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January 2017Investment Summary
CAPITAL MARKETS – INVESTMENT SALES
SF East Bay Office Investment with Market Rent Upside
$18,500,000 ($145 psf) – 7.2% In-Place Capitalization Rate
San Francisco425 Market Street, Suite 2300
San Francisco, CA 94105
Oakland555 12th Street, Suite 1400 Oakland, CA 94607
cushmanwakefield.com
Southland Office Center 6-Story 127,232 Sq. Ft. Multi-Tenant
Office & Retail Building24301 SOUTHLAND DRIVE, HAYWARD,
CALIFORNIA
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INVESTMENT SUMMARY
SOUTHLAND OFFICE CENTER HAYWARD, CA 2
Investment Advisor:
Michael SpeersExecutive Director +1 415 677 0467
[email protected] #00899868
Investment & Market Advisor:
Barry W. CohnManaging Director+1 510 267
[email protected] #01007603
Exclusive Marketing TeamSOUTHLAND OFFICE CENTER | HAYWARD,
CALIFORNIA
Market Advisor:
David EnglertDirector+1 510 267
[email protected] #01291709
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INVESTMENT SUMMARY
SOUTHLAND OFFICE CENTER HAYWARD, CA 3
Immediate Upside from Occupancy and Rent Growth
Strong Basis Play at $145 psf
• In-Place Income Anchored by Long-Term Tenancy
• 90% Current Occupancy and Below Market Rents
• 36% of Office & Retail Occupied by 5 Largest Tenants
• Ground Floor Retail Fully Leased at 15% Below Market
• Upgrade Potential for Even Higher Rents
90% Occupied with Over 50 Tenants
• Floorplate Configuration Provides Maximum Tenant
Flexibility
• Local & Regional Professional Service Base
• Central Location Ideally Suited for Sales Offices
• Average Tenant Less than 2,500 Square Feet
Positioned to Capture Rising Rents & Occupancy
• In-Place Rents 30%-50% Lower than Nearest Submarkets
• Asking Rents 5-15% Below Nearby Competitive Buildings
• 96% Occupancy for Competitive Office Projects
• Displacement of Tenants from Higher Rent Markets in Bay
Area
• Recent Relocations from Silicon Valley and Oakland
Asking Price with Loan Assumption
• $18,500,000 ($145 psf)
• $12,100,000 Assumable 5YR Loan (65% LTV)
• 5.32% Interest Rate, 30YR Amortization
Property Specifications6-Story Multi-Tenant Office
127,232 Rentable Square Feet>3.0/1000 Parking Ratio
90% OccupancyCompletion 1967/2001
In Place & Projected Returns
Space Rolling to Market
Investment Highlights
Yr-1 Yr-2 Yr-3 Yr-4 Yr-5
Capitalization Rate In-Place 7.2%
Capitalization Rate 7.7% 8.8% 9.6% 10.1% 10.6%
Cash Returns Leveraged 5.1% 9.2% 12.6% 14.8% 16.8%
Cash Returns Average 9.0% 11.7%
13,275 36,380 17,702 20,785 5,835 11,340
10.4%
39.0%
52.9%
69.3%
82.8%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
Available Year 1 Year 2 Year 3 Year 4 Year 5
Space Rolling to Market Rent
Space Rolling to Market Cumulative Space Rolling to Market
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INVESTMENT SUMMARY
SOUTHLAND OFFICE CENTER HAYWARD, CA 4
Office Market Snapshot - Q3-2016
Oakland Metro Office - Historical Tenant Demand
Investment Highlights
Surging Demand and Rising Rents in East Bay
Dynamic Bay Area Office Growing Strong
• Bay Area wide asking rent up 12.9% year-over-year (YOY)
• Vacancy rates down by 20 bps YOY to healthy 8.6%
• After a multi-year run, vacancy rates stabilize and rise
slightly
Growth Expanding into Secondary Markets
• Growth shifting to East Bay, North Bay and Peninsula
• Average vacancy reduction of 210 basis points YOY
• Average asking rent growth of 9.5% YOY
Record Occupancy Gains in East Bay
• Market-wide rental rates up 3.7% from Q2 and 8.6% YOY
• On a longer term, rents are up by over 30% since 2012
• Oakland CBD asking rents topped $4.00 FS, Class A passing
$5.00 FS
• Record 1.6 million square feet (MSF) occupancy growth in
2015
• Over 2.2 MSF of occupancy gains since 2012
