34 DEVELOPMENT READY LAND COLLEGE MARKETPLACE … · 2019. 1. 15. · OFFERING MEMORANDUM. Advisory & Transaction Services | Investment Properties. COLLEGE MARKETPLACE. SR 3 & SR

OFFERING MEMORANDUM

Advisory & Transaction Services | Investment Properties

COLLEGE MARKETPLACESR 3 & SR 305POULSBO, WA 98370

34 DEVELOPMENT READY LAND PARCELS IN RAPIDLY GROWING POULSBO SUBMARKET

AFFILIATED BUSINESS DISCLOSURE AND CONFIDENTIALITY AGREEMENT

CBRE, Inc. operates within a global family of companies with many subsidiaries and 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, including CBRE Global Investors, Inc. or Trammell Crow Company, may have or represent clients who have competing interests in the same transaction. For example, Affiliates or their clients may have or express an interest in the property described in this Memorandum (the “Property”), and may be the successful bidder for the Property. Your receipt of this Memorandum constitutes your acknowledgement of that possibility and your agreement that neither CBRE, Inc. nor any Affiliate has an obligation to disclose to you such Affiliates’ interest or involvement in the sale or purchase of the Property. In all instances, however, CBRE, Inc. and its Affiliates will act in the best interest of their respective client(s), at arms’ length, not in concert, or in a manner detrimental to any third party. CBRE, Inc. and its Affiliates will conduct their respective businesses in a manner consistent with the law and all fiduciary duties owed to their respective client(s).

Your receipt of this Memorandum constitutes your acknowledgement that (i) it is a confidential Memorandum solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property, (ii) you will hold it in the strictest confidence, (iii) you will not disclose it or its contents to any third party without the prior

written authorization of the owner of the Property (“Owner”) or CBRE, Inc., and (iv) you will not use any part of this Memorandum in any manner detrimental to the Owner or CBRE, Inc.

If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return it to CBRE, Inc.

This Memorandum contains select information pertaining to the Property and the Owner, and does not purport to be all-inclusive or contain all or part of the information which prospective investors may require to evaluate a purchase of the Property. The information contained in this Memorandum has been obtained from sources believed to be reliable, but has not been verified for accuracy, completeness, or fitness for any particular purpose. All information is presented “as is” without representation or warranty of any kind. Such information includes estimates based on forward-looking assumptions relating to the general economy, market conditions, competition and other factors which are subject to uncertainty and may not represent the current or future performance of the Property. All references to acreages, square footages, and other measurements are approximations. This Memorandum describes certain documents, including leases and other materials, in summary form. These summaries may not be complete nor accurate descriptions of the full agreements referenced. Additional information and an opportunity to inspect the Property may be made available to qualified prospective purchasers. You are advised to independently verify the accuracy and completeness of all summaries and

information contained herein, to consult with independent legal and financial advisors, and carefully investigate the economics of this transaction and Property’s suitability for your needs. ANY RELIANCE ON THE CONTENT OF THIS MEMORANDUM IS SOLELY AT YOUR OWN RISK.

The Owner expressly reserves 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 at any time with or without notice to you. All offers, counteroffers, and negotiations shall be non-binding and neither CBRE, Inc. nor the Owner shall have any legal commitment or obligation except as set forth in a fully executed, definitive purchase and sale agreement delivered by the Owner. RB 01.15.19

© 2018 CBRE, Inc. All Rights Reserved.

C O L L E G E M A R K E T P L A C E | P O U L S B O , W A

CONTACT US

JOHN BAUDERFirst Vice President+1 253 596 [email protected]

HARRISON LAIRDSenior Associate+1 253 596 [email protected]

CBRE, INC.1201 Pacific AvenueSuite 1502Tacoma, WA 98402

TABLE OF CONTENTS

05 EXECUTIVE SUMMARY

07 DEVELOPMENT OVERVIEW

11 INVESTMENT OVERVIEW

16 MARKET OVERVIEW

mailto:john.bauder%40cbre.com?subject=

EXECUTIVE SUMMARY


5E X E C U T I V E S U M M A R Y

EXECUTIVE SUMMARY

CBRE, Inc. is pleased to present College Marketplace, a 61- acre development site consisting of 34 commercially zoned parcels, strategically located at the intersection of Highway 305 and Highway 3 in Poulsbo, Washington. Combined average daily traffic exceeds 50,000 vehicles per day on these two highways, making it the area’s most utilized transit corridor.

