75,000 VPD€¦ · hawthorne at the green 6,500 vpd 300 units woodland beaver rd* parcel two 2.85 acres parcel three 1.50 acres 13 property description facing north *woodland beaver

OFFERING MEMORANDUM

BEAVER FARMS DEVELOPMENT SITE CHARLOTTE, NORTH CAROLINA

ALBEMARLE ROAD / HIGHWAY 2425,000 VPD

ROCKY RIVER CHURCH ROAD6,500 VPD

75,000 VPD

MAP LEGEND

PROJECT APPROVED

PROJECT UNDER CONSTRUCTION

PROJECT COMPLETEDPARCEL TWO

2.85 ACRES

PARCEL THREE1.50 ACRES

6,500 VPD

DEAL ROOM

http://amretailgrp.listinglab.com/BeaverFarms

Confidentiality and Disclaimer The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.

Non-Endorsement NoticeMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included

for the purpose of providing tenant lessee information about this listing to prospective customers.

Special COVID-19 NoticeAll potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due diligence and seek expert opinions as they may deem necessary, especially given the unpredictable changes resulting from the continuing COVID-19 pandemic. Marcus & Millichap has not been retained to perform, and cannot conduct, due diligence on behalf of any prospective purchaser. Marcus & Milli-chap’s principal expertise is in marketing investment properties and acting as intermediaries between buyers and sellers. Marcus & Millichap and its investment professionals cannot and will not act as lawyers, accountants, contractors, or engineers. All potential buyers are admonished and advised to engage other professionals on legal issues, tax, regulatory, financial, and accounting matters, and for questions involving the property’s physical condition or financial outlook. Projections and pro forma financial statements are not guarantees and, given the potential volatility created

by COVID-19, all potential buyers should be comfortable with and rely solely on their own projections, analyses, and decision-making.)

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOURMARCUS & MILLICHAP AGENT FOR MORE DETAILS.

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PARCEL TWO2.85 ACRES


6,500 VPD

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PRICING & FINANCIAL ANALYSIS

BEAVER FARMS DEVELOPMENT SITEALBEMARLE ROAD & ROCKY RIVER CHURCH ROADCHARLOTTE, NORTH CAROLINA

THE OFFERING

PRICE $3,260,000

PRICE/ACRE $749,425

PRICE/SF $17.20

PROPERTY DESCRIPTION

LOT SIZE (PARCEL TWO) 2.85 ACRES

LOT SIZE (PARCEL THREE) 1.85 ACRES

LOT SIZE (TOTAL) 4.35 ACRES

TAXES $13,344.69 (2018)

ASSOCIATION FEES TBD

ZONING B-1 (CD)

TYPE OF OWNERSHIP FEE SIMPLE

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SALES COMPARABLES

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information.References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & MillichapReal Estate Investment Services, Inc. © 2016 Marcus & Millichap. All rights reserved.

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Comp # Closing Date Property Address Property City Lot Size Sale Price Price / Acre Notes Buyer Profile

1 11/30/2017 Woodland Beaver Road Charlotte 0.47 $445,000 $946,809 Improved Land, Part of Beaver Farms Dev. (Waffle House) User - Restaurant

2 8/21/2017 13419 Albemarle Road Charlotte 1.58 $180,000 $113,924 Raw Land - Proposed Use: Day Care Center (Next to Clear Creek Elementary) User - Day Care

3 10/29/2015 10200 Albemarle Road Charlotte 1.48 $162,000 $109,459 Raw Land - Proposed Use: Autobody Shop User - Auto Body

4 12/16/2014 10950 Woodland Beaver Road Charlotte 1.43 $815,000 $567,154 Improved Land, Part of Beaver Farms Dev. (BP Gas Station) User - Gas Station

5 2/7/2014 11420 Beaver Farms Road Charlotte 1.12 $475,000 $424,107 Improved Land, Part of Beaver Farms Dev. (Bojangles) Developer

