OFFERING MEMORANDUM PRIME INTERSTATE ......track trails. Two prominent trails are the Tabeguache and...
Transcript of OFFERING MEMORANDUM PRIME INTERSTATE ......track trails. Two prominent trails are the Tabeguache and...
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PRIME INTERSTATE ACCESS REAL ESTATEOFFERING MEMORANDUM
2770 Crossroads Blvd, Grand Junction, CO 81506
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03 | EXECUTIVE OVERVIEW 08 | ZONING OVERVIEW 09 | AREA OVERVIEW
L I S T E D B Y
K Y L E M A T T H E W SChairman & CEO
Direct +1 214 692 2115 [email protected]
OFFERING MEMORANDUM
VACANT LAND - GRAND JUNCTION, CO
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PROPERTY NAMEVACANT LAND
ADDRESS2770 Crossroads Blvd
LOCATIONGrand Junction, CO 81506
PARCEL2701-361-32-010
LEGAL DESC.Lots 1 & 7 BLK 4 Replat of Crossroads, Co W SEC 36 1N1W -2.67AC
LAND SIZE (AC)±2.67 acres
LAND SIZE (SF)±116,305 sqft
LAND USE DESC.COMMERCIAL ZONED (C-1)Z O N I N G—M I X E D U S E; B P
THE OFFERING
— EXECUTIVE OVERVIEW —
PRICE: $697,830
PRICE PER LAND SQFT: $6.00/FT
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LOCATION HIGHLIGHTS
» Premium Location — Strategically Located Near Busy I-70: Traffic Counts of ± 25,000 VPD
» Highly Desirable Land — One of the Last Pieces of Crossroads Mixed-Use Zoned Vacant Ground/Commercial Sites
» Increasing Volume Area — High Development Location — Situated Amongst a Large Array of Hotels
» Ready to Go! Level Ground Ready for Development — 2 Lots For a Total of 2.63 Acres
» Potential Subdivision — The Subject Land Could be Subdivided for More Opportunity
» Densely Populated Affluent Area: Over ±80,000 People within a 5-Mile Radius with an Average Household Income of $62k+
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SUBJECT PROPERTY
Holiday Inn
La Quinta
Clarion Inn
Qual ity Inn
Econo Lodge
Grand Vista
Residence Inn
Qual ity InnQual ity Inn
Days Inn By Wyndham
Rodeway Inn
Comfort Inn
HWY 70 ± 26,000 VPD
Double Tree
Super 8 By Wyndham
America’s Best Value
Inn
Courtyard by Marriot
Motel 6
Ramada by Wyndham
Quality Inn
Mesa Inn
Bookcl iff Country Club Golf Course
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— SURROUNDING TENANTS —
HWY 70 ± 26,000 VPD
Horizon Drive ± 16,000 VPD
SUBJECT PROPERTY
Grand Junction Regional Airport
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Business Climate » Grand Junction is the commercial core of Western Colorado.
Community Profile » Grand Junction is a warm and inviting community with year-round outdoor recreational opportunities.
Commercial Summary » With a vacancy rate of 7% and over 565 acres of readily developable property, Grand Junction is in a great position for commercial development
over the next several years. Build-Out Analysis » A major factor in the future competitiveness of Grand Junction’s commercial base is the supply and quality of its vacant commercial lands.
There needs to be a balanced inventory of “ready to develop” vacant commercial properties that are sufficient to meet market demand in the short to medium term and properties held in reserve for long-term demand. “Ready-to-develop” properties are identified as those which are currently zoned “commercial” and have at least water and sewer within 100 feet of the property.
Commercial Zone District Description » The mixed use/commercial zone districts are Grand Junction’s most accessible zone districts. In addition to typical commercial uses, the
mixed use zones allow single-family detached in the R-O zone and multifamily development in all of the mixed use zones. Furthermore, indoor industrial operations and storage are allowed in the B-1, C-1, C-2, MU and BP zones and indoor operations with outdoor storage are allowed in the C-1, C-2, MU and BP zones. The variety of allowed uses makes the mixed use districts the most advantageous zones within the City.