The development includes 18 parcels which are zoned Commercial, 11 parcels which are zoned Business Park, while the remaining 3 are zoned as Multifamily. The City of Poulsbo is willing to work with potential buyers in an attempt to revise the Masters Plan’s Covenants, Conditions and Restrictions.

The parcels are Pad-Ready and have been graded with utilities stubbed to each lot; there are curbs, gutters and sidewalks. In-place storm water retention ponds throughout the development provide for added buildable area on each site.

The ownership of the College Marketplace development sites is willing to explore a variety of transaction structures to encourage new development, including but not limited to:

• Selling all of the parcels together for $11 million

• Selling a combination of parcels at a discounted price

• Selling individual parcels

• Providing a buyer or tenant with a build-to-suit building on a sale or lease:

– Industrial: 20,000 - 80,000 sq. ft.

– Office and Medical Office: 9,000 - 250,000 sq. ft.

– Retail: 2,000 - 60,000 sq. ft.

DEVELOPMENT OVERVIEW


7D E V E L O P M E N T O V E R V I E W

DEVELOPMENT OVERVIEW

RETAIL The College Marketplace development currently has a 420,000 SF Shopping Center co-anchored by Wal-Mart and Home Depot. Other tenants who are currently in the development are Petco, Office Max, Big 5, Starbucks, Wendy’s, Jack-in-the-Box, Payless, Sleep Train, GNC and GameStop. The Shopping Center is the most successful retail hub in the area.

CIVIC Olympic College Campus resides immediately north of the Property. Olympic College operates 3 campuses in Bremerton, Shelton and Poulsbo, serving over 13,000 students annually.

INDUSTRIAL Marine View Beverage distribution center, a prominent Western Washington beverage distributor, sits on the north-east corner of the community. Marine View Beverages employs over 300 personnel and has exclu-sive distribution rights to national names such as Coors Brewing, Heineken, Miller Brewing, Pyramid, Mike’s Hard Lemonade, Rockstar and V8.

MEDICAL Cascade View Medical Center, Poulsbo’s newest 37,000 SF medical building, is situated near the entrance to College Marketplace.

HOTELA Seattle based hotel developer announounced its intent to develop a 110 room hotel on the site adjacent to Home Depot, Office Max and Big 5. They will be breaking ground in 2019.

SINGLE-FAMILY DEVELOPMENTSThe area surrounding the College Marketplace has seen the addition of four new housing developments with approximately 436 single family units. There are currently five new developments planned which will bring approximately 979 single family units.


TO OLYMPIC PENINSULA

TO POULSBO/BAINBRIDGE ISLAND

TO SILVERDALE/TACOMA

33,000 ADT

23,0

00 A

DT

STARBUCKS

CASCADE VIEWMEDICAL CENTER

NEW HOTELSITE

WOK TERIYAKI

INVESTMENT OVERVIEW


11I N V E S T M E N T O V E R V I E W

ACQUISITION PROCESS Prospective purchasers of the College Marketplace development sites (hereinafter collectively referred to as “Property”) using this Investment Offering Memorandum as a guide, are requested to prepare an offer as an expression of interest in purchasing the Property. Offers should be sumbitted to CBRE, Inc. at 1201 Pacific Ave, Suite 1502, Tacoma, WA 98402.

The ownership of the College Marketplace development sites is willing to explore a variety of transaction structures to encourage new development, including but not limited to:

COMMERCIAL PADS BUSINESS PARK PADS RESIDENTIAL PADS

LOT SIZE (SF) 17,608 - 370,837 27,332 - 125,453 26,136 - 334,976

LOT ACREAGE 0.39 - 8.52 0.62 - 2.88 0.60 - 7.69

SALE PRICE/SF $8.00 - $16.00 $4.00 - $6.00 $4.00 - $6.00

TOTAL NUMBER OF LOTS 18 11 3

PARCEL OVERVIEW

SELL PARCELSALL TOGETHER

$11M

SELL A COMBINATIONOF PARCELS

SELLINDIVIDUAL

PARCELS

BUILD-TO-SUITSALE/LEASE

12

5M

5H

5J5J5J7F

7E

5E

5D5A

5B(SOLD)

5C (SOLD)

4E3G

3M

3K(Pending)

7G

5R

7G

5R

7G

5R

7H

5R5R5R5R5R5R

7I 5N5O

5P

5Q

Lot 2 VI

Ohalva W

ay NW

Marketplace NW

RESIDENTIAL MEDIUM

STORM WATER RETENTION

BUSINESS PARK

COMMERCIAL 4

Lot 3

Lot 2 IX

7J7B4G4D

4C

3R3D

3E3Q

3G3G

Ohalva W

ay NW

3F3F

3M3M

5R5R

3N

5S 5T

Lot 1 E

Lot 1 W

NEWHOTELSITE

OlympicCollege

You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.

