silicon beach creative office for sale · 2018. 11. 6. · the strand offices at playa del rey is a...

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THE STRAND O FF ICES AT PLA YA DEL REY THE STRAND OFFICES | 311 – 315 Culver Blvd., Playa del Rey, CA 90293, United States SILICON BEACH CREATIVE OFFICE FOR SALE OFFERING MEMORANDUM

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Page 1: SILICON BEACH CREATIVE OFFICE FOR SALE · 2018. 11. 6. · The Strand Offices at Playa del Rey is a newly constructed, boutique office compound, extremely well located near the 105/90/405

THE STRANDOFFICES

AT PLAYA DEL REY

AT PLA YA DEL REY

THE STRANDOFFICES

AT PLAYA DEL REY

Orange: Warm Red UGrey: 425 U

THE STRAND OFFICES | 311 – 315 Culver Blvd., Playa del Rey, CA 90293, United States

SILICON BEACH CREATIVE OFFICE

FOR SALEOFFERING MEMORANDUM

Page 2: SILICON BEACH CREATIVE OFFICE FOR SALE · 2018. 11. 6. · The Strand Offices at Playa del Rey is a newly constructed, boutique office compound, extremely well located near the 105/90/405

The Strand Offices at Playa del Rey is a newly constructed, boutique office compound, extremely well located near the 105/90/405 freeways, and mere minutes from LAX and Manhattan Beach. This gated development offers a rare opportunity for modern design and construction, sustainability, access and a coastal business lifestyle.

The walkable community of Playa del Rey offers an array of restaurants, gastropubs, bars, grocery, fitness and service retail, in addition to easy access to the bike path along the beach.

This creative office compound presents an exceptional investment or owner-user opportunity. The property features ample on-site parking behind mahogany remote-controlled gates, high ceilings, openable windows, Fleetwood-style sliding doors to decks on each floor, and sustainable features throughout.

Asking price: $12,950,000

OFFERING SUMMARYNewly Constructed, Class A Creative Office Compound 3 Blocks from Beach in Playa del Rey

Page 3: SILICON BEACH CREATIVE OFFICE FOR SALE · 2018. 11. 6. · The Strand Offices at Playa del Rey is a newly constructed, boutique office compound, extremely well located near the 105/90/405

PHOTO GALLERY

Page 4: SILICON BEACH CREATIVE OFFICE FOR SALE · 2018. 11. 6. · The Strand Offices at Playa del Rey is a newly constructed, boutique office compound, extremely well located near the 105/90/405
Page 5: SILICON BEACH CREATIVE OFFICE FOR SALE · 2018. 11. 6. · The Strand Offices at Playa del Rey is a newly constructed, boutique office compound, extremely well located near the 105/90/405
Page 6: SILICON BEACH CREATIVE OFFICE FOR SALE · 2018. 11. 6. · The Strand Offices at Playa del Rey is a newly constructed, boutique office compound, extremely well located near the 105/90/405
Page 7: SILICON BEACH CREATIVE OFFICE FOR SALE · 2018. 11. 6. · The Strand Offices at Playa del Rey is a newly constructed, boutique office compound, extremely well located near the 105/90/405
Page 8: SILICON BEACH CREATIVE OFFICE FOR SALE · 2018. 11. 6. · The Strand Offices at Playa del Rey is a newly constructed, boutique office compound, extremely well located near the 105/90/405
Page 9: SILICON BEACH CREATIVE OFFICE FOR SALE · 2018. 11. 6. · The Strand Offices at Playa del Rey is a newly constructed, boutique office compound, extremely well located near the 105/90/405
Page 10: SILICON BEACH CREATIVE OFFICE FOR SALE · 2018. 11. 6. · The Strand Offices at Playa del Rey is a newly constructed, boutique office compound, extremely well located near the 105/90/405
Page 11: SILICON BEACH CREATIVE OFFICE FOR SALE · 2018. 11. 6. · The Strand Offices at Playa del Rey is a newly constructed, boutique office compound, extremely well located near the 105/90/405

INVESTMENT HIGHLIGHTS$12,950,000 – 4% Cap Rate – New Construction – Class A

• 10,000 Square Feet on .23 acres

• Exceptional location close to freeways, beach, high-end neighborhoods, LAX

• Expansive Views of Ballona Wetlands and Marina del Rey

• Private, secured building access and on-site parking (30 tandem spaces) accessed through responsibly-forested Mahogany remote-controlled gates

• 4 EV Charging Stations + Lockable Bike Parking

• Dual Glazed Operable Windows with Solar Glazing Throughout

• 10’8” and 11’6” Ceiling Heights on Second and Third Floors, respectively

• Outdoor Decks and Fleetwood-style Doors

• 2 Elevators (1 per building)

• LED Lighting Installed Throughout, Including Parking Area

• Formaldehyde and Dye-Free Insulation Used Throughout; LEED-Certified Steel Foundation PIles

• Fiber-Optics and COAX Installed to Property

• 600 AMP, 3 Phase Electrical System

• Base System and Roof Supports in Place for 50-Panel Solar System on Each Building

• Buildings Pre-Wired with Cat6 Cabling and Associated Network Parts

• 2 ADA-Compliant Restrooms on Each Floor (both buildings) + Kitchenettes with Fisher-Paykel SS Drawer Dishwashers and SS Refrigerators (311)

• 9-Camera Security System in place with DVR; pre-wired for 16 camera security system for each building.

