John Leyvas, Jr. vince Mccarrie Terry Deveau

John Leyvas, Jr.
11-0209•04/11
Terry Deveau
Vince McCarrie
ta b l e o f
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contents
John Leyvas, Jr.
[email protected]
510.995.3562
Lic #00941651
Terry Deveau
[email protected]
408.982.8477
Lic #00854750
Vince McCarrie
[email protected]
408.982.8485
Lic #01845778
E xecut ive S umm ary
4-7
City of Sunnyvale
L ocation 8-13
Bay Area Location Map
Location Aerial & Parcel Map
Retail Competition Aerial
Housing Aerial
P ro pert y D escri pt i o n
14-17
Demographics & Map
Close Up Aerials
M arke t O verview
18-20
Detailed Sale Comparables
Sales Comparables Map & Summary
S al e P rice
an d
P ro c e s s
21
i
1 0 0 8 E E L C AMINO R EA L , SU NNY VA L E, C A
E xe cutive S u m m a r y
offer for sale the Laurelwood Terrace at El Camino, a ±1.82 Acre
city of sunnyvale
Residential/Commercial development site located in Sunnyvale,
California. Currently operational as Nick’s RV Park, the site is zoned
C2 and has been highlighted for residential redevelopment as a R-3
or R-4 mixed use site under the El Camino Real Precise Plan. Seated in
the heart of one of Silicon Valley’s most desirable residential markets
this High Density Development site is one of the finest development
opportunities in Silicon Valley.
T he O pportunity
Located in the heart of Silicon Valley, Sunnyvale is the Area’s second largest city and is Forty miles
south of San Francisco and 10 miles North of San Jose. It is 24 Square Miles and is located at the
crossroads of five of Silicon Valley’s major freeways and expressways (Hwy 101, 280, 85, Central
Expressway and Lawrence Expressway). There are three international airports are all within easy,
direct freeway access (Norman Y. Mineta San Jose International Airport, San Francisco International
Airport, and Oakland International Airport). Sunnyvale is a commute and multimodal transit hub
for Cal train commuter rail, Valley Transportation Authority (VTA) Light Rail Service, as well as the
Greyhound Bus lines.
The Laurelwood Terrace at El Camino affords the qualified investor the
City of Sunnyvale amenities include 20 parks,
property to develop an exceptional Northern California development
in an unparalleled Silicon Valley location. This asset is one of very few
two golf courses, a city library, 132
development opportunities in the celebrated city of Sunnyvale.
multipurpose sport fields, and 26 elementary,
middle, and High Schools (public and private).
Residents at Laurelwood Terrace will enjoy the best of the Santa Clara
The city has an AAA bond rating, $25 Million
Unified School District. Walking distance from Marian A. Peterson
collected in Sales tax and total revenues of
Middle School, and one mile from Laurelwood Elementary families will
$114 Million.
have immediate access to celebrated day and afterschool programs.
High School students will also be assigned to Wilcox High. The
California Department of Education’s Academic Performance Index
(API) has ranked all three of these schools as the highest in their
respective categories in the city of Santa Clara. This unique school
zoning affords families access to the region’s best schools and
promises to produce long term residency and higher property values.
Located at 1008 East El Camino Real the property is surrounded by
the best retail centers in the South bay. Notable area features are
The total population is 140,450 people
Sunnyvale is a major development center to
within a workforce of 118,500 and a
the region and home to companies such as
daytime population of 230,000 people.
The Average Household income is
$79,926, and 67% of adults are college
educated. The City of Sunnyvale is
the Trader Joes, Sprouts, Safeway and Lucky grocery outlets along
consistently rated as one of the top 10
with Kohl’s, Rite Aid, Walgreens, Best Buy and the newly developed
safest cities in the nation.
Sunnyvale Town Center that are all within two miles of the site.
Perched atop El Camino Real residents have immediate access to one
of California’s most storied thoroughfares. Situated between Wolfe
Road and the Lawrence Expressway, highways 85, 280, 880 and 101
are all quickly accessible. With access to all of Silicon Valley’s major
E x e c u t i v e S u mm a r y
C
ornish & Carey Commercial Newmark Knight Frank is pleased to
Yahoo, Juniper Networks, Network Appliance
and Lockheed Marin. There are 52 shopping
center/ complexes, 315 restaurants and 10
major hotels with a total of 3,340 rooms and
38,000 Square Feet of meeting space.
