KOA FOREST HILO, HAWAII

Transcription

1 KOA FOREST HILO, HAWAII

2

3 CONFIDENTIALITY & CONDITIONS This Offering Memorandum was prepared by Sofos Realty Corporation and Cushman & Wakefield of San Diego, Inc. ( Sofos or Cushman & Wakefield or Advisors ) on behalf of Owner and is confidential and furnished to prospective purchasers of the Property described herein subject to the terms of the Confidentiality Agreement previously provided to and executed by such prospective purchasers. This Offering Memorandum is intended solely to assist prospective purchasers in their evaluation of the Property and their consideration of whether to purchase the Property. It is not to be used for any other purpose or made available to any other person without the prior written consent of Advisors. This Offering Memorandum is subject to errors, omissions, changes or withdrawal without notice and does not constitute a recommendation or endorsement as to the value of the Property by Owner/Advisors and their sources. Financial projections are provided as a reference and are based on assumptions made by Owner/Advisors and their sources. Prospective purchasers should make their own projections and reach their own conclusions of value. Certain portions of this Offering Memorandum merely summarize or outline property information and are in no way intended to be complete nor necessarily accurate descriptions. This Offering Memorandum was prepared on the basis of information available to the Owner and Advisors in connection with the sale of the Property. It contains pertinent information about the Property and the surrounding area but does not contain all the information necessary for a complete evaluation of the Property. Financial information contained herein are for general reference only. Although the information contained in this Offering Memorandum is believed to be accurate and reliable, neither the Owner nor its Advisors guarantees its accuracy or completeness. Because of the foregoing and because the Property will be sold on an as-is basis, prospective purchasers should make their own independent assessments, investigations, and projections regarding the Property. Although additional material, which may include engineering, environmental, or other reports, may be provided to certain prospective purchasers as appropriate, such parties should confer with their own engineering and environmental experts, counsel, accountants, and other advisors and should not rely upon such material provided by Owner or Advisor. Neither Owner nor Advisors nor any of their respective officers, advisors, agents, shareholders or principals has made or will make any representation or warranties, express or implied, as to the accuracy or completeness of the Offering Memorandum or any of the contents, and no legal commitment or obligation shall arise by reason of the Offering Memorandum or the contents. Analysis and verification of the information contained in the Offering Memorandum is solely the responsibility of the prospective purchaser. The Owner expressly reserves the right, in its sole discretion, to reject any offer to purchase the Property or to terminate any negotiations with any party or any time, with or without notice. The Owner shall have no legal commitment or obligation to any prospective purchaser unless and until a written purchase and sale agreement has been fully executed and delivered and any and all conditions to the Owner s obligations there under have been fully satisfied or waived. The Owner is responsible for any commission due its Advisors in connection with the sale of the Property. The Owner shall not be responsible for any commission claimed by any other agent or broker in connection with a sale of the Property. No other party, including the Owner s Advisor, is authorized to make any representation or agreement on behalf of the Owner. This Memorandum remains the Property of the Owner and its Advisors and may be used only by parties approved by the Owner and its Advisor. No portion of this Memorandum may be copied or otherwise reproduced or disclosed to anyone except as provided herein and as permitted by the express terms of the Confidentiality Agreement. BROKER CONTACT INFORMATION: S. STEVEN SOFOS, (B) CPM 600 Kapiolani Boulevard, Suite 200 Honolulu, HI ssofos@sofosrealty.com ADVISORY SERVICES PROVIDED BY: The Land Group Cushman & Wakefield of San Diego, Inc. CA License #

4 OPPORTUNITY OVERVIEW Koa Forest is an exceptional opportunity to acquire what is believed to be the single largest privately owned tract of old growth native Koa in existence. According to Pacific Business News (December 2013), the Koa Forest property is the 8 th largest private land holding on the Big Island and 20 th largest in the state of Hawaii. HIGHLIGHTS OF THE OFFERING INCLUDE: 13, acres of Fee Simple land on the gentle slopes of Mauna Kea 1,264± acres with A-20a Agricultural zoning with 20 acre minimum lot size Located in close proximity to Hilo, Hawaii, the county seat of government and the largest city in Hawaii outside of Oahu Less than 4 miles to the Pacific Ocean and coastal towns Said to contain the largest remaining single stand of old growth Koa Spectacular ocean and mountain views Private, breathtaking landscape with many waterfalls, pools, and streams

