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AFFILIATED BUSINESS DISCLOSURE
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 offer or prospective offer or, 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.
CONFIDENTIALITY AGREEMENT
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 confidential 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.
DISCLAIMER
© 2017 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.
DISCLAIMERS
TA B L E O F CO N T E N TS
1 EXECUTIVE SUMMARY
2 PROPERTY OVERVIEW
3 MARKET OVERVIEW
Paul GaitherSenior Vice PresidentT: +1 615 248 1161F: +1 615 255 [email protected]
Mia KellerAssociateT: +1 615 248 1171F: +1 615 255 [email protected]
Wilson Farms | Commercial Land for Sale
4
NASHVILLE40
65
FRANKLIN
24
MT JULIET
BELLEVUE
LEBANON
MURFREEBORO
840
109
± 124 ACRES : : WILL SUBDIVIDE
1 EXECUT IVE SUMMARY
Executive SummaryCBRE is pleased to offer for sale Wilson Farms, ± 124 acres of prime commercial development land located strategically between the thriving cities of Mount Juliet
and Lebanon, directly off Interstate 40 in Wilson County,
Tennessee with direct access to State Route 840, Highway 109, I-65, and I-24.
Wilson Farms consists of ± 340 total acres led by the
development of The Venue at 109, a luxury apartment community consisting of 728 units and an array of
exceptional amenities including two resort-style swimming
pool swith an event center, 24/7 state of the art fitness center
with a yoga studio, outdoor gas grilling stations, “Bark” park,
playground area, walking trails, and many more. The Venue 109 is currently under construction and anticipates
residents to begin moving in Spring 2018.
There are an additional ± 158 acres planned for future residential
development that will further increase the population, along with
The Venue at 109, within the Wilson Farms development. Not to
mention that within one mile southeast of Wilson Farms there are currently ± 924 single family homes planned by a separate residential developer.
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AVAILABLE TRACTS FOR PURCHASE
TRAFFIC COUNTS
DEMOGRAPHIC SNAPSHOT
1 E X E C U T I V E S U M M A R Y
ROADWAY TRAFFIC COUNTSInterstate 40 72,357 AADT
Highway 109 29,947 AADT
TRACT ACREAGE ZONINGA ± 4O CG - Commerical General
B ± 56 CG - Commerical General
C ± 28 CG - Commerical General
TOTALS ± 124 CG - Commerical General
1 MILE 3 MILE 5 MILE 10 MILE2016 Population 286 5,449 24,955 62,920
2021 Population 358 6,729 29,532 72,617
2016 Households 90 1,864 9,418 23,798
2021 Households 112 2,292 11,095 27,361
2016 Avg. HH Income $92,419 $90,805 $84,030 $74,188
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Available Tracts for Purchase
2 PROPERTY OVERVIEW
g Commerical Land For Sale
N.A.P. - Residential Developments
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5 MILE RADIUS
2 ASSET ANALYS IS2 PROPERTY OVERVIEW
72,357 AADT
Walmart
Ideally located between Mt. Juliet and Lebanon, Wilson Farms
provides a tremendous opportunity for future commercial development.
8
Nashville MSA Gap AnalysisThis gap analysis determines pent-up demand for a variety of commercial uses. The following charts indicate uses well-suited to this location from a supply-demand perspective. Areas in green indicate opportunities for additional supply, while areas in red indicate over-supply. Demand within a three-mile radius was most correlated to Grocery, Health and Personal Care, General Merchandise, and Food & Beverage.
GROCERY STORES SALES HEALTH & PERSONAL CARE
FOOD & BEVERAGE SALES GENERAL MERCHANDISE SALES
OPPORTUNITY SUPPLY MEETS DEMAND OPPORTUNITY SURPLUS2016 POPULATION DOT DENSITY OPPORTUNITY GAP ANALYSIS
1 DOT = 250 PEOPLE
2 ASSET ANALYS IS2 PROPERTY OVERVIEW
ZoningCG - COMMERCIAL GENERAL
The Wilson Farms tracts available for purchase are all zoned CG – Commercial General.
