Bank Owned 21+ Acre Commercial Site Near Hartsfield Jackson Atlanta International Airport CAMP CREEK PARKWAY Site GLOBAL GATEWAY CONNECTOR CONRAC GEORGIA INTERNATIONAL CONVENTION CENTER HARTSFIELD JACKSON AIR PORT ROOSEVELT HIGHWAY
Executive Summary HARTSFIELD JACKSON AIRPORT Bank Owned: 21+ Acres on Global Gateway Connector This gently rolling site is bank owned and available for well below market price. If you need 10 to 20 acres for your business, this site is truly a Diamond in the Rough. The City of College Park has provided a ten (10) year ad valorem tax exemption program for qualifying business and service enterprises that add value to the property due to improvements made on the property. Job Tax Credits of up to $3,000.00 per job created, a 100% Tax Exemption for qualified inventory, and Building Facade Grants are already being offered on this site. The property is located in College Park, GA, home of The Gateway Center, The Georgia International Convention Center (GICC), CONRAC and the world s busiest airport, Hartsfield Jackson Atlanta International Airport. The site is very accessible to all of Atlanta s major highways I 285, I 85, I 75 and I 20. The site is serviced By Metro Atlanta Rapid Transit Authority (MARTA) bus lines that seamlessly connect to rail lines in College Park to the Atlanta MSA, providing 500,000 passenger trips daily. The property is zoned Office Professional allowing for hotel, office, retail, restaurant and medical use, however, highest and best use may be a light industrial application. More than two million passengers complete rental car transactions at Hartsfield Jackson Airport each year, and this property is located directly across the street from the facility where these transactions take place. CONRAC (Consolidated Rental Car Facility) is located across I 85 from the Airport and connects to passenger terminals via the Automated People Mover (APM), which can transport more than 10,000 passengers an hour to and from the passenger terminals along a 1.6 mile long elevated guideway. College Park is home to Fortune 1000 companies such as Chick fil A and AirTran Airways. College Park operates the largest public access Compressed Natural Gas (CNG) facility in the Southeast and is the first municipal operation in the state of Georgia to sell Green power, while still offering some of the lowest electrical rates in the state. 2
Table of Contents 21+ Acres Bank Owned Commercial Site Atlanta MSA Inside I 285 Near Hartsfield Jackson Atlanta International Airport Page Executive Summary 2 Table of Contents and Disclaimer 3 Property Details 4 About College Park 5 7 College Park Traffic Counts 8 About the Airport 9 Location Maps 10 Aerial Images 11 Property History and Floodplain Map 12 Tax Data 13 Tax Abatement Program 14 Zoning Regulations 15 17 Broker Profile 18 Any included income, expenses, cap rates, costs, return estimates, renovations, measurements, square footage, acreage, projections, interest rates, loan terms, property condition, possible uses, zoning and other information herein may have been provided by the seller, landlord or other outside sources and while deemed to be reliable, may be estimated, projected, is subject to change, and/or may be limited in scope, and therefore shall not be relied upon as accurate. Any such information important to the purchaser, lessee or other parties should be independently confirmed within an applicable due diligence period. Please do not disturb the management, business, tenants or sellers. This offer is subject to prior change or sale without notice. You're invited to tune in to the Commercial Real Estate Show Saturdays at 10AM EST, on biz1190 in Atlanta, or online anywhere 3 Information contained herein may have been
Property Details County Property Type (current) Property Size Zoning Previous Use Topography Fulton Raw Land Approximately 21.60 Acres Office Professional with Special Conditions Apartments Slightly Rolling Terrain Utilities On Site All Utilities and Sanitation Sewer Taxes 2011 $33,480 Price $1,200,000 4
About College Park 5
About College Park 6
About College Park 7
College Park Traffic Counts 8
About the Airport 9
Location Maps Directions from Atlanta: Take I 75/85 south to Exit 71 and turn right onto Riverdale Road. Follow Riverdale for nearly a mile and turn right on Global Gateway Connector. The site is located half a mile ahead on the left. 10
Aerial Images A CAMP CREEK PARKWAY 21 ACRE SITE GLOBAL GATEWAY CONNECTOR GEORGIA INTERNATIONAL CONVENTION CENTER 11 ROOSEVELT HIGHWAY HARTSFIELD JACKSON AIRPORT
Property History Previous Use of Property According to tax records and consistent with city directories, the property s most recent previous use was for apartments. Helmwood Apartments, consisting of approximately (27) buildings, was constructed as a single project in 1974. Prior to 1974, the property appears to have been used for crop farming. The site supported the Helmwood Apartments from 1974 until 1995, when the apartments were closed and the site was vacated. From 1995 to 2004, the apartments did not operate under any other name and did not support any other business. In 2004 the apartments were demolished and the majority of the debris was removed from the site by 2007. A Phase 1 Environmental Assessment was performed by Logic Environmental of Duluth, Georgia, in 2007 and again on December 21, 2010, and they posted the following findings: In summary, no evidence of recognized environmental conditions has been identified in conjunction with the subject site. No additional environmental investigation appears warranted at this time. 12
