LAND DEVELOPMENT OPPORTUNITY ±16.15 ACRES | WEARS VALLEY ROAD, PIGEON FORGE, TENNESSEE

Wears Valley Rd

8090 AADT

±16.15 Acres

8090 AADT Foothills Pkwy

Wears Valley Rd

PREPARED BY: COLLIERS MANUFACTURED HOUSING & LAND GROUP 2385 NW Executive Center Drive, Suite 350 Boca Raton, FL 33431 CONFIDENTIALITY & DISCLAIMER STATEMENT

Intended solely for your own limited use to determine whether you wish to express any further interest in the Property. This confidential memorandum contains brief, selected information pertaining to the business and affairs of the Property and has been prepared by Colliers International South Florida, LLC, primarily from information supplied by the Owner. Although this confidential memorandum has been reviewed by representatives of the Owner, it does not propose to be all-inclusive, nor does it contain all the information which a prospective purchaser may require or desire. Neither the Owner, nor any of its officers, directors, employees or agents, nor Colliers International South Florida, LLC, makes any representation or warranty, expressed or implied, as to the accuracy or completeness of this confidential memorandum or any of its contents, and no legal liability is assumed or is to be implied by any of the aforementioned with respect thereto. Prospective offers are advised to verify the information independently. The Owner reserves the right to change the price or any information in this Memorandum, or to withdraw the Property from the market at any time, without notice. This confidential memorandum shall not be deemed an indication of the state of affairs of the Property or the Owner, nor shall it constitute an indication that there has been no change in the business or affairs of the Property or the Owner since the date of preparation of this memorandum. By your receipt of this confidential memorandum, you agree that the information contained herein is of a confidential nature and you will not disclose this memorandum or any part of the contents to any other person, firm or entity without prior authorization from Colliers International South Florida, LLC.

OFFERING PROCEDURE PREPARED BY: MIKE NISSLEY HEATHER BLANKENSHIP Offers should be submitted in the form of a standard non-binding Letter of Intent, which can be found on the National Director, Director, Colliers International Document Center, and must specify the following: Manufactured Housing Group RV Business Development • Price (Call for pricing guidance) [email protected] Manufactured Housing & RV Group • Length of Inspection Period +1 561 479 1588 [email protected] +1 865 456 4047 • Length of Closing Period • Amount of earnest money deposit at execution of a Purchase and Sale Contract SEAN OLD Associate, • Amount of additional deposit upon expiration of Inspection Period Manufactured Housing & Land Group [email protected] www.colliers.com/manufacturedhousing +1 561 558 6363 Table of Contents

> THE OFFERING > MARKET OVERVIEW Executive Summary...... 4 Market Overview...... 8 Investment Summary...... 5 Summary...... 9 Demographic Summary...... 5 Property Summary ...... 6 > ABOUT US Photos & Parcel Layout ...... 7 The Manufactured Housing & Land Group...... 10 Colliers at a Glance...... 11 Executive Summary

Collier Manufactured Housing & Land Group is pleased to offer an outstanding opportunity 15-miles to acquire a 100% fee simple interest in a ±16.15-acre multi-use commercial development AADT: 48,080 site located at the southeast corner of Wears Valley Road and Manis Road, Wears Valley, Tennessee. This site has over 1,000 feet of frontage on Wears Valley Road and is located approximately ten miles west of US Highway 321 (Pigeon Forge). The Subject has no approvals in place and the density is subject to septic drain field approval by the city. Sevierville The entire parcel covers approximately 3,500 feet in circumference and has no known wetland issues. The southern portion of the parcel lies within the 100-year flood zone but otherwise remains high and dry. The parcel is zoned C-2 (General Commercial District), by Sevier County, and has public access to water and sewer connections. 10-miles

Area. AADT: 50,360 The site is bounded on the south by Roundtop Drive which leads to a residential district, on the east by a private driveway of an Industrial Storage Warehouse, the west by Manis Road which fronts a ±5 acre residential parcel, and the north by Wears Valley Road which AADT: 10,800 fronts multiple parcels maintaining mostly residential zoning. Nearby properties include 5-miles Pigeon Forge Cabins Rentals, RV Resorts, Motels, Restaurants, Churches, local shopping, and other recreational amenities. AADT: 49,020

