DOWNTOWN MOUNTAIN VIEW, CA - VILLA STREET @ VIEW STREET - 0.38 ACRES | GROUND LEASE OPPOR TUNITY IN DOWNTOWN MOUNTAIN VIEW - LoopNet
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DOWNTOWN MOUNTAIN VIEW, CA VILLA STREET @ VIEW STREET OFFERING MEMORANDUM ST PE HO VIL LA ST ST EW VI ± 0 . 3 8 AC R E S | G R O U N D L E A S E O P P O R T U N I T Y I N D OW N T OW N M O U N TA I N V I E W
AFFILIATED BUSINESS DISCLOSURE Cbre, inc. Operates within a global family of companies with many subsidiaries and related entities (each an “affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different affiliates, including cbre global investors, inc. Or trammell crow company, may have or represent clients who have competing interests in the same transaction. For example, affiliates or their clients may have or express an interest in the property described in this memorandum (the “property”), and may be the successful bidder for the property. Your receipt of this memorandum constitutes your acknowledgement of that possibility and your agreement that neither cbre, inc. Nor any affiliate has an obligation to disclose to you such affiliates’ interest or involvement in the sale or purchase of the property. In all instances, however, cbre, inc. And its affiliates will act in the best interest of their respective client(s), at arms’ length, not in concert, or in a manner detrimental to any third party. Cbre, inc. And its affiliates will conduct their respective businesses in a manner consistent with the law and all fiduciary duties owed to their respective client(s). CONFIDENTIALITY AGREEMENT Your receipt of this memorandum constitutes your acknowledgement that (i) it is a confidential memorandum solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the property, (ii) you will hold it in the strictest confidence, (iii) you will not disclose it or its contents to any third party without the prior written authorization of the owner of the property (“owner”) or cbre, inc., And (iv) you will not use any part of this memorandum in any manner detrimental to the owner or cbre, inc., (V) will not contact city of Mountain View without the owner’s prior permission. If after reviewing this memorandum, you have no further interest in purchasing the property, kindly return it to cbre, inc. DISCLAIMER This memorandum contains select information pertaining to the property and the owner, and does not purport to be all-inclusive or contain all or part of the information which prospective investors may require to evaluate a purchase of the property. The information contained in this memorandum has been obtained from sources believed to be reliable, but has not been verified for accuracy, completeness, or fitness for any particular purpose. All information is presented “as is” without representation or warranty of any kind. Such information includes estimates based on forward-looking assumptions relating to the general economy, market conditions, competition and other factors which are subject to uncertainty and may not represent the current or future performance of the property. All references to acreages, square footages, and other measurements are approximations. This memorandum describes certain documents, including leases and other materials, in summary form. These summaries may not be complete nor accurate descriptions of the full agreements referenced. Additional information and an opportunity to inspect the property may be made available to qualified prospective purchasers. You are advised to independently verify the accuracy and completeness of all summaries and information contained herein, to consult with independent legal and financial advisors, and carefully investigate the economics of this transaction and property’s suitability for your needs. Any reliance on the content of this memorandum is solely at your own risk. The owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the property, and/or to terminate discussions at any time with or without notice to you. All offers, counteroffers, VILLA at VIEW ST and negotiations shall be non-binding and neither cbre, inc. Nor the owner shall have any legal commitment or obligation except as set forth in a fully executed, definitive purchase and sale agreement delivered by the owner. © 2021 Cbre, inc. All rights reserved.
