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1 EASTERN STATE HOSPITAL | WILLIAMSBURG, VIRGINIA Part of the CBRE affiliate network Part of the CBRE affiliate network EASTERN STATE HOSPITAL ±346.25 ACRES FOR SALE James City County | Williamsburg, Virginia FOR SALE www.easternstatehospitalsurplus.com

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Page 1: EASTERN STATE  · PDF fileEASER SAE OSAL . ILLIASR IRINIA. Part of the CBRE affiliate network ...  . If after reviewing this Memorandum,

1

EASTERN STATE HOSPITAL | WILLIAMSBURG, VIRGINIA

Part of the CBRE affiliate network

Part of the CBRE affiliate network

EASTERN STATE HOSPITAL± 3 4 6 . 2 5 A C R E S F O R S A L E

J a m e s C i t y C o u n t y | W i l l i a m s b u r g , V i r g i n i a

FOR SALE

w w w. e a s t e r n s t a t e h o s p i t a l s u r p l u s . c o m

Page 2: EASTERN STATE  · PDF fileEASER SAE OSAL . ILLIASR IRINIA. Part of the CBRE affiliate network ...  . If after reviewing this Memorandum,

EASTERN STATE HOSPITAL | WILLIAMSBURG, VIRGINIA

Part of the CBRE affiliate network

TABLE OF CONTENTS

Confidential Disclaimer ...................................................................................................................................1

Property Summary ...........................................................................................................................................2

Property Overview ...........................................................................................................................................2

Executive Summary .........................................................................................................................................2

Location Overview ...........................................................................................................................................3

Subject Location ..............................................................................................................................................4

Demographics .................................................................................................................................................5

Maps ..............................................................................................................................................................6

Photos.............................................................................................................................................................11

Survey .............................................................................................................................................................13

TOM VOZENILEKExecutive Vice President+1 804 615 [email protected]

ZACH ROSKISenior Vice President+1 804 267 [email protected]

EASTERN STATE HOSPITAL± 3 4 6 . 2 5 A C R E S F O R S A L E

J a m e s C i t y C o u n t y | W i l l i a m s b u r g , V i r g i n i a

Page 3: EASTERN STATE  · PDF fileEASER SAE OSAL . ILLIASR IRINIA. Part of the CBRE affiliate network ...  . If after reviewing this Memorandum,

1

EASTERN STATE HOSPITAL | WILLIAMSBURG, VIRGINIA

Part of the CBRE affiliate network

This is a confidential memorandum (the “Memorandum”) intended solely for your limited use and benefit in determining whether you desire to express further interest in the

acquisition of the Eastern State Hospital Facility, 4601 Ironbound Road, Williamsburg, Virginia (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 owner or the Property, 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|Richmond. 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 avail-

able to interested and qualified prospective purchasers. Neither the owner or CBRE|Richmond, 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 strict-

est 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 own-

er or CBRE|Richmond. 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|Richmond.

In this Memorandum, certain documents and other materials are described in summary form. These summaries do not purport to be com-

plete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected to review all such summaries and oth-

er documents of whatever nature independently and not rely on the contents of this Memorandum in any manner. All terms and conditions as expressed

within this Memorandum are also applicable to associated materials and information gathered from the website dedicated to this offering located at

www.easternstatehospitalsurplus.com.

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

CONFIDENTIAL DISCLAIMER

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EASTERN STATE HOSPITAL | WILLIAMSBURG, VIRGINIA

Part of the CBRE affiliate network

PROPERTY SUMMARYZoning Designation: PL, Public Land

Land Area: ±346.25 acres

Water: James City County

Sanitary Sewer: Hampton Roads Sanitation District

Natural Gas: Virginia Natural Gas

Electricity: Provided by Dominion Virginia Power

PROPERTY OVERVIEWPROPERTY NAME: Eastern State Hospital Site

OWNER: Commonwealth of Virginia

ADDRESS: Ironbound RoadWilliamsburg, VA 23188James City County

LAND AREA: ±346.25 acres

PROPERTY DESCRIPTION: The Eastern State Hospital site is located in central James City County two to three miles northwest of Colonial Williamsburg and the College of William and Mary and immediately north of New Town. The subject contains 540 acres of which approximately ±346.25 acres of surplus land is for sale.

