DISCLAIMER. Please note that Tim Winslow has ownership interest in the subject property.

Transcription

1 S SANTA FE AVENUE AND MAR VISTA DRIVE VISTA, CA BY RIGHT 76± TOWNHOME SITE DEVELOPMENT OPPORTUNITY PROPERTY ZONED FOR 21 DU S/ACRE (96 UNITS) SELLER WILL WAIT FOR ENTITLEMENT TO TOWNHOMES FOR SALE OR JOINT VENTURE For more information please contact: TIM WINSLOW JASON KIMMEL KEVIN NOLEN CA Lic CA Lic CA Lic Cushman & Wakefield 4350 La Jolla Village Drive, Suite 500 San Diego, CA P F

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3 DISCLAIMER Cushman & Wakefield has been retained as the owner s exclusive advisor and broker regarding the sale of the S Santa Fe Avenue and Mar Vista Drive, Vista, CA (the Property ). This Offering Memorandum has been prepared by Cushman & Wakefield for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the Property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective investors may need or desire. All projections have been developed by Cushman & Wakefield the Owner, and designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Owner and, therefore, are subject to variation. No representation is made by Cushman & Wakefield or Owner as to the accuracy or completeness of the information contained herein, and nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of the Property. Although the information contained herein is believed to be correct, Owner and its employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further, Cushman & Wakefield, Owner, and its employees disclaim any and all liability for representations and warranties, expressed and implied, contained in, or for omission from, this Offering Memorandum or any other written or oral communication transmitted or made available to the recipient. This Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the Property or the Owner since the date of preparation of the package. Analysis and verification of the information contained in this package is solely the responsibility of the prospective purchaser. Additional information and an opportunity to inspect the Property will be made available upon written request to interested and qualified prospective investors. Owner and Cushman & Wakefield each expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers regarding the Property and/ or terminate discussions with any entity at any time with or without notice. Owner shall have no legal commitment or obligation to any entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase of the Property has been fully executed, delivered, and approved by Owner and its legal counsel, and any conditions to Owner s obligations thereunder have been satisfied or waived. Cushman & Wakefield is not authorized to make any representations or agreements on behalf of Owner. This Offering Memorandum and the contents, except such information which is a matter of public record or is provided in sources available to the public (such contents as so limited herein are called the Contents ), are of a confidential nature. By accepting the package, you agree (i) to hold and treat it in the strictest confidence, (ii) not to photocopy or duplicate it, (iii) not to disclose the package or any of the contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make a proposal and from whom you have obtained an agreement of confidentiality) without the prior written authorization of Owner or Cushman & Wakefield, (iv) not use the package or any of the contents in any fashion or manner detrimental to the interest of Owner or Cushman & Wakefield, and (v) to return it to Cushman & Wakefield immediately upon request of Cushman & Wakefield or Owner. Please note that Tim Winslow has ownership interest in the subject property.

4 EXECUTIVE SUMMARY

5 EXECUTIVE SUMMARY INVESTMENT HIGHLIGHTS Convenient freeway access to Highway 78 Bus stop is across the street and the Sprinter train station is only a mile to the northwest Walking distance to downtown Vista Less than seven miles from the beach at Carlsbad Short drive away from Legoland amusement park OFFERING SUMMARY ASKING PRICE: Submit All Offers For Sale or JV EXCELLENCE IN LOCATION The site is located along the west side of Santa Fe Drive in the City of Vista. Minutes from Interstate 78 and a short drive to the beach, the site enjoys all of the amenities that Vista has to offer including great schools, strong job growth, strong business growth, perfect weather and outdoor activities. With its highly accessible location, future residents will have the option to walk to schools and local parks. They will also be able to utilize the Vista Civic Center which provides many public programs including early childhood education, adult and youth sports, senior services and summer day camps. Numerous shops, restaurants, breweries and the Kerkorian theatre complex are all within a 2 mile radius of the site. LOCATION: LAND AREA: PROPERTY TYPE: S Santa Fe Avenue & Mar Vista Drive Vista, CA Acres APN: ZONING: AFFORDABLE UNITS : 21 DU S/Acre M-U Mixed Use - 100% Residential Okay None 1