• Since 2012, overall market vacancy down almost 50%1.04
0.84
1.10
0.850.99
1.64
1.97
0.0
0.5
1.0
1.5
2.0
2.5
2010 2011 2012 2013 2014 2015 2016
Sq
uare
Feet in
Mill
ions
Oakland Metro Office - Historical Tenant DemandEnd of Quarter
Square Feet in Millions
Office Market Snapshot - Q3-2016
Market Vacancy YOY Change Asking FS Rent YOY Change
San Francisco 7.7% +170 bps $5.77 3.7%
SF Peninsula 7.5% -300 bps $4.71 10.0%
Silicon Valley 8.6% +80 bps $4.29 26.5%
Oakland Metro 8.6% -160 bps $2.79 12.0%
Tri-Valley 9.9% -150 bps $2.42 6.1%
Walnut Creek 10.7% -280 bps $2.47 4.2%
Marin-Sonoma 11.0% -160 bps $2.19 11.7%
TOTAL BAY AREA 8.6% -20 bps $4.02 12.9%
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INVESTMENT SUMMARY
SOUTHLAND OFFICE CENTER HAYWARD, CA 5
Southland Capturing Bay Area Office Growth
Central Bay Area Location
• Easy access to Oakland, Tri-Valley, Silicon Valley and SF
Peninsula
• Junction of major North/South and East/West interstate
highways
• Minutes from San Mateo Bridge and the SF Peninsula
• Major hub for distribution and sales offices
• Large concentration of “more affordable” housing stock
Small Inventory of Quality Competitive Buildings
• Outer edge of nearby office markets
• Quality multi-tenant office buildings are few and far
between
• A dozen competitive buildings spread over three cities
• Truly competitive multi-tenant buildings currently 95.8%
occupied
• Southland availability represents 55% small tenant vacancy
• Subject property rents below competition, neighboring
markets
Demand Upswing Seen in Southland Office Leasing
• Social Security 15YR renewal on 11,620 square feet at $2.11
FS
• Commonwealth College new 5YR lease for 4,247 square feet
• Solar Giant 5YR lease for 2,973 square feet at $1.70 FS
• Albert Retodo MD expanding and upgrading 6th floor medical
space
• Dental office relocating and upgrading to ground floor on 7YR
term
Investment Highlights
MenloPark
SanCarlos
1
8
8
1
1
1
4
3
3
4
9
1
1
1
9
8
237
242
160
120
1
101
101
101
101
101
101
280
280
380
280
680
680
680
680
680
780
580
205
580
580
880
880
880
80
80
80
80
5
5
5
1
8
8
1
1
1
4
3
3
4
9
1
1
1
9
8
237
242
160
160
120
1
101
101
101
101
101
101
280
280
380
280
680
680
680
680
680
780
580
205
580
580
880
880
880
80
80
80
80
5
5
5
580
680
680
680
680
680
680
880
880
880
80
80
80
80
580
580
580
780
280
380
280
280
1
1
1
101
101
101
101
101
101
84
92
84
237
85
17
1
1
1
4 4
37
37
12
160
160
242
24
580
5
5
205120
99
5
980 13
Brisbane
San Mateo
PaloAlto
MountainView
SantaClara
SanJose
Fremont
Milpitas
Hayward PleasantonLivermore
Berkeley
Richmond
Walnut Creek
San Ramon
SanRafael
Concord
Vallejo
Napa
Santa Rosa
Benicia
Fairfield
Tracy
Newark
Sunnyvale
Cupertino
Dublin
RedwoodCity
StocktonAntioch
San FranciscoOakland
Alameda
Foster City
Dublin
3.2 MSF
11.3%
$2.27
Pleasanton
14.2 MSF
8.8%
$2.61
Milpitas
1.0 MSF
6.0%
$2.41
Fremont
2.6 MSF
4.4%
$2.45
Foster City
4.9 MSF
7.6%
$4.94
Alameda
3.6 MSF
14.8%
$2.37
San Mateo
7.4 MSF
12.1%
$4.48
Oakland
12.0 MSF
4.0%
$4.07
SOUTHLAND OFFICE CENTER
Neighboring Office Market Statistics(Inventory, Vacancy and
Asking FS Rent)
SF
77.8 MSF
7.7%
$5.77
Palo Alto
9.6 MSF
5.3%
$7.87
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INVESTMENT SUMMARY
SOUTHLAND OFFICE CENTER HAYWARD, CA 6
Subway
Chase Bank
Shami Restaurant
Panda Express
Site Location
SOUTHLAND OFFICE CENTER
HESPERIAN
BLVD
WEST WINTON AVENUE
SOUT
HLAN
D DRIV
E
California Bank & Trust
Los Pericos
H&R Block
Elephant Bar
Famous Dave’s
Panera Bread
Applebee’s
SOUTHL
AND PLA
CE
StarbucksWalgreens
Kasper ’s Hot Dogs
SizzlerOil
Changers
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INVESTMENT SUMMARY
SOUTHLAND OFFICE CENTER HAYWARD, CA 7
MenloPark
SanCarlos
1
8
8
1
1
1
4
3
3
4
9
1
1
1
9
8
237
242
160
120
1
101
101
101
101
