Investment Highlights
Freestanding two tenant NNN retail in prime Warner Center, CA Location
Average history of occupancy of 18.2 years; Tomoya Sushi has occupied the property since 10/15/2010 (13.4 years) and Premier America Credit Union sin
More than 3,500 units delivered since the inception of the Warner Center specific plan in 2013 with an additional 5,700 units under construction or in
Directly across the street from the future Los Angeles Rams facility and massive mixed-use development
Daily traffic counts in excess of 34,000 VPD
135 shared surfaced parking spaces
Executive Summary
The Brandon Michaels Group of Marcus & Millichap has been selected to exclusively market for sale 6020 Canoga Avenue, a 4,896 square foot two tenant freestanding NNN retail property occupied by Tomoya Sushi & Izakaya and Premier America Credit Union. The property is situated on 0.36 acres of land (15,838SF) ideally located directly across from the future Los Angeles Rams practice facility and headquarters and a massive mixed-use development in the rapidly expanding Warner Center of Woodland Hills, CA.6020 Canoga Ave is improved with a 4,896 SF building currently 100% occupied by Tomoya Sushi & Izakaya and Premier America Credit Union on NNN leases. The tenants have a long track record of success at this location with more than thirteen (13) and twenty-three (23) year operating history, respectively. In addition to their thirteen and a half year track record at the site, Tomoya Sushi & Izakaya?s just renewed their lease for an additional five years. through July, 2029. The two tenants have an average remaining lease term of 5.2 years, creating a stable and secure income stream in an irreplacable Warner Center location. The property?s monthly rent is $29,121 ($5.39/SF) plus NNN, and both tenants have annual 3% rent increases through the duration of their leases.6020 Canoga Avenue is located one parcel north of the NE signalized corner of Canoga Avenue and Oxnard Street. The subject properties are part of a larger development including the El Torito, which is directly adjacent to the North, the StorQuest, the self-storage property to the rear, and a two-story office property along Oxnard Street. While the subject property benefits from multiple points of ingress and egress along Canoga Avenue and Oxnard Street and shared parking, it is served primarily by the access via Canoga Avenue and 135 shared surfaced parking spaces. The subject property benefits from daily traffic counts of more than 34,000 vehicles per day and is situated directly in front of a major bus route.6020 Canoga Avenue is ideally located in the heart of the Warner Center in the Downtown district. The property is situated directly across the street from the former Westfield Promenade and Anthem Blue Cross office tower, recently purchased by Los Angeles Rams owner Stan Kroenke. These sites are planned for massive redevelopment involving a new practice facility and headquarters for the Los Angeles Rams football team and a large mixed-use development. The former Westfield Promenade is entitled for a $1.5 billion renovation which included retail, Class A office, two hotels, 14,000 residential units, and an entertainment and sports center.
