1220 centinela avenue - Charles Dunn Company
Transcription
1220 centinela avenue - Charles Dunn Company
1220 CENTINELA AVENUE Inglewood, CA 90302 Janet D. Neman | Senior Managing Director Frederick L. Jackson | Associate (310) 312-1800 Offering Memorandum FOR SALE 28,120 SF Development Site Zoned INC2YY in Inglewood, CA $2,260,000 • $80.37/SF CHARLES DUNN COMPANY 1925 Century Park East, Suite 2350 Los Angeles, CA 90067 | Lic. #01201641 www.charlesdunn.com 1220 Centinela Avenue 1 EXECUTIVE SUMMARY Property Information • Property Maps • Property Photographs 2 PERMITTED USES Permitted Uses for Zone INC2YY 3 PROPERTY COMPARABLES Land Sales Comparables 4 MARKET OVERVIEW Inglewood Overview • Los Angeles County Overview PRESENTED BY JANET D. NEMAN Senior Managing Director Lic. #01069127 [email protected] Direct (310) 996-2210 FREDERICK L. JACKSON Associate Lic. #01370466 [email protected] Direct (310) 499-3338 © 2015 Charles Dunn Company, Inc. These materials are based on information and content provided by others which we believe are accurate. No guarantee, warranty or representation is made by the Charles Dunn Company or its personnel, and all interested parties must independently verify its accuracy and completeness. As well, any projections, assumptions, opinion, or estimates are used for example only and do not represent the current or future performance of the identified property. Your tax, financial, legal and toxic substance advisors should conduct a careful investigation of the property and its suitability for your needs, including land use limitations. BRE Lic. #01201641 Executive Summary Executive Summary 1220 Centinela Avenue Inglewood, CA 90302 THE SITE The Subject Property is comprised of one lot currently zoned INC2YY encompassing an area of approximately 28,120 SF or 0.65 acres. The Property will be marketed as land for redevelopment. LOCATION The Property is located on Centinela Avenue, mid-block between Eucalyptus Avenue to the East, and Inglewood Avenue to the west. It has an advantageous location within the City of Inglewood, being easily accessible to landmarks such as LAX, the Forum, Inglewood City Hall, and the Los Angeles County Superior Courts. OFFERING PRICE $2,260,000 SITE ADDRESS 1220 Centinela Avenue Inglewood, CA 90302 ASSESSOR’S PARCEL NUMBER 4002-016-010 TOTAL APPROXIMATE LOT SIZE ±28,120 SF (0.65 AC) PRICE / SF $80.37 CURRENT ZONING INC2YY PLAN AREA Inglewood SHAPE Square GRADE Flat EXISTING IMPROVEMENTS PROPOSED USE COUNCIL DISTRICT –– Church and Restaurant with month-to-month leases –– Removable with 30-day notice Multifamily with Ground Floor Retail Council District 2 - Alex Padilla The Property is in close proximity to major Inglewood redevelopment activity including the site of the former Daniel Freeman Hospital, slated to be developed with 300 condominiums, as well as the master-planned Hollywood Park development. The latter project will see the creation of approximately 3,000 dwelling units, 600,000 SF of retail space, a hotel, a 25 AC park system, and other community amenities. Curbed, a nationwide online news site for real estate and neighborhood news, called Inglewood “Neighborhood of the Year” among greater Los Angeles in 2014. The city boasts short drive times to local beaches and to the amenities of Westside Los Angeles communities and cities such as Playa Vista, Venice, and Santa Monica. Additionally, work has begun on the new Crenshaw/LAX Transit Corridor project, which will place two stations in Inglewood. The City is bidding to host a new NFL stadium and has several other catalytic developments in various planning stages that will positively transform Inglewood over the next decade. 