Allen, Texas STAR CREEK

Transcription

1 STAR CREEK ±6.7 Acres [Tract 1] & ±3.5 Acres [Tract 2] of Commercial-Zoned Land CASE COMMERCIAL REAL ESTATE PARTNERS 1

2 executive summary CASE Commercial Real Estate Partners ( CASE ) has been retained to offer to qualified developers, investors and users the opportunity to acquire two tracts of raw land in the Star Creek Development in (The Property ). Tract 1, consisting of ±6.7 acres, is located just south of State Highway 121 and west of Watters Road. Tract 2, consisting of ±3.5 acres, sits adjacent to the other parcel just north of Ridgeview Road and east of Watters Road. Less than one mile from U.S. Highway 75 (Central Expressway) and State Highway 121 (Sam Rayburn Tollway), the Property is near the crossroads of one of the nation s highest real estate growth corridors. Star Creek is a 529-acre master-planned community featuring upscale homes valued up to $800,000, crafted by award-winning builders including Darling Homes, Highland Homes and Huntington Homes. The commercialzoned tracts are central to the 34-acre multi-tenant retail, entertainment and lifestyle center. Nearby communities include the Villages of Allen and Fairview, Twin Creeks, Craig Ranch and McKinney Village. Traffic generators such as Cinemark Allen 16, Starbucks Coffee, Presbyterian Hospital of Allen, Lifetime Fitness and Cooper Aerobics Center at Craig Ranch combine with over a dozen medical and office centers adding to the daytime population surrounding the Property. The tracts, which can be purchased separately or together, present investors or users with the opportunity to acquire land within the Dallas suburb of Allen, one of the most thriving economic areas in the nation. Surrounded by an excellent roadway infrastructure, national retailers, and exclusive residential communities, the sites are superbly positioned for success. Offering price: Tract 1 - ±6.7 Acres: $3,000,000 Tract 2 - ±3.5 Acres: $899,000 Property Overview The Property is conveniently located just south of State Highway 121, a four-level stack interchange designed to accommodate the growing needs of the area. The thoroughfare extends 26 miles to the west and enables access to the northern suburbs of Dallas where it intersects with the President George Bush Turnpike and Interstate 635. Five minutes west of U.S. Highway 75, the Property has easy access to the Dallas Central Business District approximately 30 miles to the south. Nearly 92,000 vehicles travel this stretch of roadway each day offering area access to approximately 558,000 people within a 20-minute drive. The Property is also approximately seven minutes from the Dallas North Tollway, 30 minutes from D/FW International Airport and 25 minutes from Dallas Love Field Airport. Located in Collin County, the Property resides in one of the state s top growth counties experiencing a 59% population increase over the last decade. Some of the county s northern cities have grown between 350% and 600% since 2000, according to the 2010 U.S. Census. Currently, over 219,200 people in over 73,600 households live within a five-mile radius of the Property. The area s average household income of $138,146 is well above the Texas and the national averages. Economic projections show an additional 53,430 people will migrate within a fivemile radius of the Property over the next five years, representing a 4.46% population increase. Median home value in the market area is $231,496, compared to a median home value of $157,913 for the U.S. Over the next five years, the median home value is projected to change by 3.35% annually to $272,908. CASE COMMERCIAL REAL ESTATE PARTNERS 2

