SITE Hillsboro Pike Nashville, TN. Hillsboro Pike. Warfield Drive OFFERING MEMORANDUM

Transcription

1 Hillsboro Pike SITE Warfield Drive 0 Hillsboro Pike Nashville, TN OFFERING MEMORANDUM Lance Bloom Vice President lance.bloom@colliers.com Bert Mathews Partner bert.mathews@colliers.com

2 CONFIDENTIALITY AGREEMENT The undersigned has been advised that Colliers International has been retained on an exclusive basis with respect to the offering for sale of 0 Hillsboro Pike to include approximately acres (the Property ). The Owner has indicated that all initial inquiries and communications with respect to the contemplated sale of such Property be directed to Colliers International ( Colliers ). All fees due Colliers in connection with the sale of the Property shall be paid by the Owner. The undersigned hereby acknowledges that it is acting as a potential purchaser of the Property and agrees that as such it will not be entitled, and will not look to Owner or Colliers, for any fee, commission or payment of any kind in connection with the sale of the Property. The undersigned agrees to indemnify the Owner and Colliers against any compensation, liability or expense arising from claims by any other broker or other party the undersigned had dealings with excluding Colliers in connection with the sale of the Property. Colliers and Owner have available for review certain information (the Information ) concerning the Property. Colliers or Owner may make such Information available to the undersigned upon execution of this Confidentiality Statement. The undersigned acknowledges that the Information is intended solely for its own limited use in considering whether to pursue negotiations to acquire the Property. The undersigned further acknowledges that the Information in proprietary information maintained by the Owner and constitutes information the Owner has an interest in maintaining in a strictly confidential manner. This is not an agreement to sell the Property, nor an offer of sale. No agreement binding upon the Owner of the Property or any of its associated or affiliated companies shall be deemed to exist, at law or equity, until the Owner of the Property enters into a formal binding agreement of sale. A portion of the Information contains brief, selected information pertaining to the business and affairs of the Owner and has been prepared by Colliers primarily from information supplied by the Owner or the Owner s agent. The Information does not purport to be all-inclusive or to contain all the information that a prospective purchaser may desire. The undersigned acknowledges and agrees that neither Colliers nor Owner shall be deemed to have made at any time any representation or warranty, expressed or implied, as the accuracy or completeness of the Information and that neither Colliers or the Owner shall have any liability to the undersigned or any other party that may be based on errors in or omissions from the Information or that may otherwise result from the use of or reliance on the Information. By executing this Confidentiality Statement, the undersigned agrees that the Information is confidential, that it will hold and treat in the strictest of confidence (a) the fact that the Property is being marketed for sale and (b) all information related to the Property which the Owner, its agents (including Colliers) or its employees furnish to the undersigned, together with any notes, analysis, compilations, studies, interpretations or other documents, or records prepared by the Owner, the undersigned or any other person which contains, reflects or are generated from such information and that it will not disclose or permit anyone else to disclose the information to any person, firm or entity without prior authorization of the Owner or Colliers, except that the information may be disclosed by the undersigned to its partners, employees, legal counsel, lenders and consultants in which event it shall be liable to Broker and Owner for any disclosures by such persons contrary to the terms hereof. The undersigned agrees to indemnify the Owner, and Colliers for any losses, costs and expenses (including reasonable attorney s fees) arising out of any breach of this agreement by the undersigned, its officers, employees, advisors, counsel or agents. The obligations of the undersigned pursuant to this Agreement shall expire on the earlier of (i) the date that the Transaction is consummated, or (ii) two years from the date hereof. 0 HILLSBORO PIKE : OFFERING MEMORANDUM :

3 Warfield Drive TABLE OF CONTENTS SITE Hillsboro Pike Executive Summary... Property Location...5 Amenities... Apartment Rent Comparables...7 Office Rent Comparables... 9 Proposed Plans... Green Hills Market Overview... Market Overview HILLSBORO PIKE : OFFERING MEMORANDUM :

4 EXECUTIVE SUMMARY THE OPPORTUNITY Colliers International Nashville is pleased to present a rare Green Hills development site with current short-term rental income.* The site measures.0 acres and is zoned for a 5-story development with views of the city skyline and the Green Hills sunset. The site is adjacent to: Whole Foods, Shake Shack, $5mm+ Vertis development, and The Mall at Green Hills. PROPERTY OVERVIEW 0 Hillsboro Pike, Nashville, TN 75 Existing Building SF 9,095 SF Developable Apartment Units 89 Developable SF of Office 87,70 HIGHLIGHTS Located in Nashville s wealthiest submarket: Green Hills Adjacent to Whole Foods and Trader Joe s. Zoned mixed-use, with development potential of 5 stories by-right. Short-term rental income on the property. Acreage Zoning.0 AC M0 SITE *Please inquire with broker for rent roll information. 0 HILLSBORO PIKE : OFFERING MEMORANDUM :

