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EVO south
1155 S. Grand ave | Los Angeles, CA 90015
For sale:
Four Ground Floor Retail
Condominiums in the heart
of thriving Downtown Los
Angeles
sales
Ed Matevosian
Lic. 01358783
+1 818 502 6744
[email protected]
leasing
Natalie Aghaei
Lic. 01939416
+1 310 948 2948
[email protected]
erik westedt
Lic. 01372758
+1 213 545 4500
[email protected]
ANDY CORNO
Lic. 01950891
+1 310 363 4874
[email protected]
SARAH RABIE
Lic. 1956736
+1 213 613 3082
[email protected]
EVO | 1155 s grand ave, Los Angeles, CA 90015
EXECUTIVE SUMMARY
THE OFFERING:
$1,500,000 per retail condominium or $5,000,000 for all
four retail condominiums
1155 S. GRAND AVENUE
DOWNTOWN LOS ANGELES
APN
GROSS BUILDING AREA (SF)
YEAR BUILT
ZONING
5139-028-002
1,050
2008
LAR5
5139-028-003
1,100
2008
LAR5
5139-028-004
1,310
2008
LAR5
5139-028-005
1,110
2008
LAR5
TOTAL
4,570
EVO
±6,751
±100
TOTAL RETAIL
parking spaces
311
24
residential
condominium units
stories
CBRE, Inc. | 2
EVO | 1155 s grand ave, Los Angeles, CA 90015
MARKET Overview | DEMOGRAPHICS
RESIDENTS
500,000+ Employees
downtown los angeles
downtown los angeles
$540,000
$98,700
Income
54%
$98,020
Income
Housing Values
At Top, Senior or Professional
Staff Levels
80%
42%
34
76%
51%
39
College Educated
Own Pets
Median Age
College Educated
Own Pets
Median Age
$103.00
Median Grocery Spend/
Week
$107.00
Median Grocery Spend/
Week
$16.42
Per-Person Median Spend
On Lunch in Downtown
$14.54
Per-Person Median Spend
On Lunch in Downtown
$30.06
Per-Person Median Spend
On Dinner in Downtown
$31.35
Per-Person Median Spend
On Dinner in Downtown
Source: Downtown Center Business Improvement District
CBRE, Inc. | 3
EVO | 1155 s grand ave, Los Angeles, CA 90015
all of downtown los angeles
at your footsteps
CBRE, Inc. | 4
EVO | 1155 s grand ave, Los Angeles, CA 90015
MARKET Overview | DTLA OVERVIEW
Downtown Los Angeles
Downtown Los Angeles has become one of the most dynamic urban
centers in the West and the regional hub of Southern California. It
contains the largest concentration of office space and cultural amenities,
is the center of an extensive transportation network, and is the focal
point for investment capital by public and private sources.
Los Angeles is the largest downtown employment center in the western
United States, but the housing market remains grossly underserved.
Because Downtown has approximately 500,000 jobs but only ±19,715
market rate residential units, it faces a considerable housing shortage.
Downtown’s population is expected to grow from 179,114 to 191,292
people by 2019.
The City’s renaissance, which began in the mid-1990s, has accelerated in
recent years. According to the Downtown Center Business Improvement
District (DCBID), total investment in Downtown Los Angeles from 1999
to 2013 was $17.3 billion. The residential and retail sectors have seen
significant growth, while the hotel market continues to expand to meet
the demand from over 10 million visitors annually.
Downtown Los Angeles is the hottest area of the City to live, work,
play and stay. In addition to being the financial and government core
of the region, Downtown Los Angeles is home to sports, concerts, fine
dining, arts, retail and more. Combined with the proposed Convention
Center expansion, the increased demand for more hotel rooms is
imminent. According to DCBID, the City of Los Angeles is encouraging
the construction of 4,000 new hotel rooms.
Downtown Los Angeles is comprised of various Districts, each one with
its own characteristics. With all the current and future growth of booming
Downtown Los Angeles, this market strengthens its personality-driven
districts. The EVO is located in the South Park District.
