Redevelopment Opportunity Charlotte, North Carolina Offering Memorandum South End
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ACRES NORTH 37 Acre Historic US Army & 37 END Motor Company Assembly Site N. GRAHAM ST INTERSTATE 77 STATESVILLE AVE INTERSTATE 85 REDEVELOPMENT OPPORTUNITY CHARLOTTE, NORTH CAROLINA OFFERING MEMORANDUM SOUTH END PLAZA MIDWOOD UPTOWN / CBD NODA NC MUSIC FACTORY N. GRAHAM ST STATESVILLE AVE NORTH TABLE OF CONTENTS 37 Acres at North End-The Offering 4 Site History 6 Charlotte Economic Growth 8 Retail Development 10 Residential Development 12 Office Development 14 Current Site Overview 16 John Cashion, SIOR Pete Pittroff, SIOR Brad Cherry, CCIM, SIOR Todd Hughes Managing Director Managing Director Managing Director Managing Director +1 704 804 5780 +1 704 927 3012 +1 704 927 3013 +1 443 451 2608 [email protected] [email protected] [email protected] [email protected] The information contained in this Offering Memorandum is confidential and is provided for the sole purpose of allowing persons to evaluate whether there is interest in proceeding with further discussions with the owner regarding a possible transaction with respect to 1776 Statesville Road, Charlotte, North Carolina (the “Property”). The information contained herein shall not be photocopied or disclosed to any other party and shall not be used for any other purpose. If the person receiving this Offering Memorandum does not choose to pursue such a transaction, this Offering Memorandum shall be returned to Jones Lang LaSalle (“JLL”). Neither the owner, nor Jones Lang LaSalle (“JLL”), nor any of their officers, directors, employees or agents, assume any responsibility or make any representations or warranties, whether express or implied, by operation of law or otherwise, with respect to the Property or this Offering Memorandum or any information or statements (including financial statements and projections) contained herein or relating hereto, including the accuracy or completeness of such information or statements and the condition, quality or fitness of the Property. Such information and statements have in many circumstances been obtained from outside sources, have not been tested or verified and may be subject to errors or omissions. Projections, in particular, are based on various assumptions and subjective determinations as to which no guaranty or assurance can be given. Without limiting the foregoing, in the event this Offering Memorandum contains information relating any hazardous, toxic or dangerous materials in relation to the Property, such information shall in no way be construed as creating any warranties or representations, express or implied, by operation of law or otherwise, by any party, as to the existence or non-existence or nature of such materials in, under, on or around the Property. Potential investors are urged to perform their own examination and inspection of the Property and information relating to same, and shall rely solely on such examination and investigation and not on this Offering Memorandum orany information or materials contained herein or otherwise provided. The only party authorized to represent the owner of the Property is Jones Lang LaSalle (“JLL”), and the owner shall not be obligated to pay any fees or commissions to any other advisor, broker or representative. Any party entering into a transaction with the owner shall be obligated to pay any fees or commissions due any advisors, brokers or representatives, other than Jones Lang LaSalle (“JLL”), dealing with such party. This Offering Memorandum is provided subject to prior sale or lease, change of price or terms and other changes to the materials, statements and information contained herein or relating to the Property, and is subject to withdrawal, all without notice or any liability. In no event shall the delivery or receipt of this Offering Memorandum be deemed to create any legal obligation to enter into any transaction with respect to the Property, and only a definitive agreement signed by all parties shall create a binding commitment to enter into a transaction. page 3 N CHARLOTTE’S CENTER CITY 2020 VISION PLAN & ULI’S APPLIED INNOVATION O CORRIDOR LAKE NORMAN R T ACRES 37 Acres at North End is located just outside of Charlotte’s current CBD. The Property 16 MILES NORTH H is included within the City of Charlotte’s Center City 2020 Vision Plan (the Vision). As a part of the Vision, Charlotte’s CBD will be extended further Northeast, past the NORTH I-277 loop and is a part of the Applied Innovation Corridor (the Corridor). The Urban Land Institute’s National Advisory Panel performed an extensive survey of the area S END presented their recommended strategy for the North End section of the Corridor in a T A T THE OFFERING report published in May 2014. E S T JLL has been exclusively retained by the Owner to market for sale the fee V S I L M simple interest in the 37 Acres at North End (“The