There are numerous small businesses with
7,883 inside the city limit. The housing market
benefits from the strong business base as
well with average rental price (3 Bedrooms)
of $2,093per month and an average housing
price (single family home) of $901,000.
transportation routes the region’s most notable employers are all
within minutes.
[ 4 ]
O F F E R I N G
M E M O R A N D U M
[ 5 ]
i
1 0 0 8 E E L C AMINO R EA L , SU NNY VA L E, C A
E xe cutive S u m m a r y
E x e c u t i v e S u mm a r y
fA C T S H E E T F R O M T H E C I T Y O F S U N N Y VA L E
[ 6 ]
O F F E R I N G
M E M O R A N D U M
[ 7 ]
Cotati
ii
Napa
1 0 0 8 E E L C AMINO
R EA L , SU NNY VA L E, C A
Bay Area Lo cat io n M aFairfield
p
Petaluma
Pa rce l M a p
L o c at i o n
Vallejo
Benicia
Bay Point
Martinez
Fairfax
Ross
Bolinas
Antioch
Concord
East Richmond
Heights
El Cerrito
Corte
Madera
Strawberry
Clayton
Brentwood
y
Lafayette
Albany
Alamo
Moraga
Emeryville
San
Francisco
Oakley
Blackhawk
Oakland
Alameda
San Ramon
Dublin
Brisbane
Livermore
San Leandro
South San
Francisco
Pleasanton
Hayward
Union City
Burlingame
Foster
City
Fremont
Belmont
Half
Moon Bay
Milpitas
Palo Alto
Mountain
View
Los Altos
Santa
Clara
San Jose
Cupertino
Campbell
Boulder
Creek
Lexington
Hills
Morgan
Hill
1008 E EL CAMINO REAL
SUNNYVALE, CA
Aptos
[ 8 ]
O F F E R I N G
M E M O R A N D U M
[ 9 ]
ii
1 0 0 8 E E L C AMINO R EA L , SU NNY VA L E, C A
Neig hb o r h o o d Am en it ies
L o c at i o n
SUNNYVALE TOWN
CENTER
CHERRY ORCHARD
ORCHARD
1008 E EL CAMINO REAL
SUNNYVALE, CA
-
[ 10 ]
O F F E R I N G
M E M O R A N D U M
[ 11 ]
ii
1 0 0 8 E E L C AMINO R EA L , SU NNY VA L E, C A
H o using Aer ia l
SUNNYVALE
Lawrence Expressway
The Carroll Inn
(121 Units)
El
Ca
min
oR
Plaza De Las Flores
ea
Heritage Park Apartment
(100 Units)
l
(308 Units)
Ellis Elementary
School
Life’s Garden
Cumberland School
(208 Units)
Elementary School
Bowers
Bracher
Braly
Briarwood
C.W. Haman
Don Callejon
George Mayne
Kathryn Hughes
* Laurelwood
Millikin
Montague
Pomeroy
Ponderosa
Scott Lane
Sutter
Washington
Westwood
2010 2009
830
783
894
862
842
834
794
797
798
797
842
798
811
816
813
779
921902
999989
791
761
781
797
855
849
739
742
890
854
880891
785
790
Middle High School
Buchser
Downtown College
Prep Alviso
Juan Cabrillo
* Marian A. Peterson
2010
785
2009
750
659
757
853
603
748
850
High School
* Adrian Wilcox
New Valley Cont.