CBRE, Inc. | 5
EVO | 1155 s grand ave, Los Angeles, CA 90015
MARKET Overview | REGIONAL MAP
The EVO
CBRE, Inc. | 6
EVO | 1155 s grand ave, Los Angeles, CA 90015
MARKET Overview | DTLA District Map
TEMPLE BEAUDRY
CHINATOWN
WESTLAKE
MISSION JUNCTION
CROWN
HILL
CIVIC CENTER
UNION STATION
DISTRICT
CITY
WEST
BUNKER HILL
FINANCIAL DISTRICT
LITTLE
TOKYO
TOY
DISTRICT
LA LIVE
PICO UNION
ENTERTAINMENT
DISTRICT
HISTORIC
CORE
The EVO
CENTRAL CITY EAST
SEAFOOD
DISTRICT
SOUTH PARK
ARTS DISTRICT
FASHION DISTRICT
WAREHOUSE
DISTRICT
NORTH UNIVERSITY PARK
PRODUCE
DISTRICT
CENTRAL INDUSTRAL DISTRICT
WASHINGTON BLVD
CORRIDOR
CBRE, Inc. | 7
EVO | 1155 s grand ave, Los Angeles, CA 90015
MARKET Overview | DTLA DEVELOPMENTS
The EVO
CBRE, Inc. | 8
EVO | 1155 s grand ave, Los Angeles, CA 90015
MARKET Overview | south park developments
The EVO
CBRE, Inc. | 9
EVO | 1155 s grand ave, Los Angeles, CA 90015
MARKET Overview | Mack Urban developments
Source: CurbedLA
Mack Urban’s SOUTH PARK developments around the corner
The Mack Urban and AECOM project consists of six total parcels. The architect, AC Martin, is very well-known and established in Downtown Los
Angeles. The $750 million development consists of:
Grand two-Building project
Pico two-building project
1150 South Grand Avenue
1230 south olive street & 1231 South Hill street
Number of Units:
Stories:
Retail: Number of Units:
362 Total Condominiums
Stories: 7-Stories/Building
Retail: ±6,400 Square Feet
666 Total Condominiums
37-Story; 12-Story
±21,000 Square Feet
CBRE, Inc. | 10
EVO | 1155 s grand ave, Los Angeles, CA 90015
MARKET Overview | south park amenities
The EVO
CBRE, Inc. | 11
EVO | 1155 s grand ave, Los Angeles, CA 90015
MARKET Overview | The Bloc
Less than a mile from the EVO, THE BLOC occupies an entire city block in the heart of reviving Downtown
Los Angeles. The Ratkovich Company, the property’s new owner and developer, is transforming the almost
two million square foot property into an international destination, catalyzing the Downtown Los Angeles
renaissance. THE BLOC, a place to work, stay, shop, eat and play includes a 478 room Sheraton hotel, a fully
updated 250,000 square foot Macy’s Department Store, over 150,000 square feet of chic retail shops and
restaurants, and a completely renovated 33-story, 700,000 square foot office tower with a rooftop garden
lounge. By mid-2015, THE BLOC’s retail portion will be 80% leased. Roughly 20,000 SF retail space is being
reserved for a high-end fashion tenant.