4 Executive Summary / Property Maps 1220 Centinela Avenue Los Angeles, CA 90302 Text goes here. 5 Executive Summary / Property Maps 1220 Centinela Avenue Inglewood, CA 90302 6 Executive Summary / Property Maps 1220 Centinela Avenue Inglewood, CA 90302 7 Property Photographs 1220 Centinela Avenue Inglewood, CA 90302 8 Permitted Uses Section 12-24. C-2 Zone Permitted Uses Excerpt from Inglewood Municipal Code 1220 Centinela Avenue Inglewood, CA 90302 The following uses shall be permitted in the C-2 General Commercial Zone unless otherwise provided in this Chapter: (A) The following uses when conducted entirely within a fully enclosed building: (1) Any use permitted in the C-1 Zone except ambulance dispatch facilities, live-work units in new structures and residential uses as governed by Section 12-24.5. (2) Sales of new merchandise only including, but not limited to: (a) Apparel, millinery, shoes, jewelry. (b) Books, stationery, gifts, toys, cameras, pets, flowers. (c) Furniture, appliances, floor coverings. (d) Groceries, prepared food, meat, fish. (e) Automotive parts, hardware, paint. (3) Retail sales of antiques and collectibles. (4) Financial and insurance institutions. Exception: check cashing and other alternative financial services identified in Section 12-1.25 are subject to Special Use Permit approval and shall not be located within one mile of a similar establishment, as measured from property line to property line. (5) Professional and medical offices, laboratories, and pharmacies. (a) Acupuncture and Chiropractor Facilities. Acupuncture and Chiropractor Facilities shall be subject to Special Use Permit approval in those instances where they offer on-site massage or acupressure therapy. Massage and acupressure services are not allowed in this zone at all unless they are provided as an incidental service of the acupuncture or chiropractor facility. (6) Restaurants, cafeterias, doughnut shops, bakeries (baked goods sold only on premises). (7) Laundromats, and service shops for watches, keys, shoes, dry cleaning, tailoring, printing, plumbing, small household appliances. (8) Beauty and cosmetology salons, barbershops, including training facilities if open to the public for patronage, and tanning salons; provided, however, that no private or individual rooms for patrons shall be allowed; and no beauty and cosmetology salons or barbershops shall be permitted within three hundred feet of a similar establishment unless a Special Use Permit is approved. No tanning salon shall be permitted within three hundred feet of a similar establishment. In addition, all tanning salons shall meet the mandatory conditions set forth in Section 12.95.4.3 of the Inglewood Municipal Code. (a) Amortization. Any tanning salon use existing on or before the date of adoption of the ordinance codified in this Section shall be treated as a legally nonconforming use and shall be required to immediately conform to subsections (g), (h), (i), (j), (k), and (l) of Section 12-95.4.3 of the Inglewood Municipal Code. Further, unless an extension of time has been approved in accordance with subsection (b) of this Section, any nonconforming tanning salon shall be required within a period of six months to conform to subsection (A)(8) of this Section as it relates to not permitting private or individual rooms for patrons, and subsections (d), (e), and (f) of Section 12-95.4.3 of the Inglewood Municipal Code. (b) Extension of Amortization Time Period. The owner or operator of a nonconforming tanning salon as described in subsection (a) of this Section may request a reasonable period of time not to exceed an additional six months to comply by applying for an extension of time at least thirty days but no more than sixty days prior to the time established for compliance by applying for an extension to the Permits and Licensing Committee and paying an administrative fee of fifty dollars ($50.00). Any extension granted shall be for a reasonable period of time commensurate with the investment involved and shall only be granted if the Committee finds that: (i) the owner or operator has made a substantial investment in the property in which the nonconforming use is conducted, (ii) such property cannot be readily converted to meet the requirements of subsection (a) of this Section without causing economic hardship, (iii) the owner or operator will be unable to recoup said investment as of the date established for coming into compliance with the City’s requirements, and (iv) the applicant has made a good faith effort to recoup the investment and meet the City’s requirements. (c) Except as specified in subsections (a) and (b) of this Section, all tanning salons shall meet all of the mandatory conditions set forth in Section 12.95.4.3 of the Inglewood Municipal Code. (9) Hotels or motels, with a minimum of one hundred guestrooms per facility. (10) Motion picture theaters, bowling alleys, billiard or pool halls. (11) Churches, wedding chapels. (12) Private clubs, studios, gymnasiums. (13) Mortuaries subject to Special Use Permit approval. 