Santa Clara
Wilson Alternative
2010
770
618
760
540
2009
731
588
734
584
L o c at i o n
S A N TA C L A R A U N I F I E D A P I T E S T S C O R E S
Mountain
View
Santa
Clara
Aster Park Apartment
(95 Units)
Fair Oaks Sunnyvale
(124 Units)
Willcox
High School
Braly Elementary
School
Arbor Terrace
Fremont High School
Sunnyvale Saratoga Rd
(174 Units)
Juan Cabrillo
Middle School
Stocklmeir Elementary
School
El Camino Real
KEY
Santa Clara
High School
AFFORDABLE HOUSING
Peterson Middle
School
LOCAL SCHOOLS IN AREA
LAURELWOOD’S
ASSIGNED SCHOOLS
Homestead Park Apartments
(211 Units)
Moulton Plaza
(66 Units)
[ 12 ]
1008 E EL CAMINO REAL
SUNNYVALE, CA
Millikin Elementary
School
Laurelwood Elementary
School
O F F E R I N G
M E M O R A N D U M
[ 13 ]
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1 0 0 8 E E L C AMINO R EA L , SU NNY VA L E, C A
D emogra p h ic s M a p
D e mo gra ph i c s
Population Households
SUNNYVALE
2 MILE
SANTA
CLARA
T
o
t
a
l
* 0.5 Mile
8,474
8,751
9,305
5,705
2,584
7,146
34
38
3,602
3,824
4,142
3.27
9.81
6.33
* 1 Mile
31,260
32,183
34,083
24,403
9,756
25,785
34
39
12,723
13,450
14,494
2.95
9.03
5.90
* 2 Miles
102,611
105,922
112,584
103,836
55,013
83,789
35
40
41,030
43,509
47,117
3.23
9.72
6.29
44
3,741
170
899
3,896
0.51
42.75
1.95
10.27
44.52
130
14,891
624
2,403
14,136
0.40
46.27
1.94
7.47
43.92
501
46,166
2,140
8,239
48,876
0.47
43.59
2.02
7.78
46.14
1,427
16.31
3,755
11.67
13,729
12.96
3,824
1,590
41.58
2,234
58.42
13,450
6,108
45.41
7,343
54.59
43,509
20,042
46.06
23,467
53.94
103,467
90,825
44,686
111,875
94,634
46,658
110,921
96,507
45,595
4,182
47.78
4,569
52.22
15,347
47.68
16,837
52.32
51,144
48.28
54,778
51.72
6,421
342
139
847
359
735
502
110
3,386
2,024
1,148
215
13.19
52.74
31.52
17.88
23,308
1,274
396
3,180
983
2,256
1,915
440
12,865
7,497
4,596
771
13.64
55.19
32.16
19.72
75,589
4,720
1,852
10,399
3,348
8,173
5,945
1,465
39,687
23,429
13,734
2,524
13.76
52.50
31.00
18.17
634
441
336
341
578
1,126
1,220
963
711
575
2,519
1,789
1,361
1,224
1,982
4,058
4,283
3,339
2,517
1,975
7,925
6,294
5,157
4,603
6,355
11,749
12,945
10,814
8,746
6,946
Race
1 MILE
2009 American Indian/Alaska Native (alone)
2009 Asian/Hawaiian/OPI (alone)
2009 Black (alone) Population
2009 Other (alone) & Two or more races
2009 White (alone)
2009 % American Indian/Alaska Native
2009 % Asian/Hawaiian/OPI (alone)
2009 % Black (alone) Population
2009 % Other (alone) & Two or more races
2009 % White (alone) Population
1/2 MILE
Hispanic
2009 Hispanic Population
2009 % Hispanic Population
Housing Units
2009 Total Occupied Housing Units
2009 Total Owner Occupied Housing Units
2009 Total % Owner Occupied Housing Units
2009 Total Renter Occupied Housing Units
2009 Total % Renter Occupied Housing Units
P r o p e r t y D e s c r i pt i o n
2000 Total Population
2009 Total Population
2014 Total Population
2009 Total Daytime Population
2009 Total Employees
2009 Total Adult Population
2009 Median Age Total Population
