FOR SALE 40.58 ACRES ON NARRAGANSETT BAY€¦ · CBRE is pleased to present approximately 40.58...

FOR SALE

UNIQUE DEVELOPMENT OPPORTUNITY

40.58 ACRES ON NARRAGANSETT BAY WEST SHORE ROAD / BAKER ROAD Portsmouth, Rhode Island

www.cbre.us/providence

NARRAGANSETT BAY

WEST SHORE ROAD

CARNEGIE HEIGHTS

ACCESS FROM AQUIDNECK CLUB TO EQUESTIAN CENTERACCESS FROM

AQUIDNECK CLUB TO EQUESTIAN CENTER

BAKER ROAD

WES

T SH

ORE R

OAD

WIL

LOW

LAN

E

WIL

LOW

LAN

E

CARNEGIE HEIGHTS

AQUIDNECK CLUB

THE PROPERTY

2

CONTACT US

ALDEN ANDERSON JR.Senior Vice President+1 401 621 [email protected]

ANDREW GALVIN First Vice President+1 401 330 1915 [email protected]

3

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TS01 EXECUTIVE SUMMARY 0 2 T H E O F F E R I N G

0 3 O P P O R T U N I T Y H I G H L I G H T S

02 LOCATION 0 4 P O R T S M O U T H , R H O D E I S L A N D

0 5 A E R I A L

03 SPECIFICATIONS 0 6 S I T E P L A N

0 7 Z O N I N G P A R C E L S

2 2 6 W E S T S H O R E R O A D • P O R T S M O U T H , R I

2

EX

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01 THE OFFERING

CBRE is pleased to present approximately 40.58 acres of land (the “Property”) in

scenic Portsmouth, Rhode Island for development. The Property consists of 11

parcels, the largest of which is 36.21 acres. The Property sits between the

Aquidneck Club (formerly Carnegie Abbey Club) to the south and the Newport

Beach Club to the north. The Property consists of five parcels totaling 4.32 acres

that are zoned R-20. The 36.21-acre site is zoned Heavy Industrial.

The opportunity to develop the residentially zoned parcels will allow a developer

to mitigate cost basis while entitlements and/or development takes place on the

36.21-acre parcel. Potential bidders must take on zoning/entitlement risk and

should be priced accordingly.

WEST SHORE ROAD

CARNEGIE HEIGHTS

ACCESS FROM AQUIDNECK CLUB TO EQUESTIAN CENTERACCESS FROM

AQUIDNECK CLUB TO EQUESTIAN CENTER

BAKER ROAD

WES

T SH

ORE R

OAD

WIL

LOW

LAN

E

WIL

LOW

LAN

E

CARNEGIE HEIGHTS

AQUIDNECK CLUB

NARRAGANSETT BAY

THE PROPERTY

3E X E C U T I V E S U M M A R Y

T A L E N T

20 min drive time radius to Roger Williams University, Naval War College, Salve Regina University, Brown University,

Rhode Island School of Design and Johnson & Wales University

OPPORTUNITY HIGHLIGHTS

Highly accessible20 min to Providence,

10 min to Newport, 60 min to Boston

Aquidneck Island has restaurants, beaches, boating and golf

S C E N I C L O C A T I O N Q U A L I T Y O F L I F E

4

LOC

AT

ION

02

P O R T S M O U T H , R H O D E I S L A N D

© 2017 CBRE Limited. Data © TeleAtlas, Google, AerialExpress, DigitalGlobe, Landiscor, USGS, i-cubed. The information contained herein (the “Information”) is intended for informational purposes only and should not be relied upon by recipients hereof. Although the Information is believed to be correct, its accuracy, correctness or completeness cannot be guaranteed and has not been verified by either CBRE Limited or any of its affiliates (CBRE Limited and its affiliates are collectively referred to herein as “CBRE”). CBRE neither guarantees, warrants nor assumes any responsibility or liability of any kind with respect to the accuracy, correctness,completeness, or suitability of, or decisions based upon or in connection with, the Information. The recipient of the Information should take such steps as the recipient may deem appropriate with respect to using the Information. The Information may change and any property described herein may be withdrawn from the market at any time without notice or obligation of any kind on the part of CBRE. The Information is protected by copyright and shall be fully enforced. Layout ID: L10 MapId: 4595107