04 TABLE OF CONTENTS VI LLA ST EXECUTIVE SUMMARY ST EW 05 VI PROPERTY OVERVIEW 08 MAPS 18 RESIDENTIAL MARKET OVERVIEW CONTACT INFORMATION: GREG PONCETTA MARK RUSSELL JEFF AGUILAR Senior Vice President Senior Vice President First Vice President +1 408.453.7460 +1 408.453.7465 +1 408.453.7448 greg.poncetta@cbre.com mark.russell@cbre.com jeff.aguilar@cbre.com Lic. 01218360 Lic. 01237945 Lic. 01885083
CBRE is pleased to present a prime groundlease opportunity located in the heart of Silicon Valley. The Property is located at View Street and Villa Street in Downtown Mountain View, EXECUTIVE SUMMARY California and consists of one parcel totaling approximately ±0.38-acres. 10 MI The property is favorably located within Downtown Mountain View, offering convenient access to abundant retail services within a mile radius. In addition, the site provides direct access to approximately +100 employers, including Google, Microsoft, LinkedIn, and 5 MI more tech companies within only 5-miles from the subject site. Mountain View Station is within walking distance (±0.2-mile) and serves CalTrain that 1 MI operates out of San Francisco and San Jose 1 almost hourly on a daily basis every weekday, with more frequent service provided during commute hours and for special events. Also, California 85 and US-101 are located approximately ±1.5 miles from the subject site, offering convenient access to both the top Peninsula and South Bay employers. San Francisco International Airport is only ±30 minutes away from the site and offers non- stop flights to more than 45 international cities and 83 cities in the U.S. 4 | EXECUTIVE SUMMARY
PROPERTY OVERVIEW Address Villa @ View Street City: Mountain View APN: 158-22-028 Land Area: ±0.38 Acres Existing Use: Parking Lot Zoning: R3: Multiple Family General Plan: Medium Density Residential Topography: Flat » Excellent Transit Oriented Opportunity » General Plan: Medium-Density Residential Use Allows Up to 13 to 25 Residential Units Per Acre » Located within Downtown Mountain View » Walking Distance to the Mountain View Caltrain Station » Heart of Silicon Valley Location with Immediate Access to Top Tech Employers » Supply Constrained Submarket with Strong Sales Velocity When Homes are Delivered » Strong Demographics with Extremely High Demand for Residential Product PROPERTY OVERVIEW | 5
BAY AREA LOCATION MAP VILLA @ VIEW STREET ±13.5 MILES TO DOWNTOWN SAN JOSE ±34.5 MILES TO SANTA CRUZ ±30 MILES TO SAN FRANCISCO ±43 MILES TO OAKLAND
PROPERTY LOOKING NORTHEAST SANTA CLARA LEVI’S STADIUM CALIFORNIA’S GREAT AMERICA LOCATION MAPS MOFFETT FIELD AMAZON SUNNYVALE CARNEGIE MELLON SUNNYVALE MOUNTAIN VIEW UNIVERSITY SILICON VALLEY GOLF COURSE TECH PARK 85 85 ST A ILL M VI V O EW FF ST ET T BL V D DOWNTOWN MOUNTAIN VIEW C STATION A ST VILLA @ VIEW STREET RO ST
PROPERTY LOOKING NORTHWEST TESLA HQ LOS ALTOS PALO ALTO STANFORD UNIVERSITY SAN ANTONIO CENTER L REA SAN ANTONIO INO STATION C AM EL S SHORELI N E B LV D MOUNTAIN VIEW CITY HALL DOWNTOWN MOUNTAIN VIEW CASTRO ST DOWNTOWN MOUNTAIN VIEW STATION MOFFETT B KAISER LV D PERMANENTE USPS VIEW ST A ST ENTRAL EXPY VILL VILLA @ VIEW STREET LOCATION MAPS | 9
PROPERTY LOOKING SOUTHEAST CUPERTINO APPLE PARK LOCATION MAPS SUNNYVALE EL CA 237 SUNNYVALE MIN STATION O R EA L 237 85 85 VILLA ST MOUNTAIN VIEW FARMER’S MARKET VIEW ST DOWNTOWN MOUNTAIN VIEW VILLA @ VIEW STREET STATION 10 | LOCATION MAPS
PROPERTY LOOKING SOUTHWEST LOS ALTOS HILLS FOOTHILL COLLEGE LOS ALTOS MOUNTAIN VIEW REAL EL CAMINO CITY HALL KAISER DOWNTOWN TIKTOK INC. PERMANENTE MOUNTAIN VIEW CA ST RO BU ST SH V ST IE W ST T A S VILL DOWNTOWN MOUNTAIN VIEW STATION VILLA @ VIEW STREET LOCATION MAPS | 11
PARCEL MAP PARCEL MAP 12 | PARCEL MAP