With Gatlinburg sitting roughly 8-miles due east, just over the Gatlinburg Bypass, and 2-miles Pigeon Forge sitting just under 9-miles northeast, the entire local economy is comprised of dense tourism and hospitality. The surrounding area is characterized by the scenic AADT: 8,090 Great Smoky Mountains, log cabins, famous amusement parks, and rich country music AADT: 33,150 history. Sevier county and its municipalities are primarily residential, commercial, and light industrial with supporting retail and professional office. Most residents commute to employment centers in the surrounding tourist area and nearby cities. Gatlinburg The Subject property’s southwestern Sevier County location makes it Subject Site suitable for commercial transit-hospitality, outdoor recreation, or residential development. This is a well-located property in a mature and growing market.

4 | Investment Summary DEMOGRAPHICS

Located roughly 15 miles southwest of downtown Pigeon Forge, 5 miles northeast of Townsend’s city center, this ±16.15-acre development opportunity is one of the POPULATION 4 Mile 8 Mile 15 Mile largest vacant parcels along Hwy 321 with the potential to be developed into an 2010 Total Population 3,000 13,444 87,338 institutional quality asset impacting the entire neighborhood. 2019 Total Population 3,167 14,197 93.436

With over 1,000 feet of frontage along the southern side of Wears Valley Road, 2024 Total Population 3,278 14,670 97,049 and surrounded by various land uses that include Residential, Commercial, 2019-2024 Annual Growth Rate 0.69% 0.66% 0.76% Manufactured Home Park, and RV Campground, the offering benefits from having several development paths included under the R-1, R-2, R-2M, and C-1 zonings. 2019 Median Age 53.9 49.8 44.4 The property, as per Sevier County, sits within the CS - Critical Slope District and HOUSEHOLD 4 Mile 8 Mile 15 Mile may need further approvals. 2019 Households 1,350 5,834 36,942

Median home prices in the immediate area range from $150/SF to $180/SF, 2024 Households - Five Year Projection 1,398 6,032 38,349 average rents of apartments primarily range from $1,100 to $1,600 per month or 2019 Housing Units - Owner Occupied 1,097 4,422 27,140 $1.20 to $1.60 per square foot. RV Resorts in the area record and average monthly rate range of $821 to $1,288 with the average site count at 135 camping sites. 2019 Housing Units - Renter Occupied 253 1,412 9,802 2024 Housing Units - Owner Occupied 1,146 4,625 28,579 The unincorporated city of Wears Valley and Sevier County both promote and 2024 Housing Units - Renter Occupied 252 1,407 9,770 encourage growth. It is noted in the Zoning Resolution, dated April 15, 2019, the Planning and Zoning board issues Special Exemptions for alternate land uses in HOUSEHOLD INCOME & SPENDING 1 Mile 3 Mile 5 Mile just 14 business days. This jurisdiction does post different zoning district overlays 2019 Average Household Income $59,144 $58,813 $64,116 to control density versus off-site requirements. 2024 Average Household Income $67,393 $66,581 $71,506

2019 Median Household Income $50,134 $45,007 $50,685

“This offering provides various opportunities 2024 Median Household Income $54,055 $50,208 $53,791 to maximize value in developing an impactful 2019 Per Capita Income $24,951 $24,312 $25,338 neighborhood.” 2024 Per Capita Income $28,463 $27,542 $28,239

PRICE/ACRE: $ 61,920 SALE PRICE: $ 1,000,000

5 | COLLIERS INTERNATIONAL Property Summary

The Subject comprises approximately 16.15 acres of land within the Sevier county limits. The site is located less than 10 miles southwest of Pigeon Forge, the main tourist area, and at the base of the Great Smoky Mountains National Forest.

The Property is surrounded by a mix of commercial, residential, and agricultural development, with direct access to local amenities, restaurants and HWY-441.