100 QUAKER LANE

EXCELLENT LOCATION

Portsmouth, Rhode Island is seen as a bedroom community to Providence and

also popular with former Newport residents who migrate to the north of the island

for a strong public education system. This has led to significant growth in quality

residential housing over the last 20 years. The area of Portsmouth where the

Property is located was once primarily industrial in nature and is now predominantly

residential. The residential in the immediate area is a mix of quality and sizes

with higher-end residential located within the former Carnegie Abby Club, now

Aquidneck Club, as well as the Newport Beach Club. Both of these locations have

significant amenities for their members.

Portsmouth, Rhode Island is located on the northern section of Aquidneck Island.

Overall, Aquidneck Island has limited industrial product with demand drivers

concentrated in the marine trades. The marine trades industry does have operations

on the Narragansett Bay side of Portsmouth and from a historical perspective there

was Kaiser Aluminium and Northrup Grumman located adjacent to and on the

Property. The Heavy Industrial zoning is rare and could allow for industrial uses or,

with appropriate planning board approval, a planned industrial development, a

planned marine trade development or a planned marina village development on the

36.21-acre parcel.

ROGER WILLAMS UNIVERSITY

THE PROPERTY

5L O C A T I O N

2 2 6 W E S T S H O R E R O A D • P O R T S M O U T H , R IPROVIDENCE

MT. HOPE BRIDGE

MONTAUP COUNTRY CLUB

NEWPORT BEACH CLUB

EQUESTRIAN CENTER

WEST SHORE ROADBAKER ROAD

CARNEGIE HEIGHTS DRIVE

AQUIDNECK CLUB

ROGER WILLAMS UNIVERSITY

24

NARRAGANSETT BAY

THE PROPERTY

5

6

SP

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ION

S

03

TOWER DR WILLOW LN

WILLOW LN

W SHORE RD

HALL RD

WILLOW LN

CARN

EGIE

HAR

BOR

DR

ELLI

OT

ST

WILLOW LN

TOWER DR

BROWNE

WIL

LOW

CT

RNEG

IE H

ARBO

R DR

THERIEN RD

W SHORE

WILLOW LN

W SHORE RD

SCA

RNEG

IEBE

ACH

DR

WILLOW LN

BAKER RD

CARNEG

EVANS WY

CARNEGIE HEIGHTS DR

W SHO

RE RD

SCAR

CARNEGIE HARBOR DR

16-1

16-10 16-11

16-1216-13

16-14

16-15 16-16

16-1716-18

16-19

16-2

16-20A

16-22

16-3

16-3316-35

16-36

16-37

16-38

16-39

16-4

16-40

16-4116-5

16-6

16-7

16-9

17-6A

22-1

22

27-13

27-13A

27-14

27-14A

27-15

27-16

27-17

27-19

27-19A

27-19B

27-19C

27-19D

27-19E

27-26

27

27-8

27-9

26-24

26-4-10

26-4-14

26-106.4 AC

26-121.84 AC

26-1336.21 AC

26-141 AC

26-151.52 AC

26-160.76 AC

26-170.68 AC26-18

0.63 AC26-19

0.68 AC

26-20 AC

26-200.73 AC

26-210.52 AC

26-220.57 AC

26-230.59 AC

26-2A-12.03 AC

26-2A-111.21 AC

26-2A-130.75 AC

26-2A-160.75 AC

26-2A-190.68 AC

26-2A-200.65 AC

26-2A-220.92 AC

26-2A-32.22 AC

26-2A-41.37 AC

26-2A-51.76 AC

26-2A-61.69 AC

26-2A-71.75 AC

26-2A-91.29 AC

26-2B0 AC

26-2B-10 AC

26-2B-100 AC

26-2B-110 AC

26-2B-120 AC

26-2B-130 AC

26-2B-140 AC

26-2B-150 AC

26-2B-160 AC

26-2B-170 AC

26-2B-180 AC

26-2B-190 AC

26-2B-20 AC

26-2B-200 AC

26-2B-210 AC

26-2B-30 AC

26-2B-40 AC

26-2B-50 AC

26-2B-80 AC

26-2B-90 AC