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GOAL: Continue to make investments in capital projects that support commerce and industry and provide for long-term economic competitiveness.• Action Step 1: Continue to provide high quality utility infrastructure that keeps utility rates low• Action Step 2: Develop a multi-year Capital Improvement Plan that fosters long term economic competitiveness
GOAL: Support and facilitate access and expansion of important technological infrastructure in the city.• Action Step 1: Discuss potential tax policies and incentives that relate to broadband and cellular infrastructure.• Action Step 2: Identify core commercial and industrial areas in the city and work with providers to identify broadband capabilities and needs in these areas.
GOAL: Discuss with ED Partners the need to develop a business park• Action Step 1: Research current demand for business parks in Grand Junction and seek grant opportunities to develop business parks.• Action Step 2: Assess existing business parks to determine if there are opportunities for the City to provide improvements
GOAL: Continue to explore opportunities and review requests to assist the business community through tax policies, financing options and financial incentives.• Action Step: Evaluate tax policies and tax incentives, such as tax increment financing (TIF), that promote economic development.
ZONING SUMMARY: The City of Grand Junction’s land use regulations play a key role in determining the potential for economic development. In many communities uses are only allowed within specific zones - residential uses only in residential zones, commercial uses only in commercial zones and industrial uses only in industrial zones. However, within the City of Grand Junction, residential uses are allowed in commercial zones, commercial uses are allowed in industrial zones and industrial uses are allowed in commercial zones. This type of zoning places Grand Junction in a very unique position allowing for many opportunities that comparable cities are unable to permit.
CITY OF GRAND JUNCTION ECONOMIC DEVELOPMENT PLAN
— ZONING OVERVIEW —
GOAL: Continue to make strategic investments in public amenities that support Grand Junction becoming “the most livable community west of the Rockies by 2025.”• Action Step 1: Identify and invest in key facilities, recreation, amenities, arts and culture and infrastructure that promote our community and attract visitors.• Action Step 2: Enhance and accentuate the city’s “gateways” including interstate interchanges and other major arterial streets leading into the city.
GOAL: Invest in marketing tourism as one component of economic development through the Visitor and Convention Bureau (VCB), whose mission is to “proactively market the Grand Junction Area, resulting in the positive economic impact of visitor dollars.”• Action Step 1: Increase the economic impact of visitors’ spending and report on return on investment.• Action Step 2: Further develop mutually beneficial tourism partnerships.
GOAL: Continue to support the airport and its vital role in economic development.• Action Step 1: Continue to support grants, financing and loans available through State and Federal agencies.
GOAL: Identify and Coordinate Efforts of Economic Development Partners.• Action Step 1: Identify and understand the existing efforts of the Economic Development Partners.• Action Step 2: Valuation of building permits in Grand Junction by type – Electrical/Mechanical/Plumbing, non-profit, commercial, industrial and residential.GOAL: Track important economic indicators that identify strengths and opportunities while also informing City Council of weaknesses and potential threats.• Action Step 1: Monitor and Report on Real Estate and Construction.
— AREA OVERVIEW —
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Grand Junction Regional Airport
Colorado Mesa
University
St. Mary’s
Medical Center
Lincoln Park
— AREA OVERVIEW —
Mesa Mal l
Grand Junct ion VA Medica l
Center
Subject Property
— AREA OVERVIEW —
Brookc l i f f Country Club Golf Course
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— DEMOGRAPHICS —
White : 2,568Black : 16
Am. Indian & Alaskan : 16Asian : 30
Other : 38
Population by Race
Apparel: $1,663,675Entertainment & Hobbies: $2,882,311
Food & Alcohol : $8,732,819Household Items & Expenses : $4,929,151
Transportation & Maintenance : $8,188,931
Consumer Spending Totals
Health Care : $2,090,356
Education & Day Care : $2,111,078
2023 Projection : 2,7342018 Estimate : 2,670
2010 Census : 2,6292000 Census : 2,109
Population - 1 Mile
2023 Projection : 42,1072018 Estimate : 41,353
2010 Census : 41,5612000 Census : 34,849
Population - 3 Mile
2023 Projection : 81,7512018 Estimate : 79,979
2010 Census : 79,0742000 Census : 65,799
Population - 5 Mile
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Liv ing in Grand Junct ion
Grand Junct ion i s a home ru le munic ipa l i ty that i s the county seat and the most populous munic ipa l i ty of Mesa County, Colorado, United States . The c i ty i s a major commerc ia l and t ransportat ion hub wi th in the large area between the Green River and the Cont inenta l Div ide . It i s the pr inc ipa l c i ty of the Grand Junct ion Metropol i tan Stat i s t ica l Area . S i t t ing a long the Colorado River, Grand Junct ion has deve loped into a mounta in b ik ing dest inat ion, w i th many b ikers coming f rom the Front Range of Colorado, the Sa l t Lake City area , and as far away as Ca l i forn ia to en joy the area’s abundant s ing le-track t ra i l s . Two prominent t ra i l s are the Tabeguache and Kokopel l i t ra i l s , w i th i t s 18-Road t ra i l system, i s w i th in 10 mi les of the c i ty and has become a major mounta in b ik ing dest inat ion .
Grand Junct ion i s the 14th most populous c i ty in the state . The c i ty has earned the n ickname “River City” due to i t s c lose prox imity to the Colorado River. Over t ime, Grand Junct ion has seen some major growth in i t s c i ty l imits and populat ion .
The largest school d i s t r ict in the c i ty i s Mesa County Va l ley School Distr ict 51 , as i t i s the top employer in the c i ty and prov ides jobs to over 2 ,500 people . Bes ides the school d i s t r ict , res idents of Grand Junct ion are most ly employed by the City Market , St . Mar y’s Hosp i ta l , and the State of Colorado. A l though Grand Junct ion has endured some economic hardsh ips , the populat ion cont inues to grow. Current ly, the populat ion has proven to have increased by 5 .7% s ince the last census and as the c i ty ’ s economy cont inues to grow stronger and more d iverse .
Grand Junct ion shows no s igns of s lowing down as there are p lenty of further deve lopment p lans . The c i ty has adopted long-range p lans for the ent i re urban area , ne ighborhood p lann ing areas , s t reet corr idors , area p lans , subarea p lans , and over lay d is t r icts . The Grand Junct ion Comprehens ive Plan pred icts deve lopment up unt i l 2035 and has major p lans for doubl ing the urban area’s populat ion . The v i s ion for the future of Grand Junct ion i s to “Become the most L ivab le Community West of the Rockies .”
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Economy in Grand Junct ionThree of the main economic act iv i t ies in the reg ion were farming, f ru i t growing, and catt le ra i s ing. Fru i t orchards , part icu lar ly between Grand Junct ion and Pa l i sade to the east , remain important to the reg ion’s reputat ion and economy to the present day. Reta i l sa les have been important to the economy for decades (e .g. , gaso l ine , and hunt ing and f i sh ing re lated sa les) , and uran ium min ing-re lated act iv i t ies have a l so been s ign i f icant . Educat ion and hea l thcare have been important to the economy of the area , espec ia l ly s ince the 1950s, w i th the r i se of Colorado Mesa Univers i ty and St . Mar y’s Hosp i ta l as lead ing employers in these f ie lds . The United States , western Colorado, in part icu lar, has the largest known concentrat ion of o i l sha le in the wor ld . By 2008, the economy of Grand Junct ion appeared to be more d iverse and stab le than i t had been in prev ious decades . Major contr ibutors to the economy were hea l th care , tour i sm, agr icu l ture , l i vestock , and energy min ing (gas and o i l ) . Major energy companies had once aga in invested large amounts of money due to increases in o i l and natura l gas pr ices . By 2008, Grand Junct ion was be ing d iscovered by the “nat ion’s e l i te bus iness and le i sure t rave lers” as a dest inat ion for pr ivate jet t rave l , w i th nearby Powderhorn Resort and other sk i resorts a major att ract ion .