Property”), located Per the Vision, the purpose of the North End redevelopment is to “create a distinctly L 37 E A H just outside of Charlotte, North Carolina’s current Central Business District A A walkable, mixed-use ‘urban industrial park’ with distinctive neighborhoods. This V R E (CBD). The Offering represents a unique opportunity to acquire a well- G area fosters an atmosphere of creativity, innovation and entrepreneurship; provides located and historic tract of land, in one of the fastest-growing markets unparalleled connectivity for moving goods and people; and creates an exciting urban in the United States. The Property is well-known to native and long-time living and working experience linking North End to NoDa and the larger Applied Charlotteans as the former Ford Motor Company Assembly Plant, United Innovation Corridor.” States Army Quartermaster Corps Depot and Charlotte Army Nike Missile Plant. The Property is recognized by the Charlotte-Mecklenburg Historic As a part of the Vision and the Corridor, the new Fire Department Headquarters 37 ACRES Landmarks Commission and has been included in the City of Charlotte’s officially opened on April 11, 2015 at 500 Dalton Avenue (which is less than 500 yards Center City 2020 Vision Plan for expanding the CBD beyond the I-277 loop. from the Property). AT NORTH END The Property is one of the largest remaining land tracts available in the The strategic location of 37 Acres at North End is part of the Vision because of its 9,300 immediate vicinity of the CBD. As of April 2015, 37 Acres at North End is proximity to a millennial labor pool, unparalleled interstate access and the LYNX Blue 13,000 NODA the largest land offering available within 1.5 miles of the CBD and the second Line Light Rail Extension (BLE). After its completion in 2017, the Blue Line & BLE will largest land offering available within 5 miles of the CBD. The Property is run from Pineville to the UNC Charlotte campus, covering over eighteen (18) miles and conveniently located in close proximity to popular neighborhoods, like extending through the CBD. Two new Blue Line Stations will be within walking distance NoDa, Plaza Midwood and Uptown, containing popular attractions such of the Property. as the NC Music Factory, BB&T Ballpark, Time Warner Cable Arena and MILES TO LOCATION Bank of America Stadium. The 2030 Transit Corridor System Plan also includes the proposed LYNX Red Line FIRE DEPT HQ Light Rail, which is less than 75 yards from the Property and will begin in the CBD and ±1 TO I-77 The Property is being offered without a stated asking price and is available run just north of Davidson. The Red Line will provide an alternative route for commuters on an “all cash” basis. traveling into the City from the Lake Norman area. ±2 TO I-85 ±9 TO AIRPORT THE PROPERTY The Applied Innovation Corridor Summary can be found here: 37 Acres at North End, located at 1776 Statesville Avenue, consists of https://jll.box.com/s/u1w467f2uw65x1sih1crm1dfiak5m910 PLAZA MIDWOOD 633,896 square feet in nine (9) buildings on two parcels totaling 36.89 BLUE LINE & EXTENSION UNDER acres of historically industrial land. The buildings were constructed over a The full Center City 2020 Vision Plan can be found here: CBD 33 year period and have been utilized for a variety of uses throughout the https://jll.box.com/s/x4gfw6499a044ajw5bng438q31tt3x9t CONSTRUCTION years. Most recently, Rite Aid has used the Property as a distribution hub in the Southeast. Rite Aid will be moving out in January 2017. The full 2030 Transit Corridor System Plan can be found here: PROPOSED RED LINE https://jll.box.com/s/utkxipbir52d5l8wp2l7wqizgmeag1u2 SOUTH END “As a central anchor of the Applied Innovation Corridor, North End will be the focal point CHARLOTTE 2012 NC DOT TRAFFIC COUNTS LAKE WYLIE of a new urban mixed-use neighborhood” ~ Charlotte Center City 2020 Vision Plan DOUGLAS INT’L 17 MILES SOUTH AIRPORT N O LAKE NORMAN R T 16 MILES NORTH H S T A T E S T V S I L M L E A H A A V R E G 37 ACRES AT NORTH END 9,300 13,000 NODA MILES TO LOCATION ±1 TO I-77 FIRE DEPT HQ ±2 TO I-85 ±9 TO AIRPORT PLAZA MIDWOOD BLUE LINE & EXTENSION UNDER CONSTRUCTION CBD PROPOSED RED LINE SOUTH END CHARLOTTE 2012 NC DOT TRAFFIC COUNTS LAKE WYLIE DOUGLAS INT’L 17 MILES SOUTH AIRPORT MILLENNIAL ATTRACTION THE SUCCESS OF HISTORIC SOUTH END Uptown Charlotte has become the Southeast’s Millennial Magnet, 37 Acres at North End is well-positioned for Charlotte’s growing population as Charlotte’s Historic offering a fast-paced, mobilized, cultured lifestyle demanded by South End (South End) development reaches its capacity. Much like North End, South End was this young demographic group. Increased walkability; accessibility historically a predominantly industrial area in Charlotte, with Charlotte’s first railroad connecting the via multiple transit options; modernized work environments with Queen City to Columbia and Charleston.