Tax Data 13
Tax Abatement Program ENTERPRISE ZONE INCENTIVE Upon qualifying therefore, and by agreement with the city, qualifying business and service enterprises may be exempt from municipal ad valorem taxation which would otherwise be levied under Chapter 18, Article I of the City Code on that portion of the business or service enterprise meeting the qualifying criteria, but only as to that portion of said taxes resulting from increased property value due to improvements made to the property by the qualifying business or service enterprise subsequent to qualification, in accordance with the following schedule: a. One hundred (100) per cent of ad valorem taxes shall be exempt for the first five (5) years; b. Eighty (80) per cent of the ad valorem taxes shall be exempt for the next two (2) years; c. Sixty (60) per cent of the ad valorem taxes shall be exempt for the next year; d. Forty (40) per cent of the ad valorem taxes shall be exempt for the next year; and e. Twenty (20) per cent of the ad valorem taxes shall be exempt for the last year. (2) The tax exemption shall be effective upon approval by the mayor and council of the business or service enterprise as qualifying and upon execution of a contract between the City of College Park and such qualifying business or service enterprise. The effective date of the tax abatement shall begin on January 1 of the year following the effective date of approval and such tax exemption shall continue for ten (10) years, even if the College Park Downtown Enterprise Zone designation has terminated. Economic Development City of College Park 3667 Main Street College Park, GA 30337 14
Zoning Regulations ARTICLE XIV E. "O P" OFFICE PROFESSIONAL DISTRICT REGULATIONS Sec. 1. Scope. The purpose of this district is to encourage the development of a high quality office and professional community of uses. In order to further the achievement of this purpose, applicants for development within the O P Office Professional District shall submit site plans for review and approval in accordance with the provisions of Article XI D, Site Plan Review. The site plans shall be approved if it can be shown that the proposed development is in accordance with the provisions of Article XI D, the above stated purpose, and the other requirements of this district. (Ord. No. 88 9, 1, 4 4 88) Sec. 2. Use regulations. (1) Principal permitted uses. A building or premises shall be used only for the following purposes: a. Business and professional offices; including medical, dental, legal, financial, architectural, engineering, real estate, insurance and manufacturers' representatives, provided no goods are offered for sale at retail. b. Governmental offices. c. Hospitals. d. Medical and dental clinics. e. Nursing and rest homes. f. Accessory buildings and uses customarily incidental to the above listed uses. (Ord. No. 88 9, 1, 4 4 88; Ord. No. 89 16, 12, 5 1 89; Ord. No. 2001 11, 1, 3 5 01; ; Ord. No. 2001 12, 12, 4 9 01; Ord. No. 2001 16, 13, 5 7 01; Ord. No. 2003 16, 9, 4 7 03) Sec. 3. Parking, loading and outside storage regulations. The parking and loading regulations for uses permitted in the C 2 Central Business District shall apply to such uses when permitted and located in the O P Office Professional District. Concrete curbs shall be provided for all paved areas, and all parking and loading areas shall be designed and constructed so as to comply with the off street parking area layout, construction and maintenance, and the landscape requirements for vehicular use areas of these regulations. No materials, supplies, or equipment shall be stored in any area on a lot except inside a closed building, or behind a visual barrier screening such areas so that such storage is not visible from neighboring properties or public streets. Loading doors and docks shall not be constructed facing public streets. (Ord. No. 88 9, 1, 4 4 88) Sec. 4. Height regulations. No building shall exceed three (3) stories in height, except when a conditional height permit is granted as defined and described in Article XX, section 2, of this ordinance [appendix]. (Ord. No. 88 9, 1, 4 4 88) 15
Zoning Regulations Sec. 5. Site development and improvement standards. In order to establish and maintain the O P Office Park District as a quality area which will preserve the investments of all land owners and developers, as well as the tax base of the City of College Park, all construction and development with the O P District must comply with the following site development and improvement standards: (1) (2) Setbacks for front, rear and side yards. a. Structures fronting on a street shall be located at least fifty (50) feet from the front property line. The setback on corner lots shall be at least fifty (50) feet from each street. b. Structures, except fences, shall be at least twenty (20) feet from the side line of any tract. c. Structures shall be at least thirty (30) feet from the rear line of any tract. d. Only driveways, temporary parking spaces, and landscaped areas shall be allowed between a structure and a front property line. Buildings. [a] Exterior wall materials shall be one or more of the following: [1] Hard burned clay. [2] Stone with either a weathered face or a polished, fluted or broken face. No quarry faced stone shall be used except in retaining walls. [3] Concrete masonry. Units shall be those generally described by the National Concrete Masonry Association as "customized architectural concrete masonry units" or shall be broken