offering memorandum 24460 calabasas road …...profile sites in all of calabasas . its prominent...

OFFERING MEMORANDUM 24460 Calabasas RoadCalabasas, CA 91302

Lee & Associates®- LA North/Ventura, Inc. • Corp ID #01191898 A Member of the Lee & Associates® Group of Companies26050 Mureau Road, Suite 101, Calabasas, CA 91302 818.223.4388 P • 818.591.1450 F • www.lee-associates.com

Outstanding Hotel/Automotive DevelopmentInvestment Opportunity

HIGHWAY 101HIGHWAY 101

Lee & Associates® - LA North/Ventura, Inc. 2

24460 Calabasas Road, Calabasas, CA

No 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.

Table of Contents

SECTION I - EXECUTIVE OVERVIEW

Executive Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4

Property Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5

Proposed Hotel Site Plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6

Proposed Auto Dealership Site Plan . . . . . . . . . . . . . . . . . . . . . . .9

SECTION II - PROPERTY DESCRIPTION

Property Description . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11

Parcel Map . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12

Aerial View . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13

SECTION IV - AREA DESCRIPTION

Area Description . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15

Amenities Aerial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16

Locator Map . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17

SECTION V - WEST CALABASAS ROAD MASTER PLAN

Zoning . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20

Development Analysis-Opportunity Sites . . . . . . . . . . . . . . . . . . .21

Design Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22

Existing Conditions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .23

JOHN BATTLE, [email protected] License # 00700493

MICHAEL [email protected] License # 01013724

GRANT FULKERSON, [email protected] License # 01483890

Lee & Associates® - LA North/Ventura, Inc.

SECTION I

EXECUTIVE OVERVIEW




Executive Summary

THE PROPERTY: 24460 Calabasas Road Calabasas, CA 91302

PRICE: $8,500,000

TOTAL LAND AREA: 10 .75 Acres

ZONING: CL (City of Calabasas) West Calabasas Road Master Plan

POTENTIAL USES: Auto Dealership & Hotel See West Calabasas Road Master Plan

ADJACENT DEALERSHIPS:




Property Overview

The subject property on Calabasas Road is one of the most high profile sites in all of Calabasas . Its prominent location on the South side of the 101 Freeway allows over 200,000 cars a day to view the property . It has been a fixture at this location for over 40 years . The gently up-sloping ten (10) acre property is located within the city limits of Calabasas, a city that was incorporated in 1991 . Over the past fifteen years this area along Calabasas Road has developed into an auto mall type development . The prominent auto dealers that have located here include:

Although not technically in the city limits of Calabasas, they do have a Calabasas address . The Auto Gallery (Ferrari, Aston-Martin etc .) and Lamborghini of Calabasas have also decided to locate in this area due to proximity to such high end neighborhoods as Calabasas, Hidden Hills, Mountain View Estates and Mont Calabasas .

Sperling Nursery is probably the most successful retail nursery business in the west end of the San Fernando Valley and the Conejo Valley . The outdoor facility has on display virtually thousands of varieties of plants, trees, shrubs and other related landscaping materials . Its

knowledgeable work force has the ability to advise its customers on the types of plants that have the best chance to thrive in whatever environmental conditions exist where they are to be planted . One of the questions that remains unanswered at this point is if the value of the property and the business together is greater than the value of the property as a development site for an alternative use .

The potential development of the site will be regulated by the Planning Department of the City of Calabasas . The underlying zoning is listed as CL which is short for Commercial Limited . The property is located in the West Calabasas Road Master Plan Area . On the following pages are excerpts from the Master Plan highlighting the allowed uses, a parcel by parcel comment and size of each parcel .




Proposed Hotel Site Plan





Images provided byAHT Architects, Santa Monica CA





Images provided by AHT Architects, Santa Monica CA




Proposed Auto Dealership Site Plan

Images provided by AHT Architects, Santa Monica CA


SECTION II

PROPERTY DESCRIPTION




Property Description

The subject property is one of the most visible properties in Calabasas . Over 200,000 cars per day drive past the site while traveling North and South on the Ventura Freeway . The site was first opened as a nursery on a one acre parcel in 1971 long before any significant development in the area and twenty (20) years prior to the creation of the City of Calabasas .

