruary 09, 2018

Overview map showing the requested trade area(s) around My Site, 4603 Denny Ave, North Hollywood, CA, 91602:

Copyright 2006-2014 TomTom. All rights reserved. This material is proprietary and the subject of copyright protection, database right protection and other intellectual property rights owned by TomTom or its suppliers. The use of this material is subject to the terms of a license agreement. Any unauthorized copying or disclosure of this material will lead to criminal and civil liabilities.

Trade Areas (in miles) - 1Trade Areas (in miles) - 3Trade Areas (in miles) - 5

© 2018 Alteryx, Inc. All rights reserved. Alteryx is a registered trademark of Alteryx, Inc.

eSite Analytics, Inc. - [email protected] - www.esiteanalytics.com - (843) 881-7203 Page 1 of

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Site SelectionFebruary 09, 2018

Complete Demographic Comparison Report for My Site, 4603 Denny Ave, North Hollywood, CA, 91602:

1 mile(s) 3 mile(s) 5 mile(s)

2017A Demographics:

Q2 2017 Employees 12,573 121,922 318,558Q2 2017 Establishments* 2,211 12,686 35,760 Total Population 41,106 213,295 628,255Total Households 21,544 94,280 273,124Female Population 20,424 106,905 310,231 % Female 49.7% 50.1% 49.4%Male Population 20,682 106,391 318,024 % Male 50.3% 49.9% 50.6%Population Density (per Sq. Mi.) 13,082.17 7,542.48 7,997.82 Employed Civilian Population 16+Total 25,839 118,855 337,667 White Collar 75.9% 71.6% 68.5% Blue Collar 24.1% 28.4% 31.5% Seasonal Population by Quarter:Q4 2014 452 1,973 5,000Q1 2015 464 2,000 5,134Q2 2015 484 2,119 5,456Q3 2015 534 2,270 5,921Q4 2015 542 2,337 6,081Q1 2016 577 2,375 6,235Q2 2016 601 2,486 6,491Q3 2016 515 2,224 5,672Q4 2016 519 2,246 5,717 Age:Age 0 - 4 4.4% 5.2% 5.0%Age 5 - 14 6.0% 9.2% 8.8%Age 15 - 19 2.8% 4.4% 4.5%Age 20 - 24 7.1% 6.1% 6.5%Age 25 - 34 27.6% 19.1% 19.6%Age 35 - 44 18.8% 16.7% 16.3%Age 45 - 54 13.4% 14.9% 14.5%

Age 55 - 64 10.2% 11.9% 11.7%

© 2018 Alteryx, Inc. All rights reserved. Alteryx is a registered trademark of Alteryx, Inc.

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Development Opportunity | MULTIFAMILY4603 Denny Avenue, Toluca Lake, CA 91602

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LOCATION OVERVIEW Demographics

Site SelectionFebruary 09, 2018

1 mile(s) 3 mile(s) 5 mile(s)

Age 65 - 74 5.6% 7.1% 7.2%Age 75 - 84 2.7% 3.4% 3.8%Age 85 + 1.5% 2.0% 2.1%Median Age 36.0 38.5 38.3 Housing UnitsTotal Housing Units 22,367 97,076 281,684 Occupied Housing Units 96.3% 97.1% 97.0% Vacant Housing Units 3.7% 2.9% 3.0% Housing Units by TenureTotal Households in Tenure 21,544 94,280 273,124Owner Occupied Housing Units 4,446 34,055 88,111 Owner Occupied free and clear 19.6% 22.2% 22.6% Owner Occupied with a mortgage or loan 80.4% 77.8% 77.4%Renter Occupied Housing Units 17,098 60,225 185,014 Race and EthnicityAmerican Indian, Eskimo, Aleut 0.5% 0.5% 0.5%Asian 9.3% 8.0% 8.3%Black 7.9% 4.7% 4.0%Hawaiian/Pacific Islander 0.1% 0.1% 0.1%White 68.3% 69.1% 68.3%Other 8.2% 12.5% 13.8%Multi-Race 5.8% 5.1% 5.0% Hispanic Ethnicity 22.2% 30.7% 32.3%Not of Hispanic Ethnicity 77.8% 69.3% 67.7% Race of HispanicsHispanics 9,134 65,508 202,762American Indian 1.1% 1.0% 1.0%Asian 0.9% 0.5% 0.5%Black 1.9% 1.0% 0.9%Hawaiian/Pacific Islander 0.1% 0.1% 0.1%White 52.6% 50.9% 49.4%Other 35.2% 39.7% 41.9%Multi-Race 8.3% 6.8% 6.2% Race of Non HispanicsNon Hispanics 31,972 147,787 425,493American Indian 0.3% 0.3% 0.3%

© 2018 Alteryx, Inc. All rights reserved. Alteryx is a registered trademark of Alteryx, Inc.