5 PROPERTY OVERVIEW LOCATION: The Koa Forest is located approximately 5 miles northwest of the town of Hilo, west (mauka) of the towns of Pepeekeo, Papaikou, and Paukaa on the gentle slope of Mauna Kea. The Pacific Ocean is located less than 4 miles away and the property has incredible views of the sea. ACCESS: The property includes rights of access via easement in four separate locations originating in the towns of Paukaa, Papaikou and Pepeekeo, as well as through the gated community of Onomea Ranch Estates. Since the Property is undeveloped and comprised largely of tropical forest, it is best viewed from the air. Otherwise, entry onto the Property can be arranged by appointment. Hawaii Route 19 provides access from these coastal towns south to Hilo and around the island to the north to the Kona Coast. From Hilo, Saddle Road (Hawaii Route 200) provides access west between the volcanoes and Hawaii Route 11 provides access around the southern portion of the island to the Kona Coast.

6 NOTABLE BIG ISLAND ATTRACTIONS INTRO The Big island of Hawaii is home to many world-class attractions and includes three population centers, Hilo, Kaliua-Kona, and Waimea. HILO Hilo is the county seat of the County of Hawaii and is the largest settlement on the Big Island, with a 2010 census population of 43,263. It is the oldest city in the Hawaiian archipelago and has a significant tourism economy with numerous hotels, restaurants, and other attractions. Hilo is served by the Hilo International Airport (ITO), which has passenger service from United Airlines and Hawaiian Airlines.

7 NOTABLE BIG ISLAND ATTRACTIONS MAUNA KEA Mauna Kea is the highest point in the state of Hawaii, rising to 13,796 feet. The mountain s extreme elevation means that temperatures are significantly lower than at sea level, and snow usually caps the peak in winter. This dormant volcano was sacred in Hawaiian mythology and has seen significant archeological activity. Today it is home to several world renowned observatories, which provide diversity to the economic base. VOLCANOES NATIONAL PARK This park is located to the southwest of Hilo and attracts visitors from across the globe. In addition to unique flora and fauna, it features Mauna Loa, the world s most massive subaerial (situated, formed, or occurring on or immediately adjacent to the surface of the earth) volcano, and Kilauea, one of the world s most active volcanoes.

8 NOTABLE BIG ISLAND ATTRACTIONS KONA-KOHALA COAST The Kona-Kohala Coast offers unrivaled natural oceanfront beauty and is home to many exclusive private home developments and internationally recognized resorts, including six 5 star hotels. The majority of resorts have extensive outdoor activities centered around world-class golf courses, luxurious amenities, and some of the most amazing beaches to be found. Kaliua-Kona is the coast s population center and boasts the region s business community with major retailers and is the big game fishing capital of the world, noted for world record Black Marlin fishing. WAIMEA Waimea, also called Kamuela, is located in the northern portion of the Island of Hawaii. It is home to the Parker Ranch, once the largest cattle in the United States. The area is mostly home to farmers and ranchers today from a bygone era. The Hawaiian cowboys were known as the Paniolo s and have a history and lore of the old cattle days.

9 PROPERTY FEATURES PARCEL SIZES: The subject is one of the largest Fee Simple ownership properties available for purchase in Hawaii. Per the County assessor information, the subject s parcel sizes are shown in the following table. An additional breakdown of the parcel sizes is in the Zoning section. TMK NO. ACRES :01 11, :02 1, TOTAL 13, TIMBER RESOURCES The property includes what is said to be the largest remaining single stand of old growth Koa (Acacia Koa) in existence. This exotic hardwood species is only found in Hawaii and is prized for use in fine furniture, custom flooring, musical instruments, luxury trim and finishes, as well as traditional Hawaiian canoes. A 2007 study by Atterbury Consultants, Inc. discussed an inventory of over 15 million board feet of Koa having the capability of providing a sustainable timber production valued at $31.0 Million. BIODIVERSITY The dominant native trees on the property are koa and `ohi`a. The property is wet with a tropical climate; rainfall totals more than 200 inches yearly, so overall ecosystem health is important to groundwater recharge and health of the nearby marine environment. Additionally, the area contains Hanawi and Honoli`i streams, which have been identified as among the largest and highest quality perennial streams on the Island. During a 2002 survey, a total of 31 native flowering plant species were identified. A variety of colorful native birds are also known to inhabit the Property. amakihi i iwi