AAVVEERRAAGGEE 11..2222 $$441155,,440000 $$443322,,229911

Comp # Closing Date Property Address Property

CityLot Size

Sale Price

Price/Acre Notes Buyer Profile

1 5/15/2018 8 Business Loop Ln - Lot 8 Mint Hill 3.96 $325,000 $82,071 Lot 8 of Mint Hill Business Park Investor

2 11/30/2017 Woodland Beaver Rd Charlotte 0.47 $445,000 $946,809 Improved Land, Part of Beaver Farms Development (Waffle House) User - Restaurant

3 8/21/2017 13419 Albemarle Rd Charlotte 1.58 $180,000 $113,924 Raw Land - Proposed Use: Day Care Center (Next to Clear Creek Elementary) User - Day Care

4 10/29/2015 10200 Albemarle Rd Charlotte 1.48 $162,000 $109,459 Raw Land - Proposed Use: Autobody Shop User - Auto Body

5 12/16/2014 10950 Woodland Beaver Rd Charlotte 1.437 $815,000 $567,154 Improved Land, Part of Beaver Farms Development (BP Gas Station) User - Gas Station

6 2/7/2014 11420 Beaver Farms Rd Charlotte 1.12 $475,000 $424,107 Improved Land, Part of Beaver Farms Development (Bojangles) Developer

Average: 1.67 $400,333 $373,921

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Marcus & Millichap is pleased to present the Beaver Farms Development Site, two-parcels totaling 4.35+/- acres, located in Charlotte, North Carolina. The parcels are fully improved with access to utilities, curb/gutter, and off-site stormwater which is a tremendous benefit because it allows a buyer to utilize the entire 7.80 acres for construction.

The subject property is located at the signalized intersection of Albemarle Road (Highway 24) and Rocky River Church Road and features multiple points of ingress/egress. There are approximately 31,500 vehicles per day at the stoplight. The property is located adjacent to a new construction Bojangles and BP Gas Station and is located in front of a 300-unit apartment complex, Hawthorne at the Greene. Additional points of interest surrounding the property include Rocky River High School, Clear Creek Elementary School, an active adult community with 850 homes, and an 80-acre Novant Health Mint Hill Medical Campus. The Novant Health Mint Hill Medical Campus is expected to open in Fall 2018 and will have 80,000 square feet of medical office space and a 100,000 square foot, 36-bed hospital. There are approximately 61,000 people within a five-mile radius of the property with an average household income of more than $75,000.

The city of Charlotte is the county seat of Mecklenburg County, North Carolina. Charlotte is the second largest city in the southeastern Unites States, just behind Jacksonville, Florida, and is considered one of the fastest growing major cities in the United States. Top employers for the city include Carolinas Healthcare System, Wells Fargo, Bank of America, Charlotte-Mecklenburg Schools, Novant Health, and more. In November 2017 the National Real Estate Investor was named Number Two in Top 10 Suburbs for Millennials. Additional accolades for the area include being recognized as Number Seven for Best Places for Business and Careers by Forbes and Number 10 for Biggest Population Growth by the US Census Bureau of 15 Largest Cities.

PROPERTY OVERVIEW• Two Parcels | 4.35+/- Acres of Net-Buildable Commercial Land | Charlotte, NC• Fully Improved with Utilities, Curb, Gutter, and Off-Site Stormwater• Stoplight Access at Albemarle Road (Highway 24) and Rocky River Church Road with

More Than 31,500 Vehicles Per Day• Multiple Points of Ingress and Egress on Albemarle Road (Highway 24) and Rocky River

Church Road• B-1 (CD) Zoning Allows for a Variety of Uses: Retail, Medical, Mixed-Use, Etc.• 1.5 Miles to I-485 Interchange and Novant Health Mint Hill Medical Center with 36-Beds• Adjacent to Cresswind Charlotte, A 370-Acre, Active Adult Community with 850 Homes• Nearly 20,000 People within a 3-Mile Radius and more than 61,000 People within 5-Mile

Radius• Average Household Incomes of More Than $75,000 within a 3-Mile Radius and 5-Mile