Vist

a D

el M

ar

Vista Del Mar

Del Rey Lagoon

Pershing DrLAXPershing Dr

Culver Blvd

Culver B

lvd

90 FWY

Man

hatta

n B

each

The Tripel

G’s Juice

Szechwan PalaceInn at Playa Del Rey

Good Morning Vietnam

Clean

SanduneMarket

MS Vintage

Señor G’s

Gordon’s Market

Prince O’Whales

CafféPinguini

Bacari PDRThe Shack

Playa ProvisionsBeach

Tanner’s Coffee Co.

Mo’s Plac

e

Cantali

ni’s

Café M

ilanUS Post O

ffice

Boards, Art, Apparel

Page 12: SILICON BEACH CREATIVE OFFICE FOR SALE · 2018. 11. 6. · The Strand Offices at Playa del Rey is a newly constructed, boutique office compound, extremely well located near the 105/90/405

Nearby Tenants

AREA OVERVIEW

Page 13: SILICON BEACH CREATIVE OFFICE FOR SALE · 2018. 11. 6. · The Strand Offices at Playa del Rey is a newly constructed, boutique office compound, extremely well located near the 105/90/405

PROPERTY DATA

Product Type: Office

Construction: Steel/Wood/Concrete

Building Area: 10,000 SF*

Price: $12,950,000

Stories: 3

Price PSF: $1,350

Zoning: C4

Leased: 100% Currently

Lease Type: NNN

Lease Term: Call for Info / Rent Roll

Current Annual Net Income: $540,000

APN: 4116-009-055 / 4116-009-056

Ownership: Fee Simple

Parking: 30 Surface

Land Area: Approx. 100’x100’; 10,000 SF; .23 AC

*Buyer to verify

Page 14: SILICON BEACH CREATIVE OFFICE FOR SALE · 2018. 11. 6. · The Strand Offices at Playa del Rey is a newly constructed, boutique office compound, extremely well located near the 105/90/405

THE STRANDOFFICES

AT PLAYA DEL REY

AT PLA YA DEL REY

THE STRANDOFFICES

AT PLAYA DEL REY

Orange: Warm Red UGrey: 425 U

Drone photo by Masek Imaging

Page 15: SILICON BEACH CREATIVE OFFICE FOR SALE · 2018. 11. 6. · The Strand Offices at Playa del Rey is a newly constructed, boutique office compound, extremely well located near the 105/90/405

Property Address: 12901 W. Jefferson Blvd.

Submarket: Playa Vista

Sale Price: $45,000,450

$/SF: $1,378

SF: 32,638

Built: 1969

Sale Date: 1/19/2017

MARKET COMPARABLESSold Commercial Properties

Property Address: 910 Abbot Kinney Blvd.

Submarket: Venice

Sale Price: $25,000,000

$/SF: $2,647

SF: 9,442

Built: 1948/Renovated 2010, 2015

Sale Date: August, 2018

Page 16: SILICON BEACH CREATIVE OFFICE FOR SALE · 2018. 11. 6. · The Strand Offices at Playa del Rey is a newly constructed, boutique office compound, extremely well located near the 105/90/405

Property Address: 123 Washington Blvd.

Submarket: Marina del Rey

Sale Price: $8,400,084

$/SF: $2,189

SF: 3,836

Built: 1928

Sale Date: 8/5/2016

Property Address: 535 Victoria Ave.

Submarket: Venice

Sale Price: $8,600,000

$/SF: $2,559

SF: 3,360

Built: 1954

Sale Date: 1/4/17

MARKET COMPARABLESSold Commercial Properties

Page 17: SILICON BEACH CREATIVE OFFICE FOR SALE · 2018. 11. 6. · The Strand Offices at Playa del Rey is a newly constructed, boutique office compound, extremely well located near the 105/90/405

Property Address: 901 Abbot Kinney Blvd.

Submarket: Venice

Sale Price: $23,000,000

$/SF: $1,611

SF: 14,275

Built: 1912

Sale Date: 1/1/15

Property Address: 2124 Zeno Place

Submarket: Venice

Sale Price: $8,600,000

$/SF: $2,243

SF: 3,835

Built: 1954

Sale Date: 1/4/17

MARKET COMPARABLESSold Commercial Properties

Page 18: SILICON BEACH CREATIVE OFFICE FOR SALE · 2018. 11. 6. · The Strand Offices at Playa del Rey is a newly constructed, boutique office compound, extremely well located near the 105/90/405

MARKET COMPARABLESSold Commercial Properties

Property Address: 4363 Lincoln Blvd.

Submarket: Marina Del Rey

Sale Price: $8,318,344

$/SF: $1,664

SF: 5,000

Built: 1951

Sale Date: 11/7/17

Page 19: SILICON BEACH CREATIVE OFFICE FOR SALE · 2018. 11. 6. · The Strand Offices at Playa del Rey is a newly constructed, boutique office compound, extremely well located near the 105/90/405

CONTACT

THE STRANDOFFICES

AT PLAYA DEL REY

AT PLA YA DEL REY

THE STRANDOFFICES

AT PLAYA DEL REY

Orange: Warm Red UGrey: 425 U

311-315 Culver Blvd., Playa del Rey, CA 90293 www.TheStrandOffices.com

CONTACT INFO:Kim Macy / Cove Spring Partners LP Phone: Phone: 310-577-5871 x 222Email: [email protected]

Interior and exterior photos by Hunter Kerhart

Disclaimer: This document has been prepared by Cove Spring Partners LP for marketing and general information purposes only. Any interested party must undertake their own due diligence as to the accuracy and completeness of all information. Cove Spring Partners LP disclaims any liability arising from or relating to inaccurate or incomplete information.