EXCLUSIVE OFFERING BUNN FARMS

Transcription

1 EXCLUSIVE OFFERING BUNN FARMS 291± 60 DEVELOPED ACRES PLANNED SINGLE FOR FAMILY SINGLE DETACHED FAMILY LOTS DETACHED LOTS LOCUST CARTERSVILLE GROVE l l BARTOW HENRY COUNTY l l GEORGIA

2 291± Acres Bunn Farms Henry County, Georgia Disclosure / Confidentiality Statement The material contained in this Offering Memorandum is confidential, furnished solely for the purpose of considering the acquisition of Bunn Farms in Locust Grove, Henry County, Georgia ( Property ), and is not to be used for any other purpose or made available to any other person without the express written consent of Ackerman & Co. and Pioneer Land Group. ( Broker ) and the Owner ( Owner ). This Offering Memorandum was prepared by Broker, and the information contained herein has been obtained from sources that Broker deems to be reliable, and Broker has no reason to doubt its accuracy. However, neither Owner, its affiliates, officers, directors or employees, nor the Broker, nor any other party, make any warranty or representation, expressed or implied, as to the accuracy or completeness of the information contained herein, including but not limited to financial information and projections, and any engineering and environmental information and any downloadable files. Prospective purchasers should make their own investigations, projections, and conclusions. It is expected that prospective purchasers will conduct their own independent due diligence concerning the Property, including such engineering inspections as they deem necessary to determine the condition of the Property. Ackerman and Co. and Pioneer Land Group represent the Owner in this transaction and makes no representations, expressed or implied, as to the foregoing matters. This Offering Memorandum is exclusively presented by the Broker. For additional information or to schedule a property tour, please contact: JOHN SPEROS Senior Vice President Ackerman & Co. Direct: Mobile: jsperos@ackermanco.net KYLE GABLE Broker Pioneer Land Group Direct: Mobile: kgable@pioneerlandga.com Bunn Farms Henry County, Georgia WILL GOFF Associate, Brokerage Ackerman & Co. Direct: Mobile: wgoff@ackermanco.net J.T. SPEROS Associate, Brokerage Ackerman & Co. Direct: Mobile: jtsperos@ackermanco.net

3 table of contents 01. THE OPPORTUNITY 02. THE PROPERTY 03. THE MARKET 04. THE PROCESS 05. SUPPORT INFORMATION (DOWNLOADABLE) Google Earth KMZ File Sewer Map Proposed Development Plan R2 Zoning Information CRSO 2006 Zoning

4 BUNN FARMS 291± ACRES l HENRY COUNTY, GA 4 the opportunity Ackerman & Co. and Pioneer Land Group are pleased to present Bunn Farms, a 291± acre parcel in Henry County, Georgia designed and zoned for 478 single family detached ( SFD ) lots. Bunn Farms offers the following attributes: Tanger Outlets Shopping Center Excellent location situated approximately 3 miles east of Interstate 75 at the Bill Gardner Parkway interchange. Tanger Outlets are located at the same interchange. The outlet mall consists of over 700,000 square feet of retail for shopping. Henry County is the fourth best-selling county for new single family detached ( SFD ) housing in Metro Atlanta. In 2016, there were 1,154 new detached closings, which is an 29% increase from Located in the Henry County Market in which 59% of all vacant developed lots ( VDLs ) are located in subdivisions with active builders Located in the Locust Grove High School market which has seen a 37.1% decrease in months of supply of VDLs since the first quarter of The supply of VDLs continues to decrease quarter after quarter in Henry County and the Locust Grove High School market. Accordingly, raw land must be developed into lots to meet the housing demand. The balance of this Offering Memorandum provides detailed information on the Property, the market and a proposed development plan. Interested parties should submit a term sheet pursuant to the terms outlined in the Process section of this Offering Memorandum.

5 BUNN FARMS 291± ACRES l HENRY COUNTY, GA 5 the property Size: The total size of the Property being offered for sale is approximately 291± acres. Below the parcel numbers are shown

6 the property, cont d. BUNN FARMS 291± ACRES l HENRY COUNTY, GA 6 Location Bunn Farms is located on Peeksville Road in the city of Locust Grove in Henry County, Georgia. It is approximately 3 miles east of Interstate 75 at the Bill Gardner Parkway interchange. Hartsfield Jackson International Airport 285 Forest Park E Fairv iew Rd Covington 314 Brown Bridge Rd 36 W Fayetteville Rd Jonesboro Tara Blv d Jonesboro R d Conyers Rd Betha nny Rd 162 Henderson Mill R d Fayetteville ATLANTA 20 Blairsville Clayton County Airport Tara Field N MacDonald Rd Locust Grove 42 Peeksville Rd Wolf Creek Rd Finchervi le Rd BUNN FARMS Barnetts Bridge Rd Fayetteville Rd W McIntosh Rd W 3rd St Griffin 16

