Z-MAX BLVD HARRISBURG, NC OFFERING MEMORANDUM

Transcription

1 Z-MAX BLVD HARRISBURG, NC OFFERING MEMORANDUM

2 INVESTMENT HIGHLIGHTS List Price: $2,445,500 Location: Southeast quadrant of NC Hwy 49 and I-485 at the southern terminus of Z-Max Boulevard extending south from NC Hwy. 49 in Harrisburg, NC, just 2.5 miles east of the I-485 and NC-49 interchange. Size: 73 acres comprised of 3 parcels with Cabarrus County PIN s ( acres), ( acres), and ( acres) for a total of acres. Furthermore, approximately 10 acres of the property are on the south side of the Railway with no direct access except from across the Railway right of way. Norfolk Southern Rail Access: The site is bifurcated by the Norfolk Southern Railway with roughly 63 acres of the site located north of the railway and 10 acres located to the south. As such, the site has 3,000 ft of frontage along the track and as a result has been identified by Norfolk Southern as eligible for a rail spur, the preliminary renderings are included and discussed on the following pages. Zoning: Zoned Light Industrial (I-1) and Rural Estate (RE) by the Town of Harrisburg. The portion of the site to the north of the railway ( 63 acres) is under the I-1 designation with the portion of the site to the south of the railway ( 10 acres) is under the RE designation. Utilities: Water and sewer are site adjacent and contain capacity for industrial uses. Easements: There is a sewer easement running through the site from the north to south near the eastern property boundary as well a gas easement running along the western boundary of the site, neither of which overly encumber the site. Additionally, there are no other easements noted that will effect the developability of the land. For more information contact: Warren Snowdon, SIOR (704) warren.snowdon@thalhimer.com David Hanna (704) david.hanna@thalhimer.com

3 MAPS 3

4 LOCATION The site is located at the southern terminus of Z-Max Boulevard extending south from NC Hwy. 49 in Harrisburg, NC, just 2.5 miles east of the I-485 and NC-49 interchange. The site is also accessible from the southern terminus of Cedar Drive which also extends south from NC Hwy. 49. Z-Max Rd. provides access on the eastern edge of the subject while Cedar Drive accesses the western portion of the site. ZONING The portion of the site to the north of the railroad is zoned Light Industrial (I-1) by the Town of Harrisburg. This designation was designed to establish areas that contain a mix of light manufacturing uses, office park, and limited retail / service uses that enhance the industrial uses in an attractive business park setting with proper screening and buffering. Conversely, the portion to the south of the railroad track is zoned Rural Estate (RE) also by the Town of Harrisburg. This zoning district was established to provide low density single family housing with a maximum density of one dwelling unit per acre. This district is commonly used as a buffer between conflicting uses. CEDAR DR / Z-MAX BLVD THOROUGHFARE Noteworthy is a recorded plat on file with Cabarrus County recorded in bk60-pg28 pertaining to Parcel 1 (PIN ). Note 8 on the plat states that future development of this tract is subject to the dedication of a road right of way for public use no more than 60 feet in width across the tract for which the right of way is intended to be an extension of Z-Max Blvd. Essentially, the town anticipated a large scale development of the property that would potentially connect to the adjacent Town owned park, which, is easterly adjacent. In order to alleviate traffic concerns or improve access, the Town imposed the requirement that the developer of this site plan to dedicate right of way for future a Z-Max road extension. While this remains a requirement as long as this plat remains in place, it is understood a developer would simply need to re-record once a new plan is identified to amend/modify this requirement. REAL ESTATE TAXES Below is a chart showing the tax information for the 3 parcels. All three parcels of the subject are currently undergoing a property assessment appeal and therefore the noted 2011 tax bill above reflects an assessment likely to decrease assuming a successful appeal. Real estate taxes for 2011 have been paid and are current. PIN Tax Assessment Acreage Assessment/Acre 2011 Tax Bill $1,473, $45,870 $9, $662, $31,117 $4, $1,053, $54,003 $6, Total $3,188, $43,738 $20,088 4

5 UTILITIES According to the Town of Harrisburg s planning department water is located under Z-Max Blvd with ample capacity for typical industrial uses. Additionally, sewer is located at the terminus of Z-Max Blvd and flows south through Parcel 3 where it connects to an interceptor line at Back Creek, 1.75 miles south of the subject. It is understood there should be capacity within the existing sewer line on Z-Max and in the event capacity is reached through development of the subject, the interceptor at Back Creek has plenty of capacity. TOPOGRAPHY As seen on the preceding map the site generally slopes from north to south with two low spots occurring along the railroad tracks. In general the topography of the site is modest with slopes ranging from 5 to 10 percent thus requiring no extraordinary site work to bring the land to pad readiness. However, on the eastern side of the property there is a strong embankment where slopes are in excess of 35% over a length of 120 ft thus requiring an increased amount of localized site work. Additionally, due to excess dirt on portions of the site cut/fill is expected to be net neutral. Generally speaking, given the final grade is anticipated to gradually slope north to south from Hwy. 49 toward the rail line, there appears to be sufficient dirt on site that the topographical issues can likely be addressed through moving existing dirt as opposed to removing dirt or requiring dirt being brought to the site. Below appears a contour map with 5 ft contours and the site outlined in orange. This map was generated from the Cabarrus County GIS. 5

6 NORFOLK SOUTHERN RAILWAY Realizing the demand for additional rail access and the limited number of well positioned rail accessible sites within Cabarrus County, Norfolk Southern has commissioned preliminary engineering and conceptual plans for rail spurs at the property. There are 2 basic conceptual plans containing different building configurations and footprints as well as spur configurations. Additionally, the plans contemplate different traffic patterns pertaining to the aforementioned Cedar Dr. / Z-Max Boulevard. thoroughfares (shown in Plan 2). The conceptual plans appear below. Norfolk Southern Rail Spur Conceptual Plans Plan 1 Plan 2 6

7 PLATTS - Parcel 1 Parcel 1 7

8 PLATTS - Parcel 3 Parcel 3 8