cartersville, GA Offering Memorandum brewery surplus land presented by CARTERSVILLE :: FRED RODDY Senior Vice President Investment Properties 404.812.5147
Table of Contents brewery surplus land 1. Property Summary 1 2. Market Overview 6
Property Overview 02 Property Overview Property Summary Map Aerial
property summary CBRE is pleased to present the exclusive opportunity to acquire the Busch Cartersville Surplus Land site, located at 100 Busch Drive, Cartersville, GA. The surplus land site is contiguous to the current Busch Brewery and is located along Hwy 411 (between Harden Bridge Road and Cowan Drive), less than 40 miles from the I-75/I-85 junction. The surplus land around the brewery has the potential to be developed into an industrial park or residential community once market conditions return to normalcy and support a development of these uses. The property is approximately 1,050 acres and has multiple commercial and industrial zonings. Address: 100 Busch Drive, NE Cartersville, GA 30184 brewery surplus land Municipality: Bartow County / City of Cartersville PROPERTY SIZE: 1,050 acres ± ZONING: Bartow County: B-P/I-2/C-1 City of Cartersville: General Commercial (G-C), Heavy Industrial (H-I) and Business Park Overlay District utilities available Water, sewer, electricity AADT: I-75-51,000+ U.S. HWY 411-10,300+ parcel id s Multiple 1
Location aerial/zoning Zoned C-1 Bartow County Zoned I-2 Bartow County Zoned H-I City of Cartersville Zoned B-P Bartow County Zoned B-P Bartow County Zoned B-P Bartow County brewery surplus land Zoned G-C City of Cartersville 2
zoning PROPOSED 12" WATER 8" WATER 12" WATER 16" WATER 8" SEWER (CITY OF WHITE) 8" WATER 2" WATER OLD CASSVILLE- WHITE ROAD BUSCH DRIVE NE GAS LINE 24" SEWER CASSVILLE-WHITE ROAD PROPOSED 6" GAS OVERHEAD POWER PROPOSED 6" GAS 18" SEWER (CITY OF WHITE) GAS LINE OLD TENNESSEE HIGHWAY OLD GRASSDALE ROAD 30" SEWER 16" WATER 16" WATER WATER PUMP STATION OVERHEAD POWER IN EASEMENT OVERHEAD POWER 18" SEWER (CITY OF WHITE) US HIGHWAY 411 12" WATER INTERSTATE 75 8" WATER NOTE: UTILITY LOCATIONS ARE NOT TO SCALE AND ARE SHOWN FOR CLARITY. UTILITY LOCATIONS ARE BASED UPON LIMITED CONVERSATION WITH COUNTY STAFF AND THE UTILITIES ARE SAID TO BE LOCATED IN THE ROAD RIGHTS-OF-WAY AND SHOULD BE VERIFIED WITH AN ALTA SURVEY. Zoned G-C City SEWER of Cartersville PUMP STATION TITLE PROJECT CLIENT UTILITY EXHIBIT - CATERSVILLE BREWERY CARTERSVILLE LIMITED DUE DILIGENCE STUDY BUSCH PROPERTIES OF FLORIDA, INC. 6817 WESTWOOD BOULEVARD ORLANDO, FLORIDA 32821 EXHIBIT 3 3
Market Overview 03 Market Overview Bartow County Regional Analysis City of Cartersville Market Analysis Demographics
Market Overview Location The subject property consists of a 1,050± acre land tract (Cartersville Brewery Surplus Land) located in Bartow County, GA. The Cartersville Brewery site is located at 100 Busch Drive, Cartersville, GA (north of the intersection of GA Hwy 411 and Interstate 75). Portions of the Cartersville Brewery site are contained within the city limits of Cartersville. The site is approximately six miles north/northwest of downtown Cartersville and approximately 50 miles northwest of downtown Atlanta, GA via Interstate 75. bartow county Population Population statistics for Bartow County and the State of Georgia are summarized in the table to the right. Economic Development With a balanced blend of industrial, retail and tourism businesses, Bartow County features a strong and diverse economy. Along with a large and diverse workforce and an environment that welcomes new businesses while helping existing businesses grow, a strong economic outlook is predicted for Bartow County in the coming decades. The county boasts a labor force of more than 41,000 workers, and an eight-county labor draw of 569,000. Manufacturing historically has driven the county s economy, and that trend continues today, accounting for 30 percent of the labor force.(1) Many of the top employers in Bartow are in the manufacturing sector: Shaw Industries (carpet), Trinity Rail Operations, Georgia Power Plant Bowen and Gerdau Ameristeel. Toyo Tire and Rubber Co. recently began operating a tire manufacturing plant in White, perhaps the highest impact industrial recruitment to Cartersville and Bartow County since Anheuser Busch located a plant here in the early 1990s. demographics Bartow County Georgia 2010 Estimated Population 98,190 9,951,992 2015 Estimated Population 108,503 10,771,743 Growth 2000-2010 29.17% 21.57% Growth 2010-2015 10.50% 8.24% 2010 Estimated Median Age 34.55 35.21 2010 Estimated Average Age 35.20 35.90 2010 Estimated Households 35,588 3,639,796 2015 Projected Households 39,507 3,933,264 Growth 2000-2010 30.95% 21.07% Growth 2010-2015 11.01% 8.06% 2010 Estimated Housing Units 38,499 4,053,499 2010 Estimated Occupied Units 35,588 3,639,796 2010 Estimated Vacant Units 2,911 413,703 2010 Estimated Owner Occupied Units 25,834 2,462,128 2010 Estimated Renter Occupied Units 9,754 1,177,668 2010 Estimated Median Housing Value $131,291 $142,139 2010 Estimated Average Housing Value $155,141 $185,792 Bartow County and Cartersville continue to offset industrial losses with recruiting new businesses and industries; jointly through the Cartersville- Bartow County Dept. of Economic Development and the Bartow-Cartersville Joint Development Authority (JDA). The Bartow County Development Authority also works to recruit business and industry to the county. Included in these efforts is securing available properties for industrial development. The Joint Development Authority purchased the site, with help 5