ZONING MAP VILLA @ VIEW STREET MULTIPLE FAMILY The number of multi-family dwellings allowed on a site in the R3 zoning district is determined by the minimum lot area required for each dwelling as given in the following table, except that: » An existing lot of record that is less than seven thousand (7,000) square feet is permitted a maximum of one (1) dwelling unit, subject to the R1 development standards; » An existing lot of record that is seven thousand (7,000) square feet or greater, but less than twelve thousand (12,000) square feet, is permitted two (2) dwelling units in all cases, subject to the R2 development standards; or » An existing lot of record having a lot width of less than eighty (80) feet shall not be developed with more than two (2) dwelling units, regardless of the depth of the lot, subject to the R2 development standards. (For maximum densities in small-lot single-family development, see Sec. 36.16; for maximum densities for townhouse developments, see Sec. 36.16.10; and for maximum densities for rowhouse developments, see Sec. 36.16.20). Source: Zoning Ordinance, City of Mountainview ZONINE MAP | 13
GENERAL MAP VILLA @ VIEW STREET ZONING MAPS MEDIUM DENSITY RESIDENTIAL Medium Density Residential allows for a mix of single- and multi-family housing with a residential character appropriate to a range of densities and a broad mix of housing types. » Allowed Land Uses: Single-family detached and attached residential, duplex residential, multi-family residential; parks and open space » Density: 13–25 DU/acre, approximately 27–60 residents/acre » Height Guideline: Up to 3 stories Source: Mountain View 2030 General Plan 14 | ZONING MAP
DOWNTOWN PRECISE PLAN AREA The Property consists of approximately 0.38 acres of land situated at the southern side of Villa Street, and is bounded by View Street to the west. The Property is currently developed with an approximately 16,503 square foot parking lot. The site falls within the Medium Density Residential on the city of Mountain View’s General Plan. This district and designation allows up to 13 to 25 Residential Units Per Acre. The property is also located right outside of the City’s Downtown Precise Plan, which promotes a concentration of activities, including civic functions and cultural events, as well as a vital residential and commercial district. Topography for the subject site is flat, offering exceptional usability for new development. VILLA @ VIEW STREET AREA MAP | 15
19 29 ACCESS TO JOBS 14 1 25,000 Employees 15 6,600 Employees 29 3,500 Employees 2 24,626 Employees 16 5,500 Employees 30 3,490 Employees 17 5 3 18,806 Employees 17 5,485 Employees 31 3,300 Employees 4 16,919 Employees 18 5,400 Employees 32 3,300 Employees 5 14,674 Employees 19 5,346 Employees 33 3,280 Employees 18 8 6 14,185 Employees 20 5,130 Employees 34 3,109 Employees 37 4 2 22 7 12,500 Employees 21 4,625 Employees 35 3,000 Employees 2 28 24 8 10,034 Employees 22 4,610 Employees 36 2,950 Employees 38 9 27 21 9 10,000 Employees 23 4,175 Employees 37 2,800 Employees 30 10 8,832 Employees 24 3,900 Employees 38 2,789 Employees 40 11 8,500 Employees 25 3,877 Employees 39 2,750 Employees VILLA @ VIEW STRE 12 8,400 Employees 26 3,574 Employees 40 2,718 Employees 13 7,350 Employees 27 3,500 Employees 41 2,718 Employees 14 6,781 Employees 28 3,500 Employees 16 | ACCESS TO JOBS
EMPLOYMENT Located in the middle of Silicon Valley, Mountain View has direct access to some of the most cutting-edge companies in the world. Google, Apple, Cisco, Tesla, Intel, Nvidia, LinkedIn, Adobe, Netflix, eBay, and Facebook are just a sampling of the global headquarter locations for these companies. TECH TALENT CENTERS 36 TOP U.S. Top U.S. TECH Tech TALENT CENTERS Talent Centers TECH TALENT CENTERS by percent growth, share of local jobs, and total number of tech jobs Top U.S. Tech Talent Centers by percent growth, share of local jobs, and total number of tech jobs by percent growth, share of local jobs, and total number of tech jobs Total Number of Tech Jobs: Total Number of 32 12% Tech Jobs: 12% San Francisco 350,000 Tech Talent Share of Local Jobs (2019) Bay Area 10% San Francisco 350,000 Tech Talent Share of Local Jobs (2019) Raleigh-Durham, NC Bay Area 10% Washington, 8% D.C. Seattle, SILICON VALLEY Raleigh-Durham,WANC 250,000 Washington,Austin, TX Denver, 8% Boston, D.C. Seattle, CO Madison, WI 6% Kansas City, MOWA Baltimore,Austin, 250,000 AVERAGE TECH SALARY MA MD TX Atlanta, Denver, Salt Lake City, UT Minneapolis, Boston, Dallas/ Portland, CO Madison, WI 6% MN Baltimore, Kansas City,GAMO MA Ft. Worth, TX OR 150,000 York,MD Atlanta, Salt Lake City, UT 4% 4% Minneapolis, NewDallas/ NY MN Ft. Worth, TX New York, Indianapolis, IN GA Portland, Charlotte, NC South OR TN Nashville, 150,000 ±130,000 Indianapolis, IN NY Florida Charlotte, NC 50,000 2% South Nashville, TN Los Angelas, CA 2% Florida 25,000 50,000 Los Angelas, CA 0% 25,000 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 0% 0% 5%5-Year10% Percent 15% Growth in20% Tech Talent 25%(2014-2019) 30% 35% 40% 45% 5-Year Percent Growth in Tech Talent (2014-2019) Data Source: Data Source: CBRE CBRE 2020 2020 Scoring Scoring Tech Talent Tech | Analysis: CBRETalent | Analysis: Research; Silicon CBRE Valley Institute Research; for Regional Studies Silicon Valley Institute for SILICON VALLEY MEDIAN HOUSEHOLD Regional Studies 25 Data Source: CBRE 2020 Scoring Tech Talent | Analysis: CBRE Research; Silicon Valley Institute for Regional Studies 6 INCOME reached an all-time high in 2019 20 3 MEDIAN HOUSEHOLD INCOME at nearly $135,000 (up by 3.4% year-over- HOUSEHOLD INCOME Santa Median Clara & SanIncome Household Mateo Counties, San Francisco, California and year, after inflation-adjustment). theSanta United Clara & SanStates Mateo Counties, San Francisco, California, and the United States 12 35 Silicon Valley San Francisco California United States 11 31 $140,000 $134,615 MEDIAN HOUSEHOLD INCOME has 16 increased by 40% in San Francisco 34 $120,000 $100,000 $123,859 and 27% in Silicon Valley since 2011, $80,000 $80,440 the beginning of the post-recession ET $60,000 $65,712 economic recovery period 15 $40,000 % Change 2011 - 2019 (compared to 17% statewide, and 1 39 26 $20,000 Silicon Valley San Francisco +27% +40% 14% in the U.S. overall). California +17% United States +14% $0 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 MEDIAN HOUSEHOLD INCOME in 32 2021 Silicon Valley Index Note: dividends, Household Note: Household income income includes Social Security oror railroad wage orincludes net retirement rental or salary income; wage income; Supplemental royalty incomeSecurity or salary net self-employment income; from income;income; public assistance estates net self-employment interest, dividends, or welfare Social and trusts; payments;Security retirement, survivor, income; or net rental or royalty income from estates interest, or disability or railroad and trusts; pensions; and retirement Silicon Valley is 1.7 times higher than all other income; excluding stock options. income; Supplemental Security income; public assistance or welfare payments; retirement, survivor, or 32 2021 Silicon Valley Index Data Source: United States Census Bureau, American Community Survey | Analysis: Silicon Valley Institute for Regional Studies disability pensions; and all other income; excluding stock options. in California overall, and twice the 33 Data Source: United States Census Bureau, American Community Survey Institute for Regional Studies | Analysis: Silicon Valley national figure. ACCESS TO JOBS | 17 41
TRANSPORTATION VILLA @ VIEW STREET TRANSPORTATION The Property is conveniently located within walking distance to the San Bruno Station. San Bruno Station is unique in that it services both Caltrain and BART lines, making one of the best intermodal stations as it provides Peninsula, South Bay and East Bay connectivity.
AMENITIES - DOWNTOWN MOUNTAIN VIEW MAP CASTRO ST 100 BLOCK CASTRO ST 300 BLOCK CASTRO ST SOUTH Savvy Cellar Crepevine Food La Monique's Nail Salon Personal Care Food (W Evelyn Ave) New Mongolian BBQ Food Masa Sushi Food Happy Lamb Hot Pot Food Paris Baguette Food Le Boulanger Food Vazzo Azzurro Food Books Inc. Retail Site for Sore Eyes Services Xanh Food Transform Fitness Fitness Vitality Bowl Food Oren's Hummus Food East West Bookshop Retail 1 Oz Coffee Food 3 Kingdoms Hot Pot Food Krystal's Intuition Center Services UPS Store Services Olympus Caffe & Bakery Food Le Plonc Food aXess Cleaners Services Asian Box Food Poke Bar Food Mediterranean Grill Food Blue Line Pizza Food Ava's Market Grocery Giovanna's Fine Jewelry Retail Hong Kong Bistro Food HeyO! Eats Food Starbuck's Coffee Food Ramen Izakaya Yu-gen Food Café Baklava Food Amici's Pizzeria Food Fu Lam Mum Food Global Beads Retail Spangler's Mortuaries Services Bushido Food Sakoon Food Fleur De Lis Retail Doppio Zero Food Rumble Fish Food Exellent Nails Personal Care Amarin Thai Food Personal Aruba Day Spa & Salon Personal Care Tiya's Touch Eagles Aerie Food Care Khuu Dermatology Services Ephesus Food MV Tea Village & Gallery Food Khuu Dentistry Services La Fontaine Food Maru Ichi Food Eureka! Food Eureka! Food Shiseido Cosmetics/Vee Retail Agave Mexican Bistro Food Cosmetics VILLA ST NORTH Sight Optomerty Services Healing Crystal Retail CASTRO ST 200 BLOCK Dental Fabulous Services City Dolls Hair Salon Personal Care Red Rock Coffee Food Dana Oriental Market Grocery Noodle King Food Alexander's Patisserie Food Ankang Acupuncture Clinic Services Orbit & Rust Salon Personal Care VILLA @ VIEW STREET Hong Kong Bakery Pokeworks Food Food Fenwick & West LLP CVS Pharmacy Services Retail Verde Tea Café Food Pho To Chau Food Maison Alyzze Food Imagine Hair Salon Personal Care QBB - Quality Bourbons CASTRO ST 400 BLOCK Happy Feet Foot Spa Personal Care Food & Barbecue Cascal Food Top Over Base Nail Salon Personal Care Pho Hoa + Jazen Tea Food Scratch Food Steins Beer Garden Food St. Stephen's Green Food Peets Coffee Food Chez TJ Food Monte Carlo Food Sweetgreen Food Don Giovanni Food Bank of America Financial VILLA ST SOUTH Mervyn's/Umai Sushi Food Mountain View Kelly's Healing Massage Personal Care Services Kappo Nami Nami Food Dental Care Jane's Beer Store Retail Molly Magees Food Yoga Belly Fitness Salon Finesse Personal Care Gelato Classico Casa Lupe Food Food Fiesta Del Mar Too Food Italian Ice Valley View Dental Care Services Villa Tea Food Biryaniz Food K Pot Grill Food Perfect Salon Personal Care Therapy Stores Retail Kirin Food Sugar Spa Personal Care Opal Food Mountain View Optomerty Services Superhot Hot Pot Food Art Freame Studio Retail Bonchon Food CASTRO ST 500 BLOCK W DANA ST NORTH West Valley Music Retail Bean Scene Food Fashion Code Beauty Salon Personal Care Tea Era Food Bank of the West Financial La Espuela Mexican Food Food Queen House Food Kaiser Permanente Services Julie Q's Hair & Nail Personal Care Boutique4 Retail Wells