10 Section 12-24. C-2 Zone Permitted Uses 1220 Centinela Avenue Inglewood, CA 90302 (c) Except as specified in subsections (a) and (b) of this Section, all tanning salons shall meet all of the mandatory conditions set forth in Section 12.95.4.3 of the Inglewood Municipal Code (continued). (14) The installation of glass tinting, automobile stereo systems, automobile security systems and similar amenity products not requiring the partial disassembly of the automobile or the application of paint, and/or not affecting the mechanical operation of the vehicle. Note: auto servicing and repair including body and fender repair and automobile painting are prohibited in the C-2 Zone, except when conducted within a fully enclosed building as an ancillary use within new car dealerships on not less than one acre sites and subject to Special Use Permit approval. (15) Liquor sales. (a) Liquor stores and any other business selling distilled spirits (sold for off-site consumption) are prohibited within six hundred feet of any school, public playground or nonprofit youth facility per Section 23789 of the California Business and Professions Code and are subject to Special Use Permit approval. (b) Bars, nightclubs and restaurants selling distilled spirits for on-site consumption only are subject to Special Use Permit approval. (c) Any other permitted use selling beer and/or wine only (for on-site or off-site consumption) is subject to Special Use Permit approval. Exceptions: bona fide restaurants, and grocery stores with a minimum store floor area of ten thousand square feet, are exempt from requiring Special Use Permit approval if only beer and/or wine are sold. (16) Bars, nightclubs, supper clubs, dance halls, live performance theaters, and the like, subject to Special Use Permit approval. (Bona fide restaurants serving only beer and wine without live entertainment are permitted without Special Use Permit approval.) (17) Arcades, game, film or video, subject to Special Use Permit approval. (18) Shopping centers subject to Special Use Permit approval and Section 12-16.2 (Shopping Center Regulations). (19) Specialty merchandise marts, subject to Special Use Permit approval. (20) Day care facilities or nursery schools (no age limitations). (21) Private schools for children only. (22) Trade or business schools, adult or proprietary schools, colleges or universities, and the like, subject to Special Use Permit approval. Exception: schools teaching such industrial trades as automobile repair, building trades involving the use of machinery, or any other trade involving the operation of fabrication machinery, are prohibited. (23) Thrift stores, only if operated by non-profit organizations and subject to Special Use Permit approval. (24) Jewelry stores. Note: jewelry stores may accept jewelry as pawned deposit as an ancillary activity only, subject to Special Use Permit approval, and subject to the limitation that any subsequent sales of pawned jewelry shall not comprise more than twenty percent of the gross receipts generated by the jewelry store. (25) Auction house, excluding automobile auctions, and subject to Special Use Permit approval and subject to the provisions of Article 4 of Chapter 8 of this Code. (26) Tattoo parlors, (including body piercing), subject to Special Use Permit approval. (27) Convalescent homes, congregate housing, or retirement homes, subject to Special Use Permit approval if exceeding six residents. (28) Group homes for children or adults, half-way houses, orphanages and similar uses, subject to Special Use Permit approval if exceeding six residents. (29) Fraternities and sororities subject to Special Use Permit approval. (30) Accessory uses customarily incidental to any of the above uses. (31) Automated car wash uses ancillary to service stations, subject to Special Use Permit approval and in conformance to the development standards of Section 12-63.2. (32) Small group counseling/tutoring facilities, and the like where ten or fewer members receive services and the maximum floor area does not exceed one hundred square feet for each member receiving services plus five hundred square feet maximum of office and administrative floor area. (33) Large group counseling/tutoring facilities, and the like where eleven or more members receive services subject to Special Use Permit approval. (34) Welding as an ancillary activity within a business. 