faced brick type units with marble aggregate. There shall be no exposed concrete block on the exterior of any building; however, rear walls which do not front any street or building, may be painted concrete block. Any concrete masonry units that have a gray cement color shall be coated with a coating approved by the building official. [4] Concrete may be poured in place, tilt up or precast. Poured in place and tilt up walls shall have a finish of stone, a texture or a coating. Textured finishes shall be coated. Precast units which are not uniform in color shall be coated. Coating shall be an approved cementitious of any epoxy type with a life expectancy of at least ten (10) years. [5] One or more of the above listed materials used in combination with glass and/or metal trim. [6] Other exterior wall materials may be used only with the prior approval of the city council. Approval or disapproval will be judged on the appropriateness of the materials when considered in context with the total building design and surrounding developments. [b] Roof mounted equipment. Roof mounted equipment shall be located and/or screened to minimize visibility from streets or buildings surrounding buildings. 16
Zoning Regulations (4) (5) (3) Landscaping. The entire area of any lot containing a building site, including the area between the building and the street right of way line, shall be landscaped except for areas covered by buildings and paved areas. A minimum strip of landscaping ten (10) feet wide shall be installed and maintained along any portion of the lot bordering a public street rightof way except for entrance driveways onto the lot. The landscaping plan submitted to the building official for approval shall identify such features as the planting of trees, shrubs and grass and the installation of screens as appropriate. The landscaping, as approved by the building official, shall be installed prior to the issuance of a certificate of occupancy. The maintenance of the landscaping shall be the responsibility of the owner and shall include the provision of a sprinkler system or readily available water supply with at least one outlet located within fifty (50) feet of all plant material to be maintained. All vehicle use areas shall be landscaped in accordance with requirements of Article XI C, section 3., Landscape requirements for vehicle use areas. Exterior lighting. All exterior lighting shall comply with FAA requirements related to aircraft safety, and all exterior lighting shall be designed, erected, altered and maintained in accordance with plans and specifications submitted to and subsequently approved by the building official. [Reserved.] (Ord. No. 88 9, 1, 4 4 88; Ord. No. 89 16, 11, 5 1 89; Ord. No. 2001 16, 14, 5 7 01) Sec. 6. Ratio of ground floor area to lot area. The total ground floor area of all buildings constructed on a lot or parcel shall not exceed fifty (50) per cent of the total land area of such lot or parcel. (Ord. No. 88 9, 1, 4 4 88) Sec. 7. Protective covenants and/or deed restrictions. In conjunction with the review and approval of development plans, the city may require the preparation and submission for approval of protective covenants or deed restrictions, or both, which would be made applicable to all development within the project for the purpose of regulating such features as architectural style of structures, types of materials used in building construction, restrictions and design features for signs; limitations on, or identification of, permitted uses, and other requirements which have as their purpose guaranteeing a high quality, compatible total development, in order to thereby protect the tax base of the City. 17
Broker Profile Perry Hayes Perry Hayes Associate Broker (404) 876 1640 x 135 Bull Realty, Inc. 50 Glenlake Parkway Suite 650 Atlanta, GA 30328 PHayes@BullRealty.com Perry Hayes has been selling and developing real estate in the Atlanta area for over twenty years as owner of his own residential construction company. Perry joined Bull Realty to provide his clients a marketing platform proven to maximize asset value in this economic cycle. Perry uses his experience in land sales and acquisitions, site analysis and development skills to add value to his clients real estate transactions. Perry is a member of the National Association of Realtors, the Atlanta Commercial Board of Realtors and is a candidate for the Certified Commercial Investment Member (CCIM) designation. Perry received a B.S. Degree from Auburn University. He currently resides in Suwanee with his wife where they spend much of their free time boating and fishing on Lake Lanier. Bull Realty is a commercial real estate brokerage firm providing marketing and acquisition services across the country for institutional and private equity investors, lenders, institutions and users of commercial real estate. The firm is well known for their successful marketing platform and industry leading use of technology. Specific broker teams specialize in retail, office, industrial, apartments, land, medical, hospitality, and special asset services. Bull Realty provides marketing and other services for 74 lenders and servicers. Google chooses BullRealty.com as the number one website for the most often used search phrase for Commercial Real Estate Georgia. Bull Realty marketing services includes videos of appropriate properties. The firm hosts the Commercial Real Estate Show, a talk radio show which airs at 10AM EST every Saturday on air at biz1190am and on line at www.commercialrealestateshow.com. 18