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Hampton, Va 23669 OFFERING MEMORANDUM FORMER KMART - REDEVELOPMENT OPPORTUNITY 210 W MERCURY BOULEVARD | HAMPTON, VA 23669 ™ LISTED BY BEN SNYDER SVP & SENIOR DIRECTOR DIRECT (216) 503-3607 MOBILE (614) 975-8822 [email protected] LIC # 2018002569 (OH) BROKER OF RECORD KYLE MATTHEWS LIC # 22602771 (VA) Hampton OFFERING MEMORANDUM FORMER KMART - REDEVELOPMENT OPPORTUNITY 210 W Mercury Boulevard | Hampton, VA 23669 04 | EXECUTIVE OVERVIEW 06 | PROPERTY OVERVIEW 11 | FINANCIAL OVERVIEW 13 | AREA OVERVIEW 3 SECTION I EXECUTIVE OVERVIEW 4 Hampton INVESTMENT HIGHLIGHTS OFFERING PRICE: $6,900,000 UNIQUE REDEVELOPMENT OPPORTUNITY CONVENIENT ACCESS » The Property offers an owner/user, value-add investor, or developer the » The Property is situated on Mercury Boulevard, a primary arterial road opportunity to purchase a former Kmart located in a dense and established running through Hampton with traffic counts of over 58,000 vehicles per retail corridor where there are significant barriers to entry and limited day. There are three points of ingress/egress, providing convenient access opportunities for new construction. to the Property. ESTABLISHED RETAIL CORRIDOR REDEVELOPMENT IN THE AREA » The Property is located in an established retail corridor. National retailers » A $60 million redevelopment is underway at the shopping center along within the immediate area include Target, Walmart, Lowe’s, Bass Pro Shops, Mercury Boulevard a little over one mile east of the Property. Formally BJ’s Wholesale Club, Big Lots, OfficeMax, Ross Dress For Less, Food Lion, known as Riverdale Plaza Shopping Center, but being renamed Riverpointe Party City, Petco, Petsmart, Marshalls, Burlington, AutoZone, Advanced Shopping Center, this was one of the first major retail centers constructed Auto Parts, Barnes & Noble, JC Penney, Floor & Décor, CVS, Aldi, Lidl, in the city. Plans include a new 123,000 square foot Kroger Marketplace and Gabe’s. The Property is also less than two miles from Peninsula Towne grocery store and a 91,000 square foot At Home. This investment in the Center, a 1.1 million square foot mixed-use project featuring over 100 area will benefit the Property and the surrounding real estate. specialty retailers, as well as office space and residential units above stores on some buildings. This critical mass of retailers generates substantial traffic STRONG ECONOMIC BASE along Mercury Boulevard. » The Hampton Roads metro area economy is driven by military defense HIGH GROWTH AREA FOR MILLENNIALS spending, tourism, the Port of Virginia, and education. The Hampton Roads has the largest concentration of military personnel outside of the Pentagon, » Real estate analytics firm RCLCO researched 50 urban areas to see which with more than 86​​,000 active-duty military personnel representing every region saw the greatest uptick in millennial, considered people ages 24 to branch in the Armed Forces. Hampton, the American birthplace of free 34 for the study, residents. The Hampton Roads metro area topped the public education, is home to five colleges and centers of higher education list with 16.4% growth from 2010 to 2015. The region has worked hard to serving approximately 20,000 undergraduate and graduate students. attract younger people, revamping city centers, developing new restaurants, and launching a light rail in Norfolk in 2011. STRATEGIC LOCATION » STRONG DEMOGRAPHICS The Property is located approximately 1.3 miles northwest of Downtown Hampton and 1.2 miles south of Langley Air Force Base » The Property serves a trade area featuring a strong demographic profile. Within a three-mile radius, there are over 80,000 residents with an average household income of $59,586. 5 SECTION II PROPERTY OVERVIEW 6 Hampton PHYSICAL DESCRIPTION PROPERTY NAME NET RENTABLE AREA Former Kmart - Redevelopment Opportunity ± 94,649 SF ADDRESS YEAR BUILT 210 W Mercury Blvd 1974 LOCATION PARKING Hampton, VA 23669 638 spaces PARCEL FRONTAGE/VISIBILITY 08W017 00 00000 ± 582 feet along Mercury Boulevard TOTAL LAND AREA ZONING ± 19.37 Acres ± 94,649 SF ACCESS The Property is accessible via two points of ingress/egress along Mercury Boulevard, and another point of ingress/egress along Seldendale Drive. FLOOD ZONE The Property is in Flood Zone AE, which is an area subject to flooding by the 1% annual flood. The 1% annual flood (100-year flood), also known as the base flood, is the flood that has a 1% exceeded in any given year. The “E” denotes this flood zone has an elevation level assigned to it, and is chance of being equaled or exceeded in any given year. The “E” denotes this flood zone has an elevation level assigned to it, and is expressed as “AE-#,” with the trailing number indicating the Basse Flood Elevation (BFE) for number, which for the Property is nine, notes the height above sea level flood waters can