11 Section 12-24. C-2 Zone Permitted Uses 1220 Centinela Avenue Inglewood, CA 90302 (c) Except as specified in subsections (a) and (b) of this Section, all tanning salons shall meet all of the mandatory conditions set forth in Section 12.95.4.3 of the Inglewood Municipal Code (continued). (35) Live-work units in existing structures, subject to the requirements of Article 17.4. (B) The following uses are permitted whether within a fully enclosed building or not: (1) Automobile sales. (a) The retail sale of new automobiles and, as an ancillary use, the retail sale of used automobiles which are traded in as partial payment for new automobiles purchased at the same location. (b) The retail sale of used automobiles, if conducted on a lot not less than one acre in size and subject to Special Use Permit approval. No inoperable or disassembled automobile shall be sold or stored on the premises and no automobile repair shall be permitted on the premises. (c) The retail sale of classic/vintage, collectible and luxury automobiles along Centinela Avenue as specified in Section 12-24.9. (2) Rental of trailers for hauling purposes, only as an incidental use at service stations, and subject to Special Use Permit approval. (3) Plant nurseries. (4) Newsstands. (5) Parking lots. (Vehicle storage prohibited.) (6) Accessory uses which by their nature cannot reasonably be conducted within an enclosed building. (d) The sales of commercial trucks, buses and other motorized vehicles not typical for personal or family-use transportation is prohibited in the C-2 Zone. (C) Any business authorized to conduct its operations in a C-2 Zone may conduct a wholesale business only when incidental to retail sales. “Incidental” in this instance shall mean that the gross receipts for the wholesale portion of the business shall not exceed fifty percent of the total gross receipts of the business during any calendar year. (D) Prohibited Uses. Notwithstanding the above listed uses, any use not specified and any of the following uses are prohibited in the C-2 General Commercial Zone: (1) Adult businesses. (2) Bath houses, Turkish baths, massage parlors, acupressure establishments and similar uses. (3) Swap meets or flea markets, except if operated by, and on the premises of, a community nonprofit charitable organization not more than four times per year, subject to the issuance of a permit by the Permits and Licenses Committee per Article 3 of Chapter 8 of this Code. Section 12-24.5. Residential Use No new dwelling structure nor any increase in the number of residential units in an existing residential structure shall be permitted. Any improvements to existing residential structures shall conform to R-3 development requirements. Exception: a residential use can be developed when in compliance with the mixed-use requirements listed in Section 12-24.8. All interested parties must take appropriate measures to verify all information set forth herein. 12 Property Comparables Land Sales Comparables & Map 1 1220 Centinela Avenue Inglewood, CA 90302 LOCATION SALES PRICE CLOSING DATE LAND AREA $/AC LAND GROSS LAND $/SF ZONING PROPOSED USE 700 Corporate Pointe $11,300,000 7/30/2015 3.28 AC $3,443,547 $79.05/SF C3 Office $900,000 1/21/2015 0.16 AC $5,681,818 $130.44/SF LAR3 Multifamily $8,200,000 4/21/2014 2.13 AC $3,849,765 $88.38/SF LAC2 Multifamily Los Angeles, CA 90230 2 6908 Knowlton Place Los Angeles, CA 90230 3 6055 Center Drive Los Angeles, CA 90045 LOW $900,000 0.16 AC $3,443,547 $79.05 HIGH $11,300,000 3.28 AC $5,681,818 $130.44 AVERAGE $6,800,000 1.86 AC $4,325,043 $99.29 Subject Property 1220 Centinela Avenue Inglewood, CA 90302 $2,260,000 0.65 AC - $80.37 - Multifamily with Ground Floor Retail 14 Rent Comparables 1 1220 Centinela Avenue Inglewood, CA 90302 LOCATION YEAR BUILT TOTAL UNITS UNIT MIX UNIT SF RENT RENT PSF 114 W 64th Place 2004 6 6 2+2.5 1,277 $2,495 $2.27 100 1+1 666 $1,710 $2.57 100 1+1 840 $2,499 $2.98 100 1+1 710 $1,822 $2.57 Inglewood, CA 90302 Building Size Land Size 7,661 SF 0.20 AC Unit Amenities Wheelchair Accessible (Rooms), Heating, Air Conditioning 2 5700 W. Centinela Avenue 2001 624 Los Angeles, CA 90045 3 Building Size Land Size 24 2+2 1,297 $2,557 $1.97 552,716 SF 11.20 AC 100 2+2 1,147 $2,734 $2.38 100 2+2 1,173 $2,913 $2.48 100 2+2 1,032 $2,487 $2.29 Community Amenities Unit Amenities Lounge, Courtesy Patrol, Gated, Basketball Court, Breakfast/ Coffee Concierge, Furnished Units Available, Laundry Service, Recycling, Business Center, Controlled Access, Fitness Center, Laundry Facilities, Playground, Pool, Spa, Tennis Court Wheelchair Accessible (Rooms), Heating, Alarm, High Speed Internet Access, Refrigerator, Air Conditioning, Dishwasher, Fireplace, Microwave, Washer/Dryer 7070 Flight Avenue 5 1+1 $1,680 - 9 2+2 $2,350 - 6 3+3 $2,680 - 2007 20 Los Angeles, CA 90045 4 Building Size Land Size 27,919 SF 0.56 AC Community Amenities Unit Amenities Laundry Facilities Wheelchair Accessible (Rooms), Heating, Kitchen, Air Conditioning 6931 Kittyhawk Avenue 2004 Los Angeles, CA 90045 Building Size Land Size 19,521 SF 0.23 AC 15 1 1+1.0 750 $1,700 - 14 2+2.0 1,000 $2,350 - Unit Amenities Wheelchair Accessible (Rooms), Air Conditioning 15 Rent Comparables Map 1220 Centinela Avenue Inglewood, CA 90302 LOCATION 1 114 W. 164th Place Inglewood, CA 90302 2 5700 W. Centinela Avenue Los Angeles, CA 90045 3 7070 Flight Avenue Los Angeles, CA 90045 4 6931 Kittyhawk Avenue Los Angeles, CA 90045 1220 Centinela Avenue Inglewood, CA 90302 16 Market Overview MARKET OVERVIEW: Inglewood General Overview Inglewood is a city in southwest Los Angeles County, California. The city is located in the South Bay region of the greater Los Angeles area with a total area of approximately 9.1 square miles. Inglewood is bordered by Westchester to the west, Lennox and Hawthorne to the south, Ladera Heights to the north, Hyde Park to the northeast, Gramercy Park, Westmont and Manchester Square to the east. There are three neighborhoods within the city of Inglewood. The Crenshaw-Imperial district is located in the southern part of Inglewood, just north of the 105 freeway. The district has its own public library branch and a large shopping center for the area. Morningside Park is located in the eastern part of the city. The major streets that run through the area are Manchester and Crenshaw Boulevards. It is approximately six miles from Los Angeles Airport and two miles from the Hollywood Park race track. North Inglewood and Fairview Heights is the area north of the Santa Fe railroad tracks. In 2009, it was reported to be the site of a “burgeoning arts scene” centered at East Hyde Park Boulevard and La Brea Avenue. DEMOGRAPHICS Population (2014) 112,883 Area 9.12 square miles Median Income (2014) $53,673 Median Age (2014) 33.7 Education, Ages 25+ No High School Diploma 27.7% High School Graduate 20.8% Some College 25.9% College Degree + 25.9% Ethnic Composition 31.6% 23.2% White 43.9% 1.3% Black or African American Asian Other Race 18 MARKET OVERVIEW: Inglewood Notable Locations THE FORUM The Forum is an indoor entertainment arena located in Inglewood, California. Designed as a multi-sports recreation venue by the same architect who realized Madison Square Gardens in New York City, it was nationally renowned. It achieved star status as the home of the Los Angeles Lakers and the Los Angeles Kings from 1967 to 1999. In 2014, it was reinvented as an entertainment venue, and is the largest indoor performance venue in the country. The area has been completely modernized and features flexible seating, and hosts major international music acts. LOS ANGELES INTERNATIONAL AIRPORT (LAX) Los Angeles International Airport (LAX) is the fifth busiest airport in the world and second busiest in the United States, offering 692 daily flights to 85 domestic cities and 928 weekly nonstop flights to 67 cities in 34 countries on 59 passenger air carriers. The airport is known visually for its distinctive white “Theme Building,” located at the hub of the oblong-shaped terminal system and resembling a flying saucer that has landed on its four legs. The building was designed in the early 1960s and pays homage to the area’s longtime