This district provides a wide range of commercial uses concerned with retail trade and consumer services; amusement and entertainment establishments; automotive and vehicular service establishments; transient sleeping accommodations; eating and drinking places; financial institutions; and offices. The uses in this district service a wide market area and, therefore, ease of automotive access is a requirement. Further information regarding what this district permits or is possible, please contact the listing brokerage team.
USES PERMITTED
• Administrative Services Community Assembly• Health Care• Personal & Group Care• Animal Care & Veterinarian Services• Automotive Parking• Automotive Repair and Cleaning• Automotive Servicing• Consumer Repair Services• Convenience Commercial• Entertainment & Amusement Services**• Financial, Consultative & Administrative• Food & Beverage Services• Food Service Drive-in & Drive-thru• General Business & Communication Services• General Personal Services• General Retail Trade• Medical Services• Transient Habitation• Vehicular, Craft & Related Equipment Sales• Wholesale Sales
ALLOWED AS A CONDITIONAL USE
• Group Assembly• Transport & Warehousing• Deferred Presentment
USES PROHIBITEDAny use not specifically allowed
MINIMUM LOT AREAArea: 10,000 sq. ft.
MINIMUM LOT WIDTHLot width 100 ft
MINIMUM BUILDING SETBACKS• Front – 40 ft• Rear – 25 ft• Side – 0 ft• Side if adjoining a residential district – 20 ft
HEIGHTMaximum Building Height – 5 stories
BUILDING AREAArea – 40% of the total lot
*Zoning Information Source: www.lebanontn.org
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1 E X E C U T I V E S U M M A R Y2 PROPERTY OVERVIEW
Demographics
There are currently ±1,348 residential units planned or under construction within 1 mile of Wilson Farms on the southern side of Interstate 40. Once these projects are completed, the 1-mile population for Wilson Farms is anticipated to increase over 5X!
Future Development
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3 VALUAT ION
1 MILE 3 MILE 5 Mile 7 MILE
2016 Population 286 5,449 24,955 62,920
2021 Population 358 6,729 29,532 72,617
2010-2016 Annual Population Growth Rate 2.91% 5.28% 4.20% 3.35%
2016-2021 Annual Population Growth Rate 4.59% 4.31% 3.43% 2.91%
2016 Households 90 1,864 9,418 23,798
2021 Households 112 2,292 11,095 27,361
2010-2016 Annual Household Growth Rate 1.70% 4.47% 4.04% 3.19%
2016-2021 Annual Household Growth Rate 4.47% 4.22% 3.33% 2.83%
2016 Average Household Size 3.18 2.92 2.65 2.60
2016 Average Household Income $92,419 $90,805 $84,030 $74,188
2021 Average Household Income $101,993 $99,423 $92,406 $81,883
2016 Median Household Income $77,901 $72,232 $65,010 $56,692
2021 Median Household Income $89,790 $83,679 $75,737 $64,518
2016 Per Capita Income $34,560 $34,114 $32,129 $28,604
2021 Per Capita Income $37,931 $37,204 $35,168 $31,356
2016 Housing Units 93 1,994 10,092 25,670
2 PROPERTY OVERVIEW
RESDENTIAL PROJECT STATUS TYPE ACREAGE UNITSThe Venue at 109 Under Construction Luxury Apartments ± 50 Acres 728
Wilson Farms Phase II Residential Planned Mix of Estates and Single Family Homes ± 70 Acres ± 72
Unnamed Single-Family Residential Development Planned Single Family Homes ± 195 Acres ± 584
Holland Ridge Planned Single Family Homes N/A ± 340
TOTAL ± 1,688
NashvilleThe Nashville MSA has 14 counties and is home to more than 1.8 million people and 40,000 businesses. The area’s advantages have attracted more diverse new business from across the country than any region its size over the past 20 years. Due to this success, it has become a “who’s who” of corporate relocations — a home to the headquarter offices of HCA, Asurion, Bridgestone Americas, Nissan North America and more — all of which are CBRE clients.