3 The Property directly benefits from activity generated by surrounding commerce. Lifetime Fitness and Cinemark Allen 16 are in the direct vicinity. Allen Premium Outlets, a destination mall featuring 100 stores including Banana Republic, Cole Hann, Crate & Barrel, and Kenneth Cole is just south of the Property. Also nearby are The Village at Allen and The Village at Fairview, two centers featuring major national retailers such as Dillard s Macy s, JCPenney and Whole Foods Market. The renowned Cooper Aerobics Center at Craig Ranch is across State Highway 121 and features all the latest training equipment, an Olympic-size pool, basketball, tennis, and volleyball courts, a day spa and more. In addition, the Property is well-served by Valliance office Plaza, endless dining, retail and entertainments centers. The Star Creek homes are a star attraction in Allen. Ranging in price from $270,000 to over $800,000, many of the residences have view of a hike and bike trail and a meandering creek. The community celebrates beautiful parks, youth and senior centers, an extensive aquatic center, a 54,000 square foot library and excellent health and medical facilities. Embedded within of the top school districts in Texas, Allen ISD serves over 17,000 students on 20 campuses, ten of which are rated as exemplary by the Texas Education Agency. The high school campus features an on-site Collin County Community College campus. Property Description Location: The Property is located in Allen, Collin County, Texas Tract 1 sits at the southwest corner of State Highway 121 and N. Watters Road, but does not include the hard corner. Tract 2 is positioned along the north side of Ridgeview Drive, east of Watters Road. Size: Tract 1 - ±6.7 acres, or 291,852 square feet Tract 2 - ±3.56 acres, or 154,043 square feet Traffic Counts: U.S. Highway 75 92,000 vpd (2007) State Highway ,000 vpd (2007) Zoning: CC-Commercial Corridor-PD 92 by the city of Allen, which allows for commercial and retail development. Utilities: Public water, sewer, electricity, cable and telephone are available to the site. Frontage/ Access: Demographics: Tract 1 - The site has adequate frontage on the south side of State Highway 121 service road, and frontage along the east of Watters Road. Tract 2 - The site has adequate frontage on the north side of Ridgeview Drive, a divided two-lane road. Additionally, the northern end of the site is accessible via a privately maintained road (access easement) that provides travel from Watters Road. Estimates 1-mile 3-mile 5-mile Population 4,014 76, ,210 Households 1,481 25,069 73,614 Avg. HH Income $142,546 $152,224 $138,146 Flood Plain: Terrain: As per FEMA Flood Map Community Panel Number 48085C0270J, dated June 2, 2009, no portion of the site appears to be encumbered by the flood plain. The site is basically level, with an open terrain, and lies at street grade. CASE COMMERCIAL REAL ESTATE PARTNERS 3

4 ELM STAR CREEK ALLEN Lake Lewisville THE COLONY Tract 1 ± 6.7 Acres Tract 2 ± 3.5 Acres COPPELL CARROLLTON Preston Hollow Lake Highlands University Park Highland Park Lakewood White Rock Lake Uptown GRAND CASE COMMERCIAL REAL ESTATE PARTNERS 4 45 BALCH

5 Arts of Collin County Craig Ranch Professional Medical Center at Craig Ranch MICHAEL JOHNSON PERFORMANCE G CENTER TRAINING Tract 1 ± 6.7 Acres Tract 2 ± 3.5 Acres Cooper Aerobics Center at Craig Ranch El Dorado Office Park Presbyterian Gardens Professional Valliance Office Plaza McKinney Green Building Twin Creeks Medical One Fountain Court at Villas El Dorado Park S TA R C REEK CASE COMMERCIAL REAL ESTATE PARTNERS 5