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15BD24-5-09. BROKERAGE DISCLOSURE TO BUYER/TENANT Page 1 of 2
The printed portions of this form, except differentiated additions, have been approved by the Colorado Real Estate Commission.
(BD24-5-09) (Mandatory 7-09)
DIFFERENT BROKERAGE RELATIONSHIPS ARE AVAILABLE WHICH INCLUDE SELLER AGENCY,
BUYER AGENCY OR TRANSACTION-BROKERAGE.
BROKERAGE DISCLOSURE TO BUYER TENANT
DEFINITIONS OF WORKING RELATIONSHIPS
For purposes of this document, seller also means landlord (which includes sublandlord) and buyer also means tenant (which
includes subtenant).
Seller’s Agent: A seller’s agent works solely on behalf of the seller to promote the interests of the seller with the utmost
good faith, loyalty and fidelity. The agent negotiates on behalf of and acts as an advocate for the seller. The seller’s agent
must disclose to potential buyers all adverse material facts actually known by the seller’s agent about the property. A
separate written listing agreement is required which sets forth the duties and obligations of the broker and the seller.
Buyer’s Agent: A buyer’s agent works solely on behalf of the buyer to promote the interests of the buyer with the utmost
good faith, loyalty and fidelity. The agent negotiates on behalf of and acts as an advocate for the buyer. The buyer’s agent
must disclose to potential sellers all adverse material facts actually known by the buyer’s agent, including the buyer’s
financial ability to perform the terms of the transaction and, if a residential property, whether the buyer intends to occupy
the property. A separate written buyer agency agreement is required which sets forth the duties and obligations of the
broker and the buyer.
Transaction-Broker: A transaction-broker assists the buyer or seller or both throughout a real estate transaction by
performing terms of any written or oral agreement, fully informing the parties, presenting all offers and assisting the parties
with any contracts, including the closing of the transaction, without being an agent or advocate for any of the parties. A
transaction-broker must use reasonable skill and care in the performance of any oral or written agreement, and must make
the same disclosures as agents about all adverse material facts actually known by the transaction-broker concerning a
property or a buyer’s financial ability to perform the terms of a transaction and, if a residential property, whether the buyer
intends to occupy the property. No written agreement is required.
Customer: A customer is a party to a real estate transaction with whom the broker has no brokerage relationship because
such party has not engaged or employed the broker, either as the party’s agent or as the party’s transaction-broker.
RELATIONSHIP BETWEEN BROKER AND BUYER
Broker and Buyer referenced below have NOT entered into a buyer agency agreement. The working relationship specified
below is for a specific property described as:
_______________________________________________________________ or real estate which substantially meets the
following requirements:
___________________________________________________________________________________________________
________________________________________________________________________________.
Buyer understands that Buyer shall not be liable for Broker’s acts or omissions that have not been approved, directed, or
ratified by Buyer.
CHECK ONE BOX ONLY:
Multiple-Person Firm. Broker, referenced below, is designated by Brokerage Firm to serve as Broker. If more than
one individual is so designated, then references in this document to Broker shall include all persons so designated,
including substitute or additional brokers. The brokerage relationship exists only with Broker and does not extend to the
employing broker, Brokerage Firm or to any other brokers employed or engaged by Brokerage Firm who are not so
designated.
One-Person Firm. If Broker is a real estate brokerage firm with only one licensed natural person, then any
references to Broker or Brokerage Firm mean both the licensed natural person and brokerage firm who shall serve as
Broker.