EXECUTIVE SUMMARY The ±346.25 acre Eastern State Hospital site is a unique opportunity for a developer to acquire a large in fill site in Williamsburg, Virginia. The property is immediately

adjacent to New Town, which is a 365 acres, very successful, mixed use project that has been developed over the last 15 years. The Eastern State site is also across the

street from the College of William and Mary which was founded in 1693.

The site has been surplused by the Commonwealth of Virginia. In 2008 a group of stakeholders (not endorsed by the Commonwealth) in the region funded a conceptual

plan by Urban Design Associates for this site. A copy of this study is in the Property Information section of the website.

Surplus Building 22 may qualify for state and federal rehabilitation tax credits. Potential purchasers should contact Chris Novelli with DHR at 804-482-6097 for additional

informaiton. The property contains previously assessed Native American archaeological sites. For questions regarding the sites, buyers should contact Roger Kirchen with

DHR at 804-482-6091.

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3

EASTERN STATE HOSPITAL | WILLIAMSBURG, VIRGINIA

Part of the CBRE affiliate network

LOCATION OVERVIEW

WILLIAMSBURG - JAMES CITY OVERVIEWWilliamsburg and surrounding James City County are a part of the larger

Hampton Roads MSA. These jurisdictions are two of 17 total municipalities that

make up the Hampton Roads MSA. Williamsburg and James City County are

located at the northwestern edge of the MSA, in the Peninsula section of Hamp-

ton Roads. The Peninsula is approximately 45 miles in length and 13 miles

wide. James City County, the Peninsula’s northernmost county, is bordered to the

northwest by New Kent County, which is part of the Richmond MSA. The greater

Williamsburg market area consists of the City of Williamsburg, James city Coun-

ty, and the Burton District of York County.

The Williamsburg area is best known as a destination tourist center because of

Colonial Williamsburg, and its proximity Jamestown and Yorktown. It is also a

popular retirement area, and features an active residential market within Hamp-

ton Roads. Kingsmill, Ford’s Colony, Governors Land, Colonial Heritage and

Stonehouse are large planned developments in the area.

TRANSPORTATIONThe Williamsburg area is well-located with respect to transportation. Interstate

64 provides the primary regional access, extending southeast to other areas of

Hampton Roads and northwest to Richmond. I-64 connects with Interstates 95

and 81 that run north/south along the entire Eastern Seaboard. State High-

way 199 serves as a route around Williamsburg, while the primary local routes

through Williamsburg is U.S. Highway 60 (the Pocahontas Trail), York Street,

Bypass Road and Richmond Road. The Colonial National Historic Parkway, a

federally-maintained highway, extends from the Yorktown Battlefield across the

Peninsula through the central portion of the City of Williamsburg to Jamestown.

POPULATIONJames City County is a growing and vibrant community. James City County has

an estimated 2016 population of 73,615, which reflects an annual increase of

1.64% over the 2010 population of 67,009. The population is projected to be

78,526 by 2020. James City County added an average of 1,101 residents per

year over the 2010-2016 period. Looking forward, James City County’s popula-

tion is projected to continue to increase between 2015-2020.

EMPLOYMENTJames City County has access to a large and skilled labor force. Trends in em-

ployment strongly correlate with real estate demand. Between Hampton Roads

and Richmond (each within 45 minutes), the county pulls from a combined labor

force of approximately 1.5 million.

Total employment in James City County is currently estimated at 33,263 jobs.

There were gains in employment eight out of the last ten years despite national

economic downturns during this time. The unemployment rate as of May 2017

for James City County was 3.7%, which is less than the rates of Virginia (3.8%)

and of the United States (4.3%).

Data Sources: www.yesjamescitycountyva.com www.jamescitycountyva.gov Virginia Employment Commission University of Virginia Weldon Cooper Center for Public Service Independent appraisal performed by Integra Realty Resources Independent appraisal performed by Valbridge Property Advisors

Page 6: EASTERN STATE  · PDF fileEASER SAE OSAL . ILLIASR IRINIA. Part of the CBRE affiliate network ...  . If after reviewing this Memorandum,

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EASTERN STATE HOSPITAL | WILLIAMSBURG, VIRGINIA

Part of the CBRE affiliate network

SUBJECT LOCATION

ACCESS AND LINKAGESThe location has good transportation linkages. Longhill Road intersects with

Humelsine Parkway (VA Route 199) at the subject property’s northern boundary.