6 Tract 1 STAR CREEK CASE COMMERCIAL REAL ESTATE PARTNERS 6

7 Tract 2 S TA R C REEK R WD E I GEV RID CASE COMMERCIAL REAL ESTATE PARTNERS 7

8 has earned a reputation as a premiere location to live, work and play. The city boasts an excellent workforce profile, a strategic location and superior access to regional transportation. The business parks provide the highest tech infrastructure and amenities that have allowed the city to attract high-tech and telecommunications companies, defense related and medical-related concerns and corporate headquarters. With its top-ranked educational system, family oriented residential areas and innovative recreational facilities, the city will continue to escalate well into the future. Allen s reputation has grown as a proactive, pro-business community and offers many economic development incentive programs. Qualified companies can take advantage of cost-saving incentives through the Triple Freeport Inventory Exemption and Tax Abatement. Additionally, the Allen Economic Development Corporation, funded through a half-cent sales tax, can assist with infrastructure, relocation costs and other development activities. Allen is very aggressive in the recruitment of new companies and expansion of existing industries. Incentives are based on a case-by-case basis with consideration given to the type of industry, capital investment, annual payroll and number of jobs. McKinney, Texas McKinney is the seat of Collin County, one of the top growth counties in Texas experiencing a 59% increase in population over the last ten years. This nationally recognized community was rated as one of the Best Places to Live in America due to its excellent quality of life and robust economy. This adds to the accolades already received from Forbes, Best Life Magazine, CNN Money and more. With a current population of 133,619, McKinney experienced a 141% increase in residents since the 2000, making it the 19th largest city in Texas. Conveniently located north of Dallas, McKinney is a vibrant place to live with a wide selection of housing options, excellent schools and recreation. The city offers beautiful tree-lined streets with historic homes, gently rolling hills, a safe environment, outstanding educational opportunities and healthcare options, an abundance of shops and restaurants and a strong sense of community. CASE COMMERCIAL REAL ESTATE PARTNERS 8

9 The McKinney Independent School District rates as one of the fastest growing school districts in North Texas and continues to receive academic commendations for the performance or its schools. MISD consists of 19 elementary schools, 5 middle schools, 4 high schools and a learning center. During the past three years McKinney ISD has consistently ranked in the Top 2% in the entire State of Texas in the percentage of students achieving Commended Performance on the TAKS exams. In addition, the District ranks in the Top 9% in Texas in the percentage of students meeting the TAKS standards. 26 out of 27 campuses were rated exemplary or recognized by the Texas Education Agency. The area is also served by Collin College, which now offers a variety of degree programs from five Texas universities - Dallas Baptist University, Texas A&M University-Commerce, Texas Woman s University, University of North Texas, and The University of Texas at Dallas. Other nearby higher education options include the University of North Texas in Denton and the University of Texas at Dallas. McKinney offers not only an upscale lifestyle but also an exceptional business environment with access to a highly-educated workforce with an education level almost twice as high as state and U.S. averages. Over 46% of McKinney s labor force, which is comprised of over 60,000 people, have earned a Bachelor s Degree or higher. The economy is diverse and offers a mix of industry medical technology, data management, manufacturing, sustainability, aviation, defense, emerging technology and distribution. The city has attracted companies like Raytheon, Torchmark, Tong Yang, Simpson Strong-Tie,Tenant Tracker, Manner Plastics, Traxxas, Statlab and Erchonia. Home-grown companies like Encore Wire, Newtoy (now Zynga), RMCN and Brandon Industries have also thrived here. Recent Accolades for McKinney or Collin County: No. 5 Best Places to Live - (CNN Money Magazine, 2010) No. 9 Best Places to Move - (Forbes, 2009) Fastest Growth Rate since (US Census, 2009) No.14 Best Places to Live - (CNN Money Magazine, 2008) Top 100 Best Places to Raise a Family - (Best Life Magazine/msnbc.com, 2008) No. 60 Safest City - (CQ Press, 2008) No. 2 Best Schools in the Nation, Collin County - (Forbes, 2007) No. 50 Wealthiest County, Collin County - (American City Business Journals, 2007) No. 15 Top Counties in the Nation for Job Growth - (CNN Money Magazine, 2009) Collin County Collin County continues to grow at one of the nation s fastest rates, welcoming almost 100 new residents every day. Eight of the 10 fastest-growing cities in North Texas are in Collin County, with growth rates averaging more than 250 percent. Residents and corporations are continually drawn to the county s infrastructure, accessibility and lifestyle. The average value of a Collin County home today is $233,591. With the five percent homestead exemption and a tax rate decrease in 2008 and 2010 the average homeowner will pay about $540 in 2011 county taxes. The county has not increased taxes in 17 years. These relatively reasonable housing costs attract new residents from all over the nation, and contribute to high occupancy rates. Per capita income ($35,285) is also $10,000 a year higher than the U.S. norm, while the median family income outpaces the national rate by almost $30,000, at $88,180. CASE COMMERCIAL REAL ESTATE PARTNERS 9