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This Offer ing Memorandum conta ins se lect informat ion perta in ing to the bus iness and af fa i rs of Vacant Land located at 2770 Crossroads Blvd, Grand Junction, CO 81506 ( “Property”) . It has been prepared by Matthews Reta i l Adv isors . Th is Offer ing Memorandum may not be a l l- inc lus ive or conta in a l l of the informat ion a prospect ive purchaser may des i re . The informat ion conta ined in th is Offer ing Memorandum is conf ident ia l and furn ished so le ly for the purpose of a rev iew by a prospect ive purchaser of the Property. It i s not to be used for any other purpose or made ava i lab le to any other person wi thout the wr i t ten consent of Se l ler or Matthews Reta i l Adv isors . The mater ia l i s based in part upon informat ion supp l ied by the Se l ler and in part upon f inanc ia l informat ion obta ined f rom sources i t deems re l iab le . Owner, nor the i r of f icers , employees , or agents makes any representat ion or warranty, express or impl ied , as to the accuracy or completeness of th is Offer ing Memorandum or any of i t s contents and no lega l l i ab i l i ty i s assumed or sha l l be impl ied w i th respect thereto . Prospect ive purchasers shou ld make the i r own pro ject ions and form the i r own conc lus ions w i thout re l iance upon the mater ia l conta ined here in and conduct the i r own due d i l igence.
By acknowledg ing your rece ipt of th is Offer ing Memorandum for the Property, you agree:
1 . The Offer ing Memorandum and i ts contents are conf ident ia l ;
2 . You wi l l ho ld i t and t reat i t in the st r ictest of conf idence; and
3. You wi l l not , d i rect ly or ind i rect ly, d i sc lose or permit anyone e lse to d isc lose th is Offer ing Memorandum or i t s contents in any fash ion or manner detr imenta l to the interest of the Se l ler.
Owner and Matthews Reta i l Adv isors express ly reserve the r ight , at the i r so le d i scret ion, to re ject any and a l l express ions of interest or of fers to purchase the Property and to terminate d iscuss ions w i th any person or ent i ty rev iewing th is Offer ing Memorandum or making an offer to purchase the Property un less and unt i l a wr i t ten agreement for the purchase and sa le of the Property has been fu l ly executed and de l i vered.
If you w ish not to pursue negot iat ions lead ing to the acqu is i t ion of the Property or in the future you d iscont inue such negot iat ions , then you agree to purge a l l mater ia l s re lat ing to th is Property inc lud ing th is Offer ing Memorandum.
A prospect ive purchaser ’ s so le and exc lus ive r ights w i th respect to th is prospect ive t ransact ion, the Property, or informat ion prov ided here in or in connect ion w i th the sa le of the Property sha l l be l imited to those express ly prov ided in an executed Purchase Agreement and sha l l be sub ject to the terms thereof . In no event sha l l a prospect ive purchaser have any other c la ims aga inst Se l ler or Matthews Reta i l Adv isors or any of the i r a f f i l i a tes or any of the i r respect ive off icers , Directors , shareholders , owners , employees , or agents for any damages , l i ab i l i ty, or causes of act ion re lat ing to th is so l ic i tat ion process or the market ing or sa le of the Property.
Th is Offer ing Memorandum sha l l not be deemed to represent the state of af fa i rs of the Property or const i tute an ind icat ion that there has been no change in the state of af fa i rs of the Property s ince the date th is Offer ing Memorandum.
C O N F I D E N T I A L I T Y & D I S C L A I M E R S TAT E M E N T
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L I S T E D B Y :
2770 Crossroads Blvd, Grand Junction, CO 81506
K Y L E M A T T H E W SChairman & CEO
Direct +1 214 692 2115 [email protected]
OFFERING MEMORANDUM
PRIME INTERSTATE ACCESS REAL ESTATE