The region’s educated workforce provides a talented labor pool for companies, and with its ethos of music and artistry, provides the right environment for technology and innovation to thrive. The business friendly region offers a diverse economy, unique neighborhoods, a low cost of living and a creative culture that is fully vested in the area. These factors make Middle Tennessee among the nation’s best locations for relocations and start-ups.
ECONOMIC MAGNET: THE “IT” CITY
MARKET FOR JOB GROWTH
AND CAPITAL INVESTMENT(Source: December 2015, Atlas Advertising)
#1
CITY FOR WHITE COLLAR JOB GROWTH(Source: July 2015, Forbes)
#4
TOP STATE FOR DOING BUSINESS(Source: October 2015, Area Development Magazine)
#4
LOWEST STATE TAX BURDEN(Source: March 2016, Forbes)
#5
METRO AREA FOR JOB GROWTH
OVER THE PAST 5 YEARS(Source: February 2016, Bookings Institute)
#6
NASHVILLE ECONOMY
95.2COST OF LIVING INDEX (100=US AVG)
930K+LABOR FORCE
1.8M POPULATION
$45,759PER CAPITA INCOME
3.7% UNEMPLOYMENT RATE (JAN 2016)
9TH
FOR POPULATION GROWTH IN 2015
71 PEOPLE MOVING PER DAY ON AVERAGE
2.03% ANNUAL POPULATION GROWTH
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6 THE MARKET3 MARKET OVERVIEW
12
Wilson County – Mt. Juliet & Lebanon
WILSON COUNTY Incorporated in 1801, Wilson County is located roughly 28 miles east of the Nashville metropolitan area, covering 571 square miles. Including two large trade areas of Middle Tennessee, Mount Juliet and Lebanon, the area has an extremely diverse economy and is experiencing tremendous growth. With some of the nation’s most recognizable brands from Cracker Barrel’s home-style cookin’ to Lochinvar’s water heaters, boilers and pool heaters, part of the strength of the county is its diversity in employment opportunities. The following five short company profiles illustrate this:
• Cracker Barrel, founded in Wilson County in 1969 is now the county’s largest private employer with roughly 900 employees. The company operates over 630 stores in 42 states.
• Tennova Healthcare, founded in 1975, is a 245-bed, two-campus acute health care facility with over 230 physicians on staff. The 77,000 square foot facility promises to provide state of the art health care for Wilson County. It employees over 800 people.
• Performance Food Group employees over 760 people in Lebanon and delivers over 140,000 national and proprietary-branded food and food-related products to more than 163,000 independent
and national chain restaurants, quick-service eateries, pizzerias, schools, hotels, health care facilities and other institutions.
• Jones Bros. Inc. is an industrial construction company that builds road projects and bridges. The company employs over 600 people.
• TRW Automotive Commercial Steering Systems employees 500 people and manufactures hydraulic steering gears for the automotive industry. The Nissan automotive manufacturing plant is located 30 minutes from Mt. Juliet and Lebanon.
In total, Wilson County is home to over 5,000 businesses, including 28 local schools and Cumberland University. In accordance, the area has experienced tremendous population growth in recent years, with a 14.0% increase from 2010 to 2016 and an expected 8.6% projected increase from 2016 to 2021.
LEBANON, TNIncorporated in 1819 and serving as the “County Seat,” the city of Lebanon, Tennessee is the largest within Wilson County, covering 34 square miles. Centrally located east of Nashville, off of I-40, Lebanon is in a prime location for business expansion. For instance, Lebanon is within one day’s trucking distance from roughly 75% of U.S. markets and within 650 miles of 50% of the entire U.S. population. Furthermore, with three Music City Star Stations, State Route 840 connections from I-40 to I-24 and I-65, four points of access to I-40, its own Lebanon Muncipal Airport, and service by AmTrak, the city of Lebanon is incredibly accessible to and from anywhere.