Radius



6,500 VPD

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ALLOWED ZONING USES

ZONING USES: B-1 (CD)Bed and Breakfast Boarding Houses

DormitoriesActive Adult Retirement Community

Mixed-UseChild Care Centers

Civic, Social Service, Fraternal FacilitiesCultral Facilities

Elementary and Secondary SchoolsGovernment Building up to 100K SF

Group HomeHealth InstitutionsJails and PrisonsNursing Homes

Orphanages, Children HomesUniversities, Colleges, and Junior Colleges

Vocational SchoolsAutomobile Serivce StationBarber and Beauty Shops

Bicycle-Sharing StationCar Wash

Clinics, Medical, Dental, Optical

ZONING USES: B-1 (CD)Veterinary

Dry CleaningEating, Drinking and Entertainment

Retail SalesFuneral Homes

Locksmiths and GunsmithsNurseries and Greenhouses

Offices up to 100K SFPost Office

Printing and Publishing Tattoo Establishment

Telecommunications and Data StorageBus and Train Terminals

CemeteriesConstruction and Demolition Landfills

Day Labor Service AgencyEmergency ShelterIndoor Recreation

ParkingParks, Greenways, Arboretums

Recycling Centers

The Beaver Farms Association has additional restrictions for allowed uses. Please refer to the online deal room (click here) for more information.

http://amretailgrp.listinglab.com/BeaverFarms

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RECORDED PLAT

ALBEMARLE ROAD / HIGHWAY 2425,000 VPD

ROCKY RIVER CHURCH ROAD6,500 VPD

75,000 VPD

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AREA DEVELOPMENT

MAP LEGEND

PROJECT APPROVED

PROJECT UNDER CONSTRUCTION

PROJECT COMPLETED

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VULCAN MATERIALS CO.

CLEAR CREEK ELEM. SCHOOL

GRIFFIN MASONRYMINT HILL TOOLS RENTALS

ROCKY RIVER HIGH SCHOOL

25,000 VPD

23,000 VPD

FUTURE 350 SINGLE FAMILY HOMES

36 BED HOSPITAL

CRESSWIND850+ SINGLE

FAMILY HOMES

75,000 VPD

HAWTHORNE AT THE GREEN 300 UNITS

HAWTHORNE AT THE GREEN 300 UNITS6,500 VPD

WOODLAND BEAVER RD*

PARCEL TWO2.85 ACRES PARCEL THREE

1.50 ACRES

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FACING NORTH

*Woodland Beaver Road can be moved to accommodate various site plans.*Woodland Beaver Road can be moved to accommodate various site plans.

VULCAN MATERIALS CO.


GRIFFIN MASONRYMINT HILL TOOLS RENTALS


25,000 VPD

23,000 VPD

FUTURE 350 SINGLE FAMILY HOMES

36 BED HOSPITAL

CRESSWIND850+ SINGLE

FAMILY HOMES

75,000 VPD


ALBEMARLE ROAD / HIGHWAY 24

MINT HILL TOOL RENTALS


6,500 VPD

25,000 VPD



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FACING SOUTH


6,500 VPD

CRESSWIND850+ ACTIVE ADULT SINGLE-FAM. HOMES

UPTOWN CHARLOTTE


36 BED HOSPITAL



6,500 VPD

CRESSWIND850+ ACTIVE ADULT SINGLE-FAM. HOMES

UPTOWN CHARLOTTE


36 BED HOSPITAL



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FACING EAST


6,500 VPD

25,000 VPD


GRIFFIN MASONRY

VULCAN MATERIALS CO. HAWTHORNE AT THE GREEN

300 UNITS



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RECENT NEWS

Sale makes way for hundreds of homes on site of Charlotte’s oldest public golf courseBy: Danielle Chemtob, May 22, 2019, The Charlotte Observer

The sale of the former site of Charlotte’s oldest public golf course was finished Tuesday, making way for hundreds of houses to be built in a rapidly growing part of the city.