101
101
280
280
380
280
680
680
680
680
680
780
580
205
580
580
880
880
880
80
80
80
80
5
5
5
1
8
8
1
1
1
4
3
3
4
9
1
1
1
9
8
237
242
160
160
120
1
101
101
101
101
101
101
280
280
380
280
680
680
680
680
680
780
580
205
580
580
880
880
880
80
80
80
80
5
5
5
580
680
680
680
680
680
680
880
880
880
80
80
80
80
580
580
580
780
280
380
280
280
1
1
1
101
101
101
101
101
101
84
92
84
237
85
17
1
1
1
4 4
37
37
12
160
160
242
24
580
5
5
205120
99
5
980 13
Brisbane
San Mateo
PaloAlto
MountainView
SantaClara
SanJose
Fremont
Milpitas
Hayward PleasantonLivermore
Berkeley
Richmond
Walnut Creek
San Ramon
SanRafael
Concord
Vallejo
Napa
Santa Rosa
Benicia
Fairfield
Tracy
Newark
Sunnyvale
Cupertino
Dublin
RedwoodCity
StocktonAntioch
San FranciscoOakland
SOUTHLAND OFFICE CENTER
From the North via I-880
Take I-880 south toward San Jose. Take the Winton Av-enue exit,
EXT 28. Keep right to take the Winton Ave W ramp and merge onto W
Winton Ave. Take the 1st left onto Southland Drive and the project
is on the right
From the South via I-880
Take I-880 North and then take the Winton Avenue exit, EXIT 28.
Keep left to take the Winton Ave W/I-880 N ramp. Keep straight to
take the Winton Ave W ramp and merge onto W Winton Ave. Turn left
onto Southland Drive and the project is on the right.
From the West via Hwy-92
Take CA-92 for 13.12 miles. Take the exit toward Hesperian
Boulevard/I-880/San Jose/Oakland. Keep straight to take the ramp
toward Hesperian Boulevard/I-880/San Jose/Oakland. Go 0.09 miles
and take the Hesperian Blvd exit, EXIT 25B, toward Hesperian
Boulevard/San Lorenzo. Go 0.15 miles and turn left onto Hesperian
Blvd. Follow for 1.55 miles and turn right onto W. Winton Ave. Turn
right onto Southland Drive and the project is on the right.
From the East via I-580/I-880
Take I-580 toward Oakland and then take I-238 N via EXIT 34
toward I-880. Go 1.75 miles and merge onto I-880 S/Nimitz Fwy S via
EXIT 16A toward San Jose/San Mateo Bridge. Follow for 3.24 miles
and take the Winton Avenue exit, EXIT 28. Keep right to take the
Winton Ave W ramp and merge onto W Winton Ave. Take the 1st left
onto Southland Drive and the project is on the right
Bay Area Map
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INVESTMENT SUMMARY
SOUTHLAND OFFICE CENTER HAYWARD, CA 8
Exceptional Transportation Access
The project is located immediately off I-880 and adja-cent to W.
Winton Avenue and Hesperian Boulevard, two of the primary traffic
corridors in Hayward. Given its central location, I-880 provides
access to all parts of the Bay area, north, south, east and west.
Hwy-92 is less than a mile to the south, providing access to the
San Mateo Bridge and the Peninsula . It is less than 2 miles from
the Hayward BART Station, which, with its AC Transit service,
provides bus service from lines 22 and 386 which both stop at
Southland Drive/Southland Place and W. Winton Avenue/Hesperian
Boulevard.
Southland Mall – Local & Regional Draw
Located on the I-880 corridor, Southland Mall serves a densely
populated immediate trade area, as well as an extended trade area.
The center offers a powerful combination of excellent freeway
visibility and access, solid anchors, diversified national
specialty retailers, and numerous theme dining options that draw
consumers across a strong and proven retail region.
High Concentration of Amenities
This location offers excellent amenities with a wide variety of
eateries immediately adjacent to the building including the
Elephant Bar Restaurant, Panera Bread, Subway, Shami Restaurant,
Applebee’s, Los Pericos Taqueria, and Famous Dave’s. Within a five
minute walk are Starbucks, Sizzler, Tomodachi Sushi Bistro, Buffalo
Wild Wings and all of the eating choices available in the Southland
Mall food court.