The area along Calabasas Road did not see any significant development until after the City was incorporated . The founding fathers of the new city realized that raising significant revenue was paramount in order for

the city to be able to be self-sustaining . The idea of car dealerships along Calabasas Road was presented to the city and became an instant success . First with the Mercedes-Benz dealership that was founded by Jim Bess and then the relocation of Bob Smith BMW from Canoga Park to a ten (10) acre site adjacent to The subject property solidified this decision . The Acura and Volvo dealership soon followed in the late 90’s .

The amazing visibility of the site along with the fact that, although it is an upslope property, it is considerably less so than all the other sites on Calabasas Road that can be considered for future development .




Parcel Map




Aerial View


SECTION IV

AREA DESCRIPTION




The subject property is located within the upscale community of Calabasas, California . The affluent population is approximately 23,000 people with a median income of $116,000 .

The City has a small town charm with safe neighborhoods and an easy going lifestyle . The 13 square mile City of Calabasas is located at the Northwestern edge of the San Fernando Valley and is bordered by Woodland Hills to the northeast, Topanga to the southeast, Malibu to the south and Agoura Hills to west and Hidden Hills to the north . Located along the 101 freeway in northern Los Angeles County makes Calabasas well positioned for commuting to jobs in either Los Angeles or Ventura County, but only 10 miles from the beach of Malibu and Pepperdine University . The terrain is mostly gently rolling hills but more mountainous in the sparsely populated area between the City and the Pacific Ocean . Summer temperatures are warm, but winters are mild .

This site is one of the very few larger developable properties in the area . The adjacent property to the west is a BMW dealership, and next to that property is an Acura dealership . To the east a Mini dealership will be opening in January in the former Volvo dealership . Further down Calabasas Road is a Mercedes Benz dealership, and just across the freeway at Parkway Calabasas is a pre-owned exotic car dealership .

Additionally, a new hotel is planned to be built just east of the Mini dealership .

The major retail area in the City is along Calabasas Road, starting about ½ mile below the subject property and includes the historical Old Town area . The Commons at Calabasas is a premier retail center developed by Rick Caruso, who also created The Grove in Los Angeles . The center includes retailers such as Barnes & Noble, Williams-Sonoma, Ralphs, Rite Aid, and an Edwards stadium theater featuring 3D and IMAX films . Dining and food choices include King’s Fish House, Maralade Café, Corner Bakery, Johnny Rockets, Toscanova, Sugarfish, Pick-Up Stix, Fresh Brothers, Menchie’s, and Starbucks .

The highly rated public schools make this city an ideal place for a family . Recreational amenities include the Calabasas Tennis & Swim Center, hiking in the surrounding hills of the Malibu Creek State Park and Santa Monica Mountains . Home prices are among the highest in Los Angeles Country with a median sales price over $1,000,000, and range from the $300,000 range to over $10,000,000 . Celebrities that call Calabasas home include Justin Bieber, Tommy Lee, The Kardashian, Cameron Diaz, Lady Gaga, Lisa Marie Presley, Will Smith, Jennifer Lopez, and Britney Spears .

Area Description




Amenities Aerial




Locator Map


SECTION V

WEST CALABASAS ROAD MASTER PLAN




West Calabasas Road Master Plan

The City of Calabasas adopted the West Calabasas Road Master Plan in 2008 . It governs all development along the Calabasas Road corridor from Parkway Calabasas on the East to the end of Calabasas Road on the West . The plan covers all aspects of development such as setbacks, lot coverage, maximum building size and signage among others . The entire plan is available to download on the City of Calabasas website . The address is www .cityofcalabasas .com under the Planning Division section . The following pages from the plan delineate the approved uses in the CL zone of the West Calabasas Road Master Plan .

offering memorandum 24460 calabasas road …...profile sites in all of calabasas . its prominent...

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