from the State of Georgia, which now is home to the Toyo Tire plant. The JDA now owns an 846-acre site on Cass-White Road in Bartow County to develop for future industries and new jobs. Bartow County has a positive environment for new businesses. Along with a large local workforce, the county s location on Interstate 75 provides quick access to Atlanta and Chattanooga for transportation needs. Hartsfield- Jackson Airport in Atlanta is 50 miles away, but the Cartersville-Bartow County Airport is convenient for corporate use. CSX Rail and the local trucking industry (6 freight carriers, 26 trucking firms) are convenient for shipping needs. The overall cost of business, including labor costs, is roughly nine percent lower than the national average, making Bartow a profitable location for business and industry. While manufacturers provide a great many of the county s jobs, Bartow County realizes retailers and small businesses are also needed for a balanced economy and needed sales tax revenues. Many new retail businesses and professional services (doctors, dentists, attorneys, etc.) have located to Bartow County, adding to an already substantial business community. The Cartersville Medical Center is also growing, making Bartow County and Cartersville a potential hub for the healthcare industry in Northwest Georgia. the Etowah Indian Mounds, created by Native Americans more than 1,000 years ago. The highest point in Bartow is 2,400 feet (Pine Log Mountain); the lowest is 600 feet, where the Etowah River flows out of Bartow and into Floyd County. Geography Bartow County is one of the largest counties by area in the state, covering 471 square miles. The county s unique geology, which makes it one of the richest areas in the United States for minerals, can be attributed to the Cartersville Fault line, which runs north along the Appalachian Mountains. The Cartersville Fault is a central meeting point of the Blue Ridge, Talladega, Piedmont and Ridge and Valley geologic provinces. Red Top Mountain, Pine Log Mountain, Pine Mountain, Lake Allatoona (manmade) and the Etowah River are prominent geographic features, as well as 6
Government Structure Bartow County is governed by a sole commissioner, who is the chief administrative officer and elected official of the county government. A sole commissioner has governed Bartow since the late 1920s, and is only one of approximately 10 counties in Georgia (and the largest) to still use the sole commissioner system. Voters turned down referendums in 1992 and 2006 to implement a Board of Commissioners. The County Administrator, Assistant County Administrator, County Financial Officer and County Clerk compose the Commissioner s senior administrative staff. All directors of county departments report to the Commissioner, except elected officials. Other elected county officers are the Sheriff of Bartow County, the Clerk of Court, Magistrate Judge, Tax Commissioner, Coroner and Surveyor. These elected officers operate outside of the Commissioner s authority, with exception to budgetary matters. The Cherokee Judicial Circuit District (Bartow and Gordon counties) is the chief state court with jurisdiction here, which includes four Superior Court Judges and a District Attorney. Conclusion Bartow County s outlook remains very positive for many years to come. With growth, transportation and environmental management plans in place, and the renewal of the Special Purpose Local Options Sales Tax (SPLOST) for six more years, the county is positioned to meet the challenges of growth, maintain its rural and small town charm and sense of community while continuing to protect important historic and environmental resources. Because of the strength and diversity of our economy, the county will continue to attract new residents from the Southeast region and beyond. Also, it will remain a favorable location for new businesses and industries and for the expansion of existing businesses. Population growth is expected to average about four percent (4%) annually for the next two to three decades and will likely surpass 100,000 by 2010 and 200,000 by 2030. Residents provide a large skilled workforce and a strong leadership base to help sustain the community for the future. 7
city of cartersville Considered the hub of Bartow County, the city of Cartersville is located west of US Interstate 75 in the center of the county. Cartersville is located on the Etowah River with Lake Allatoona nearby. Lake Allatoona is a 12,000 acre lake that has numerous areas for picnicking, camping, boating, fishing, skiing and swimming. Lake Allatoona is also Cartersville s source of water. In addition, Red Top Mountain State Park is located on a peninsula of Lake Allatoona. The park has a lodge, conference center, restaurant, golf course, camping sites, rental cottages, tennis courts, and hiking trails. Recreational and cultural opportunities abound in Cartersville. Recreation facilities include gymnasiums, a gymnastics facility, the city civic center and numerous parks throughout the community. The City of Cartersville s Recreation Department offers a wide variety of programs for youth and adults, consisting of tennis, gymnastics, aerobics, baseball, cheerleading, football, soccer, basketball and swimming. The City s prominent park is Dellinger Park. The 111 acre facility features tennis courts, athletic fields, an Olympic size swimming pool, and a 2 mile walking/jogging path with lush wooded acreage, a lake and gazebo. Milam Farm, 237 