5 PROPERTY LOCATION Nashville Heat Map CLEVELAND PARK HIGH CONGESTION RESIDENTIAL + BUSINESS PRIMARILY RESIDENTIAL STADIUM, PARK, INDUSTRIAL GERMAN TOWN RIVER NORTH MCFERRIN PARK NORTH NASHVILLE HOPE GARDENS SULPHER DELL NISSAN STADIUM EAST NASHVILLE NORTH CHARLOTTE NORTH GULCH CBD CUMBERLAND PARK SOBRO ROLLING MILL HILL MIDTOWN THE GULCH PIE TOWN WEST END VANDERBILT UNIVERSITY + MEDICAL CENTER MUSIC ROW EDGEHILL CHESTNUT HILL WEDGEWOOD HOUSTON HILLSBORO 8TH AVE BELMONT UNIVERSITY SOUTH GREEN HILLS 0 Hillsboro Pike MELROSE BERRY HILL 0 HILLSBORO PIKE : OFFERING MEMORANDUM : 5

6 AMENITIES GREENBRIAR VILLAGE: THE MALL AT GREEN HILLS: GRACE S PLAZA: VERTIS: GREEN HILLS COURT: HILL CENTER: Chipotle Nordstrom The Nail Bar Luxury Apartments Allure Nail Spa Whole Foods + Body Parnassus Books Apple Store Bella Linea True Food Kitchen Papa John s Shake Shack Great Harvest Bread Tiffany & Co. Uptown Smoke Shop Char Parent-Teacher Store Anthropologie Donut Den Louis Vuitton Bank of Tennessee 85,000 SF of Retail & Office Flower Mart Pottery Barn Men s Warehouse Restoration Hardware The Dotted Line Billy Reid Levy s Menswear Container Store Mitchell Gold + Bob Williams Fleet Feet Cheesecake Factory Lululemon Sherwin Willams Macy s Bink s Outfitters West Elm 00,000 SF CLASS A OFFICE GREEN HILLS MALL DOWNTOWN NASHVILLE GREENBRIAR VILLAGE RETAIL TRADER JOES VERTIS GREEN HILLS RETAIL HILL CENTER GRACE S PLAZA Hillsboro Pike SITE GREEN HILLS COURT Warfield Drive 0 HILLSBORO PIKE : OFFERING MEMORANDUM :

7 APARTMENT RENT COMPARABLES Image No. Name Address Submarket Year Built Total Units Area/Unit Asking Rent/SF The Cadence 00 McGavock St. Nashville, TN 70 West End SF $.7/SF SkyHouse Nashville 7th Avenue S. Nashville, TN 70 West End 07 5 (5% Occupancy) 77 SF $./SF Vertis Green Hills 000 Hillsboro Pike Green Hills, TN 75 Green Hills 08 0,09 SF $.9/SF Village Green Hills 5 Abbott Martin Rd. Nashville, TN 75 Green Hills 0 8 (98% Occupancy),05 $.9/SF 0 HILLSBORO PIKE : OFFERING MEMORANDUM : 7

8 APARTMENT RENT COMPARABLES MAP Legend The Cadence SkyHouse Nashville Vertis Green Hills Village Green Hills 0 Hillsboro Pike 0 HILLSBORO PIKE : OFFERING MEMORANDUM : 8

9 OFFICE RENT COMPARABLES Image No. Name Address Submarket Year Built RBA Rent/SF Burton Hills IV 0 Burton Hills Blvd. Nashville, TN 75 Green Hills/ Music Row 00,58 SF $.50/SF 00 Crestmoor 00 Crestmoor Rd. Nashville, TN 75 Green Hills/ Music Row 08 0,000 SF $0.00/SF Vertis Green Hills 000 Hillsboro Pike Green Hills, TN 75 Green Hills 08 5,000 SF $0.00/SF Burton Hills II 0 Burton Hills Blvd. Nashville, TN 75 Green Hills/ Music Row ,0 SF $.50/SF 0 HILLSBORO PIKE : OFFERING MEMORANDUM : 9

10 OFFICE RENT COMPARABLES MAP Legend Burton Hills IV 00 Crestmoor Vertis Green Hills Burton Hills II 0 Hillsboro Pike 0 HILLSBORO PIKE : OFFERING MEMORANDUM : 0