6 LOCATION

7 SITE AERIAL SITE N S 3

8 LOCATOR MAP SITE 4

9 SITE PLAN & FLOOR PLANS

10 CONCEPTUAL SITE PLAN 6

11 CONCEPTUAL SITE PLAN (CONT.) 7

12 CONCEPTUAL SITE PLAN 8 (CONT.)

13 CONCEPTUAL VIEWS OF SITE PLAN 9

14 10 SITE PLAN

15 HOME SALES

16 HOME SALES Site Address Sale Amount Sale Date Year Built SF Price/SF BR BA IndependenceWay $705,000 9/17/ ,450 $ HillsideTer $390,000 12/21/ ,040 $ IntegrityCt $1,100,000 6/29/ ,912 $ CatalinaAve $1,510,000 8/28/ ,247 $ VendimiaCt $661,500 1/22/ ,107 $ ElPasoAlto $740,000 7/20/ ,231 $ CobaltDr $435,000 10/13/ ,847 $ SunsetDr $775,000 3/4/ ,839 $ RanchoVistaRd $410,000 3/11/ ,874 $ MadisonLn $545,000 5/20/ ,116 $ FortunaAve $760,000 7/29/ ,747 $ AvilaLn $682,500 10/26/ ,576 $ MiramarDr $1,550,000 8/31/ ,696 $ ArborGlenLn $505,000 5/14/ ,004 $ SmilianaLn $480,000 6/26/ ,433 $ EmmaRd $700,000 7/10/ ,043 $ SHannaleiDr $594,000 8/24/ ,785 $ WoodcrestLn $608,000 2/26/ ,443 $ WoodcrestLn $591,000 10/26/ ,693 $ KirstenLn $825,000 4/7/ ,985 $ OrchidCt $630,000 4/20/ ,588 $ EldredLn $471,000 7/30/ ,007 $ WoodcrestLn $542,500 12/11/ ,004 $ WoodcrestLn $555,000 8/12/ ,443 $ MachadoWay $664,500 6/30/ ,368 $ ValleyOfTheKingRd $1,095,000 5/12/ ,205 $ MarVistaDr $554,000 5/26/ ,405 $ AmarraLn $615,000 2/26/ ,865 $

17 HOME SALES (CONT.) $1,800,000 HomeSaleComparables SaleAmount $1,600,000 $1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $0 2/15/2015 4/6/2015 5/26/2015 7/15/2015 9/3/ /23/ /12/2015 1/31/2016 3/21/2016 5/10/

18 MARKET OVERVIEW

19 ECONOMIC INDICATORS Employment by Industry Unemployment Rate San Diego California National INDUSTRY # OF JOBS AS OF JULY 2015 % OF TOTAL LABOR FORCE MONTHLY NET CHANGE ANNUAL NET CHANGE DRIVES DEMAND FOR 14% 12% Peak Rate: 11% in January 2010 Mining & Logging % Industrial 10% 8% Construction 69, % + 2, ,000 Office, Industrial 6% 4% Recession Manufacturing 99, % ,500 Industrial 2% Jul-05 Jul-06 Jul-07 Jul-08 Jul-09 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15 Wholesale 45, % ,100 Industrial Retail 145, % ,000 Retail, Industrial Transportation, Warehousing & Utilities 26, % Industrial Information 25, % Office, Industrial Financial Activities Professional & Business Services Educational Services Health Care & Social Assistance Leisure & Hospitality 73, % + 1, ,300 Office 241, % + 2, ,600 Office 29, % - 2, ,400 Office 162, % ,200 Office, Industrial, Retail 191, % + 5,300-8,500 Retail, Industrial Other Services 52, % Office, Industrial, Retail Government 226, % - 12, ,400 Office TOTAL 1,390, % - 1, ,200 Cities with the Most Job Openings in SD County July 2015 Key Highlights San Diego 29,782 Carlsbad 3,329 Escondido 1,488 Oceanside 1,390 La Jolla 1,191 Chula Vista 1,136 Vista 974 San Marcos 878 El Cajon 757 Encinitas 728 Between June 2015 and July 2015, total nonfarm employment decreased by 1,900 jobs. Government posted the greatest month-over decline, down 12,200 jobs. Local government (down 9,200) accounted for roughly 75% of the job losses in this sector. Between July 2014 and July 2015, nonfarm employment gained 48,200 jobs, or 3.6%. Professional and business services posted the greatest yearover gain, adding 12,600 jobs. Professional, scientific, and technical services (up 9,600) contributed to roughly 76% of the job growth in this sector. Administrative and support and waste services and management of companies and enterprises added 2,600 and 400 jobs respectively. The unemployment rate in the San Diego County was 5.4 % in July 2015, up from a revised 5.0% in June 2015, and below the year-ago estimate of 6.9%. This compares with an unadjusted unemployment rate of 6.5% for California and 5.6% for the nation during the same period. 15