acres the city acquired in June 2000, is also used for recreation. The master plan for the property includes a 3 mile trail that will wrap around the entire 237 acres. So far 1.5 miles of the trail have been built, and the trail is expected to be completed in summer 2005 with 2,800 feet on the Etowah River and 2 river overlook platforms. Additionally, in late 2002 the city acquired 226 acres, the Pine Mountain property located on the east side of the city. This property now offers over 3 miles of strenuous hiking trails. There are several places within Historic Downtown Cartersville that have had a significant impact on the city, including the Grand Theatre, the Booth Western Art Museum and the Bartow History Center. The Grand is a cultural centerpiece of the area. The Grand Theatre opened in 1910 but was destroyed by fire in 1923. The theatre re-opened in 1924 as a movie theater, then closed in 1977. The theatre opened again in 1989, and has since been used for musicals, plays, dance performances, concerts and civic events. The Booth Western Art Museum is 120,000 square feet demographics Selected demographics in a three, five, and ten mile radius from the subject are shown in the following table: 3 Mile 5 Mile 10 Mile 2010 Estimated Population 8,553 31,155 71,665 2015 Estimated Population 9,576 34,360 79,379 Growth 2000-2010 38.54% 29.06% 31.23% Growth 2010-2015 11.96% 10.29% 10.76% 2010 Estimated Median Age 34.16 35.25 34.92 2010 Estimated Average Age 34.99 36.01 35.7 2010 Estimated Households 3,192 11,528 26,109 2015 Projected Households 3,616 12,823 29,059 Growth 2000-2010 43.11% 31.91% 33.13% Growth 2010-2015 13.29% 11.23% 11.30% 2010 Estimated Housing Units 3,340 12,371 28,085 2010 Estimated Occupied Units 3,192 11,528 26,109 2010 Estimated Vacant Units 148 842 1,975 2010 Estimated Owner Occupied Units 1,939 7,774 18,522 2010 Estimated Renter Occupied Units 1,252 3,755 7,588 2010 Estimated Median Housing Value $140,785 $133,045 $135,602 2010 Estimated Average Housing Value $152,147 $144,882 $157,349 of extraordinary Contemporary Western American art; along with large galleries devoted to Western illustration, a collection of Presidential letters and portraits, Western movie posters and contemporary Civil War art. The museum also has a theater that shows an orientation film every 20 minutes, a presentation theater that seats 140, a café, museum store and members lounge. The Bartow History Center located downtown, documents the history of Bartow County through hands-on exhibits, as well as engaging lectures, workshops and programs. 8
brewery surplus land :: Affiliated Business Disclosure & Confidentiality Agreement CBRE, Inc. operates within a global family of companies with many subsidiaries and/or related entities (each an Affiliate ) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different Affiliates may represent various clients with competing interests in the same transaction. For example, this Memorandum may be received by our Affiliates, including CBRE Investors, Inc. or Trammell Crow Company. Those, or other, Affiliates may express an interest in the property described in this Memorandum (the Property ) may submit an offer to purchase the Property and may be the successful bidder for the Property. You hereby acknowledge that possibility and agree that neither CBRE, Inc. nor any involved Affiliate will have any obligation to disclose to you the involvement of any Affiliate in the sale or purchase of the Property. In all instances, however, CBRE, Inc. will act in the best interest of the client(s) it represents in the transaction described in this Memorandum and will not act in concert with or otherwise conduct its business in a way that benefits any Affiliate to the detriment of any other offeror or prospective offeror, but rather will conduct its business in a manner consistent with the law and any fiduciary duties owed to the client(s) it represents in the transaction described in this Memorandum. presented by :: FRED RODDY Senior Vice President Investment Properties 404.812.5147 This is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property. This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of the state of affairs of the Property or the owner of the Property (the Owner ), to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of the Owner and CBRE, Inc. Therefore, all projections, assumptions and other information provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers. In this Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this Memorandum in any manner. Neither the Owner or CBRE, Inc, nor any of their respective directors, officers, Affiliates or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Memorandum or use of its contents; and you are to rely solely on your investigations and inspections of the Property in evaluating a possible purchase of the real property. The Owner expressly reserved the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered and approved by the Owner and any conditions to the Owner s obligations therein have been satisfied or waived. By receipt of this Memorandum, you agree that this Memorandum and its contents are of a confident nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or CBRE, Inc. You also agree that you will not use this Memorandum or any of its contents in any manner detrimental to the interest of the Owner or CBRE, Inc. If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return this Memorandum to CBRE, Inc. 2011 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.