2009 Median Age Adult Population
2000 Total Households
2009 Total Households
2014 Total Households
2000-2009 % Change in Population
2000-2014 % Change in Population
2009-2014 % Change in Population
Income
2009 Average Household Income
2009 Median Household Income
2009 Per Capita Income
Median Income
Female / Male
$100,000 and Above
$75,000 to $99,999
$50,000 to $74,999
< $49,999
2009 Female Population
2009 % Female Population
2009 Male Population
2009 % Male Population
Education
DEMOGRAPHIC SUMMARY
0.5 Mile
1.0 Mile
2.0 Miles
2009 Average Household Income
$103,467
$111,875
$110,921
2009 Total Population
8,751
32,183
105,922
2009 Total Daytime Population
5,705
24,403
103,836
2009 Total Households
3,824
13,450
43,509
2009 Total Pop 25 yrs + by Educational Attain
2009 Pop 25 yrs + Less Than 12th Grade
2009 Pop 25 yrs + 12th grade, No diploma
2009 Pop 25 yrs + High School Graduate
2009 Pop 25 yrs+Some college, less 1 yr
2009 Pop 25 yrs + Some college, no degree
2009 Pop 25 yrs + Associate Degree
2009 Pop 25 yrs +Professional School degre
2009 Pop 25 yrs + 4+ Years College
2009 Pop 25 yrs + Bachelors Degree
2009 Pop 25 yrs + Masters degree
2009 Pop 25 yrs + Doctorate degree
2009 % Pop 25 yrs + High School Graduate
2009 % Pop 25 yrs + 4+ Years College
2009 % Pop 25 yrs + Bachelors Degree
2009 % Pop 25 yrs + Masters degree
T
o
t
a
l
Age
2009 Age 0 - 4
2009 Age 5 - 9
2009 Age 10 - 14
2009 Age 15 - 19
2009 Age 20 - 24
2009 Age 25 - 29
2009 Age 30 - 34
2009 Age 35 - 39
2009 Age 40 - 44
2009 Age 45 - 49
[ 14 ]
O F F E R I N G
M E M O R A N D U M
[ 15 ]
iii
1 0 0 8 E E L C AMINO R EA L , SU NNY VA L E, C A
Aerial
P r o p e r t y D e s c r i pt i o n
1008 E EL CAMINO REAL
SUNNYVALE, CA
[ 16 ]
O F F E R I N G
M E M O R A N D U M
[ 17 ]
iv
1 0 0 8 E E L C AMINO R EA L , SU NNY VA L E, C A
D e t a ile d S a les Co m p a ra b les
Laurelwood Terrace at El Camino
Acres:
1.82 Acres
Units:
44
Sq. Ft.:
79,279
Parcel No:
313-03-011
Zoning:
C2 – Highway Business /
El Camino Real (ECR)
Proposed Use:
CGB – Commercial General Business
Property Type:
Mobile Homes & 1 Single Family Home
1.Kings Crossing
Acres:
1.22 Acres
686 N King Rd
San Jose, CA 95133
Sale Price:
$5,314,500
Sq. Ft.:
53,143 SF
Price/SF:
$100.00
Sale Date:
04/21/2009
Zoning:
M1H
Parcel No:
254-04-076 (Partial)
Property Type:
Land
Proposed Use:
Apartment Units - Subsdzd
Acres:
1.49 Acres
Sale Price:
$12,000,000
Sq. Ft.:
64,904 SF
Price/SF:
$184.89
Sale Date:
05/19/2010
Zoning:
C3H
Parcel No:
259-42-080
Property Type:
Land
Proposed Use:
Commercial, Parking Lot
Acres:
1.03 Acres
Sale Price:
$8,000,000
Sq. Ft.:
44,736 SF
Price/SF:
$178.83
Sale Date:
05/19/2010
Zoning:
C3
Parcel No:
467-22-142
Property Type:
Land
Proposed Use:
Commercial, Parking Lot
1008 E El Camino Real
Sunnyvale, CA 94087
offett Federal
Moffett
Federal
Airfield
Airfield
Sunnyvale
4
5
Santa
Clara
1
Mineta San
San José
José
Mineta
International Airport
Airport
International
B U Y E R : Charities Housing Development Corp.
