property location - loopnet

MARK RUSSELLSENIOR VICE PRESIDENT LIC. 01237945+1 408 453. 7465 [email protected]

GREG PONCETTASENIOR VICE PRESIDENT LIC. 01218360 +1 408 453 7460 [email protected]

JEFF AGUILARVICE PRESIDENTLIC. 01885083 +1 408 453 7448 [email protected]

OFFERING MEMORANDUM

2483 – 2491 W H I T N E Y D R I V EM O U N TA I N V I E W, C A

PARAGON COMMERCIAL BROKERAGE, INC.

DANIEL K. MCGUE EXECUTIVE VICE PRESIDENT+1 415 738-7201CALBRE# 00656579WWW.DANMCGUE.COM [email protected]

PROPERTY L O C AT I O N

01 WHITNEY DRIVE DEVELOPMENT

AFFILIATED BUSINESS DISCLOSURECBRE, Inc. operates within a global family of companies with many subsidiaries and/or related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different Affiliates may represent various clients with competing interests in the same transaction. For example, this Memorandum may be received by our Affiliates, including CBRE Investors, Inc. or Trammell Crow Company. Those, or other, Affiliates may express an interest in the property described in this Memorandum (the “Property”) may submit an offer to purchase the Property and may be the successful bidder for the Property. You hereby acknowledge that possibility and agree that neither CBRE, Inc. nor any involved Affiliate will have any obligation to disclose to you the involvement of any Affiliate in the sale or purchase of the Property. In all instances, however, CBRE, Inc. will act in the best interest of the client(s) it represents in the transaction described in this Memorandum and will not act in concert with or otherwise conduct its business in a way that benefits any Affiliate to the detriment of any other offeror or prospective offeror, but rather will conduct its business in a manner consistent with the law and any fiduciary duties owed to the client(s) it represents in the transaction described in this Memorandum.

CONFIDENTIALITY AGREEMENTThis is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property. This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of the state of affairs of the Property or the owner of the Property (the “Owner” ), to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of the Owner and CBRE, Inc. and/or Paragon Commercial Brokerage, Inc. Therefore, all projections, assumptions and other information provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers. In this Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this Memorandum in any manner.Neither the Owner and CBRE, Inc. and/or Paragon Commercial Brokerage, Inc. nor any of their respective directors, officers, Affiliates or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Memorandum or use of its contents; and you are to rely solely on your investigations and inspections of the Property in evaluating a possible purchase of the real property.The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered and approved by the Owner and any conditions to the Owner’s obligations therein have been satisfied or waived.By receipt of this Memorandum, you agree that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or CBRE, Inc. You also agree that you will not use this Memorandum or any of its contents in any manner detrimental to the interest of the Owner and CBRE, Inc. and/or Paragon Commercial Brokerage, Inc. If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return this Memorandum to CBRE, Inc.

DISCLAIMERThe information contained in this Offering Memorandum has been obtained from sources we deem reliable, however Paragon Commercial Brokerage, Inc., does not guarantee or warrant it. Paragon Commercial Brokerage, Inc. has not verified the information and does not warrant or guarantee its accuracy. And, Paragon Commercial Brokerage, Inc. does not make any representation with respect to the information. You are advised to independently verify its accuracy. Any projections, opinions, assumptions, estimates or scenarios in this Offering Memorandum are for example only and do not represent current or future performance of the property. You should have your property management, tax, financial and legal advisors review the information and advise you on it. You and your advisors should conduct a careful, independent investigation of the information and the property to satisfy yourselves as to the suitability of the property for your purposes..