Property information is summarized below:

Wears Valley Road Property Address Pigeon Forge, TN 37862 DFIRM (100-year) Parcel Number 178-123-0-4600

DISTRICT: 06 ALSO TR-2 & TR-3, COUNTY Legal Description AREA: I01

Land Size 16.15 acres (per property appraiser)

Zoning Rural/Agricultural-Vacant

County Sevier

Neighborhood Wears Valley

Use Code 8008

6 16.15 Acres

16.15 Acres

16.15 Acres

7 Market Overview

Sevierville is the hometown of music legend and Sevier County is known as the “Gateway” to the Great Smoky Mountains National Park, the most visited national park in the country.

As one of Tennessee’s top hospitality markets, tourism in Sevier County generates roughly $1.9 billion per year. Weather provides tourists four distinct and mild seasons. The Smokies of East Tennessee draw thousands of tourists to watch the flowers bloom in the Spring and the leaves change color in the Fall. In addition, thousands spend the winter holidays with family and friends while the summer months draw millions to the area for its beautiful weather, great accommodations and some of the most popular theme parks and attractions in the country.

As part of the gateway, Sevierville offers shopping that includes boutiques, galleries, antique stores, flea markets and two high-end outlet that have 120 high-end, name brand retailers. In addition, Sevierville’s Eagle’s Landing Golf Course offers 18 championship style holes and will soon open an additional 18-hole resort style course.

Pigeon Forge is home to the Dollywood theme park, one of the best family attractions in the South that accommodates 2,000,000 visitors annually. In addition, other attractions include the Elvis Museum, Smoky Mountain Car Museum, WonderWorks, and Titanic Museum.

The main parkway is lined with more than 75 family fun Smoky Mountain attractions including Ripley’s Aquarium of the Smokies, Wonderworks, Dixie Stampede, Zorb, miniature golf courses, NASCAR SpeedPark, go-cart race tracks, a jungle boat ride, movie theaters, indoor skydiving, plus museums, souvenir shops and places to eat. Family entertainment theaters showcase acrobats, comedians, cowboys, musical entertainment and magic. It is highlighted by The Island in Pigeon Forge , Pigeon Forge’s newest walkable shopping and entertainment complex featuring more than sixty retail and specialty shops, a number of popular restaurants and eateries, a 200-foot-high observation wheel and multi-million dollar dancing fountain show, about eighteen other games and attractions, and live music.

Gatlinburg’s largest attractions include Ripley’s Aquarium of the Smokies; the phenomenal 1.3 million gallon saltwater aquarium recently voted “#1 Aquarium in the U.S.” by customers of TripAdvisor. Ober Gatlinburg Ski Resort & Amusement Park provides year-round ice skating and outdoor family fun in addition to great winter snow sports once the 120-person Aerial Tramway takes you to the summit. In addition, Gatlinburg hosts various craft fairs throughout the year as the two largest Gat- linburg craft shows are the Easter Arts & Crafts Show and Christmas Craft Show. Gatlinburg’s newest attraction is Top Sports World, an 80 acre state-of-the-art sports campus. It is one of the 8 country’s newest indoor/outdoor sports tournament destinations. That was voted one of the Top 10 Broker Opinion of Value Multi-Use Sports Facilities by Sports Events Magazine in 2017. Dollywood Overview

Considered one of the world’s premier theme parks, Dollywood features rip-roaring rides, delectable fare, and stellar entertainment surrounded by breathtaking views of the Great Smoky Mountains. From live artists performing country, southern gospel, classic rock and Appalachian music, to master craftsmen showcasing glass blowing and blacksmithing, Dollywood is brimming with the rich heritage and artistry of the Smokies. It offers thrilling entertainment for all ages and features more than forty rides and attractions that include:

• Lightning Rod, the world’s fastest wooden • , the country’s first • FireChaser Express, the nation’s first dual-launch family coaster • Dollywood’s Country Fair, an area specially designed for kids • Dollywood’s Splash Country, the perfect mountain oasis for families to cool down and chill out this summer as it features a variety of water attractions for both the thrill-seekers and pool-loungers. • Dolly Parton’s Stampede is a comedic dinner show fun for all ages filled with friendly North and South competition, thrilling horse riding stunts, spectacular special effects, phenome- nal musical productions plus a mouth-watering four-course feast complete with a deli- cious dessert.