10 The education level of the Collin County workforce is almost twice as high as state and U.S. averages. Approximately half of the workers are 25 years of age or older and possess Bachelor s or advanced degrees. In 2007, Forbes magazine rated the nation s public school districts and ranked Collin County second overall for having the best value for its education. And while total school enrollment has grown as the general population has grown, the biggest county growth ( ) came from college student (undergraduate and graduate) enrollments, which climbed by almost 47% in the seven-year period. These students made up about one quarter of all enrolled students in the county, which emphasizes the fact that Collin County employers have a highly educated labor pool. Dallas/Fort Worth Summary Strong demographics, along with stronger than average employment growth, has positioned the Dallas/Fort Worth metropolitan area as one of the top regional economies in the United States. With a cost of living 92% of the national average and no personal income tax, the area offers an enticing quality of life that will continue to draw a young, educated and growing workforce. While Dallas/Fort Worth grew faster than any region in the country last year, the metropolitan area is forecast to add 200,000 additional households and 300,000 new jobs expected by the year The resilient local economy, access to skilled workers and relatively low costs of living and doing business should continue to drive business startups, expansions and relocations to the area, allowing the metropolitan area to remain one of the strongest economies in the nation. Dallas/Fort Worth also offers more shopping and restaurant opportunities per capita than anywhere else in America, diverse cultural venues from small theater companies and galleries to the nation s largest arts district. A growing transit system, parks, trails, forests and lakes as well as professional sports venues round out the local opportunities. All assets combined, the long-term outlook suggests the health and expansion of the Dallas/Fort Worth economy will continue to strengthen for years to come. CASE COMMERCIAL REAL ESTATE PARTNERS 10

11 This Offering Memorandum was prepared by CASE Commercial Real Estate Partners (CASE), as Advisor on behalf of Seller, and is confidential and to be furnished to prospective purchasers of the property. It is intended solely to aid prospective purchasers in their evaluation of the property and whether to purchase the property. It is not to be used for any other purpose without prior written consent of CASE. 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 Seller and Advisor and their sources. All projections have been made by Seller and Advisor and are based upon assumptions relating to the general economy, competition and other factors beyond the control of Seller, and are subject to change. Prospective purchasers should make their own projections and reach their own conclusions of value. This Offering Memorandum was prepared on the basis of information available to the Seller and Advisor 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. Although the information contained in this Offering Memorandum is believed to be accurate and reliable, neither Seller nor Advisor guarantees its accuracy or completeness. Because of the foregoing and because the property will be sold as is, prospective purchasers should make their own independent assessments, investigations, and projections regarding the property. Although additional material that 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 Seller or Advisor. Neither Seller nor Advisor nor any of their respective officers, advisors, agents, shareholders or principals of CASE 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 herein is solely the responsibility of the prospective purchaser. The Seller expressly reserves the right, in its sole discretion, to reject any offer to purchase the property or to terminate any negotiations with any party at any time, with or without notice. The Seller 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 Seller s obligations thereunder have been fully satisfied or waived. The Seller is responsible for any commission due its Advisor in connection with the sale of the property. The Seller 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 Seller s Advisor, is authorized to make any representation or agreement on behalf of the Seller. This Offering Memorandum remains the property of the Seller and its Advisor and may be used only by parties approved by the Seller and its Advisor. No portion of this Offering Memorandum may be copied or otherwise or disclosed to anyone except as provided herein. Additional information and an opportunity to inspect the Property will be made available upon request by interested and qualified prospective purchasers. bruce endendyk bendendyk@casecre.com john endendyk jendendyk@casecre.com CASE COMMERCIAL REAL ESTATE PARTNERS Preston Road, Suite 750 T: F: A proud member of TCN Worldwide