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Site SelectionFebruary 09, 2018

1 mile(s) 3 mile(s) 5 mile(s)

Asian 11.7% 11.3% 12.1%Black 9.6% 6.3% 5.4%Hawaiian/Pacific Islander 0.1% 0.1% 0.1%White 72.8% 77.1% 77.3%Other 0.5% 0.5% 0.5%Multi-Race 5.1% 4.4% 4.3% Marital Status:Age 15 + Population 36,827 182,529 541,214Divorced 10.5% 11.0% 9.8%Never Married 52.3% 43.1% 45.6%Now Married 33.8% 41.4% 39.8% Now Married - Separated 2.4% 2.7% 2.4%Widowed 3.4% 4.5% 4.8% Educational Attainment:Total Population Age 25+ 32,770 160,071 472,143Grade K - 8 2.2% 4.7% 6.2%Grade 9 - 12 3.9% 5.3% 5.9%High School Graduate 13.7% 16.2% 16.7%Associates Degree 6.8% 7.2% 7.0%Bachelor's Degree 37.9% 30.1% 29.2%Graduate Degree 12.1% 13.4% 12.8%Some College, No Degree 22.7% 22.1% 20.4%No Schooling Completed 0.6% 1.1% 1.9% Household Income:Income $ 0 - $9,999 5.6% 5.7% 6.7%Income $ 10,000 - $14,999 5.0% 4.8% 6.0%Income $ 15,000 - $24,999 8.3% 8.7% 10.0%Income $ 25,000 - $34,999 9.0% 8.4% 8.6%Income $ 35,000 - $49,999 12.7% 11.8% 12.1%Income $ 50,000 - $74,999 19.6% 17.7% 16.7%Income $ 75,000 - $99,999 14.1% 12.6% 11.6%Income $100,000 - $124,999 8.0% 8.7% 8.3%Income $125,000 - $149,999 5.3% 5.6% 5.1%Income $150,000 + 12.5% 16.1% 15.0% Average Household Income $92,345 $101,791 $97,214Median Household Income $62,075 $64,055 $59,075Per Capita Income $48,420 $45,117 $42,448

© 2018 Alteryx, Inc. All rights reserved. Alteryx is a registered trademark of Alteryx, Inc.

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Development Opportunity | MULTIFAMILY4603 Denny Avenue, Toluca Lake, CA 91602

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ZONING SUMMARY Zimas

Page 21: DEVELOPMENT OPPORTUNITY Multifamily 4603 Denny Avenue ... · Cory Stehr Lee & Associates - LA North/Ventura 818.933.0304 | cstehr@lee-re.com BRE Lic # 01851029 CORP ID #01191898 DEVELOPMENT

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21No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice.

ZONING SUMMARY Summary of Zoning Regulations

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Lee & Associates® - LA North/Ventura • 15250 Ventura Blvd, #100, Sherman Oaks, CA 91403 • 818.986.9800 • Corp ID #01191898

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23No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice.

ABOUT LEE Recent Representative Lee & AssociatesTransactions

Historic Brown Derby Building 4500 Los Feliz Blvd Los Angeles, CA

Retail Center Re-tenanting and Sale

Status: Completed Size: 14,000 SF Multi-tenant Retail Building

4500 Los Feliz Boulevard: Lee & Associates represented the investment group that owned the building, which was the site of the last of the original four Brown Derby restaurants. The restaurant was failing, and the owners planned to redevelop the site for a mixed use project. However, those plans were dashed when the building was declared a historical monument. Lee’s strategy was to find ways to add value to the property in preparation for a sale. The Derby restaurant was replaced with a Chase bank, an existing lease with Louise’s Trattoria was renewed for a 10-year term; an additional 2,100 leasable square feet was carved out, and a transaction with a new buyer was executed.

NoHo Commons Retail Center 5300 Lankershim Blvd North Hollywood, CA

Retail Center Sale

Status: Completed Size: 60,930 SFTenants (Partial List): 24 Hour Fitness, Coffee Bean & Tea Leaf, Panera Bread, Big WangsRepresented Buyer: JH Real Estate Partners

Citizen News Building 1545 Wilcox Ave Hollywood, CA

Multi-Tenant Creative Office Sale

Status: Completed Size: 48,925 SFRepresented Buyer: SE Edinger, LLC Represented Seller: Brentwood Capital Partners

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Development Opportunity | MULTIFAMILY4603 Denny Avenue, Toluca Lake, CA 91602

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Shoppes at Westlake Village Westlake Village, CA