10 WATER Hilo Koa Forest is crossed by at least eight streams with known names: from north to south: Waiaama, Kawainui, Hanawi, Kaieie, Kapue, Pahoehoe, Pohakupaa, and Honolii. Due to the elevation loss as the streams head east through the property, the watercourses experience significant drops. This has created many spectacular waterfalls and pools throughout the property. ELEVATION The property s elevation ranges from approximately 1,600 feet in the southeast corner to 3,650 feet in the northwest corner. The Hilo Koa Forest s upsloping elevation provides spectacular views to the Pacific Ocean over a beautiful tropical landscape. IMPROVEMENTS No utilities have been developed to the property, though electricity appears to be available to adjacent properties at the northeast and southeast corners. No structures currently exist on the property.

11 ZONING The property has mixed zoning designations that include areas under County Zoning Designations and others under State Land Use District Designations. The property zoning is summarized as follows: TMK NO. A-20a ACRES C/R ACRES C/L ACRES TOTAL :01 1, , , : , , TOTAL 1, , ,129.88

12 ZONING AND LAND USE COUNTY ZONING The A-20a zoned acreage falls under the jurisdiction of Hawaii County for land use and permits. It has a minimum lot size of 20 acres, a 35 foot height limit for residential structures, and a 45 foot height limit for other structures. Permitted uses include an array of agricultural uses, a single-family dwelling or farm dwelling, forestry, equestrian, and wind energy uses. Additional uses may be possible with a use permit. The full Hawaii County Zoning codes is available at: See South Hilo District Zone Map in Addenda. home uses require a management plan. The majority of the subject falls in the C/R subzone and it consists of all land within the Forest Reserve as well as the land north of Kawainui Stream. The C/L (Limited) subzone is intended to limit use where natural conditions suggest constraints on human activities. Agricultural and single-family home uses require a management plan. The 10.00± acres of C/L subzone land consists of an area outside of the Forest Reserve along Honolii Stream. STATE LAND USE DISTRICTS Much of the property is designated Forest Reserve and is zoned Conservation with the Resource (C/R) and Limited (C/L) subzone. This land falls under the jurisdiction of the State of Hawaii Department of Land and Natural Resources (DLNR). The full DLNR Hawaii Administrative Rules document pertaining to the Conservation District is available at: www6.hawaii.gov/dlnr/occl/rules/13_5.pdf. See Hawaii Conservation Subzone Map in Addenda. The C/R (Resource) is intended to develop, with proper management, areas to ensure sustained use of natural resources of those areas. It encompasses: lands for growing and harvesting commercial timber or other forest products, future parkland, and lands suitable for outdoor recreational uses. Agricultural and single-family POTENTIAL USES The property is conducive to a number of potential uses, including: Trophy ranch Development of residential estate(s) Conservation / nature preserve Sustainable forestry and timber production Agricultural development Eco-tourism Recreation: equestrian, horseback trails, hiking, etc.

13 THE TERMS PURCHASE OFFERS Reasonable offers - cash to seller - will be reviewed as received. SUBMIT OFFERS TO Hilo Koa Forest c/o S. Steven Sofos (B), CPM Sofos Realty Corporation 600 Kapiolani Boulevard, Suite 200 Honolulu, HI (808) ssofos@sofosrealty.com TOURS Available by appointment only and must be coordinated through Sofos Realty Corporation or Cushman & Wakefield. DO NOT ENTER THE SUBJECT PROPERTY.

14 PLAT MAPS

15 PLAT MAPS

16 ZONING & PARCEL MAPS

17 ZONING & PARCEL MAPS

18 SOUTH HILO DISTRICT MAP KOA FOREST PARCELS

19 HAWAII CONSERVATION SUBZONE MAP STATE OF HAWAI I CONSERVATION DISTRICT SUBZONE KOA FOREST PARCELS

20 BROKER CONTACT INFORMATION: S. STEVEN SOFOS, (B) CPM 600 Kapiolani Boulevard, Suite 200 Honolulu, HI ADVISORY SERVICES PROVIDED BY: The Land Group Cushman & Wakefield of San Diego, Inc. CA License #