THE LOFTS AT
655
THE LOFTS AT
677
THE LOFTS AT
707
The Lofts Portfolio
A C o r e M i x e d - U se U r b a n I n v estme n t Do w n to w n S a n D i e g o
CBRE is pleased to present the exclusive opportunity to acquire a 3-property urban portfolio of core mixed-use communities located in the vibrant East Village neighborhood of downtown San Diego. The Lofts Portfolio, built between 2006 and 2010, includes 460 residential units and ±23,938 square feet of ground floor
retail
space.
Developed
by
OliverMcMillan, one of the nation’s most respected mixed-use developers, each property is distinguished by its cuttingedge urban architecture and the unique OliverMcMillan “platform loft” floor plan.
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The Offering Process The Lofts Portfolio is available as a portfolio or on an individual property basis. CBRE requests that interested Investors submit offers by the bid deadline of Friday, November 30, 2012.
Property Tours There will be no property tours conducted during the initial offering process. The marketing materials will include extensive photography, virtual tours, Portfolio website, a detailed Investment Offering Memorandum as well as a comprehensive FAQ to answer questions typically asked during property tours. Formal property tours will be conducted with select investors after the initial round of offers. Please do not visit The Lofts Portfolio in advance of the bid deadline.
PORTFOLIO SUMMARY
THE LOFTS AT 655
THE LOFTS AT 677
TH E L OF TS A T 70 7
460
106
147
207
Residential SF
320,596
73,847
101,007
145,742
Retail SF
23,938
11,014
5,010
7,914
Total Rentable SF
344,534
84,861
106,017
153,656
Average Residential Rent
$1,704
$1,756
$1,714
$1,669
Average Residential Rent Per SF
$2.45
$2.52
$2.49
$2.37
Number of Units
❱❱
Rare opportunity to acquire a Class A mixed-use portfolio of 460 apartment homes and ±23,938 square feet of retail space in a prime downtown San Diego location.
❱❱
Unique opportunity for new ownership to create a significant and immediate presence in a core market with efficient management and brand recognition.
❱❱
Cutting-edge urban design by nationally known San Diego developer OliverMcMillan.
❱❱
Modern loft floor plans with select units featuring floor-to-ceiling windows, granite countertops, dramatic ceiling heights and panoramic downtown city views.
❱❱
State-of-the-art urban product design is a perfect fit for the Gen Y renter demographic.
❱❱
24/7 downtown lifestyle within walking distance to numerous restaurants, night clubs, galleries, shopping (Horton Plaza regional mall) and other retail services.
❱❱
Transit-rich area with the best public transportation in the county provides convenient access to the Trolley, Amtrak, Coaster, San Diego International Airport and the convergence of three major freeways (Interstate 5, Highway 163 and Highway 94).
❱❱
Downtown San Diego is a thriving metropolis and features over 11.5m square feet of office space and over 6m square feet of retail space.
❱❱
Over 95,000 people work downtown, primarily concentrated in San Diego’s government, legal, banking, hospitality and tourism industries.
❱❱
Close to all of downtown San Diego’s worldrenowned attractions including PETCO Park (home of the San Diego Padres), Gaslamp District, Balboa Park, Seaport Village, Convention Center, Bayfront Park, Mission Bay and the Embarcadero.
THE LOFTS AT
655
The Lofts at 655 is located at Sixth Avenue and G Street at the edge of downtown’s dynamic Gaslamp district. The Lofts at 655 features a Manhattan-inspired lobby, floor-to-ceiling windows in all floor plans offering panoramic skyline views, a modern balcony mural on the exterior walls, sophisticated light fixtures and exposed concrete ceilings and walls. Two outdoor socializing decks, a fitness center, business center, movie theatre and dramatic hallways with contemporary art create an urban boutique hotel environment. First floor retailers include The Counter, a trendy burger restaurant and bar, and ACE Hardware, downtown’s only hardware store.
Multifamily Component Number of Homes:
106 Homes
Net Rentable Area:
±73,847 SF
Average Square Feet:
±697 SF
Retail Component
Property Address:
655 Sixth Avenue, San Diego, CA 92101
Year Completed:
2008
Construction Type:
Type I
Number of Floors:
8 Stories over 3 Levels of Subterranean Parking
Total Rentable Area:
±84,861 SF
Gross Parcel Size:
±0.40 Acres
Assessor’s Parcel Number: 535-106-14-00 Total Apartment Parking:
106 Spaces
Apartment Parking Ratio:
1.00 Space per Home
Ace Hardware:
±8,300 SF
The Counter:
±2,714 SF
Total Retail:
±11,014 SF
U NI T T Y P E
NU MBE R OF U NIT S
SF RA NGE
AVG SF
RENTAL RANG E
AVERAGE RENT
R EN T PS F
Studio Loft
55
404 - 726
620
$1,110 - $1,885
$1,621
$2.61
Platform Loft
14
628
628
$1,450 - $1,700
$1,590
$2.53
1 Bedroom
20
600 - 705
687
$1,550 - $1,825
$1,691
$2.46
1 Bedroom Loft
9
991 - 1,028
1,016
$2,100 - $2,575
$2,290
$2.25
2 Bedroom
6
860
860
$2,550 - $2,600
$2,576
$3.00
3 Bedroom
2
1,446
1,446
$3,050 - $3,200
$3,150
$2.18
106
73,847
697
$1,756
$2.52
Totals / Averages:
Net effective rents as of October 28, 2012
*
The Lofts at 677 is located at Seventh Avenue and G Street and includes two of East Village’s most popular restaurants. The gastropub Neighborhood offers craft beers, cocktails and bites and Zanzibar CafÊ is an inviting wine bar, coffee house and restaurant featuring a European-style gourmet market. The Lofts at 677 offers an edgy urban twist to downtown living with an outdoor gas fire pit, private beach cabana area, expansive ironwood sundeck with two gas barbeque grills and a top-floor fitness center providing direct views into PETCO Park.