City of Lebanon
City of Mt. Juliet
Wilson County
2016 Population 29,704 27,375 129,893
Population Growth 2016-2021 8.7% 10.9% 8.6%
Total # of Businesses 2,709 1,459 5,239
Total # of Employees 26,718 11,676 44,696
2016 Median Household Income $41,702 $67,419 $57,837
2016 Average Household Income $56,841 $78,992 $71,449
High School through Associates Degrees 60.7% 59.6% 62.1%
Bachelor’s Degrees 14.3% 24.1% 18.7%
Graduate Degrees 8.4% 10.0% 8.5%
Wilson County ranked #2 Fastest Growing County in TennesseeSource: www.LebanonTN.org
Wilson County Ranked #2 Highest Median Household Income In TennesseeSource: www.LebanonTN.org
6 THE MARKET3 MARKET OVERVIEW
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In addition to this prime, strategic location, the city’s historic downtown, mild weather, and vast outdoor spaces make it extremely desirable for entrepreneurs. Accordingly, Performance Food Group is expanding its distribution facility in Lebanon to include a 10,000 SF addition. This expansion will employ roughly 280 people.
In total, there are over 2,700 businesses in Lebanon with over 26,700 employees. This accounts for roughly half of the business and work force of the entire Wilson County area. 13.8% of these businesses are retail related, with major brands such as Home Depot, Kroger, Publix, and Walmart attracting people and employees to the area. Additionally, home to Cumberland University and Tennessee College of Applied Technology, Lebanon serves over 4,000 students from all around the world, helping to improve and increase the local work force in the area.
MOUNT JULIET, TN
Incorporated less than four decades ago, Mt. Juliet is one of the fastest growing communities in the state of Tennessee. Now spanning
Rank Company No. of Employees
Wilson County
1 Wilson County School System 1,500 129,893
2 Cracker Barrel 893 8.6%
3 Tennova Healthcare 800 5,239
4 Performance Food Group 760 44,696
5 Jones Bros Inc. 600 $57,837
6 TRW Automotive Commercial Steering 505 $71,449
7 Lebanon Special School District 480 62.1%
8 Nashville Auto Auction 475 18.7%
9 LoJac Inc. 410 8.5%
10 Lochinvar 400
Lebanon ranked Hottest City for Business Expansion~Expansion Management Magazine
WILSON COUNTY’S TOP 10 EMPLOYERS
more than twenty square miles in Wilson County, the city of Mt. Juliet is experiencing unprecedented growth with the population exceeding 24,000. Furthermore, 2,623 home sales took place in 2015 alone, representing a 9.6% increase from 2014. During this time, an average of 218 homes closed each month after a median of merely 68 days being on the market. Closing the first quarter of 2016 with 70 new home sales and averaging sale prices of $130.12 per square foot, it is apparent that this growth trend will only continue for the area.
Mt. Juliet’s prime location and infrastructure is perfect for accommodating this tremendous growth. The city’s highway network is unmatched in the state because of its direct access to three major interstates—I-40, I-24, and I-65—and State Route 840 that connects each of the roadways. Also, it is located only ten minutes from the Nashville International Airport and twenty minutes from downtown Nashville.
In combination, this prime strategic location and population growth have attracted a wide number of big and diverse industries to the area. Among these include a 680,000 square foot Starbucks distribution center, two leases totaling 1.2 million square feet for CEVA Logistics, Amazon’s 1 million square foot fulfillment center, Industrial Developments International’s new 700,000 square foot industrial development space, and a brand new 310,000 square foot FedEx Ground Processing facility. Furthermore, with the lowest tax rate in the state and 1,150 business owners setting up shop, retail shopping is an enormous business opportunity for the area. As a result, high quality jobs are arriving in the county by the hundreds.
6 THE MARKET3 MARKET OVERVIEW
Paul GaitherSenior Vice President
T: +1 615 248 1161F: +1 615 255 4610
Mia KellerAssociate
T: +1 615 248 1171F: +1 615 255 4610