In May 2019, Dollywood will open Wildwood Grove, the park’s largest expansion in its 33-year history. The expansion will cost $37 million and will be one of the final pieces to the $300 million invested over the last ten years. Wildwood Grove will be adjacent to Dollywood’s Timber Canyon and feature the following eleven themed attractions:

• Wildwood Tree: A 55-foot tree that grows from a cluster of natural rocks and boulders, which will serve as the area’s focal point and feature a nighttime show and concerts. Its canopy will be adorned with thousands of butterflies. • The : A suspended 453-meter roller coaster that lets guests soar like a dragon- fly. • Black Bear Trail: A ride where kids can hop on the backs of mechanical bears for a trek around the area. • Sycamore Swing: A leaf boat swing which will swing guests back and forth. • Treetop Tower: A ride that sends guests 40 feet into the air in giant acorns and spins them around to see the Smoky Mountains. • Mad Mockingbird: A ride that spins guests in circles, and they can control their experience by moving a sail. • Frogs & Fireflies: A ride where guests can hop on frogs and ride them as they race each other around a lily pad. • Hidden Hollow: A 4,000-foot indoor, climate controlled climb structure with slides and Colliers Manufactured Housing & Land Group games. 9 • Wildwood Creek: An oasis with pop jets and splashing pools. Manufactured Housing & Land Group

The Colliers Manufactured Housing & Land Group focuses on Manufactured Manufactured home communities and RV resort assets adds significant value Housing Communities, RV Resorts, and Development Land across the United during both the pre-marketing and marketing phases. States and Canada. Our group offers a diverse collection of relevant industry experience including community ownership and management, acquisitions, VALUATION & ADVISORY SERVICES disposition, debt and equity finance, land development and assemblage, property marketing and market research. Each year Colliers International Valuation & Advisory Services (CIVAS) appraises over 500 manufactured home communities (MHC). This Our professionals have been involved in more than $2.5 billion of manufactured includes age restricted (55+) communities, all age family communities home community and RV resort transactions and have consistently ranked and resident owned communities (ROC). We also have experience with among the top producers in the industry. Our services include: unique communities such as AANR and MHC/Recreational Vehicle combo developments. Assignments range from single assets to large multi-state ACQUISITIONS & DISPOSITIONS portfolios.

Colliers International Manufactured Housing experts have developed significant influence within the local, regional, national and international investment communities as trusted advisors. We leverage our extensive property marketing resources, real-time market knowledge and research to produce world-class marketing campaigns for a wide range of clients. Our transaction experience ranges from single, one-off assets in tertiary markets to large, multi-market portfolios. We routinely execute assignments on behalf of REITs, large institutional investment firms, family offices and owner operators. In addition, the experience we bring as owners and operators of

10 We make real estate happen.

Defined by our spirit of enterprise, Colliers International is a leader in global real estate services. Through a culture of service excellence, and a shared sense of initiative, our real estate professionals accelerate the success of their clients. Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include:

• strategic advice and execution for property sales, leasing and finance; • global corporate solutions; • property, facility and project management; • workplace solutions; appraisal, valuation and tax consulting; • customized research; • and thought leadership consulting.

We believe that clients get the best results through partnerships with local experts, who COLLIERS INTERNATIONAL know your business, market and are backed by a strong global brand. AT A GLANCE OUR PEOPLE 17,000 professionals in Our professionals are dedicated to creating strategic partnerships with their clients. 68 countries Through careful listening and a system of uncovering client needs, we understand the • US 3.3 billion in annual revenue subtle business drivers behind key real estate decisions. We design truly customized • 2 billion* square feet under management services to transform real estate—often one of the largest expenses for a • $127+ billion USD in total transaction value business—into a competitive advantage.

*Square footage includes office, industrial and retail property under management. Residential property is excluded from this total. All CONTACT US statistics are for 2018.

MIKE NISSLEY HEATHER BLANKENSHIP SEAN OLD National Director, Director, Associate, Manufactured Housing Group RV Business Development Manufactured Housing & Land Group [email protected] Manufactured Housing & RV Group [email protected] 561 479 1588 [email protected] 561 558 6363 865 456 4047 11