Humelsine Parkway is a limited access highway that serves as a partial beltway

around the Williamsburg area, intersecting with Interstate 64 northwest and

southeast of the city. Traffic reports for 2012 available from the VDOT indicate

that 28,000 vehicles travel past the subject each day on Route 199. The traffic

counts along the subjects frontage on Longhill Road, DePue Drive and Iron-

bound Road are 9,100 to 12,000 vehicles per day. Ironbound Road, located at

the subject’s southeast corner, accesses Richmond Road to the east as well as

Monticello Avenue to the south. Public transportation is provided by the Wil-

liamsburg Area Transport, which provides bus service throughout the urban and

inner suburban areas.

LAND USE Founded in 1773 and originally located adjacent to what is now the restored

Colonial Williamsburg, Eastern State Hospital began transitioning to its current

location in 1937 and completed the move in 1970. Excluding the excess land

that is the subject of this, the 97-acre hospital campus has two patient care

buildings as well as a number of support facilities, all of which are low-rise sub-

urban in scale. The hospital employs a staff of 900 to care for 300 patients.

The area is suburban in character and approximately 80% developed. Although

predominantly residential, a wide range of land uses are represented. Major

land uses in the subject area include Ford’s Colony (west of Route 199 and the

subject), the Richmond Road commercial corridor (one mile east of the subject),

Eastern State Hospital (immediately east of the subject area), and New Town

(immediately south of the subject area). Virginia Department of Transportation

and James City County maintenance facilities anchor a small light industrial

park on Ironbound Road just south of Eastern State Hospital and northeast of

New Town.

Other land uses include single- and multi-family residential communities, the

James City County/Williamsburg Community Center, and several parks.

Richmond Road is an intensively developed commercial corridor characterized

by freestanding restaurants, shops and hotels, although there are several larger

shopping centers and outlet malls. While improvements on Richmond Road vary

in age, all appear to be well maintained. Buildings along the corridor are rou-

tinely renovated or razed and replaced to meet current market standards.

New Town is a 365-acre, mixed-use, “New Urbanism” community that is being

developed by a joint venture between the College of William & Mary Endow-

ment Association and a private developer. New Town has two main retail com-

ponents: New Town Shops on Main, located at the corner of Monticello Avenue

and Ironbound Road, is a 253,000 square foot lifestyle center anchored by

Regal Cinemas, Barnes & Noble, Jo-Ann and American Family Fitness. Settlers

Market, located at the corner of Monticello Avenue and Route 199, is a commu-

nity shopping center anchored by a Walmart Neighborhood Market, Michael’s,

Home Goods, Stein Mart and Trader Joe’s.

New Town’s office/institutional component includes the 64-acre Discovery Busi-

ness Park, located in the eastern to north-central part of the development, and

the City and County Courthouse, U.S. Post Office and other government offices

located along Monticello Avenue.

New Town’s residential component will include approximately 1,000 units,

ranging from townhomes and condominiums in the center of the development

to The Pointe at New Town Apartments (a 265-unit rental community located at

the northeast corner of the development), to single-family detached residences

located in the northwest part of the development.