7 the property, cont d. BUNN FARMS 291± ACRES l HENRY COUNTY, GA 7 High Altitude Aerial Exit 212 LEGUIN MILL RD PEEKSVILLE RD BUNN FARMS LOCUST GROVE 23 M.L.K. JR. BLVD

8 the property, cont d. BUNN FARMS 291± ACRES l HENRY COUNTY, GA 8 Zoning/Requirements R2/R2CRS: City of Locust Grove The development plan is based on the requirements of the zoning ordinance including: R2 Minimum lot frontage: 100 Typical lot size: 100 x 180 Minimum lot size: 18,000 SF Front setbacks: 40 Rear setback: 40 Side setback: 15 Minimum house size: 1,300 SF R2CRS Minimum lot frontage: 55 Minimum lot size: 6,600 SF Front setbacks: 20 / 30 Rear setback: 30 / 20 Side setback: 5 Utilities Water: Domestic Water is available Sanitary Sewer: Bunn Farms is served by gravity flow sanitary sewer. All utilities should be independently verified by potential purchaser. School District Locust Grove High School, Locust Grove Middle School, and Unity Grove Elementary School Locust Grove High School

9 BUNN FARMS 291± ACRES l HENRY COUNTY, GA 9 Proposed Development Plan Metro Engineering & Surveying Co., Inc. designed a development plan for Bunn Farms that yields a total of 478 lots. On the northern portion of the property, 367 lots are represented as shown. DEVELOPMENT PLAN Bunn Farms in Henry County

10 BUNN FARMS 291± ACRES l HENRY COUNTY, GA 10 Proposed Development Plan Metro Engineering & Surveying Co., Inc. designed a development plan for Bunn Farms. On the southern portion of the property, 111 lots are represented as shown. DEVELOPMENT PLAN Bunn Farms in Henry County

11 BUNN FARMS 291± ACRES l HENRY COUNTY, GA 11 the market Henry County Detached Housing and Lot Analysis The housing market in Henry County has continued to show trends in growth for both new and resale SFD houses. Through the second quarter of 2017, the average price of a new SFD house sold was $258,000. Accordingly, the number of sales of new SFD houses reached 1,154 in The new construction SFD housing sales data for Henry County from Q17 is as follows: YEAR % OF TOTAL METRO ATLANTA SFD NEW SALES # OF SALES % OF GROWTH IN # OF SALES AVERAGE SALES PRICE % $229,000 - % GROWTH IN AVERAGE PRICE % % $247, % % % $249, % % % $255, % 2Q17 8% 656 N/A $258,000 N/A Henry County currently has 6,090 VDLs. Based on the 1,433 annualized starts, there is a 51.0-month supply of lots. Of these VDLs, 59% or 3,568 are located in subdivisions with an active builder.

12 the market, cont d. BUNN FARMS 291± ACRES l HENRY COUNTY, GA 12 Locust Grove High School Detached Housing and Lot Analysis Located in the Locust Grove High market where the number of new SFD house sales as well as the average sale price have continued to trend upward since Through the second quarter of 2017, the average price of a new SFD house sold was $212,000. The new construction SFD housing sales data for the Locust Grove High School district from Q17 is as follows: YEAR % OF TOTAL HENRY COUNTY SFD NEW SALES # OF SALES % GROWTH IN # OF SALES AVERAGE SALES PRICE % GROWTH IN AVERAGE PRICE % 64 - $154, % % $208, % % % $212, % % % $202, % 2Q17 8% 52 N/A $212,000 N/A Below are the lot highlights from this market: Annual starts in this market increased 46% to 181 annual starts in 3Q17. Annual closings in this market increased 10% to 138 annual closings in 3Q17. 53% of all VDLs in this market are in subdivisions with an active builder. Bunn Farms gives a builder an opportunity to establish a large presence in this market with the availability of multiple price points.

13 BUNN FARMS 291± ACRES l HENRY COUNTY, GA 13 the process The owner has set an offering price for the Property as $17,500 per acre or $5,098,975. Interested parties should submit a proposal in the form of a proposed term sheet that includes the following information: Purchase Price Earnest Money Due Diligence Period Closing Period Contingencies Overview of purchaser including financial capabilities We are available to discuss the project and address any questions at your convenience. Bunn Farms in Henry County

14 BUNN FARMS 291± ACRES l HENRY COUNTY, GA 14 support information Below are files that are related to Bunn Farms and may be downloaded. Some of the files may not be compatible on a mobile device and will need to be downloaded on a desktop. Click the links to open the files. Google Earth KMZ File Sewer map Proposed Development Plan R2 Zoning Information CRSO 2006 Zoning To view all downloadable documents in one folder click HERE

15 2017 Ackerman & Co. All rights reserved. FOR MORE INFORMATION, PLEASE CONTACT: JOHN SPEROS Senior Vice President Ackerman & Co. Direct: Mobile: WILL GOFF Associate, Brokerage Ackerman & Co. Direct: Mobile: KYLE GABLE Broker Pioneer Land Group Direct: Mobile: J.T. SPEROS Associate, Brokerage Ackerman & Co. Direct: Mobile: