This should be an easy find in a grassy (well, sometimes!) spot. You can watch the planes take off or watch the freeway traffic. Note that the cache is not accessible from US101. There is parking available on Channing Avenue or in nearby retail lots.
Update 6/10/2012: Cache is replaced with slightly different camo and structure. Camo doesn't quite fit but that makes it easy enough for the area. Be certain to replace the cap properly.
Congratulations to GunnerBoyz for the FTF!