Fargo Bank Financial Yakko Sushi Food Personal Stock & Blondes Care Mantra India Food W DANA ST SOUTH Icicles Food Personal Personal Hair By Heinz Elegance Hair Salon Levels Retail Care Care Easy Foods Co Grocery Personal Shalala Food La Beauty Skin Care Care GTS Automative Retail Model Shoe Repair Retail Alberto's Food Windows & Beyond Retail Kakaroto Japanese Food Sushi Tomi Japanese Food Dana Street Roasting Co. Food Yuan Ming Acupuncture E&W Natural Way Retail Services Clinic Personal Personal Face-N-Body Luxuray Skincare Care Care La Fontaine Food Buen Viaje Travel Services Eureka! Food Chiropractic Performance Services Center CHAMBERMV.ORG DOWNTOWN MAP | 19
RESIDENTIAL MARKET OVERVIEW The Bay Area is one of the most under-supplied housing markets The Mountain View submarket also continues to be undersupplied in the nation. From 2010 through 2021, the region has added over with housing options. Highlighting this aspect of the market is an 84,575 jobs; however, during this same time period only 224,300 amazing decrease of time a listing home is on the market which housing units have been approved. This jobs/housing imbalance currently stands at 12 days and the average homes sell for about is creating enormous upward pressure on the residential market 5% above list price. throughout the Bay Area, turning it into one of the greatest places MARKET OVERVIEW to invest in the United States. MOUNTAIN VIEW MOUNTAIN VIEW MOUNTAIN VIEW MEDIAN HOME VALUE: MEDIAN HOME VALUE YOY: AVERAGE RENT: $1,885,532 4% $2,719
SILICON VALLEY JOBS TO HOUSING JOBS FAR OUTPACE HOUSING SUPPLY NEW REGIONAL HOUSING KEEP ALLOCATION (RHNA) FOR SAN FRANCISCO BAY AREA IS 441,176 Silicon Valley Jobs to Housing Gap: 2010 - 2021 4 00 ,0 0 0 NEW HOUSING UNITS BY 2030. 352,200 329,300 312,800 291,400 3 00 ,0 0 0 263,700 244,300 221,900 224,700 SILICON VALLEY JOBS 2 00 ,0 0 0 179,200 TO HOUSING RATIO: 142,800 2.9 96,300 1 00 ,0 0 0 75,613 81,730 84,575 64,400 59,522 68,431 41,814 49,536 34,489 14,700 23,257 4,434 8,219 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Jo b Gro wt h Ho using Perm its MF Units Delivered The San Francisco Bay Area housing market continues to be under-supplied and still exhibits healthy demand. Job growth in the region is outpacing the amount of building permits being pulled further widening the gap. Since 2010, within Santa Clara County, there has been approximately 180,700 jobs added; yet, only 71,033 new housing permits. This dramatic imbalance is creating powerful upward pressure on pricing and rents for all housing types.
DOWNTOWN MOUNTAIN VIEW, CA VILLA STREET @ VIEW STREET ± 0 . 3 9 AC R E S GROUND LEASE OPPORTUNITY I N D O W N T O W N M O U N TA I N V I E W CONTACT INFORMATION: GREG PONCETTA MARK RUSSELL JEFF AGUILAR Senior Vice President Senior Vice President First Vice President +1 408.453.7460 +1 408.453.7465 +1 408.453.7448 greg.poncetta@cbre.com mark.russell@cbre.com jeff.aguilar@cbre.com Lic. 01218360 Lic. 01237945 Lic. 01885083
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