association with aeronautical engineering. HOLLYWOOD PARK Hollywood Park has long served as Inglewood’s premiere entertainment center. For more than 75 years, it was the site of one of the most important thoroughbred horse racing venues on the West Coast. Although the race course closed in 2013, extensive remodeling has been done for Hollywood Park Casino, which is located on the park grounds. As of 2015, a huge redevelopment project is underway to reposition the rest of the site as a mixed-use recreation destination. The project, named “City of Champions Revitalization Project,” includes plans for a world-class stadium and performance venue as well as 4M SF of retail, office, hotel, and residential space on 298 acres. THE CRENSHAW/LAX TRANSIT PROJECT The Crenshaw/LAX Transit Project, also called the Crenshaw Line, is an 8.5-mile light-rail line with eight stations. The project, run by the Los Angeles Metropolitan Transportation Authority (Metro), is currently under construction and will feature terminuses at the Green Line’s Aviation/LAX station, where free shuttle buses transport passengers to LAX, and the Expo Line’s Expo/Crenshaw station. The Crenshaw Line is slated to open in 2019. 19 MARKET OVERVIEW: Los Angeles County Overview The County of Los Angeles, whose 4,083 square miles span a variety of landscapes, consists of 88 cities, 140 unincorporated communities, and two islands: San Clemente Island and Santa Catalina Island. Known for its coastal communities along 70 miles of Pacific Ocean as well as for its eastern county farmland, national and state parks, major rivers, deserts, and mountain ranges, the county is as geographically diverse as its population. The county seat (also the largest city by population and land area), Los Angeles, boasts a population of over 3.8 million and lends its name to the county. With a population of over 10 million residents which is steadily increasing, LA County’s job growth in burgeoning industries such as entertainment, technology, and e-commerce continues to attract residents to its metropolitan hubs despite its higher cost of living. Multifamily markets across the county are highly active, with nearly half of residents spending 30% or more of their income on housing. The demand for housing in metro areas has spurred increased activity in retail markets as well, with higher densities of Los Angeles County residents driving up demand for local amenities. 20 MARKET OVERVIEW: Los Angeles Population As the largest and most ethnically diverse county in the United States, the county of Los Angeles has a larger population than 42 US states. With approximately 27% of California’s residents within its borders, it is extremely diverse and represents more than 140 cultures and as many as 224 languages. POPULATION OVERVIEW Population size (2014) 10,043,730 Total Land Area 4,083 square miles Median Income Median Age LARGEST CITIES IN LOS ANGELES COUNTY 3,863,839 467,646 $64,354 204,951 193,652 35.0 years 158,630 Education, Ages 25+ 154,535 No High School Diploma 23.3% High School Graduate 20.4% Some College 19.7% College Degree + 36.6% 150,942 146,860 140,020 0 2,000,000 Los Angeles Glendale Pomona 4,000,000 Long Beach Lancaster Torrance 6,000,000 Santa Clarita Palmdale Pasadena 21 MARKET OVERVIEW: Los Angeles Economy The County of Los Angeles is among the world’s 20 largest economies with a GDP of $583.9 billion. More than ten million residents are served by the largest local government in the nation, which employs 103,000 people and administrates a $26.1 billion budget. The county is home to the biggest players in the entertainment industry, with six major film studios (Columbia Tri-Star Motion, Dream Works, Paramount Pictures, Sony Pictures Entertainment, Walt Disney Co and Warner Bros Studio) housed within its borders. The Ports of Long Beach and Los Angeles — the busiest ports in the nation and the fourth largest by trade volume — contribute to the county’s prominent manufacturing and international trade. In 2014, the Los Angeles County Economic Development Corporation and the Port of Los Angeles reported that Los Angeles’ foreign trade surpassed $400 billion, with China, Japan, South Korea, Taiwan and Thailand listed as its top trade partners. 