LOT ACREAGESQUARE

FEET$/SF

GROSSPRICE

5-A 1.34 58,254 $6.00 $349,524

5-B SOLD SOLD - SOLD

5-C SOLD SOLD - SOLD

5-D 1.20 52,255 $6.00 $313,530

5-E 1.20 52,398 $6.00 $314,388

5-H 1.45 63,149 $4.00 $252,596

5-J 0.62 27,179 $4.00 $108,716

5-M 0.93 40,457 $6.00 $242,742

5-N 0.83 35,995 $6.00 $215,970

5-O 0.83 36,012 $6.00 $216,072

5-P 0.84 36,716 $6.00 $220,296

5-Q 1.97 85,885 $6.00 $515,310

5-R 1.83 79,503 $4.00 $318,012

TOTAL 13.04 567,803 - $3,067,156

LOT ACREAGESQUARE

FEET$/SF

GROSSPRICE

3-D 1.26 54,946 $12.00 $659,352

3-E 0.39 17,012 $12.00 $204,144

3-G 1.51 65,654 $16.00 $1,050,464

3-K 1.03 45,009 $16.00 PENDING

3-M 1.55 67,357 $16.00 $1,077,712

3-Q 0.39 17,012 $12.00 $204,144

3-R 0.84 36,466 $12.00 $437,592

4-C 1.13 49,299 $12.00 $591,588

4-D 0.83 36,069 $12.00 $432,828

4-E 0.83 36,326 $12.00 $435,912

4-G 0.95 41,340 $12.00 $496,080

7-B 1.36 59,430 $12.00 $713,160

7-E 1.19 51,649 $8.00 $413,192

7-F 1.20 52,119 $8.00 $416,952

7-G 1.69 73,588 $8.00 $588,704

7-H 1.99 86,554 $8.00 $692,432

7-I 1.93 84,024 $8.00 $672,192

7-J 1.05 45,959 $12.00 $547,140

TOTAL 20.09 874,804 - $9,633,588

LOT ACREAGESQUARE

FEETBUILDABLE

UNITS$/UNIT

$/SF GROSS

PRICE

LOT 2-IX 7.69 334,955 115 $11,650 $4.00 $1,339,820

LOT 2-VI 4.06 176,720 85 $12,474 $6.00 $1,060,320

LOT 3 .60 25,959 5 $31,151 $6.00 $155,754

TOTAL 12.35 537,634 205 - - $2,555,894

LOT NO. ACREAGE SQUARE FEET

3-N 2.89 125,888

LOT 1 (EAST) 2.63 114,563

5-T 1.78 77,537

5-S 1.06 46,174

LOT 1 (WEST) 2.32 101,059

3-F 2.07 90,169

TOTAL 12.75 555,390

COMMERCIAL 4 LOTS BUSINESS PARK LOTS

RESIDENTIAL MEDIUM LOTS

STORM WATER RETENTION LOTS


PARCEL BREAKDOWN

5M

5H

5J5J5J7F

7E

5E

5D5A

5B(SOLD)

5C (SOLD)

4E3G

3M

3K(Pending)

7G

5R

7G

5R

7G

5R

7H

5R5R5R5R5R5R

7I 5N5O

5P

5Q

Lot 2 VI

Ohalva W

ay NW

Marketplace NW

RESIDENTIAL MEDIUM

STORM WATER RETENTION

BUSINESS PARK

COMMERCIAL 4

Lot 3

Lot 2 IX

7J7B4G4D

4C

3R3D

3E3Q

3G3G

Ohalva W

ay NW

3F3F

3M3M

5R5R

3N

5S 5T

Lot 1 E

Lot 1 W

NEWHOTELSITE

OlympicCollege


15I N V E S T M E N T O V E R V I E WYou are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.

ZONING DESCRIPTIONS

COMMERCIAL 4

The purpose of the City of Poulsbo’s Commercial Districts is to provide the necessary commercial goods and services for the Poulsbo and greater north Kitsap communities. The Commercial Districts provide the location of retail sales and services, professional services and offices, restaurants, lodging, personal and health services, arts, amusement, medical facilities, educational and recreational uses among others. The Commercial 4 District is intended for:

• Provide the appropriate location within the city for big-box, large-scale, and national chain retailers

• Encourage businesses that depend on convenient vehicular access from major transportation corridors

• Support businesses that offer consumer goods and services for the regional population

• Ensure development is consistent with the approved master plan and developer’s agreement

BUSINESS PARK

The Business Park District, located in the College Marketplace master planned development, is intended to enhance the city’s economic base by providing for an integrated grouping of businesses and buildings of a larger size and scale than the other Office and Industrial Districts may support. The Business Park district supports a variety of uses, such as light manufacturing, professional office buildings, and warehousing and distribution. College Marketplace is the only location in the city where the Business Park District can be found.