11 PROPOSED PLANS NORTH to 0 5 LEGEND. SITE. THE LEGENDARY BLUEBIRD CAFE. YMCA. KROGER 5. THE MALL at GREEN HILLS. HILLSBORO HIGH SCHOOL SOUTH to BRENTWOOD 0 HILLSBORO PIKE : OFFERING MEMORANDUM :

12 PROPOSED PLANS NOTES. PLAN ASSUMES BIORETENTION, PERMEABLE PAVERS, AND GREEN ROOF WILL BE UTILIZED TO MEET STORMWATER QUALITY PERMITTING REQUIREMENTS. A. SETBACKS LISTED ALONG HILLSBORO PIKE ARE BASED ON MAJOR COLLECTOR STREET PLAN AND SPECIFIC PLAN ZONING (SP) INFORMATION PROVIDED BY METRO AGENCIES.. THIS SITE PLAN ASSUMES SP WILL BE OBTAINED FOR THE PROPERTY.. POTENTIAL STORMWATER BUFFER VARIANCE REQUIRED FOR PORTION OF DRAINAGEWAY WITH OPEN DITCH. 5. THIS PLAN IS BASED ON EXISTING CONDITIONS INFORMATION TAKEN FROM METRO GIS DATA. A SURVEY OF THE PROPERTY HAS NOT BEEN PROVIDED IN CONNECTION WITH THIS PLAN CONSTRAINED ROW A OPEN DITCH ASSUMED 0 STORMWATER EASEMENTBASED ON EXISTING INFRASTRUCTURE PROPOSED ROW SECTION PER MAJOR COLLECTOR STREET PLAN. 50 STORMWATER BUFFER EXISTING ALLEY PROPERTY LINE PROPERTY LINE SECTION AA 9 CONTRAINTED R.O.W STREET WIDTH HILLSBORO PIKE : OFFERING MEMORANDUM :

13 PROPOSED PLANS HILLSBORO PIKE : OFFERING MEMORANDUM :

14 PROPOSED PLANS RESIDENTIAL PARKING RETAIL B PARKING RESIDENTIAL RETAIL B B PARKING RESIDENTIAL RETAIL B B ALLEY PRIVATE ROAD OPTION A OPTION B OPTION C Option a: This option shows the base height allowance of 8 stories within0-0 of height. A minimum 0-0 building step-back is required along Hillsboro Pike between levels and 5. The resulting yield is,00sf of retail, 90 apartment units, and 70 parking spaces. Note: Residential tower facing Hillsboro Pike step-back required per code. HILLSBORO PIKE ALLEY PRIVATE ROAD Option b: This option shows additional bonus height that is considered reasonably achievable. The current draft of the Green Hills UDO (dated June 07) allows (+) story for underground parking, (+) story for upper level garage liner building and (+) stories when providing residential uses. This totals stories. The resulting yield is,00 SF of retail, 50 apartment units, and 90 parking spaces. Note: Residential tower facing Hillsboro Pike step-back required per code. HILLSBORO PIKE ALLEY PRIVATE ROAD Option c: This option shows the maximum additional bonus height allowed by the current draft of the Green Hills UDO (dated June 07). The maximum bonus height is 5 stories that must occus within 80-0 of height. The resulting yield is,00 SF of retail, 80 apartment units, and 9 parking spaces. Note: Residential tower facing Hillsboro Pike step-back required per code. HILLSBORO PIKE 0 HILLSBORO PIKE : OFFERING MEMORANDUM :

15 PROPOSED PLANS OPTION C OPTION B OPTION A HILLSBORO PIKE : OFFERING MEMORANDUM : 5

16 GREEN HILLS MARKET OVERVIEW VERTIS An area that sports some of Nashville s most desirable homes, Green Hills also has its fair share of exciting destinations for a night out. Many locals flock to the area to fulfill their shopping needs. Green Hills is also home to The Bluebird Cafe where guests can experience an in the round show. GREEN HILLS HOME Submarket Overview The Green Hills submarket includes over.0 million square feet of office space, equating to about % of the Nashville region s total office market. Over 50% of office inventory in this submarket is Class B product, and about a third of the total square footage is Class A. The Green Hills submarket attracts tenants in the finance and insurance, corporate services, and health care industries. Home to the headquarters of AmSurg Corporation and Corrections Corporation of America this submarket is a professional suburban setting located southwest of the downtown business district. A high-demand submarket for Class A office space, the Green Hills submarket has a rent of $.95 per square foot for Class A product, the highest in the Nashville market. The asking rate for new product in this submarket is $7.00 per square foot. As the market continues to tighten with rental rates and occupancy reaching record highs, demand for space will continue to drive construction and development throughout the submarket. MALL AT GREEN HILLS 0 HILLSBORO PIKE : OFFERING MEMORANDUM :