15% Los Angeles County Employment by Sector Professional & Business Services 14% 14% 14% Retail Trade & Consumer Services Education & Health Services 11% 10% 7% Leisure & Hospitality Government 5% 5% 5% Construction, Information Finance Wholesale Manufacturing Transportation, Utilities, Natural Resources Rank Employer No. of Employees 1 Los Angeles County 103,678 2 Los Angeles Unified School District 60,139 3 US Government - Federal Executive Board 46,500 4 Kaiser Permanente 35,991 5 City of Los Angeles 31,893 6 University of California, Los Angeles 31,889 7 State of California 29,400 8 Northrop Grumman Corp. 17,000 9 Target Corp. 15,000 10 Providence Health & Services Southern California 15,000 Source: Los Angeles Business Journal (2014) 22 MARKET OVERVIEW: Los Angeles Transportation The Los Angeles County Metropolitan Transportation Authority, or Metro, is the county agency which plans and coordinates transportation, as well as designs, builds, and operates transportation networks throughout the area. It is primarily known for its Metro Rail, Metrolink, and Metro Liner (bus) transit systems which serve LA County and extend into other areas of California. »» Airports The county’s main airport, Los Angeles International Airport (LAX), is the sixth largest airport in the US. In 2014, LAX served approximately 70.6 million passengers and handled over 2 million ton of air cargo valued at over $91.6 billion. It ranks 5th nationwide in air cargo tonnage processed. The county’s other commercial airports are Long Beach Municipal Airport, Bob Hope Airport (Burbank), Ontario International Airport, and Palmdale Regional Airport. »» Seaports The Ports of Los Angeles and Long Beach play major roles in the nation’s trade industry. The Port of Los Angeles features 24 passenger and cargo terminals and is responsible for billions of dollars’ in cargo annually. The Port of Long Beach is the second busiest port in the US and its cargo is valued at $180 billion annually, handling a quarter of all cargo moving through west coast ports, and nearly 20% of all cargo nationwide. »» Train Stations Located in Downtown Los Angeles, Union Station is the principal railway station in LA County. It is the largest railroad passenger terminal in the Western US and serves as the regional train station for Amtrak, Metrolink, and Metro Rail. Additionally, Los Angeles is a major freight rail hub due to the high volume of imported freight entering through the county’s ports. »» Freeways Los Angeles is served by one of the most extensive freeway networks in the United States, due to the county’s major military presence during WWII and the rapid suburban expansion thereafter. Primary Interstate freeways include the 1-10, 1-5, I-405, 1-210, I-605, I-710 and U.S. Route 101; primary local freeways include the 170, 134, 110, 91, 90, and 60. »» Public Transportation The primary regional public transportation agency is the Los Angeles County Metropolitan Transportation Authority (LACMTA), commonly referred to as Metro or MTA. The agency, which operates bus, light rail and subway services, averages 1.45 million transit trips per weekday, making it the third largest transit agency in the United States. Several municipal bus systems run throughout the county. 4 LA County airports serving LAX 70M+ Passengers served annually Port of Long Beach: 25% west coast market share Port of Los Angeles: 38.4% west coast market share Together, $466+ billion in cargo handled annually 80 stations 1,451,150 weekly ridership LACMTA’s Metro Rail has 73 miles of rail and is the fastest-growing transit system in Los Angeles. Ranked by daily ridership, the Los Angeles subway ranked as the ninth-busiest rapid transit system in the United States. Its current projects include the expansion of the Purple line from Mid-Wilshire to Westwood, and the Expo Line from Culver City to Santa Monica. 23 1220 CENTINELA AVENUE CONTACT FREDERICK L. JACKSON Associate Lic. #01370466 [email protected] Direct (310) 499-3338 Office (310) 312-1800 Fax (310) 312-1801 JANET D. NEMAN Senior Managing Director Lic. #01069127 [email protected] Direct (310) 996-2210 Office (310) 312-1800 Fax (310) 312-1801 CHARLES DUNN COMPANY 1925 Century Park East Suite 2350 Los Angeles, CA 90067 Lic. #01201641 www.charlesdunn.com