UNION CITY
SAN LORENZO
CHERRYLAND
ASHLAND
CASTRO VALLEY
HAYWARD
MISSION - GARIN
SAN LEANDRO
HAYWARDEXECUTIVE
AIRPORT
WICKS BLVD
LEWELL
ING BL
VD
GRAN
T AVE
GRANT
AVE
BOCKMAN RD
W. A ST
W. WINTON AVEW. WINTON AVE
W. WIN
TON A
VE
CLA
WIT
ER R
DC
LAW
ITER
RD
DEPOT RDDEPOT RD
DEPOT RD
W. TENN
YSON R
D
W. TENNYSON RD
INDUSTRIAL PKWY W.
INDU
STRI
AL PK
WY
ARDEN RD
W. WINTO
N AVE
E. WINT
ON AVE
E. A ST
E. A ST
E. A S
T
A ST
A ST
B ST
B ST
D ST
D ST
D S
T
D ST
D ST
FAIRVIEW AVE
RED
WO
OD
RD
GROV
E WAY
CEN
TER
ST
BOCKMAN RD
LEWELLING BLVD E. LEWEL
LING BLVD
BLOSSO
M WAY
MEEKLAND AVE
MEEKLAND AVE
HATHAWAY AVE
MISSION BLVD
MISSION BLVD
MISSION BLVD
MISSION BLVD
MISSION BLVD
HARDER RD
SOTO RDOR
CHAR
D AVE
ORCH
ARD A
VETRAY
NOR
ST
SOTO RD
W. HARDER RD
MISSION BLVD
MISSION BLVD
MISSION BLVD
MISSION BLVD
MISSION BLVD
FOOTHILL BLVD
JACK
SON
ST
JACK
SON
ST
W. J
ACKS
ON
ST
VIA ALAMITOS
HESPERIAN BLVD
HESPERIAN BLVD
HESPERIAN BLVD
HESPERIAN BLVD
HESPERIAN BLVD
HESPERIAN BLVD
HESPERIAN BLVD
UN
ION
CITY B
LVD
WHIPPLE RD
DYE
R S
T
WHIPPLE RD
HU
NTW
OO
D A
VE
HUNTWO
OD AVE
HUNTWOOD AVE
HUNTWOOD AVE
GA
DIN
G R
D
PATRIC
K AVE
WHIPPLE RD WHIPPLE RD
DECO
TO R
D
HACIEN
DA AVE
SAN MAT
EO BRIDG
E
SAN MA
TEO BR
IDGE
SANFRANCISCO
BAY
SANFRANCISCO
BAY
EDEN LANDINGECOLOGICAL
RESERVE
CALIFORNIA STATE UNIVERSITY
EAST BAY
SOUTHLANDMALL
UNIONLANDING
GARINREGIONAL PARK
HAYWARDMEMORIAL PARK
HAYWARDREGIONAL SHORELINE
STONEBRAE GOLF& COUNTRY CLUB
GARIN/DRY CREEK PIONEER
REGIONAL PARK
RADLEY CT
LINCOLN AVE
CORSAIR BLVD
SABRE ST
CLUBH
OUSE
DR
ALPINE WAY
AMERICAN AVE
LA PLAY
A DR
SOUTHL
AND DR
E. L
OOP
RD
DUNN RD
DAVIS CT
FOR
BES
AVE
KID
DER
ST
BER
NH
AR
DT
ST
FOLE
Y ST EIC
HLER
ST
CO
NN
ECTI
CU
T ST
MUNSTER ST
DIABLO AVE
ENTERPRISE AVE
FALCON AVE
DA
NTI
CT
CORPORAT
E PL
TRIPALDI WAY
FABER ST
ATLANTIC CT
ZEPHYR AVE
VOLPEY WAY
CROCKER AVE
DELTA CT
ZEPHYR AVE
SAN LUIS OBISPO ST
SAN
AN
TON
IO S
T
SAN
BEN
ITO
ST
HAY
MA
N S
T
HAYMAN ST
SAN
TAN
A ST
RUUS ROAD
RUUS ROAD
WIE
GM
AN
RD
WIE
GM
AN
RD
SAN
CLE
MEN
TE S
T
ATLANTIC ST
DO
WE
AVE
TRA
NSI
T AV
E
CEN
TRA
L AV
E
WES
TER
N A
VE
CEN
TRA
L AV
EKOH
OU
TEK C
T
EIGEN
BR
OD
T WAY
AH
ERN
AVE
JULIA ST
INVES
TMEN
T BLVD
PRODUCTION
AVE
CYPRESS AVE
AUST
IN AV
E
POINT EDEN WAY
TRUST WAY
RES
EAR
CH
PL
BREAKW
ATER AV
E
VIK
ING
ST
FARN
SWO
RTH
ST
GRAN
T AVE
WASH
ING
TON
AVE
PASEO G
RANDE
PASEO
GR
ANDE HAMP
TON RD
MATT OX
RD
PALOM
ARE
S RD
PALOM A RES RD
PALOMARES R
D
FIVE CANYONS PKWY
FOOTHILL BL VD
SA
NTA C
LAR
A ST
SANTA CLARA ST
CARLO
S BEE BLVD
FAIRVIEW AV
E
FAIRV
IEW
AVE
FAIRVIEW AVE
HAY
WARD BLVDHAYWARD BLVD
HAYWA
R
D BLVD
HAYWARD B
LVD
HA
RDER
RD
E. LOOP RD
W. LOOP RD
HUNTWO
OD
AVE TENNYSON
RD
W. TENNYSON RD
INDUSTRIAL
PKWY
W.
