The Harris Group website
Case Studies excerpt
THE WILSHIRE AT WESTERN
Nimble Marketing Campaign Creates
Bidding War
Upside Investments and Hanover Financial Co. bought the former Getty Oil headquarters, located at 3800 Wilshire Boulevard, in September 2003 and began construction on a 260-unit luxury apartment complex, with 25,000 square feet of ground-floor retail. Shortly thereafter, the condo market exploded, creating new opportunities. The Harris Group produced a detailed feasibility study that outlined condo conversion requirements and costs, market value and potential investment return.
We listed the partially renovated property at $75 million in October 2004 and immediately hit the market with an aggressive, multi-pronged marketing campaign. It included interactive e-mails (linked to a website providing full property information and a financial analysis), an executive summary sent to 1,000 key prospects and a photo-postcard mailing to target investors. We responded instantly to investor queries, typically within a couple of hours.
Within two weeks, the property attracted more than 100 registered buyers and 10 offers. After a multi-party bidding war, the owners closed escrow in January 2005. In less than 90 days. Wilshire Western Condos LLC, represented by Vince Norris of DNF Partners, paid an undisclosed price that the sellers deemed "a sizeable return on invested equity."
Prospectus
excerpts
CAMINO REAL
Sherman Oaks, California
Prime Location in Los Angeles. Marcus & Millichap is pleased to present an exclusive listing: Camino Real, a luxury residential/retail/restaurant development opportunity on Ventura Boulevard, in the heart of Sherman Oaks. Broad, tree-lined Ventura Boulevard is a major destination for area residents, offering a wealth of upscale dining and shopping options, as well as a wide range of banking and other services. The Camino Real project enables the investor to develop a landmark property in one of the premier submarkets of Los Angeles. Investment opportunities of this scope and potential have become increasingly rare in a region with scarce available land.
The thriving San Fernando Valley neighborhood of Sherman Oaks is just 16 miles from downtown Los Angeles, 8 miles from Beverly Hills and 12 miles from Santa Monica. Camino Real is ideally situated, with close proximity to the Ventura and San Diego freeways. Entertainment venues and the nearby Sherman Oaks Galleria are easily accessible. City entitlements have already been secured for the five-story project. Detailed architectural plans are included in this offering.
Luxury Apartments or Condominiums. Entitled as mixed-use — apartments over retail and restaurants — the Camino Real project offers dual opportunities. The investor may choose to build 118 luxury one- and two-bedroom apartment units, averaging 900 sq. ft. Alternatively, Camino Real can accommodate 90 condominium units, averaging 1,200 sq. ft. Two subterranean floors of parking include 200 residential stalls.
The Camino Real project offers the opportunity to capitalize on one of the most robust housing markets in the nation. As buyers are priced out of single family homes, the condominium market is expanding rapidly in the San Fernando Valley submarket of Los Angeles,. Condominiums at Camino Real are conservatively projected to sell for an average of $450/sq. ft., with a market value in excess of $48 million. (To develop the property for condominiums, a condominium tract map must be secured from the City of Los Angeles Subdivision Department, initiating the entitlement process. Existing improvements are in the process of demolition.)
Prime Frontage for Retail & Restaurants. On the ground floor, Camino Real offers 16,120 rentable square feet (6,120 sq. ft. of retail space and 10,000 sq. ft. of restaurant space). Prime frontage on a major thoroughfare provides a constant flow of weekday and weekend automobile and foot traffic. An open promenade and outdoor seating that takes advantage of the mild California climate creates an inviting ambiance. Dedicated subterranean parking (159 stalls) is also provided in the development plans. Retail units and restaurants are projected to lease at $4.50/sq. ft., on a triple-net (NNN) basis.
The Total Investment Package. Projected one-year return on costs for developed apartments over the retail/restaurant space is 6.4 percent. The projected value of Camino Real condominium units plus the retail/restaurant space is approximately $60 million. By acquiring the land for $16.75 million, a condominium developer is positioned to realize a projected profit spread in excess of $10 million. Camino Real is ideally situated for the luxury condominiums eagerly sought by area residents as well as for retail and restaurants. In short, this investment opportunity offers a stellar combination of location, timing and entitlement — the quintessential Los Angeles luxury mixed-use site.