26-2C2.1 AC

26-2E1.2 AC

26-30.13 AC

26-47.59 AC

26-4-10.93 AC

26-4-112.76 AC 26-4-12

2.8 AC

26-4-154.24 AC

26-4-21.28 AC

26-4-31.15 AC

26-4-41.22 AC

26-4-51.04 AC

26-4-61.37 AC

26-4-71.99 AC

26-4-82.5 AC

26-4-93.93 AC

26-50.9 AC

26-60.52 AC

26-80.38 AC

26-2A-150.5 AC

Owner Address Zoning Plat Lot Acreage Land Imp. Total1 NATIONAL ASSET SARASOTA LLC 226 West Shore Road Heavy Industrial 26 13 36.21 2,957,400$ 1,600$ 2,959,000$ 2 NATIONAL ASSET SARASOTA LLC 0 Baker Road R-40 26 24/18 0.01 1,700$ 1,700$ 3 NATIONAL ASSET SARASOTA LLC 0 Baker Road R-40 26 24/16 0.01 1,700$ 1,700$ 4 NATIONAL ASSET SARASOTA LLC 0 Baker Road R-40 26 24/15 0.01 1,700$ 1,700$ 5 NATIONAL ASSET SARASOTA LLC 0 Baker Road R-40 26 24/20 0.01 1,700$ 1,700$ 6 NATIONAL ASSET SARASOTA LLC 0 Baker Road R-40 26 24/19 0.01 1,700$ 1,700$ 7 NATIONAL ASSET SARASOTA LLC 0 West Shore Road R-40 26 16 0.76 130,800$ 130,800$ 8 NATIONAL ASSET SARASOTA LLC 0 West Shore Road R-40 26 15 1.52 140,100$ 140,100$ 9 NATIONAL ASSET SARASOTA LLC 0 Baker Road R-40 26 19 0.68 288,500$ 288,500$

10 NATIONAL ASSET SARASOTA LLC 0 Baker Road R-40 26 18 0.63 287,100$ 287,100$ 11 NATIONAL ASSET SARASOTA LLC 0 Baker Road R-40 26 20 0.73 289,800$ 289,800$

Totals 40.58 4,102,200$ 4,103,800$

Assessed ValueWest Shore Road

SITE PLAN

7S P E C I F I C A T I O N S


OW N ER A DDR ES S ZON I NG PL AT LO T ACR E AGE

1 National Asset Sarasota LLC 226 West Shore Road Heavy Industrial 26 13 36.21

2 National Asset Sarasota LLC 0 Baker Road R-20 26 24/18 0.01





7 National Asset Sarasota LLC 0 West Shore Road R-20 26 16 0.76

8 National Asset Sarasota LLC 0 West Shore Road R-20 26 15 1.52

9 National Asset Sarasota LLC 0 Baker Road R-20 26 19 0.68



Totals 40.58

ZONING PARCELS

8

DISCLAIMER

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 financing 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 finance

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

loan documents.

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 financing

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 financing the

Property, kindly return it to CBRE, Inc

9S P E C I F I C A T I O N S


10

CONTACT US

www.cbre.us/providence

ALDEN ANDERSON JR.Senior Vice President+1 401 621 [email protected]

ANDREW GALVIN First Vice President+1 401 330 1915 [email protected]

CBRE • ONE FINANCIAL PLAZA, 15TH FLOOR • PROVIDENCE, RHODE ISLAND 02903 • +1 401 331 0350 • WWW.CBRE.US

© 2019 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. You should conduct a careful, independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk. CBRE and the CBRE logo are service marks of CBRE, Inc. All other marks displayed on this document are the property of their respective owners. Photos herein are the property of their respective owners. Use of these images without the express written consent of the owner is prohibited.

FOR SALE 40.58 ACRES ON NARRAGANSETT BAY€¦ · CBRE is pleased to present approximately 40.58...

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Transcript of FOR SALE 40.58 ACRES ON NARRAGANSETT BAY€¦ · CBRE is pleased to present approximately 40.58...