Meritage Homes, an Arizona-based homebuilder, purchased the former Larkhaven Golf Club, a more than 130-acre site on Camp Stewart Road near Interstate 485 and Albe-marle Road. Terms of the deal were not disclosed. The homebuilder’s plans call for around 350 homes on the site.

John Lintner, director of Land Acquisition for Meritage in Charlotte, said in an email that the project “will capitalize on the continued growth in East Charlotte due to access to employment, retail and medical facilities.”

Barron Connell and his son, Butch, opened the golf course in 1958 on the site of a former dairy farm. Unlike a private golf course, which requires a membership, Larkhaven offered access to the course for a daily fee. It was the oldest public, 18-hole course operating in Charlotte until it closed last fall.

It’s not the only public golf course that has closed recently to allow for new development. Over 200 golf courses around the country closed in 2017, but only around 15 opened, according to a report last year from the National Golf Foundation, a golf market research firm.

In 2014, Charlotte Golf Links shuttered to make way for Rea Farms, a massive mixed-use development along Providence Road just south of I-485 with retail, office, apart-ments, townhomes and single-family houses.

The area around the Larkhaven site is being built up quickly. Cresswind Charlotte, an age-restricted housing community, is underway next door. Novant Health recently opened a medical center along Albemarle Road.

Lintner said the homes will be open in 2020, with prices starting in the mid-$200,000 range.

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RECENT NEWS

New 55+ retirement community shows off homes for sale on Charlotte’s edgeBy Ely Portillo, June 30, 2017, The Charlotte Observer

A new development catering to “active adults” is seeking buyers in east Charlotte, adding to the wave of age-restricted communities that are popping up throughout the region.

Cresswind Charlotte, a 370-acre project by Kolter Homes, is now open, with models on display. The 55-and-old development is located on Albemarle Road, at the interchange with Interstate 485.

Prices for Cresswind Charlotte houses start in the mid-$200,000 range, the developers said. The community joins others such as Trilogy Lake Norman and Tree Tops Lennar that are building houses for people aged 55 and older, catering to retirees who want resort-style amenities such as a big clubhouse, gym, pools, tennis courts and walking paths. Cresswind Charlotte will also have a full-time activities director to arrange events for residents.

“Cresswind Charlotte embodies a lifestyle designed for our residents to have healthy and meaningful lives,” said John Manrique, vice president of marketing for Kolter Homes, in a statement. “There are endless opportunities for residents to mingle with neighbors, volunteer for local charities or join a club geared toward their interests. It’s so much more than just a beautiful neighborhood with great homes, it’s a way of life.”

A preview event on June 24 drew more than 300 attendees, the company said. The model homes have been completed, and Kolter is now selling houses to people who registered interest. A full opening is planned in July.

When it’s complete, Cresswind Charlotte could include up to 850 houses. Novant Health is building a medical center adjacent to the development, which is expected to serve the residents, among others.

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RECENT NEWS

Novant Health Mint Hill Medical Office Building now open for businessBy Melinda Johnston, November 30, 2016, The Charlotte Observer

The Novant Health Mint Hill Medical Office Building, part of the 80-acre Novant Health Mint Hill Medical Center campus on Albemarle Road near the I-485 interchange, recently opened its doors for business.

The campus is near the Mint Hill town limits, but is in Charlotte’s zoning jurisdiction.

The 10,000-square-foot Medical Office Building is home to Lakeside Pediatrics, Mint Hill OB/GYN and Lakeside Family Physicians.

“We put in the medical office building first to increase access points for primary care. We were able to get it up and running quickly to bring needed care to the community while we are building the hospital,” said Novant Medical Group Physician Executive Michael Hoben.

Construction on the 100,000-square-foot hospital and accompanying 80,000-square-foot medical office is underway. Those facilities are scheduled to open in 2018.

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METRO HIGHLIGHTS

MAJOR EMPLOYERS

1. Carolinas HealthCare System2. Wells Fargo3. Bank of America4. Daimler Trucks North America5. Novant Health6. Walmart7. Duke Energy Corp.8. Delhaize America Inc.9. American Airlines10. Harris Teeter

POPULATION GROWTH

The population of the Charlotte metro will expand faster than the U.S. rate during the next five years. A large portion of the gain will be due to in-migration.