17 GREEN HILLS MARKET OVERVIEW 0 HILLSBORO PIKE DEMOGRAPHICS MILE RADIUS MILE RADIUS 5 MILE RADIUS 07 Estimated Population 0, 7,8 8,79 0 Projected Population 0,97 7,59 77,88 00 Census Population 0,9,555 55, Census Population 0,98,97 5,75 07 Households 5,87,75 7,990 0 Projected Households 5,79 7,0 8,05 00 Census Households 5,0 0,9, Census Households,897 0,97, Average Household Income $,5 $,970 $0,59 0 Average Household Income $8,0 $0,00 $9, Median Household Income $98, $00,8 $78,0 0 Median Household Income $,70 $5,880 $90,8 Median Home Value (Owner-Occupied) $9,87 $8,85 $, Households by Income $00, % 9.8%.% $50,000 - $99, % 9.5% 7.0% $5,000 - $9,999.9%.% 5.% $00,000 - $, % 8.9% 7.5% $75,000 - $99,999 0.% 0.7% 0.% $50,000 - $7,999.%.%.% $5,000 - $9,999 0.% 0.0%.% $5,000 - $,999 7.%.% 8.8% $5,000 - $,999 7.%.% 9.5% $0,000 - $,999.%.%.% <$0,000.7% 5.% 8.% Daytime Demographics Total Businesses,90 7,90,90 Total Employees 5,09 07,05 99,8 0 HILLSBORO PIKE : OFFERING MEMORANDUM : 7

18 MARKET OVERVIEW Largest Employers *NATIONAL, REGIONAL OR DIVISION HQ COMPANY Vanderbilt University Medical Center* 0,000 HCA Holdings* 0,80 Nissan North America* 0,00 Saint Thomas Health* 7,00 Vanderbilt University*,00 Community Health Systems* 5,000 Randstad, Asurion*,000 Electrolux Home Products,00 The Kroger Co, National HealthCare Corp,00 Shoney's Inc.*,000 Loew's Cos.,98 General Motors, Cracker Barrell Old Country Store*,00 Gaylord Opryland*,500 Maury Regional Medical Center*,00 Middle TN State University*,7 Triumph Infrastructures,5 UPS,08 Amazon,050 Dollar General*,05 # OF EMPLOYEES Fortune 500/,000 Companies HEADQUARTERED IN THE NASHVILLE REGION HCA Community Health Systems Dollar General Tractor Supply Company LifePoint Health Delek US Holdings, Inc. Brookdale Senior Living Iasis Healthcare Genesco Cracker Barrel Old Country Store Amsurg Labor Force BY SECTOR Management, & Professional Services 8.0% Service Industry.% Healthcare 9.% Sales & Office.9% Construction, Extraction, Maintenance, & Repair 7.% Production, Tansportation, & Material Moving 5.5% 0 HILLSBORO PIKE : OFFERING MEMORANDUM : 8

19 MARKET OVERVIEW Education Workforce *NATIONAL, REGIONAL OR DIVISION HQ ACCREDITED -YEAR + POSTGRADUATE Middle Tennessee State University Vanderbilt University Tennessee Technological University Austin Peay State Unviersity Tennessee State University Belmont University Bethel University Lipscomb University Trevecca Nazarene University University of the South Cumberland University Fisk University Meharry Medical College Aquinas College LOCATION Murfreesboro Nashville Cookeville Clarksville Nashville Nashville McKenzie Nashville Nashville Sewanee Lebanon Nashville Nashville Nashville ACCREDITED -YEAR INSTITUTIONS + TECH SCHOOLS LOCATION Nashville State Community College Nashville Volunteer State Community College Gallatin Columbia State Community College Columbia Motlow State Community College Lynchburg Tennessee College of Applied Technology Nashville Tennessee College of Applied Technology Hartsville Tennessee College of Applied Technology Shelbyville Tennessee College of Applied Technology Dickson Tennessee College of Applied Technology Hohenwald Tennessee College of Applied Technology Murfreesboro Over,000 students attend the area's colleges and universities 0% of college graduates remain in the region More than,000 graduates of Nashville-area colleges and universities in 0 Population Growth NASHVILLE ECONOMIC MARKET YEAR POPULATION 00,755, 05,95,07 (+0.% Growth) TENNESSEE ECONOMIC MARKET YEAR POPULATION 00,,05 05,00,99 (+.0% Growth) 0 HILLSBORO PIKE : OFFERING MEMORANDUM : 9

20 5 Third Avenue South Suite 500 Nashville, TN 70 For More Information PLEASE CONTACT Lance Bloom Vice President lance.bloom@colliers.com Bert Mathews Partner bert.mathews@colliers.com