02WHITNEY DRIVE DEVELOPMENT

TABLE OF

01

02

03

EXECUTIVE SUMMARYT H E O F F E R I N G & I N V E S T M E N T H I G H L I G H T S

T R A N S I T O R I E N T E D D E V E LO P M E N T O P P O RT U N I T Y

PROPERTY DESCRIPTIONS I T E D E TA I L S

E X I S T I N G C O N D I T I O N S

M O U N TA I N V I E W G E N E R A L P L A N

PA R C E L M A P

AREA OVERVIEWS I L I C O N VA L L E Y

M O U N TA I N V I E W

E M P L O Y M E N T

E D U C A T I O N

C O N T E N T S


EXECUTIVE SUMMARY

01


+1.44 Acres

Excellent Transit-Oriented Development Opportunity

Core Silicon Valley Location with Excellent Access to Major Employers

General Plan Designation: Medium-High Density Residential (26-35 DU/Acre)

Superb Residential Market with Strong Demand and Insufficient Housing

Supply Directly adjacent to Google

Outstanding School District

THE OFFERINGCBRE, Inc. is pleased to offer for sale the Whitney Drive Development Opportunity located in Mountain View, California. The +1.44 acre property is comprised of 4 parcels that are currently improved with one and two-story apartment buildings built in 1960. The buildings contain 40 apartment units which are 100% leased.

The property is favorably located close to the San Antonio Caltrain station as approximate walk-time to the station is five minutes. In addition, Google owns and occupies over 500,000 square feet of Office/R&D space directly adjacent to the subject site.

The subject site is zoned R3 Multifamily and has a Medium High-Density Residential general plan designation. Per this designation, development can occur at a density of 26 – 35 dwelling units per acre. A significant aspect to this site is its excellent Core Silicon Valley location. The Silicon Valley is home to 500+ high-tech and 15 Fortune 500 companies including Cisco and many large tech users. Overall, the project represents a rare opportunity to acquire a residential opportunity in a severely supply constrained market.

INVESTMENT HIGHLIGHTS

EXECUTIVE SUMMARY


1 MILE

5 MILES

10 MILES

WHITNEY DR

MAYFIELD AVE

SAN ANTONIO RD

BETLO AVE

DELL AVE

ELKA AVE

CENTRAL EXPY

CALIFORNIA ST

SHOW

ERS DR


NITA AVE

DELL AVE

ELKA AVE

The Whitney Drive property is conveniently located close to the San Antonio Caltrain. Approximate walk-time is five minutes (±0.3 miles) from the subject property. Caltrain serves as the primary mass transit system throughout the San Francisco Peninsula and the Silicon Valley as it serves a total of twenty-two stations spanning from Gilroy to San Francisco. In addition to its twenty-two stations throughout the Bay Area, Caltrain also has numerous intermodal connections. Santa Clara Valley Transportation Authority (VTA), San Mateo County Transit District (SamTrans) and San Francisco Municipal Railway (Muni) are just a few of the local bus/light rail systems that serve Caltrain on a daily basis. The rail line and its close location offer the ability for a residential density bonus.

TRANSIT ORIENTED DEVELOPMENT OPPORTUNITY


PacificOcean

San Francisco Bay

N

10

902

ZONE1

ZONE2

ZONE3

ZONE4

ZONE5

ZONE6

Distance betweenBlossom Hill and

Gilroy not to scale

Gilroy

San Martin

Morgan Hill

Blossom Hill

Capitol

Tamien

San Jose DiridonCollege Park

Santa Clara

Lawrence

Sunnyvale

Mountain View

San Antonio

California Ave.StanfordFootball Only

Palo Alto

Menlo Park

AthertonWeekend Only

Redwood City

San Carlos

Belmont

Hillsdale

Hayward Park

San Mateo

Burlingame

BroadwayWeekend Only

Millbrae Transit Center

San Bruno South San Francisco

Bayshore

22 nd St.

San Francisco

SFO

San Bruno

SJCSan JoseInternationalAirport

San FranciscoInternational Airport

SAP Center

Levi’s ® Stadium

AT&TPark

Avaya Stadium


PROPERTY DESCRIPTION

02


PROPERTY NAME

# OF UNITS

YEAR BUILT

# OF STORIES

TOTAL REVENUE (for 12 mo ending Dec 31, 2019)

MAYFIELD APARTMENTS

40

1960

1 & 2

$923,301

SITE DETAILSProperty Address: 2483-2491 Whitney Drive, Mountain View, CaliforniaAssessor Parcel Number: 147-09-033, -032, -030, -029Size: Approximately 1.44 AcresZoning: R3 – Multiple FamilyGeneral Plan Designation: Medium-High-Density Residential (26-35 DU/AC)

Transportation: +0.3 miles from San Antonio Caltrain station (Approximate Five Minute Walk)

EXISTING CONDITIONS

PROPERTY DESCRIPTION


Medium-High Density Residential is for multi-family housing such as apartments and condominiums, with shared open space provided for common use.

Height Guideline: Up to 3 stories

Density: 26-35 DU/acre, approximately 55–74 residents/acre

Allowed Land Uses: Multi-family residential; parks and open space

MOUNTAIN VIEW GENERAL PLAN


AREA OVERVIEW

03


Silicon Valley encompasses Santa Clara County and southern portions of Alameda and San Mateo Counties. The major cities in the region are San Jose, Milpitas, Santa Clara, Sunnyvale, Cupertino, Mountain View, Palo Alto, Menlo Park, and Fremont. It is broadly recognized as a world center for high technology innovation as well as an important financial and cultural hub. Santa Clara County, which represents the bulk of Silicon Valley, is home to over 500 high-tech companies and is headquarters to 15 Fortune 500 companies. Silicon Valley provides growing industries with access to entrepreneurial management, a highly creative workforce and financing through venture capital firms.

The largest concentration of venture capitalists in the world is located in the Palo Alto-Menlo Park area. These firms have historically played a significant role in encouraging innovation by providing capital and management expertise to emerging companies. The success stories include high tech leaders such as Apple, Oracle, Cisco, and Applied Materials.

The Silicon Valley has direct access to the nationally renowned research institutions at Stanford University, University of California at Berkeley and the University of California at San Francisco. These academic institutions have been catalysts for growth in numerous industries including high technology, environmental engineering and biotechnology. The Bay Area has the highest percentage of college educated adults in the nation and its academic institutions will continue to play a major role in its position as one of the world’s high-tech and biotechnology capitals.

The quality of life characteristics found in the Valley are difficult to find anywhere in the world. A diverse cultural environment welcomes residents from all over the world and provides a rich cross section of cultures. A temperate climate and proximity to downtown San Francisco, the Pacific Ocean, Carmel-by-the-Sea, the Napa/Sonoma Wine Country and Sierra Mountains provide abundant entertainment and recreational opportunities.

SILICON VALLEY

AREA OVERVIEW

Nestled between the Santa Cruz Mountains and San Francisco Bay, Mountain View is a diverse community, ideally located in the heart of the Silicon Valley (10 miles north of San Jose and 35 miles south of San Francisco). At just over 12 square miles, the City is home to approximately 75,000 residents, many nationally and internationally known corporations, and a thriving small business base.

Mountain View prides itself on providing excellent public services and facilities that meet the needs of a caring and diverse community in a financially responsible manner. While leading the region in innovation and ideas, the City remains committed to the traditional values of strong neighborhoods and citizen involvement. Mountain View boasts strong safety and public education records and is considered one of the best places to live in the Bay Area.