Source: Independent appraisal performed by Integra Realty Resources

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EASTERN STATE HOSPITAL | WILLIAMSBURG, VIRGINIA

Part of the CBRE affiliate network

DEMOGRAPHICS

Source: ESRI ProjectID: 126408 via CBRE FastReport

DEMOGRAPHIC BRIEF

4601 IRONBOUND RD

1 MILE 3 MILES 5 MILES

2017 Population - Current Year Estimate 4,180 40,915 77,587

2022 Population - Five Year Projection 4,463 43,915 83,310

2010 Population - Census 3,836 37,169 70,167

2000 Population - Census 2,899 27,289 52,461

2010-2017 Annual Population Growth Rate 1.19% 1.33% 1.40%

2017-2022 Annual Population Growth Rate 1.32% 1.43% 1.43%

2017 Households - Current Year Estimate 1,989 15,660 30,134

2022 Households - Five Year Projection 2,163 16,881 32,429

2010 Households - Census 1,790 14,269 27,337

2000 Households - Census 1,014 9,891 19,787

2010-2017 Annual Household Growth Rate 1.46% 1.29% 1.35%

2017-2022 Annual Household Growth Rate 1.69% 1.51% 1.48%

2017 Average Household Size 1.48 2.31 2.41

2017 Average Household Income $61,167 $91,110 $97,758

2022 Average Household Income $69,295 $102,222 $108,869

2017 Median Household Income $43,354 $68,604 $75,822

2022 Median Household Income $45,787 $76,625 $81,517

2017 Per Capita Income $29,623 $36,620 $39,136

2022 Per Capita Income $33,021 $40,919 $43,457

2017 Housing Units 2 ,461 19 ,062 34 ,617

2017 Vacant Housing Units 472 19.2% 3,402 17.8% 4,483 13.0%

2017 Occupied Housing Units 1,988 80.8% 15,661 82.2% 30,133 87.0%

2017 Owner Occupied Housing Units 672 27.3% 9,145 48.0% 20,350 58.8%

2017 Renter Occupied Housing Units 1,316 53.5% 6,516 34.2% 9,783 28.3%

2017 Population 25 and Over 2 ,607 26 ,610 53 ,676

HS and Associates Degrees 1,162 44.6% 10,783 40.5% 23,179 43.2%

Bachelor's Degree or Higher 1,265 48.5% 14,154 53.2% 27,237 50.7%

2017 Businesses 601 1,930 2,978

2017 Employees 14,335 36,397 51,312

©2017 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:216601

POPULAT ION

HOUSEHOLDS

HOUSEHOLD INCOME

HOUS ING UN ITS

EDUCAT ION

PLACE OF WORK

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EASTERN STATE HOSPITAL | WILLIAMSBURG, VIRGINIA

Part of the CBRE affiliate network

JAMES CITY COUNTY LOCATION MAP

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EASTERN STATE HOSPITAL | WILLIAMSBURG, VIRGINIA

Part of the CBRE affiliate network

SITE MAP

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EASTERN STATE HOSPITAL | WILLIAMSBURG, VIRGINIA

Part of the CBRE affiliate network

HAMPTON ROADS

RICHMOND

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EASTERN STATE HOSPITAL | WILLIAMSBURG, VIRGINIA

Part of the CBRE affiliate network

HAMPTON ROADS

RICHMOND

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EASTERN STATE HOSPITAL | WILLIAMSBURG, VIRGINIA

Part of the CBRE affiliate network

PARCEL MAP

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11

EASTERN STATE HOSPITAL | WILLIAMSBURG, VIRGINIA

Part of the CBRE affiliate network

PROPERTY PHOTOGRAPHS

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12

EASTERN STATE HOSPITAL | WILLIAMSBURG, VIRGINIA

Part of the CBRE affiliate network

PROPERTY PHOTOGRAPHS

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EASTERN STATE HOSPITAL | WILLIAMSBURG, VIRGINIA

Part of the CBRE affiliate network

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Penniman Rd

Olde Towne Rd

Newman Rd

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Fenton Mill Rd

Rochambeau Dr

Lightfoot Rd

Mount Laurel Rd

Lake

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Cran s tons M

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Forge Rd

Croaker R

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Barnes Rd

Diascund Rd

Riverview Rd

News Rd

Ware Creek Rd

Barlow Rd

Bric

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Jolly Pond Rd

Old Stage Rd

Ironb

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Six

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Ironbound Rd

John Tyler Hwy

Centerville Rd

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Richmond Rd

Longhill Rd

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Jamestown-Scotland Ferry

Monticello Ave

Merrimac Trl

Pocahontas Trl

Bypass Rd

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York St

Fenton Mill Rd

CSX Railroad

CSX Railroad

Airport Rd

Jamestown Rd

Barhamsville Rd

Old Stage Rd

Longhill Rd

Centerville Rd

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Mooretow

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Ironb

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WindsorForest

Waller millPark

Elmwood

MerryOaks

GreenspringsPlantation

Racefield

TheRetreat

WexfordHills

Oakland

RiverviewPlantation

MirrorLakes

Estates

Settler'sMill

ChickahominyHaven

RollingWoods

TheMeadows