Case Studies excerpt
THE WILSHIRE AT WESTERN
Nimble Marketing Campaign Creates
Bidding War
Upside Investments and Hanover Financial Co. bought the former Getty Oil headquarters, located at 3800 Wilshire Boulevard, in September 2003 and began construction on a 260-unit luxury apartment complex, with 25,000 square feet of ground-floor retail. Shortly thereafter, the condo market exploded, creating new opportunities. The Harris Group produced a detailed feasibility study that outlined condo conversion requirements and costs, market value and potential investment return.
We listed the partially renovated property at $75 million in October 2004 and immediately hit the market with an aggressive, multi-pronged marketing campaign. It included interactive e-mails (linked to a website providing full property information and a financial analysis), an executive summary sent to 1,000 key prospects and a photo-postcard mailing to target investors. We responded instantly to investor queries, typically within a couple of hours.
Within two weeks, the property attracted more than 100 registered buyers and 10 offers. After a multi-party bidding war, the owners closed escrow in January 2005. In less than 90 days. Wilshire Western Condos LLC, represented by Vince Norris of DNF Partners, paid an undisclosed price that the sellers deemed "a sizeable return on invested equity."
Prospectus
excerpts
CAMINO REAL
Sherman Oaks, California
Prime Location in Los Angeles. Marcus & Millichap is pleased to present an exclusive listing: Camino Real, a luxury residential/retail/restaurant development opportunity on Ventura Boulevard, in the heart of Sherman Oaks. Broad, tree-lined Ventura Boulevard is a major destination for area residents, offering a wealth of upscale dining and shopping options, as well as a wide range of banking and other services. The Camino Real project enables the investor to develop a landmark property in one of the premier submarkets of Los Angeles. Investment opportunities of this scope and potential have become increasingly rare in a region with scarce available land.
The thriving San Fernando Valley neighborhood of Sherman Oaks is just 16 miles from downtown Los Angeles, 8 miles from Beverly Hills and 12 miles from Santa Monica. Camino Real is ideally situated, with close proximity to the Ventura and San Diego freeways. Entertainment venues and the nearby Sherman Oaks Galleria are easily accessible. City entitlements have already been secured for the five-story project. Detailed architectural plans are included in this offering.
Luxury Apartments or Condominiums. Entitled as mixed-use — apartments over retail and restaurants — the Camino Real project offers dual opportunities. The investor may choose to build 118 luxury one- and two-bedroom apartment units, averaging 900 sq. ft. Alternatively, Camino Real can accommodate 90 condominium units, averaging 1,200 sq. ft. Two subterranean floors of parking include 200 residential stalls.
The Camino Real project offers the opportunity to capitalize on one of the most robust housing markets in the nation. As buyers are priced out of single family homes, the condominium market is expanding rapidly in the San Fernando Valley submarket of Los Angeles,. Condominiums at Camino Real are conservatively projected to sell for an average of $450/sq. ft., with a market value in excess of $48 million. (To develop the property for condominiums, a condominium tract map must be secured from the City of Los Angeles Subdivision Department, initiating the entitlement process. Existing improvements are in the process of demolition.)
Prime Frontage for Retail & Restaurants. On the ground floor, Camino Real offers 16,120 rentable square feet (6,120 sq. ft. of retail space and 10,000 sq. ft. of restaurant space). Prime frontage on a major thoroughfare provides a constant flow of weekday and weekend automobile and foot traffic. An open promenade and outdoor seating that takes advantage of the mild California climate creates an inviting ambiance. Dedicated subterranean parking (159 stalls) is also provided in the development plans. Retail units and restaurants are projected to lease at $4.50/sq. ft., on a triple-net (NNN) basis.
The Total Investment Package. Projected one-year return on costs for developed apartments over the retail/restaurant space is 6.4 percent. The projected value of Camino Real condominium units plus the retail/restaurant space is approximately $60 million. By acquiring the land for $16.75 million, a condominium developer is positioned to realize a projected profit spread in excess of $10 million. Camino Real is ideally situated for the luxury condominiums eagerly sought by area residents as well as for retail and restaurants. In short, this investment opportunity offers a stellar combination of location, timing and entitlement — the quintessential Los Angeles luxury mixed-use site.
client
The Harris Group / Marcus & Millichap
projects
Company website (launched in 2005) and prospectus
audience
Potential investors
goal
To position the client as a high-end adjunct of a venerable investment company
The Harris Group / Marcus & Millichap
projects
Company website (launched in 2005) and prospectus
audience
Potential investors
goal
To position the client as a high-end adjunct of a venerable investment company