Source: City of Mountain View

MOUNTAIN VIEW, CA


CONFIDENTIAL GLOBAL TECH FIRMCONFIDENTIAL GLOBAL TECH FIRMCISCO SYSTEMS, INC.TESLAORACLE CORPFACEBOOK, INC. LOCKHEED MARTIN CORPORATIONINTEL CORPORATIONNVIDIA CORPORATIONLINKEDIN CORPORATIONNETAPP, INC.HP INC.VMWARE, INC.APPLIED MATERIALS, INC.MARVELL SEMICONDUCTORYAHOO! INC.JUNIPER NETWORKS, INC.ADOBE SYSTEMS INCORPORATEDSUPER MICRO COMPUTER, INC.LAM RESEARCH CORPORATIONKLA-TENCOR CORPORATIONNETFLIX, INC.SANMINA CORPORATIONINTUIT INC.SYMANTEC CORPORATION

10,602,9819,653,3536,740,294

3,123,7551,909,6101,804,6221,665,2761,542,8191,540,1901,356,1131,272,7271,217,1011,209,9521,157,5111,033,477

978,568965,985965,672957,447879,598856,560800,070786,842786,683

734,694717,072633,592622,817605,846588,133569,939521,608501,324473,303449,575443,082408,616303,898263,029231,719222,040213,804202,520159,632140,161128,76595,62653,66650,485

SEAGATE TECHNOLOGY LLCCADENCE DESIGN SYSTEMS, INC.HITACHI DATA SYSTEMSAGILENT TECHNOLOGIES, INC.EBAY INC.SANDISKBROCADE COMMUNICATIONS SYSTEMS, INC.ALTERA CORPORATIONXILINX, INC.SYNNEX CORPORATIONMAXIM INTEGRATED PRODUCTS, INC.LINEAR TECHNOLOGY CORPORATIONVARIAN MEDICAL SYSTEMS, INC.ADVANCED MICRO DEVICES, INC.FORTINET, INC.SYNAPTICS INCORPORATEDTRIMBLE NAVIGATION LIMITEDCYPRESS SEMICONDUCTOR CORPORATIONAVAYA HOLDINGS CORP.FINISAR CORPORATIONOMNIVISION TECHNOLOGIES, INC.SUNPOWER CORPORATIONFAIRCHILD SEMICONDUCTOR INTERNATIONAL, INC.VIAVI SOLUTIONS INC.VERIFONE SYSTEMS, INC.

SF OCCUPIEDCOMPANY

Silicon Valleyy

© 2016 CBRE, Inc. This information has been obtained from sources believed reliable. We have not veri�ed it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property.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. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its a�liated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners. All Rights Reserved. Sources: CBRE Mapping Services (877) 580-4674; Nielsen, StreetPro, USGS. MapFiles\Work2016\3rdQtr\327492 7/26/2016

Top CompaniesTop Companies

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CONFIDENTIAL GLOBAL TECH FIRMCONFIDENTIAL GLOBAL TECH FIRMCISCO SYSTEMS, INC.TESLAORACLE CORP

LOCKHEED MARTIN CORPORATION

NVIDIA CORPORATIONLINKEDIN CORPORATIONNETAPP, INC.

VMWARE, INC.APPLIED MATERIALS, INC.MARVELL SEMICONDUCTORYAHOO! INC.JUNIPER NETWORKS, INC.ADOBE SYSTEMS INCORPORATEDSUPER MICRO COMPUTER, INC.LAM RESEARCH CORPORATIONKLA-TENCOR CORPORATIONNETFLIX, INC.SANMINA CORPORATIONINTUIT INC.SYMANTEC CORPORATION

87786,683 50,485VERIFONE SYSTEMS, INC.

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87786,683 50,485VERIFONE SYSTEMS, INC.

800,070786,842786 683

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FAIRCHILD SEMICONDUCTOR INTERNATIONAL, INC.VIAVI SOLUTIONS INC.VERIFONE SYSTEMS INC

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CALIFORNIA

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033,477978,568965,985965,672957,447879,598856,560800 070