Retail Development Land Sales and Leasing

Status: Completed/Ongoing Size: 21.52 Acres Retail: 235,000 SF Developer: Selleck Development Group

Transactions to Date:

• Represented seller, Bank of America, and buyer, Selleck Development Group in the acquisition of 21.52 acre parcel for development of a 238,000 SF retail center

• Represented Selleck Development Group in the sale of 10.3 acres to Target Corp. for the construction of a 138,500-SF store

• Fully leased the balance of the retail space prior to the grand opening of the center. Tenants include: Tilly’s, Total Woman Gym + Spa, Guitar Center, Jeannine’s Gourmet Food Hall, Figueroa Mountain Brewing Company Tap Room, Hook Burger, Olio e Limone Ristorante

Shoppes at Westlake Village: Two earlier attempts to develop the parcel, a 238,000-square-foot retail proposal and a 376,000-square-foot office proposal, failed, and the parcel was returned to the lender, Bank of America. The bank engaged Lee & Associates to market the property for sale, and Lee’s marketing drew multiple offers. Lee represented the successful bidder, worked with the company to secure new entitlements for a retail center, and is currently the exclusive agent for leasing and sales at the center.

7335 Santa Monica Blvd West Hollywood, CA

Office/Retail Building Sale

Status:Completed Size: 30,048 SFRepresented Buyer: Interior Illusions, Inc. Represented Seller: VIA Lending Co., LLC/KAR Properties, Inc.

359-373 Robertson Blvd Beverly Hills, CA

Multi-tenant Office/Retail Building Sale

Status: Completed Size: 6,876 SFRepresented Buyer: Amadi Carpets, Inc. Represented Seller: Joey Bishop Productions, Inc.

The Primrose Design Building 833 S. Spring St Downtown Los Angeles, CA

Multi-tenant Creative Office Building Sale

Status: Completed Size: 30,048 SF

ABOUT LEE Recent Representative Lee & AssociatesTransactions

Page 25: DEVELOPMENT OPPORTUNITY Multifamily 4603 Denny Avenue ... · Cory Stehr Lee & Associates - LA North/Ventura 818.933.0304 | cstehr@lee-re.com BRE Lic # 01851029 CORP ID #01191898 DEVELOPMENT

Lee & Associates® - LA North/Ventura • 15250 Ventura Blvd, #100, Sherman Oaks, CA 91403 • 818.986.9800 • Corp ID #01191898

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25No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice.

ABOUT LEE Recent Representative Lee & AssociatesTransactions

523-525 Colorado Ave Santa Monica, CA

Single User Creative Office Building Sale

Status: Completed Size: 5,050 SFRepresented Buyer: Brentwood Capital Partners

Citizen News Building 1545 Wilcox Ave Hollywood, CA

Multi-Tenant Creative Office Sale

Status: Completed Size: 48,925 SFRepresented Buyer: SE Edinger, LLC Represented Seller: Brentwood Capital Partners

The Burbank Collection 57 E. Palm Ave Burbank, CA

Retail Anchor and Shop Space Leasing

Status: Completed Size: 40,000 SF Mixed-Use Ground Up Development: Retail Leasing Developer: Champion Real Estate

The Burbank Collection: Lee & Associates represented the developer, Champion Development Group, in the leasing of this redevelopment site in downtown Burbank. Transactions included a 10-year lease to Barney’s Beanery to anchor the center, and leases with Pinkberry, ZPizza, Crepe Maker and Panera Bread, among others.

6219 DeSoto Ave Woodland Hills, CA

Multifamily Development Site Sale

Status: Completed Size: 10.4 Acres Multifamily: Entitled for 707 apartment units Developer: The Dinerstein Companies

6219 DeSoto Ave: Lee & Associates represented the buyer, The Dinerstein Companies, Houston, TX, and the seller, REW DeSoto Partners, in the sale of this property, which was one of the last remaining, fully entitled multifamily development sites in the submarket. The sale was conducted in an off-market transaction.

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ABOUT LEE Our Company

Lee & Associates is among the largest and fastest growing commercial real estate providers in the nation, with top rankings and over 60 offices across the United States. Its foundation expertise comes from a unique, broker-owned business model and a focus on attracting the highest caliber of veteran brokers with extensive local market knowledge and a thick book of private contacts, alliances and global relationships.

With principals who have a vested interest in your success and the effectiveness of your real estate holdings and transactions, clients enjoy a responsive, relationship-focused approach, customer-driven solutions and long-term advisory relationships.

A Legacy of Success

In 1979, Bill Lee had a vision about how a real estate organization should be run. His first focus was not on the organization, but on the clients served by it--how could their best interests be best served? The answer was simple enough. What if, he reasoned, a local division of a national real estate company was managed and run by its owner(s)? From that notion, a dynamic new business model was born.

