CBRE, Inc. and Los Angeles Property Management Group (LAPMG) are pleased to present an opportunity to purchase a prime ±3 acre mixed-use development opportunity in an excellent Culver City location. Jefferson Triangle, which is made up of 3 parcels (11111 Jefferson Blvd., 5350 & 5380 Sepulveda Blvd.) is walking distance to numerous shops and amenities along retail laden Jefferson Boulevard. Across the street from the site is the Studio Village Shopping Center which is home to retailers such as Pavilions, Pier 1 Imports, TJ Maxx, Rite Aid, Carters and PetSmart. Jefferson Triangle is a short one block walk to Target, Ross, Bed Bath & Beyond; it is less than five blocks to Ralphs Grocery, and less than one mile to Trader Joe’s, Sprouts Farmers Market and BevMo!. The property is also approximately one mile to the Westfield Culver City mall, which contains retailers such as Macy’s, Nordstrom Rack, and Best Buy. Just over two miles down Jefferson Boulevard is Playa Vista’s new lively centerpiece known as “Runway”, a contemporary mixed-use community with a state-of-the-art cinema, unique restaurants and bars, beauty and fitness venues, retail shops, as well as everyday conveniences such as grocery and drug stores, banks and coffee cafes.
The site affords a developer the opportunity to construct over 200 residential units and retail space utilizing both the Culver City Community Benefits density bonus program, as well as SB 1818. Under these calculations 8.2% of the units would be set aside as affordable. Jefferson Triangle is currently improved with three structures consisting of a ±27,000 square foot United States Post Office (NNN lease due to expire in September of 2019), a ±6,150 square foot Coco’s Restaurant (NNN lease due to expire in October of 2019) and a ±3,100 square foot Valvoline (NNN lease can be terminated effective January of 2024). The current annual gross income is $1,024,089. The Seller commissioned Phase I reports for each of the three parcels. Each report recommended that no further investigations were necessary.
Culver City is in high demand. It is experiencing a transformation on an immense scale. Over the past five years Culver City has virtually exploded with thousands of new square feet of cafes, chic restaurants, retail shops, creative office space and new housing. Due in large part to the excellent school system as well as the Expo Line extension to Santa Monica, Culver City is attracting new residents and visitors. It boasts an incredibly desirable demographic base of an affluent, young, active and highly educated populace. Jefferson Triangle’s close proximity to Silicon Beach’s 500+ tech startup companies and the easy access it enjoys not only to the Pacific Ocean, but also to the greater Los Angeles basin via the 405 freeway, make it an ideal location for a mixed-use development of this scale.
Jefferson Triangle is offered to the market on an unpriced basis. Offers are due Wednesday, April 11, 2018 by 5:00PM.