RESIDENTIAL MEDIUM

The Residential Medium District provides for residential areas of moderate urban densities of six to ten dwelling units per acre, and is intended to:

• Provide for multiple-family residential development based upon consistency with the comprehensive plan and compatability with surrounding land uses

• Provide convenient housing opportunities near employment and business centers

• Facilitate public transit, and encourage efficient use of commercial services and public infrastructure

• Encourage development of a variety of housing types, included townhouses, apartments, condominiums, smaller lot single-family cottages, and duplexes

For allowed uses in each zone, visit: Poulsbo Municipal Codes Website

http://www.codepublishing.com/WA/Poulsbo/#!/Poulsbo18/Poulsbo18.html

http://www.codepublishing.com/WA/Poulsbo/#!/Poulsbo18/Poulsbo18.html

MARKET OVERVIEW


17M A R K E T O V E R V I E WYou are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.

LOCAL MARKET

POULSBO

The city of Poulsbo is a thriving community and a popular tourist destination. It’s well known for its charming waterfront specialty retail shops, bakeries, micro-breweries, bistros, art galleries, marinas and scenic parks.

Easily accessible from the region’s largest metropolitan areas, Poulsbo is just 22 miles west of Seattle and 48 miles north of Tacoma. While Poulsbo is home to a diverse mix of small businesses, the city hosts an impressive number of large producers in the technology, distribution and manufacturing sectors.

KITSAP COUNTY

Located on the Kitsap Peninsula, Kitsap County is the 3rd largest county by population in Washington State. The County ranks high in essential economic delevepment indicators and is a vital contributor to the Greater Seattle economy.

The Kitsap County economy is driven primarily by the Department of Defense, with three major commands of the U.S. Navy and it is home to Naval Bases Keyport, Bangor and Bremerton. Large global defense firms such as Lockheed Martin, Raytheon and Northrop Grumman maintain a prominent presence here as well.

18 You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.

KITSAP COUNTY

SITE


MAJOR EMPLOYERS

DEMOGRAPHIC BRIEF

WA-305 1 MILE 3 MILES 5 MILES

2017 Population - Current Year Estimate 2,824 18,711 32,553

2022 Population - Five Year Projection 2,965 19,596 33,721

2010 Population - Census 2,336 17,027 30,091


2010-2017 Annual Population Growth Rate 2.65% 1.31% 1.09%


2017 Households - Current Year Estimate 1,023 6,930 11,591

2022 Households - Five Year Projection 1,073 7,288 12,063

2010 Households - Census 838 6,413 10,969


2010-2017 Annual Household Growth Rate 2.79% 1.08% 0.76%


2017 Average Household Size 2.69 2.46 2.58

2017 Average Household Income $86,855 $89,123 $91,532


2017 Median Household Income $78,856 $74,060 $74,377


2017 Per Capita Income $32,998 $35,007 $34,607


2017 Housing Units 1 ,069 7 ,275 12 ,360

2017 Vacant Housing Units 46 4.3% 345 4.7% 769 6.2%

2017 Occupied Housing Units 1,023 95.7% 6,930 95.3% 11,591 93.8%

2017 Owner Occupied Housing Units 753 70.4% 4,901 67.4% 8,387 67.9%

2017 Renter Occupied Housing Units 270 25.3% 2,029 27.9% 3,204 25.9%

2017 Population 25 and Over 1 ,946 12 ,843 21 ,616

HS and Associates Degrees 1,204 61.9% 7,407 57.7% 12,763 59.0%

Bachelor's Degree or Higher 667 34.3% 4,790 37.3% 7,758 35.9%

2017 Businesses 194 1,085 1,414

2017 Employees 1,794 9,518 12,409

©2018 CBRE. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are forexample only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the propertyfor your needs. Source: Esri Page 1 ProjectID:290773