20 ECONOMIC INDICATORS (CONT.) Key Highlights Continued San Diego s unemployment rate has decreased 560 bps since its peak rate of 11.0% in January 2010 during the recovery. To put these numbers in perspective, San Diego s 25-year ( ) annual average unemployment rate is 6%. An unemployment rate around 5% is considered to be full employment in other words, those members of the labor force who want a job have one. University of California, San Diego, Robert Half International and Kforce Professional Staffing, Inc. were the top three employers with the most job openings in July Occupations with the most openings in July 2015 were Registered Nurses, Software Developers, Applications and Retail Salespersons. In June of 2015, a total of 361 new privately-owned residential building permits (single family and multi-family) were issued in San Diego County compared to 319 issued in May of The median sales price for detached homes was $555,000 in July 2015, an increase of 8.8% from the previous year. The median sales price for attached homes was $341,000, an annual increase of 4.9%. Employers with the Most Job Openings July 2015 EMPLOYER # OF JOBS University of California, San Diego 871 Robert Half International 590 Kforce Professional Staffing, Inc. 486 Accenture 470 Northrop Grumman 345 General Atomics 332 Kaiser Permanente 285 Aerotek 281 Sharp Healthcare 281 Macy s 267 Occupations with Most Job Openings July 2015 Residential Building Permits Single Family Bldgs. Multi-Family Bldgs. 12, Yr. annual avg. 6,003 bldg. permits 10,000 8,000 6,000 4,000 2, Multi-Family Unit Permits 10, Yr. annual avg. 4,013 unit permits 8,000 6,000 4,000 OCCUPATION # OF JOBS 2,000 Registered Nurses 1,284 0 Software Developers, Applications 1, Retail Salespersons 949 Customer Service Representatives 868 First-Line Supervisors of Office & Administrative Support 775 Computer Systems Analysts 768 Network & Computer Systems Administrators 765 First-Line Supervisors of Food Preparation & Serving Workers 762 First-Line Supervisors of Retail Sales Workers 732 Computer User Support Specialists 726 Median Home Sales Price in SD County MEDIAN HOME SALES PRICE DETACHED YoY % YoY % ATTACHED CHANGE CHANGE July 2015 $555, % $341, % June 2015 $545, % $351, % May 2015 $525, % $348, % April 2015 $518, % $337, % March 2015 $515, % $347, % February 2015 $495, % $335, % January 2015 $495, % $325,00 7.7% December 2014 $495, % $325, % November 2014 $488, % $320, % October 2014 $490, % $335, % September 2014 $505, % $335, % August 2014 $501, % $340, % 16

21 DEMOGRAPHICS

22 DEMOGRAPHICS - 1 MI. RADIUS 18

23 DEMOGRAPHICS - 3 MI. RADIUS 19

24 DEMOGRAPHICS - 5 MI. RADIUS 20