IND
UST
RIAL
PKW
Y SW.
LEWIS AVE
ALVARAD
BART ACCESS RD
SANDOVAL WAY
SAN ANTONIO ST
GEN
STA
R R
D
ALVARADO-NIL
ES RDWH
IPPL
E R
D
WHIPP
LE RD
BETTENCOURT WAY
KOHOUTEK W
AY
HALL RD
MA
RINA DR
INDUSTRIAL BLVD
INDUS
TRIAL BLVD
ARDEN RD
CORPO
RATE AVE
EDEN
LA
NDI
NG R
D
WH
ITESELL ST
INDUSTRIAL BLVD
NATIONAL AVE
AM
ERICAN AVE
MCCONE AVE
CA
BO
T BLV
D
CABOT BLVDBARRINGTON
CT
ALLI
SON
ST
MA
CK
ST
STEAR
MAN A
VE
SKYWEST DR
SOUTHLAND OFFICE CENTER
Hayward Vicinity Map
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INVESTMENT SUMMARY
SOUTHLAND OFFICE CENTER HAYWARD, CA 9
Aerial View Facing North
Southland Mall
SOUTHLAND OFFICE CENTER
SAN LEANDRO
HAYWARD
WEST WINTON AVE
HESP
ERIAN
BLVD
WEST JACKS
ON ST
Hayward Executive
Airport
Chabot College A
mtrak
DOWNTOWNHAYWARD
Hayward BART
DOWNTOWN OAKLANDALAMEDA
SAN FRANCISCO
Alameda County Seat
PLEASANTON
-
INVESTMENT SUMMARY
SOUTHLAND OFFICE CENTER HAYWARD, CA 10
Southland Mall
SOUTHLAND OFFICE CENTER
PALO ALTO
HAYWARD
WES
T WIN
TON
AVE
HESPERIAN BLVD
WES
T JA
CKSO
N ST
Hayward Executive
Airport
Chabot College
Amtrak
SILICON VALLEY
SAN MATEO BRIDGE
Alameda County Seat
Aerial View Facing South
-
INVESTMENT SUMMARY
SOUTHLAND OFFICE CENTER HAYWARD, CA 11
Marketing Process
Cushman & Wakefield has been authorized as the exclusive
advisor to prepare and distribute the enclosed Investment Summary
for Southland Office Center for the purpose of soliciting offers to
purchase from interested and qualified parties.
Confidentiality Agreement
Upon execution of the Confidentiality Agreement interested
parties will receive an Offering Memorandum.
Offering Memorandum
After an initial review period of the Offering Memorandum and
property tours, we will announce a deadline for offers and
expressions of interest.
Should you have interest in reviewing the Offering Memorandum,
please execute the Confidentiality Agreement and return via email
or facsimile to:
Michael Speers l [email protected] l +1 510 465 1350
(fax)
Michael SpeersExecutive Director | Capital Markets +1 415 677
0467 [email protected] #00899868
Cushman & Wakefield San Francisco Office425 Market Street,
Suite 2300 San Francisco, California 94105
Barry W. CohnManaging Director+1 510 267
[email protected] #01007603
David EnglertDirector+1 510 267
[email protected] #01291709
Cushman & Wakefield Oakland Office 555 12th Street, Suite
1400Oakland, CA 94607
cushmanwakefield.com
Exclusive Marketing Team:
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