be expected to rise. that zone. 7 Hampton, VA PARCEL MAP 8 Hampton SURROUNDING AREA Bridgewater Apartments Coliseum Peninsula Town Crossing Center Riverdale Plaza W MERCURY BLVD ±61,000 ADT Hampton Roads SUBJECT Convention Center PROPERTY Hampton Coliseum Trail Creek Apartments 9 Hampton, VA SUBJECT PROPERTY 10 Hampton SECTION III FINANCIAL OVERVIEW 11 Hampton, VA Offering Price $6,900,000 Price PSF $73 OFFERING PRICE: Price Per Acre $356,221 $6,900,000 Building Size ± 94,649 Square Feet Site Size ± 19.37 Acres 2019 Real Estate Taxes Summary Description Market Value Assessed Value Effective Tax Rate Net Taxes Real Estate Taxes $2,819,400 $2,819,400 12.4 $34,961 Storm Water N/A N/A N/A $16,725 TOTAL $2,819,400 $2,819,400 $51,685 12 Hampton SECTION IV AREA OVERVIEW 13 Hampton, VA Hampton HAMPTON, VIRGINIA Hampton is an independent city in Virginia with a population of about 137,000. As one of the seven major cities that compose the Hampton Roads metropolitan area, Hampton is graced with miles of DEMOGRAPHICS shoreline and breathtaking water views. The city is located in the heart of the Hampton Roads region and the center of the East Coast. Population 1-Mile 3-Mile 5-Mile Established in 1610, Hampton is one of America’s oldest cities and is also one of the fastest growing 2018 Estimate 9,137 80,015 158,162 cities in the region. Rich in history with small-town charm, Hampton has been recognized by Money 2010 Census 9,027 81,147 159,937 magazine as one of the best places to live, as well as a national model for youth development and civic engagement. Households 1-Mile 3-Mile 5-Mile For residents and visitors alike, the city features a wide array of business and industrial enterprises, 2018 Estimate 3,833 31,835 63,188 retail and residential areas, and historical sites. The Peninsula Town Center and other developments have re-established Hampton as the premier shopping, dining and entertainment destination of 2010 Census 3,785 32,402 64,185 Hampton Roads. Peninsula Town Center features retail, dining, entertainment, office and residential opportunities. Other developments include The Power Plant of Hampton Roads with Bass Pro Shops Income 1-Mile 3-Mile 5-Mile Outdoor World, the Hampton Roads Convention Center, Embassy Suites hotel and new residential 2018 Average communities. $50,626 $59,586 $63,812 Household Income The quality of life is a breath of fresh air and one of the best kept secrets on the East Coast. A waterfront city with a mild climate, Hampton has one of the lowest crime rates in the region. The city has been named one of the most technology-advanced cities in the nation by the Center for Digital Government for 14 of the past 15 years and one of the top 20 hot spots for young professionals to live and work by Next Generation Consulting. 14 Hampton HAMPTON ROADS METROPOLITAN STATISTICAL AREA Hampton Roads is the name of both a body of water in Virginia and the surrounding metropolitan region in Southeastern Virginia and Northeastern North Carolina. Hampton Roads is known for its large military presence, ice-free harbor, shipyards, coal piers, and miles of waterfront property and beaches, all of which contribute to the diversity and stability of the region’s economy. There’s also a wealth of other points of history to explore in the Hampton Roads area. Led by the Historic Triangle area, Hampton Roads consistently rates among the top tourism destinations in the world. Cultural attractions include museums, historical sites, and venues from tiny to massively large for such things as art and musical shows. The region hosts two week-long visits by the Ringling Bros. and Barnum & Bailey Circus each year with multiple performances at Norfolk Scope and the Hampton Coliseum, and even attracts a group of Circus Train Enthusiasts rail fans. The Historic Triangle is located on the Virginia Peninsula and includes the colonial communities of Jamestown, Williamsburg, and Yorktown, with many restored attractions linked by the Colonial Parkway. The National Park Service’s Colonial Parkway joins the three popular attractions of Colonial Virginia with a scenic and bucolic roadway carefully shielded from views of commercial development. This helps visitors mentally return to the past, and there are often views of wildlife and waterfowl. Other sites in the Triangle include Busch Gardens, Historic Jamestowne, and Yorktown Battlefield. 15 Hampton, VA CONFIDENTIALITY AGREEMENT & DISCLAIMER This Offering Memorandum contains select information pertaining to the business and affairs ofFormer Kmart located at 210 W Mercury Boulevard Hampton, VA 23669 (“Property”). It has been prepared by Matthews Real Estate Investment Services. This Offering Memorandum may not be all-inclusive oßr contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Matthews Real Estate Investment Services.
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