M Development Opportunity in Frisco, Tx
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FORD CENTER AT THE STAR 11.31 AC DEVELOPMENT RAW LAND OFFERING OPPORTUNITY MEMORANDUM IN FRISCO, TX HOME OF THE DALLAS COWBOYS FOR MORE INFORMATION: EVA HORTON Managing Director T 713.599.5188 [email protected] TABLE OF CONTENTS I EXECUTIVE SUMMARY 3 - 4 II PROPERTY OVERVIEW 5 - 8 III MARKET OVERVIEW 9 - 14 OFFERING MEMORANDUM EVA HORTON Managing Director T 713.599.5188 [email protected] We obtained the information in this offering package from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction. 2 INVESTMENT SUMMARY Interest Offered: 100% Fee Simple Offering Price: Contact Broker Seller and Agent will assess the qualification of any party submitting a non-binding letter of intent in accordance with Seller’s objectives. In Offer Submission making this assessment, Seller will consider a number of factors Procedure: including, but not limited to, price, time frame of closing, and perceived ability of the party to complete the transaction. All submissions must be faxed, emailed or hard copy delivered. Offer SW Corner of Parkwood Blvd and Ikea Drive Property Location: Frisco, TX should be submitted in the form of a non-binding letter of intent and should specify the following: Legal Description: ABS A0279 J ABEZ DEGMAN SURVEY, TRACT 30 Offering Price Property Size: 492,664 SF Due Diligence Period Site Size: 11.31 AC Closing 2594740: 8.49 AC Property ID: Bid Deadline: Earnest Money Deposit 2594741: 2.82 AC Contingencies (if any) R -6279-000-0300-1: 8.49 AC Parcel Number: References R -6279-000-0310-1: 2.82 AC Documentation of previously completed transactions Property Type: Raw Land Sources of funds Zoning: PD-25 (Planned Development Business Center) Any other information having a direct bearing on investor’s ability to Comprehensive Plan: Suburban Regional Activity Center (SRAC) close the proposed transaction PD Information: Part of Frisco Bridges – Network Node Overlay District Frisco Bridge/Stonebriar Design District SUP SUP000 17-08-57 EVA HORTON Ordinance Managing Director 88-03-05 Broker Contact: T 713.599.5188 Overlay District Network Node Design Overlay District [email protected] Sub District Frisco Bridge/Stonebriar Design District 3 EXECUTIVE SUMMARY Newmark Knight Frank’s Capital Market and Investment Sales team, as exclusive agent, is pleased to offer investors the rare opportunity to purchase 2 adjoining parcels of undeveloped commercial land, totaling 11.30 Acres of raw land in Frisco, Texas. The site is located in one of the fastest growing cities in Texas in a premier retail corridor popularly known as the “North Platinum Corridor.” INVESTMENT HIGHLIGHTS . 2 land parcels consisting of 11.31 AC (492,228 SF) vacant, undeveloped commercial land. Situated at the hard southwest corner of Parkwood Blvd and Ikea Drive directly across from Stonebriar Centre. Parkwood Blvd is the main thoroughfare leading south to Granite Park (Headquarter Drive) and Legacy Town Center. Outstanding location with high visibility off of high-trafficked major thoroughfares Parkwood Blvd, Hwy 121, and Dallas North Tollway/Dallas Pkwy, with convenient access to/from both streets as well as Ikea Drive. Located within Frisco/The Colony Submarket’s premiere retail corridor that features a diversified commercial market with high profile retail multi-tenanted developments, single-tenant NNN retailers, national hotel establishments, and sporting venues The Star and Dr. Pepper Ballpark. Positioned within Frisco’s “North Platinum Corridor,” one of the most dynamic development concentrations in the country boasting over $5 billion in recently completed, under construction or announced developments along the Dallas North Tollway from Hwy 121 to US 380. Close proximity to iconic North Dallas developments Stonebriar Centre and The Star, the World Corporate Headquarters and multi-use event center for the Dallas Cowboys, as well as high quality national credit tenants Rooms to Go, Ashley HomeStore, la Madeleine French Bakery & Café, Ethan Allen, and many more... Prime retail enclave, with over 5.6 million SF of existing retail within a mile. Positioned in strong and growing commercial submarket that features strong market rates and continuing development. Location near dense residential communities and development with population figures reaching nearly 304,666 people within a 5-mile radius of the Subject Property. Surrounding area is also characterized by residential pockets and multi-family housing complexes. Hyatt Regency Frisco set to