CBRE, Inc. | 12
EVO | 1155 s grand ave, Los Angeles, CA 90015
MARKET Overview | DEMOGRAPHICS
0.5 MILE RADIUS
1 MiLE RADIUS
2 MILE RADIUS
2015 Estimated Population
9,096
49,081
255,482
2020 Projected Population
10,198
53,467
268,892
2010 Census Population
7,750
43,974
241,769
2000 Census Population
4,546
33,833
229,367
Growth 2010-2015
17.36%
11.62%
5.67%
Growth 2015-2020
12.12%
8.94%
5.25%
2015 Estimated Median Age
34.50
35.32
32.57
2015 Estimated Average Age
37.90
37.77
35.24
2015 Estimated Households
4,783
23,728
89,609
2020 Projected Households
5,351
26,263
95,796
2010 Census Households
4,077
20,706
82,902
2000 Census Households
1,940
12,961
70,244
Growth 2010-2015
17.33%
14.60%
8.09%
Growth 2015-2020
11.86%
10.68%
6.91%
1.76
1.98
2.64
$68,058
$47,104
$40,133
2015 Estimated Housing Units
5,619
27,011
98,807
2015 Estimated Occupied Units
4,783
23,728
89,609
2015 Est. Owner Occupied Units
935
2,344
8,004
2015 Est. Renter Occupied Units
3,849
21,383
81,605
2015 Est. Average Household Size
2015 Est. Average Household Income
CBRE, Inc. | 13
EVO | 1155 s grand ave, Los Angeles, CA 90015
Location Overview
Transit Oriented Development
Downtown Los Angeles’ ideal central location, and access to various
modes of transportation, directly links Downtown Los Angeles to
Southern California’s regional employment hubs, sunny beach cities,
popular retail, and entertainment destinations. Transit experience will
beautify some of Los Angeles' most diverse communities by creating
synergies among the Angelenos. The more Angelenos informally meet
and run into one another, the more they will have conversations that
spark new ideas and projects. Transit oriented development is a way
to expose beings to one another, allowing for even more synergies to
evolve.
Downtown Los Angeles residents, tenants and visitors will have
convenient access to the expanding Expo and Metro Lines, connecting
them to the Greater Los Angeles region including Culver City, Santa
Monica, Hollywood, and of course, Downtown Los Angeles.
CBRE, Inc. | 14
EVO | 1155 s grand ave, Los Angeles, CA 90015
Location Overview
N
Major Highway
8th St
Expo Line
Blue Line
Metro Rail Station
9th St
Georgia St
Metro Bus Stop
Oly
lyym
mppiic Bl
Blvvdd
The EVO
Wall St
Maple Avet
12thh St
12
Santee St
Los Anggeles
less Stt
Hop
ope St
BLU
Figguerrooaa
Fi
St
110
EXP
O L
INE
E L
INE
IFORNIA
C AL
0.25
0.25
255 m
miles
ililes
ilees
0 50 m
0.5
miles
Pico Blvd
Veenniiicce
V
ce Bl
Blvvdd
INTERSTATE
10
INTERSTATE
10
311496
CBRE, Inc. | 15
EVO | 1155 s grand ave, Los Angeles, CA 90015
Location Overview | Access and Transportation
Expo Line
Metro Bus Stops
The Metro Expo Line (Red line) connects the Westside by rail to
Downtown Los Angeles, Hollywood, the South Bay, Long Beach,
Pasadena and dozens of points in between. With 10 new stations
serving the University of Southern California (USC), Expo Park, and
diverse Los Angeles neighborhoods such as Culver City, the Crenshaw
District and Downtown Los Angeles, the Metro Rail system will expand
to 80 stations and over 87 miles of rail to destinations across Los
Angeles County.
Downtown Los Angeles is the regional center of public transportation
systems. The Metropolitan Transit Authority provides strong bus
service to the area, making Downtown its hub of operations. Many
other municipalities throughout the region also provide bus service to
Downtown, further enhancing the accessibility.
The Expo Line links Union Station with the Financial District and
continues through to the Mid-Wilshire District, Hollywood, and North
Hollywood.
Metro Rail
The Metro Rail system is a partially subterranean regional light system
centered in Downtown. The Metro Rail system includes the Red Line,
Purple Line, Green Line, Gold Line, Expo Line, and Blue Line. As of
December 2014, the Blue Line has 82,365 daily riders.
These Metro stations connect Downtown Los Angeles to Greater
Los Angeles. Travel time to Wilshire & Vermont Station is 11 minutes,
Hollywood & Highland Station is 23 minutes, and Universal/Studio City
Station is 35 minutes.
Metrolink
The Metrolink regional rail system includes commuter and other
passenger services, linking suburban communities throughout Southern
California to employment and activity centers. The system has seven
lines, 55 stations and serves over 40,000 passengers daily. Within
Downtown Los Angeles, the system operates from Union Station.
The Blue Line serves a 22-mile corridor from Downtown Los Angeles
to South Los Angeles and into Long Beach. The Blue Line connects
with all the other Metro Rail lines at 7th and Flower Street, giving riders
the ability to transfer lines and to explore the wonders of Greater Los
Angeles.