S E L L E R : San Jose Transit Village Partners, LLC
El Camino Real State Hwy 82
3
2
Buena
Vista
Fruitdale
2.285 S Market St
San Jose, CA 95113
San Jose
6
#
Property Address
Acres
Sale date
Sale price Price per sf
Laurelwood Terrace at El Camino
1008 E El Camino Real, Sunnyvale
1.82TBD
TBD TBD
1 Kings Crossing - 686 N King Rd, San Jose
1.22
04/21/09
$5,314,500
$100.00
2 285 S Market St, San Jose
1.49
05/19/10
$12,000,000
$184.89
3
8 E San Fernando St, San Jose
1.03
05/19/10
$8,000,000
$178.83
4
637 E Taylor Ave, Sunnyvale
1.85
07/23/10
$5,800,000
$71.97
5
201 Town and Country, Sunnyvale
2.40
08/20/10
$19,000,000
$181.74
6
2185 Stone Ave, San Jose
1.56
10/22/10
$4,867,830
$71.63
B U Y E R : Sobrato Development Companies
S E L L E R : Redevelopment Agency of City of San Jose
3.8 E San Fernando St
San Jose, CA 95113
B U Y E R : Sobrato Development Companies
S E L L E R : Redevelopment Agency of City of San Jose
[ 18 ]
O F F E R I N G
M E M O R A N D U M
Market Overview
a
St
[ 19 ]
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1 0 0 8 E EL C AM INO R EA L , SU NNY VA L E, C A
D e t a iled S a les Co m p a ra b les
Sunnyvale, CA 94085
B U Y E R : D.R. Horton - Nor. Cal. Division
S E L L E R : Byldan Properties
B U Y E R : BRE Properties Inc.
S E L L E R : Sand Hill Property Co.
6.2185 Stone Ave
Land, San Jose, CA 95125
B U Y E R : Bass Curtner LLC
S E L L E R : Pace Ranch Properties LLC
Sale Price:
$5,800,000
Sq. Ft.:
80,586 SF
Price/SF:
$71.97
Sale Date:
07/23/2010
Zoning:
M1
Parcel No:
205-29-005
Property Type:
Land
Proposed Use:
Apartment Units - Condo
Acres:
2.40 Acres
Sale Price:
$19,000,000
Sq. Ft.:
104,544 SF
Price/SF:
$181.74
Sale Date:
08/20/2010
Zoning:
C3
Parcel No:
2090-07-018 (Partial)
Property Type:
Land
Proposed Use:
Retail, Apartment Units
Acres:
1.56 Acres
Sale Price:
$4,867,830
Sq. Ft.:
67,954 SF
Price/SF:
$71.63
Sale Date:
10/22/2010
Zoning:
MH
Parcel No:
455-07-012 (Partial)
Property Type:
Land
Proposed Use:
Self-Storage
Development parameters:
The City of Sunnyvale has indicated that the site qualifies for high density mixed-use
residential redevelopment under the Precise Plan for El Camino Real. This designation
allows for R-3 zoning which allows for 24 units per acre or R-4 zoning which allows for 36
units per acre. There is a 55’ height limitation on the project. All development plans should
be qualified with the city of Sunnyvale’s Department of Community Development.
Sale Price
The Laurelwood Terrace at El Camino is being offered unpriced.
Tours & Information Requests
This investment offering has been made available to a carefully selected group of investors.
The Owners have asked that the confidentiality of this offering be carefully observed. The
site is currently operational as Nick’s RV Park and the transition must be handled with the
utmost of care. All tours must be scheduled and residents are not to be disturbed. Current
operational information for the park is also available upon request.
To schedule a tour or request further information please contact:
Vince McCarrie of Cornish & Carey Newmark Knight Frank.
Process
Sunnyvale, CA 94086
1.85 Acres
and
5.201 Town and Country
Acres:
Sale Price
4.637 E Taylor Ave
Sale Price & Process
Mariya Hodge, Associate Planner with the City of Sunnyvale, is the point of contact for all
matters related to this development. The city has prepared a fact sheet that is available to
the public and is interested in working towards the successful redevelopment of the project.
We encourage investors to contact the city directly to discuss development possibilities.
Mariya Hodge
Dept. of Community Development
Associate Planner
Phone: (408) 730-7659
Fax: (408) 328-0710
complete:
Please be advised the information herein is provided without representations or warranties
as to completeness or accuracy.
[ 20 ]
O F F E R I N G
M E M O R A N D U M
[ 21 ]
1 0 0 8 E E L C AMINO R EA L , SU NNY VA L E, C A
No tes
[ 22 ]
O F F E R I N G
M E M O R A N D U M
[ 23 ]
John Leyvas, Jr.
[email protected]
510.995.3562
Lic #00941651
Terry Deveau
[email protected]
408.982.8477
Lic #00854750
Vince McCarrie
[email protected]
408.982.8485
Lic #01845778
2804 M i ssi on College Blvd., Sui te 120
S anta Clara, C A 95054
Ph o n e 408.727.9600 Fax 408.987.4157
11-0209•04/11