open in 2020 are within a mile of the Subject Property, as well as a 220,000 SF class A office known as Legacy Town Center – Headquarters II. 4 PROPERTY OVERVIEW PARCEL MAP 5 PROPERTY OVERVIEW ZONING MAP Overlay Districts: Frisco Bridge/Stonebriar Design District District: Network Node Overlay District Sub-District: Frisco Bridge/Stonebriar Design District Overlay Districts: 5B Mile Design District District: Network Node Overlay District Sub-District: 5B Mile Design District Overlay Districts: City Centre Design District District: Network Node Overlay District Sub-District: City Center Design District Overlay Districts: Frisco North Design District District: Network Node Overlay District Sub-District: Frisco/North Design District 6 AMENITY AERIAL IMMEDIATE SURROUNDING AREA NORTH Premier Work Nexius Comerica Center Spaces Solutions UNT at Steakhouse Frisco Dr. Pepper AMLI Frisco Wildpitch Bar Crossing Ballpark AMLI at The and Grill Ballpark Hyatt Regency Under Construction Stonebriar Centre (2020) Parking Lot Sunnyland Outdoor Living Modani Furniture Frisco 7 AMENITY AERIAL AREA OVERVIEW SOUTH Legacy Town Center Stonebriar Centre Granite Park Legacy West Development Dr Pepper Ballpark Frisco Convention Dr Pepper Arena Center Bridges Frisco Hall Office Park The Centre at Preston Ridge Duke Bridges III The Star in Frisco $1 billion | 91 Acres (Under Construction) 8 MARKET OVERVIEW FRISCO, TX Located approximately 30 miles north of Dallas, the city of Frisco lays on the Collin and Denton counties. The bedroom community has been ranked one of the fastest-growing cities in Texas, due to a low cost of living and proximity to high wage jobs within the Dallas-Fort Worth Metroplex. Population in the city is estimated to be approximately 192,825 with 64,310 households. The population is expected to see above average growth in the coming five-year period, with projections of 3.76% growth well above the U.S. projected 0.77%. The population within Frisco is well educated with approximately 61.1% of population 25 year and older with a bachelor’s degree or a graduate/professional degree. Major highways in the city include SH 289 and US 380 making for ease in transportation of logistics and workers into and out of the metroplex area. In 2017, The Dallas Cowboys opened their corporate headquarters and practice facility at The Ford Center at The Star, a 91 AC campus with office space and over 30 shops and restaurants. Known as “The Star District,” this popular site has attracted numerous families that want to experience a Dallas Cowboys themed campus. Due to Frisco’s strong diversified local economy, destination retail, entertainment, professional sports teams and recreation activity make Frisco an ideal city to do business. COLLIN COUNTY, TX Founded in 1846, Collin County is named after Texas historical figure Collin McKinney. The Population in the county is estimated to be 939,600 making the county the seventh-most populous county in Texas. The economy within the county is primarily specialized in management, information and financial and insurance services. The county seat of Collin is McKinney, with other major cities including Plano, Fairview, and Frisco. 9 MARKET OVERVIEW LOCATION HIGHLIGHTS FRISCO ECONOMY OVERVIEW Given the high educational attainment that the majority of Frisco’s population holds, the dominant industries MAJOR EMPLOYERS in the city are high-skill oriented industries such as Healthcare, Professional/Scientific/Tech Services and Frisco ISD 6,190 Finance/Insurance. The result of this agglomeration of a high-skilled workforce within the market has resulted in a high-earning demographic with an average household income estimated to be $152,978. The T-Mobile 1500 major employers in the city include: The Frisco Independent School District, T-Mobile, Amerisource, Conifer Amerisource 1,100 Health Solutions and Baylor Medical Center to name a few. A potential driver of economic growth in the city is the announcement of autonomous vehicle ride-sharing pilot Drive.ai in the Frisco area. The six-month pilot City of Frisco 1,100 willSTRENGTHSprovide transportation•to Lowpassengersemploymentwithinvolatilitya geofencedcomparedarea inwiththe citymoreandoilcould-reliantattracteconomiesfuture testingin Conifer Health Solutions 800 Texas and tech investment to the area. Baylor Medical Center 650 • Below-average business and living costs Mario Sinacola & Sons 600 • Improving migration patterns FRISCO/THE COLONY SUBMARKET OVERVIEW Centennial Medical Center 500 Oracle Corporation 500 TheWEAKNESSESoffice market within Frisco•