The 8.6 mile Expo Line runs along Flower Street, only two blocks from
the EVO building, and intersects with the Blue Line, which runs along
Washington Boulevard. In less than 30 minutes, the Expo Line takes
riders from Downtown Los Angeles to Culver City. As of December
2014, the Expo Line has 30,262 daily riders.
CBRE, Inc. | 16
EVO | 1155 s grand ave, Los Angeles, CA 90015
Location Overview | METRO RAIL MAP
The EVO
47 million annual riders
CBRE, Inc. | 17
EVO | 1155 s grand ave, Los Angeles, CA 90015
Location Overview
Union Station
Convenient Freeway Access
Air Transportation
Only a 12 minute drive or a 20 minute bus
ride from the EVO, Union Station is a major
transportation hub for Southern California,
providing 60,000 daily passengers access
to Amtrak, Metrolink commuter trains, and
several Metro Rail lines.
Downtown Los Angeles is surrounded and
defined by a circle of freeways, making
it one of the most accessible locations in
Southern California. These freeways include
the Hollywood Freeway (U.S. Highway 101),
the Santa Ana Freeway (Interstate 5), the
Santa Monica Freeway (Interstate 10), and the
Harbor Freeway (Interstate 110). Conveniently
located close to the Santa Monica (10)
Freeway and Harbor (110) Freeway, the EVO
provides access to all cultural destinations
and employment hubs in Los Angeles.
The EVO is within a 25 minute drive of Los
Angeles International Airport (LAX), the sixth
busiest airport in the world with over 66
million passengers per year traveling to 87
domestic and 69 international destinations.
LAX has the third largest passenger terminal
in the United States, serving approximately 75
major airlines. The EVO is also located within
a 30 minute drive to both Long Beach Airport
and Bob Hope Airport in Burbank.
CBRE, Inc. | 18
EVO | 1155 s grand ave, Los Angeles, CA 90015
Location Overview
DOWNTOWN LOS ANGELES UNITES ALL OF SOUTHERN CALIFORNIA
FROM NEWPORT BEACH TO SANTA MONICA, ALL ROADS LEAD HERE
CBRE, Inc. | 19
s Along the Figueroa Tech Corridor
EVO | 1155 s grand ave, Los Angeles, CA 90015
Location Overview
The Center of Figueroa’s Tech Corridor
The EVO is perfectly positioned at the epicenter of what is expected to become Los Angeles’ most
exciting tech corridor. USC’s Annenberg Center and the City of Los Angeles are in discussions to
launch a coordinated campaign to bring technology companies to the Figueroa Corridor, just two
blocks from the Subject Property.
The EVO
Figueroa Corridor
USC believes that innovation thrives on clusters—fluid jobs, interconnected businesses, and creativity
across sectors. Within the past ten years, many clusters have popped up along the corridor. These
clusters include experimental media, arts, and technology start-ups. USC imagines a corridor
where Innovators will grow their ideas in startup incubators such as the brand new Incubatrix
startup incubator on Hoover Street, Nuevo South’s media arts incubator, LA Makerspace, and the
Blackstone LaunchPad @ USC, which is still in the works. The goal is to break down the fences
surrounding these clusters and re-invent the Figueroa Corridor to facilitate the flow of people. Year
over year, Downtown Los Angeles becomes more vibrant as it builds ties from the north (Figueroa
& 7th) to the south (Figueroa & Martin Luther King Jr. Blvd.).
MyFigueroa
Transit Platform
Platform Railing
oogle, 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
Bus
Street Trees
pleteness cannot be guaranteed and has
not Shelter*
been verified by either 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
pect 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 such steps as the recipient may deem appropriate with respect to using the
nd 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.
Bench
Curb Cuts With Truncated Domes
Pedestrian Signage
STREET TREES
Landscaping
The “MyFigueroa” project runs along four miles of the Figueroa Corridor in efforts to connect
Downtown to South Los Angeles, specifically to Exposition Park. The goal of “MyFigueroa” is to
transform Figueroa into a lively, complete street, serving and interacting with bicyclists, pedestrians,
cars, and buses equally. For example, two car lanes on Figueroa will be replaced with protected
bike lanes. The City’s $20 million investment in this project began six years ago and will spur
economic development and strengthen Los Angeles as a transit oriented City.