SKILLED WORKERS

Charlotte has a well-educated and highly trained labor pool that is attracted by a variety of industries and employers located in the metro.

ECONOMIC EXPANSION

The metro’s employment base is growing and

diversifying, drawing Fortune 500 companies.

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MARKET OVERVIEW

CHARLOTTENORTH CAROLINA

Located between the Blue Ridge Mountains and coastal plains, the Charlotte metro stretches 3,198 square miles across the Piedmont region of the Southeastern United States. It contains seven counties in North Carolina: Mecklenburg, Gaston, Union, Cabarrus, Iredell, Rowan and Lincoln. South Carolina counties include York, Lancaster and Chester. A strong financial presence has contributed to the local population growing to nearly 2.5 million citizens, becoming one of the nation’s fastest-growing metros over the past 15 years. Charlotte is the largest city, with more than 840,800 people, followed by Concord and Gastonia, both with less than 100,000 residents

ECONOMY

• Though the finance sector is a large driver of the economy, manufacturing, healthcare and energy industries also play a vital role.

• Charlotte’s low cost of doing business attracts companies. During 2018, six Fortune 500 companies had headquarters in the region: Bank of America, Lowe’s, Duke Energy, Nucor, Sealed Air and Sonic Automotive.

• Highly ranked universities provide employment and produce a highly educated workforce, drawing top companies to the area.

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DEMOGRAPHIC ANALYSIS

1 Mile 3 Mile 5 Mile2010 Households 538 6,149 20,1832018A Households 630 7,660 24,2222023 Households 692 8,723 26,932

1 Mile 3 Mile 5 Mile2010 Owner Occupied Housing Units 64.3% 83.1% 83.7%2010 Renter Occupied Housing Units 35.7% 16.9% 16.3%2018A Owner Occupied Housing Units 63.9% 80.7% 81.3%2018A Renter Occupied Housing Units 36.1% 19.3% 18.7%2023 Owner Occupied Housing Units 63.9% 80.4% 81.2%2023 Renter Occupied Housing Units 36.1% 19.6% 18.8%

1 Mile 3 Mile 5 Mile2010 Population 1,370 17,409 57,1902018A Population 1,601 21,664 68,4982023 Population 1,708 24,434 75,587

1 Mile 3 Mile 5 Mile$ 0 - $ 14,999 4.5% 6.1% 6.1%$ 15,000 - $24,999 3.9% 7.9% 7.5%$ 25,000 - $34,999 4.7% 7.4% 8.4%$ 35,000 - $49,999 12.1% 14.7% 14.4%$ 50,000 - $74,999 22.6% 21.1% 21.3%$ 75,000 - $99,999 19.2% 15.6% 15.4%$100,000 - $124,999 14.0% 11.7% 11.0%$125,000 - $149,999 7.3% 6.2% 6.0%$150,000 - $200,000 7.1% 5.5% 5.8%$200,000 to $249,999 1.4% 1.2% 1.4%$250,000 + 3.1% 2.6% 2.7%Median HH Income $77,313 $67,479 $66,297Per Capita Income $37,544 $29,766 $30,157Average HH Income $95,332 $84,153 $85,258

SUBJECT PROPERTY

SUBJECT PROPERTY

Click Here for Complete Demographic Report

https://www.dropbox.com/s/5ng9vrfzvdoogr6/Complete%20Demographic%20Report.pdf?dl=0

EXCLUSIVELY LISTED BY:ANDREW MARGULIESRALEIGH, NC OFFICEFirst Vice President | InvestmentsSenior Director, National Retail Group(312) [email protected] License: 264059IL License: 475147606

75,000 VPD€¦ · hawthorne at the green 6,500 vpd 300 units woodland beaver rd* parcel two 2.85 acres parcel three 1.50 acres 13 property description facing north *woodland beaver

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