Springhill

Kristiansand

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Scott'sPond

GreatWoods

TheColony

VillageSquare

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LakePowellForest

Brook Haven

WinstonTerrace

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LakePowellPointe

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Season'sTrace

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Wellington

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GreenspringsWest

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PageLanding

King's Village

ShellbankWoods

Fernbrook

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ChiselRun

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South England

Point

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MallardHill

Raintree

Mill CreekLanding

GraylinWoods

LonghillGate

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Lakewood

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WilliamsburgPlantation

Glenwood Acres

MonticelloWoods

BaronWoods

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Skiffe'sCreek

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RaleighSquare

PowhatanVillage

HollyRidge

BriarwoodPark

JamesTerrace

SycamoreLanding

IronboundVillage

ColonialHeritage

FortEustis

U.S. NavalWeapon Station

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KiwanisPark New Quarter

Park Cheatham WildernessArea

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Chippokes PlantationState Park

Colonial National Historical Park

Boy ScoutReservation

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Camp Peary

BrandonWoods

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Grove

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LaFontaine

MagruderHeights

LafayetteManor Apts

TheFoxes

WilliamsburgPottery

WilliamsburgWest

Birchwood Park

NorgeCondominium

McLaw'sCircle

BraemarCreek

The Settlement atPowhatan Creek

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LibertyCrossing

LandfallVillage

PocahontasSquare

Piney WoodsEstates

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BurnhamWoods

MichellePoint

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Marywood

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EXIT227

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EXIT234

EXIT238

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YorkCounty

GloucesterCounty

New KentCounty

City ofNewport News

City ofWilliamsburg

King and QueenCounty

SurryCounty

Charles CityCounty

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College ofWilliam and Mary

Cheetham AnnexAnnex

CampPeary

York RiverState Park

BuschGardens

WilliamsburgJamestown

Airport

JamestownIsland

Legendï Parks

County Offices# Schools

\ County Offices

F Fire Stations

L Libraries

R Recycle Centers

Community Character Area

Community Character Corridor

! ! ! Primary Service Area

Proposed Mooretown Road Extended

Proposed Route 60 East

Reservoir

Enterprise Zone

Reservoir

Economic Opportunity

Rural Lands

Low Density Residential

Moderate Density Residential

Neighborhood Commercial

Community Commercial

Limited Industry

General Industry

Mixed Use

Conservation Area

Park, Public, or semi-public Open Space

Airport

Federal, State, and County Land

LAND USE MAP

SITE

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14

EASTERN STATE HOSPITAL | WILLIAMSBURG, VIRGINIA

Part of the CBRE affiliate network

RESOURCE PROTECTION AREA MAP

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15

EASTERN STATE HOSPITAL | WILLIAMSBURG, VIRGINIA

Part of the CBRE affiliate network

TOPOGRAPHIC/WETLANDS DELINEATION MAP

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16

EASTERN STATE HOSPITAL | WILLIAMSBURG, VIRGINIA

Part of the CBRE affiliate network

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17

EASTERN STATE HOSPITAL | WILLIAMSBURG, VIRGINIA

Part of the CBRE affiliate network

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18

EASTERN STATE HOSPITAL | WILLIAMSBURG, VIRGINIA

Part of the CBRE affiliate network

Part of the CBRE affiliate network

INVESTMENT OFFERING

TOM VOZENILEKExecutive Vice President+1 804 615 [email protected]

ZACH ROSKISenior Vice President+1 804 267 [email protected]

FOR MORE INFORMATION PLEASE CONTACT

CBRE|Richmond | 6641 West Broad Street, Suite 101 | Richmond, VA 23230 | +1 804 320 5500 | www.cbre.us/richmond

EASTERN STATE HOSPITAL± 3 4 6 . 2 5 A C R E S F O R S A L E

J a m e s C i t y C o u n t y | W i l l i a m s b u r g , V i r g i n i a

© 2017 CB Richard Ellis of Virginia, Inc. 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 for example 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 property for your needs.

CB Richard Ellis of Virginia, Inc. represents the Seller of this property.