MyFigueroa is funded by a Proposition 1C grant and is supported by Council District 9 and the
Mayor’s Office as a signature project for Los Angeles. It is being managed locally by the Los Angeles
Department of Transportation (LADOT).
STREET TREES
Green Painted Mixing Zones
STREET TREES
Pedestrian Lighting
* Note: Bus Shelters have opportunities for public art
CBRE, Inc. | 20
EVO | 1155 s grand ave, Los Angeles, CA 90015
Location Overview | ATTRACTIONS & SITES
Los Angeles Convention Center (LACC)
Boasting 770,000 SF of exhibition space and 152,000 SF of meeting
room space, the LACC hosts more than 2.5 million people annually at
over 400 conventions, meetings, trade shows and consumer shows.
In 2012, LACC became the largest U.S. convention center to achieve
LEED-ED O&M Gold certification.
Los Angeles Convention Center
Staples Center
As one of the top sports and entertainment centers in the world,
Staples Center is a world-class arena that hosts over 270 events a
year, including the Grammy Awards, the Pac-12 basketball tournament,
and the X Games. It is the home of four professional sports franchises:
Los Angeles Lakers (basketball), Los Angeles Clippers (basketball),
Los Angeles Kings (hockey), and the Los Angeles Sparks (women’s
basketball).
Staples Center
CBRE, Inc. | 21
EVO | 1155 s grand ave, Los Angeles, CA 90015
Location Overview | ATTRACTIONS & SITES
LA Live
The LA Live campus boasts an iconic JW Marriott and Ritz Carlton
convention center hotel as its centerpiece. The 54-story JW Marriott/
Ritz Carlton hotel building features 879 hotel rooms and is topped with
224 luxury residential condominiums and access to the Ritz Carlton’s
services and amenities.
The LA Live campus includes:
LA Live
››
››
››
››
››
››
››
Nokia Theater – 7,100 seats
18 Restaurants – 115,000 square feet
3 Nightclubs – 110,000 square feet
Grammy Museum – 33,000 square feet
Other Event Space – 87,000 square feet
AEG offices and Herbalife Headquarters – 225,000 square feet
14-screen Regal Cinema – 127,000 square feet
FIGat7th
Reopened in the Fall of 2012 after a $40 million makeover, FIGat7th is
an open-air shopping mall located in the Financial District of Downtown
Los Angeles. Notable tenants include City Target, Sport Chalet, Zara,
Sunglass Hut, H&M, MAC Cosmetics and L’Occitane. The center also
features numerous restaurant and eatery options including California
Pizza Kitchen, Loteria Grill, Morton’s Steakhouse, Mendocino Farms,
Sprinkles Cupcakes, City Tavern and Starbucks.
FIGat7th
CBRE, Inc. | 22
EVO | 1155 s grand ave, Los Angeles, CA 90015
EVO | 1155 s grand ave, Los Angeles, CA 90015
Disclaimers
Affiliated Business Disclosure
Confidentiality Agreement
CBRE, Inc. operates within a global family of
This is a confidential Memorandum intended solely
or completeness of this Memorandum or any of its
© 2015 CBRE, Inc. The information contained in
companies with many subsidiaries and/or related
for your limited use and benefit in determining
contents, and no legal commitment or obligation
this document has been obtained from sources
entities (each an “Affiliate”) engaging in a broad
whether you desire to express further interest in
shall arise by reason of your receipt of this
believed reliable. While CBRE, Inc. does not doubt
range
the acquisition of the Property.