THE LOFTS AT
677
Property Address:
677 Seventh Avenue San Diego, CA 92101
Year Completed:
2006
Construction Type:
Type V Modified
Number of Floors:
5 Stories over 2 Levels of Subterranean Parking
Total Rentable Area:
±106,017 SF
Gross Parcel Size:
±0.69 Acres
Assessor’s Parcel Number:
535-105-12-00
Total Parking:
141 Spaces
Parking Ratio:
0.96 Space per Home
Multifamily Component Number of Homes:
147 Homes
Net Rentable Area:
±101,007 SF
Average Square Feet:
±687 SF
Retail Component Neighborhood: ±2,314 SF Zanzibar Café: ±2,696 SF Total Retail:
±5,010 SF
UNIT T Y P E
NU MBE R OF U NIT S
SF RA NG E
AVG SF
RENTAL RANG E
AVERAG E RENT
R EN T PS F
Studio Loft
11
614 - 618
616
$1,427 - $1,660
$1,544
$2.51
Platform Loft
73
594 - 610
601
$1,200 - $1,660
$1,545
$2.57
Penthouse Loft
6
658 - 744
730
$2,247 - $2,300
$2,291
$3.14
Mezzanine Loft
15
720 - 1,247
795
$1,600 - $2,600
$1,911
$2.41
Live/Work
6
740 - 1,220
820
$1,675 - $2,623
$1,905
$2.32
1 Bedrooms
23
618 - 627
619
$1,320 - $1,695
$1,579
$2.55
2 Bedrooms
13
957 - 2,127
1,145
$1,825 - $3,000
$2,452
$2.14
Totals / Averages:
147
101,007
687
$1,714
$2.49
*Net effective rents as of October 28, 2012
The Lofts at 707 is located at Tenth Avenue and G Street and conveys the feel of a hip urban retreat with a boutique hotel vibe. The pristine white lobby contrasted by black elevators and leasing office creates a dramatic welcoming ambiance. The designer hallways are adorned with fashionable colors, original artwork and luxurious front door entries with doorbells. The Lofts at 707 is highly amenitized with a rooftop deck offering panoramic downtown skyline views, an inviting courtyard with modern fire pit and outdoor seating, a movie theatre, fitness center, and business center. All these stylish elements come together to craft a palette of urban sophistication.
THE LOFTS AT
707
Multifamily Component Number of Homes:
207 Homes
Net Rentable Area:
±145,742 SF
Average Square Feet:
±704 SF
Retail Component
Property Address:
707 Tenth Avenue San Diego, CA 92101
Year Completed:
2010
Construction Type:
Type I
Number of Floors:
8 Stories over 3 Levels of Subterranean Parking
Total Rentable Area:
±153,656 SF
Gross Parcel Size:
±0.72 Acres
Assessor’s Parcel Number: 535-132-05-00 Total Parking:
207 Spaces
Parking Ratio:
1.00 Space per Home
Jules Wilson:
±3,045 SF
Vacant Retail:
±4,869 SF
Total Retail:
±7,914 SF
U NIT T Y P E
NU MBE R O F U NIT S
SF RA NG E
AVG SF
RENTAL RANG E
AVERAGE RENT
R EN T PS F
Studio Loft
88
381 - 650
526
$1,075 - $1,680
$1,403
$2.67
Platform Loft
32
591 - 771
642
$1,377 - $1,968
$1,621
$2.53
Live/Work
7
1,166 - 1,448
1,255
$1,950 - $2,499
$2,130
$1.70
1 Bedroom
24
536 - 792
651
$1,535 - $2,000
$1,705
$2.62
2 Bedroom
56
852 - 1,082
974
$1,475 - $2,700
$2,145
$2.20
Totals / Averages:
207
145,742
704
$1,669
$2.37
Net effective rents as of October 28, 2012
*
www.cbre.com/theloftsportfolio
Exclusive Marketing Advisors
J. Kevin Mulhern Lic. 00804871 858.646.4723 kevin.mulhern@cbre.com
RACHEL PARSONS Lic. 01335449 858.646.4787 rachel.parsons@cbre.com
dixie hall Lic. 00701347 858.546.4663 dixie.hall@cbre.com
Mimi Hom 858.646.4724 mimi.hom@cbre.com Š 2012, CBRE Group, Inc. We obtained this information from sources we believe to be reliable, however we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction. This offering memorandum is subject to the terms outlined in the confidentiality agreement. Reproduction of this document and its contents is strictly prohibited without the expressed written consent of CBRE.