POPULAT ION

HOUSEHOLDS

HOUSEHOLD INCOME

HOUS ING UN ITS

EDUCAT ION

PLACE OF WORK

DEMOGRAPHIC BRIEF


2017 Population - Current Year Estimate 2,824 18,711 32,553

2022 Population - Five Year Projection 2,965 19,596 33,721





2017 Households - Current Year Estimate 1,023 6,930 11,591

2022 Households - Five Year Projection 1,073 7,288 12,063





2017 Average Household Size 2.69 2.46 2.58







2017 Housing Units 1 ,069 7 ,275 12 ,360

2017 Vacant Housing Units 46 4.3% 345 4.7% 769 6.2%

2017 Occupied Housing Units 1,023 95.7% 6,930 95.3% 11,591 93.8%

2017 Owner Occupied Housing Units 753 70.4% 4,901 67.4% 8,387 67.9%

2017 Renter Occupied Housing Units 270 25.3% 2,029 27.9% 3,204 25.9%

2017 Population 25 and Over 1 ,946 12 ,843 21 ,616

HS and Associates Degrees 1,204 61.9% 7,407 57.7% 12,763 59.0%

Bachelor's Degree or Higher 667 34.3% 4,790 37.3% 7,758 35.9%

2017 Businesses 194 1,085 1,414

2017 Employees 1,794 9,518 12,409


POPULAT ION

HOUSEHOLDS

HOUSEHOLD INCOME

HOUS ING UN ITS

EDUCAT ION

PLACE OF WORK

DEMOGRAPHIC COMPREHENSIVE


2017 Hispanic Population 2 4 6 1 ,826 3 ,048

Hispanic: White 166 67.5% 1,070 58.6% 1,772 58.1%

Hispanic: Black or African American 0 0.0% 17 0.9% 34 1.1%

Hispanic: Asian 0 0.0% 23 1.3% 61 2.0%

Hispanic: American Indian or Alaska Native 5 2.0% 35 1.9% 62 2.0%

Hispanic: Pacific Islander 0 0.0% 1 0.1% 3 0.1%

Hispanic: Other Race 48 19.5% 513 28.1% 775 25.4%

Hispanic: Two or More Races 26 10.6% 168 9.2% 340 11.2%

2017 Population 2 ,824 18 ,711 32 ,553

Males 1,326 47.0% 9,607 51.3% 16,869 51.8%

Females 1,499 53.1% 9,104 48.7% 15,684 48.2%

2017 Population 15+ 2 ,286 15 ,640 26 ,940

Never Married 558 24.4% 4,317 27.6% 7,175 26.6%

Married 1,303 57.0% 8,778 56.1% 15,513 57.6%

Widowed 184 8.0% 1,047 6.7% 1,541 5.7%

Divorced 241 10.5% 1,498 9.6% 2,711 10.1%

2017 Civi l ian Population 16+ in Labor Force 1 ,231 7 ,420 12 ,983

2017 Employed Civilian Population 16+ 1,169 95.0% 7,074 95.3% 12,348 95.1%

2017 Unemployed Population 16+ 62 5.0% 346 4.7% 635 4.9%

2017 Employed Civi l ian Population 16+ 1 ,169 7 ,074 12 ,348

White Collar 766 65.5% 4,566 64.5% 7,756 62.8%

Services 264 22.6% 1,500 21.2% 2,432 19.7%

Blue Collar 140 12.0% 1,007 14.2% 2,157 17.5%

2017 Daytime Population 4 ,342 22 ,952 37 ,152

Daytime Workers 2,699 62.2% 13,046 56.8% 19,893 53.5%

Daytime Residents 1,643 37.8% 9,906 43.2% 17,259 46.5%


HISPANIC OR IG IN

GENDER

MAR ITAL STATUS

EMPLOYMENT STATUS

CLASS OF WORKER

DAYT IME POPULAT ION

AREA DEMOGRAPHICS

NUMBER OF EMPLOYEES

DEPARTMENT OF DEFENSE ±31,345

NAVAL BASE KITSAP ±18,300

HARRISON MEDICAL CENTER ±2,442

WASHINGTON STATE GOVERNMENT ±1,746

CONTACT US

JOHN BAUDERFirst Vice President+1 253 596 [email protected]

HARRISON LAIRDSenior Associate+1 253 596 [email protected]

CBRE, INC1201 Pacific AvenueSuite 1502Tacoma, WA 98402

Advisory & Transaction Services | Investment Properties

mailto:john.bauder%40cbre.com?subject=

mailto:harrison.laird%40cbre.com?subject=

Documents

34 DEVELOPMENT READY LAND COLLEGE MARKETPLACE … · 2019. 1. 15. · OFFERING MEMORANDUM. Advisory & Transaction Services | Investment Properties. COLLEGE MARKETPLACE. SR 3 & SR