Lee & Associates turned real estate brokers into company owners or “shareholders” with a vested interest in the company and, in turn, a sense of shared responsibility, cooperation and an orientation toward building long-term client relationships and client-driven business solutions.

Not only has this profit-sharing concept proven enormously successful, but it has fueled the explosive growth of group offices throughout the West and now moving East, all committed to customer service and ethical practices.

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ABOUT LEE Our Company

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ABOUT LEE Our Advantage

Choosing Lee & Associates confers a multitude of distinct benefits:

• Streamlined Personal Service - Each Lee & Associates group

office is owned and operated by the brokers in that office. You deal with

decision-makers. You partner with veteran real estate professionals.

You get on track quickly.

• In-Depth Local Market Knowledge - Your broker and support

team know the market. They live there. They can help fast-track your search, gain local insider’s intelligence, and cut through red tape. They’ll help

you know the neighborhood like it’s your own.

• Lasting Business relationships - Your Lee group’s focus is long-term. They’re building a business, so they want to create relationships, not

just close deals. Because of this philosophy, the company enjoys the lowest broker turnover rate in the industry.

• Stable Business environment - Each Lee & Associates office is privately held, locally owned and locally managed. Each new office starts off

debt-free. This level of stability and commitment has resulted in high levels of trust from our customers and employees.

• Strong National Presence - Lee & Associates has grown to become among the largest commercial real estate sales organizations in the

country. It maintains affiliations with recognized brokers in all major US real estate markets. Its national affiliations include: SIOR, NACOR, IFMA,

CRE, ICSC and IDRC.

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ABOUT LEE Our Company

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Specialty / Expertise

Cory Stehr is a Principal of Lee & Associates-LA North/Ventura with nearly a decade of experience transacting multifamily and retail sales throughout Southern California. His expertise includes analyzing, evaluating and underwriting properties, developing and executing lease-up strategies and negotiating sales and tenant improvements for multifamily buildings, shopping centers, NNN leased investments and office properties as well as providing guidance on entitlement procedures and ground-up development.

Over the course of his career, Mr. Stehr has successfully closed approximately $300 million in commercial real estate sales. He recently represented the buyer and seller in a luxury apartment property transaction that commanded $660,000 per unit, to date the highest per unit price paid for a multifamily property in the San Fernando Valley.

A staunch advocate for his clients, Mr. Stehr approaches each transaction by understanding the needs of the parties involved and developing an equitable solution that meets or exceeds clients’ investment objectives and creates value.

Career History / Professional RecognitionMr. Stehr was ranked as the Top Associate for his production in 2015 and elevated to principal status. Prior to joining Lee & Associates, Mr. Stehr was a Senior Associate with BRC Advisors where he specialized in multifamily and retail investment sales. He began his commercial real estate career with Cusumano Real Estate Group, Burbank, CA, a real estate development and investment company, where he was responsible for property management and leasing, underwriting and overseeing tenant improvements.

Representative Sales (partial list)• Successfully assembled multiple land parcels totaling nine acres valued at $120 million in USC/Exposition Park area of Los Angeles.• Represented buyer and seller in the sale of a 159-unit 3-building portfolio in the Koreatown submarket of Los Angeles for $16,575,000.• Represented buyer and seller in the sale of 2055 Central Avenue, a 180-unit multifamily property in Highland, CA for $17,150,000.• Represented buyer and seller in the sale of 12957 Ramona Avenue, a 198-unit apartment property in Chino, CA for $30.5 million.• Represented buyer in the acquisition of a 60,000-square-foot shopping center in the North Hollywood submarket of Los Angeles for $43 million.• Represented buyer in the sale of 5501 Newcastle Avenue, a 120-unit multifamily property in the Encino submarket of Los Angeles, for $44 million.• Represented buyer and seller in the sale of a 22-unit apartment property in the Studio City submarket of Los Angeles for $14,518,000.• Represented buyer and seller in the sale of a 24-unit multifamily property in the Encino submarket of Los Angeles for $9.9 million.• Represented buyer and seller in the sale of a 100,000-SF grocery-anchored shopping center in Palmdale, CA for $16.5 million.• Represented buyer in the purchase of a 42-unit multifamily property in Burbank, CA for $8 million.

Associations / Education• Attended University of California, Los Angeles (UCLA)• California BRE License

ABOUT LEE Broker Resume

CORY STEhRLee & Associates-LA North/Ventura, Inc.Corporate ID# 01191898; License ID #01851029 A Member of the Lee & Associates Group of Companies15250 Ventura Blvd. Ste. 100 Sherman Oaks, CA 91403d: 818.933.0304 l c: 818.903.2605 l f: 818.933.0404E-mail: [email protected]