Memorandum or use of its contents; and you are to
its accuracy, CBRE, Inc. has not verified it and
rely solely on your investigations and inspections
makes no guarantee, warranty or representation
of
commercial
real
estate
businesses
Disclaimer
including, but not limited to, brokerage services,
property and facilities management, valuation,
This Memorandum contains selected information
of the Property in evaluating a possible purchase
about it. It is your responsibility to independently
investment fund management and development.
pertaining to the Property and does not purport
of the real property.
confirm its accuracy and completeness. Any
At times different Affiliates may represent various
to be a representation of the state of affairs of
clients with competing interests in the same
the Property or the owner of the Property (the
The Owner expressly reserved the right, at its
used are for example only and do not represent
transaction. For example, this Memorandum may
“Owner”), to be all-inclusive or to contain all or part
sole discretion, to reject any or all expressions of
the current or future performance of the property.
be received by our Affiliates, including CBRE
of the information which prospective investors may
interest or offers to purchase the Property, and/
The value of this transaction to you depends on tax
Investors, Inc. or Trammell Crow Company. Those,
require to evaluate a purchase of real property. All
or to terminate discussions with any entity at any
and other factors which should be evaluated by
or other, Affiliates may express an interest in the
financial projections and information are provided
time with or without notice which may arise as a
your tax, financial and legal advisors. You and your
property described in this Memorandum (the
for general reference purposes only and are based
result of review of this Memorandum. The Owner
advisors should conduct a careful, independent
“Property”) may submit an offer to purchase the
on assumptions relating to the general economy,
shall have no legal commitment or obligation to
investigation of the property to determine to your
Property and may be the successful bidder for the
market conditions, competition and other factors
any entity reviewing this Memorandum or making
satisfaction the suitability of the property for your
Property. You hereby acknowledge that possibility
beyond the control of the Owner and CBRE, Inc.
an offer to purchase the Property unless and until
needs.
and agree that neither CBRE, Inc. nor any involved
Therefore, all projections, assumptions and other
written agreement(s) for the purchase of the
Affiliate will have any obligation to disclose to
information provided and made herein are subject
Property have been fully executed, delivered and
you the involvement of any Affiliate in the sale or
to material variation. All references to acreages,
approved by the Owner and any conditions to the
purchase of the Property. In all instances, however,
square footages, and other measurements are
Owner’s obligations therein have been satisfied or
CBRE, Inc. will act in the best interest of the
approximations. Additional information and an
waived.
client(s) it represents in the transaction described
opportunity to inspect the Property will be made
in this Memorandum and will not act in concert
available to interested and qualified prospective
By receipt of this Memorandum, you agree that this
with or otherwise conduct its business in a way
purchasers.
certain
Memorandum and its contents are of a confidential
that benefits any Affiliate to the detriment of any
documents, including leases and other materials,
nature, that you will hold and treat it in the strictest
other offeror or prospective offeror, but rather
are described in summary form. These summaries
confidence and that you will not disclose this
will conduct its business in a manner consistent
do not purport to be complete nor necessarily
Memorandum or any of its contents to any other
with the law and any fiduciary duties owed to the
accurate descriptions of the full agreements
entity without the prior written authorization of the
client(s) it represents in the transaction described
referenced. Interested parties are expected to
Owner or CBRE, Inc. You also agree that you will
in this Memorandum.
review all such summaries and other documents of
not use this Memorandum or any of its contents
whatever nature independently and not rely on the
in any manner detrimental to the interest of the
contents of this Memorandum in any manner.
Owner or CBRE, Inc.
Neither the Owner or CBRE, Inc, nor any of
If after reviewing this Memorandum, you have no
their
further interest in purchasing the Property, kindly
In
respective
this
Memorandum,
directors,
officers,
Affiliates
or representatives make any representation or
projections, opinions, assumptions or estimates
return this Memorandum to CBRE, Inc.
warranty, expressed or implied, as to the accuracy
CBRE, Inc. | 24
EVO south
1155 S. Grand ave | Los Angeles, CA 90015
sales
Ed Matevosian
Lic. 01358783
+1 818 502 6744
[email protected]
Natalie Aghaei
Lic. 01939416
+1 310 948 2948
[email protected]
leasing
erik westedt
Lic. 01372758
+1 213 545 4500
[email protected]
ANDY CORNO
Lic. 01950891
+1 310 363 4874
[email protected]
SARAH RABIE
Lic. 1956736
+1 213 613 3082
[email protected]
CBRE, Inc. | 25