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SEAGATE TECHNOLOGY LLCCADENCE DESIGN SYSTEMS, INC.HITACHI DATA SYSTEMSAGILENT TECHNOLOGIES, INC.EBAY INC.SANDISKBROCADE COMMUNICATIONS SYSTEMS, INC.ALTERA CORPORATIONXILINX, INC.SYNNEX CORPORATIONMAXIM INTEGRATED PRODUCTS, INC.LINEAR TECHNOLOGY CORPORATIONVARIAN MEDICAL SYSTEMS, INC.ADVANCED MICRO DEVICES, INC.FORTINET, INC.SYNAPTICS INCORPORATEDTRIMBLE NAVIGATION LIMITEDCYPRESS SEMICONDUCTOR CORPORATIONAVAYA HOLDINGS CORP.FINISAR CORPORATIONOMNIVISION TECHNOLOGIES, INC.SUNPOWER CORPORATIONFAIRCHILD SEMICONDUCTOR INTERNATIONAL INC

SF OCC UPIEDCO MPAN Y

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HILVIEHILVIE

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CALIFORNIA

84

101

101

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880INTERSTATE

680INTERSTATE

680INTERSTATE

280INTERSTATE

CALIFORNIA

85

CALIFORNIA

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CALIFORNIA

237

CALIFORNIA

85

CALIFORNIA

17

CALIFORNIA

87

880

280INTERSTATE

LINKEDIN

CONFIDENTIAL GLOBAL TECH FIRM



COMPANYMAJOR SOCIAL MEDIA FIRM 1,750,000

SF OCCUPIED


EMPLOYMENT

© 2017 CBRE Limited. Data © TeleAtlas, Google, AerialExpress, DigitalGlobe, Landiscor, USGS, i-cubed. The information contained herein (the “Information”) is intended for informational purposes only and should not be relied upon by recipients hereof. Although the Information is believed to be correct, its accuracy, correctness or completeness cannot be guaranteed and has not been verified byeither CBRE Limited or any of its affiliates (CBRE Limited and its affiliates are collectively referred to herein as “CBRE”). CBRE neither guarantees, warrants nor assumes any responsibility or liability of any kind with respect to the accuracy, correctness, completeness, or suitability of, or decisions based upon or in connection with, the Information. The recipient of the Information should take suchsteps as the recipient may deem appropriate with respect to using the Information. The Information may change and any property described herein may be withdrawn from the market at any time without notice or obligation of any kind on the part of CBRE. The Information is protected by copyright and shall be fully enforced.

School Map

Layout ID:L01 MapId:4596942


The City of Mountain View is an affluent community and home to some of the best schools in the nation. Each of the schools that fall within the subject site’s district have posted API scores above 800. In addition, the San Francisco Bay Area is home to over 80 public and private colleges and universities; among them are over 30 community colleges, four California State University campuses, the University of California at Berkeley, University of California San Francisco, and Stanford University in Palo Alto. The University of California at Berkeley, University of California San Francisco, and Stanford University, attract well-educated people to the area and provide the nucleus of activity in bio-medical technology, genetic engineering, and software production.

EDUCATION

MONTA LOMA ELEMENTARY SCHOOL CRITTENDEN

MIDDLE SCHOOL

LOS ALTOS HIGH SCHOOL

EXCLUSIVE MARKETING ADVISORS

GREG PONCETTASENIOR VICE PRESIDENT LIC. 01218360 +1 408 453 [email protected]

MARK RUSSELLSENIOR VICE PRESIDENT LIC. 01237945+1 408 [email protected]

JEFF AGUILARVICE PRESIDENTLIC. 01885083 +1 408 453 [email protected]

OFFERING MEMORANDUM

2483 – 2491 W H I T N E Y D R I V EM O U N TA I N V I E W, C A

CBRE | 225 WEST SANTA CLARA STREET | 12TH FLOOR | SAN JOSE, CA 95113 | WWW.CBRE.COM/SANJOSE© 2020 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, 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. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited. PM_Studio_April 2018

PARAGON COMMERCIAL BROKERAGE, INC.

DANIEL K. MCGUE EXECUTIVE VICE PRESIDENT+1 415 738-7201CALBRE# 00656579WWW.DANMCGUE.COM [email protected]

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