G STREET - LoopNet · a 350-acre scientific community that collaboratively works to empower human...

O F F E R I N G

M E M O R A N D U M

K a n n a p o l i s , N o r t h C a r o l i n a

201-215 WESTG STREET8 UNIT APARTMENTS

A R E A / P R O P E R T Y I N F O R M A T I O N

Property Information

The property which is the subject of this report

is located at 201-215 West G Street, Kannapolis,

North Carolina. The property is identified in the Cabarrus County Tax Supervisor’s office as parcel ID 5613-57-9553-000.

The site is approximately 0.41 acres or 17,860 square feet.

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A R E A / P R O P E R T Y I N F O R M A T I O N

Property Information

The apartment building consists of 6,045 square feet (8 Units). Built in 1930.

Floors - Flooring consists of wood flooring with carpet and vinyl coverings.

Exterior Walls - Exterior walls are constructed of masonry.

Interior Walls - Interior walls are of drywall.

Ceilings - Ceiling are finished and insulated.

Doors - Exterior doors are made from wood. Interior doors are wood.

Roof - Roofing is asphalt shingle and is supported by pre-engineered trusses.

Bedrooms/Bathrooms -

Subject consists of 6 one bedroom with one bath units, and 2 two bedroom with one bath units.

HVAC - Heating is provided by FWA. Air conditioner is provided by central units.

Site Improvements – Property has paved driveway and paved parking area, front porch, composite decking, and signage.

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Rent Roll

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

U N I T N U M B E R

A D D R E S SC I T Y ,

S T A T E , Z I PM O V E I N

D A T EB E D R O O M B A T H R O O M R E N T S F

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• Oak Ave Mall: 12 minute walk / 3 minute drive

• Revitalized Downtown Kannapolis: 14 minute walk / 4 minute drive

• NCRC: 11 minute walk / 3 minute drive

• Train Station: 11 minute walk / 2 minute drive

• Interstate Highway & Access to the Charlotte job market: 26 minute drive

AAP007-GS201 201 West G StreetKANNAPOLIS

NC 2808110/1/2012 1 1 $488 775


NC 2808112/14/2018 1 1 $650 650


NC 280818/6/2015 1 1 $515 980


NC 280812/5/2018 2 1 $775 950


NC 280816/4/2018 1 1 $675 775


NC 280813/23/2019 2 1 $690 950


NC 280816/1/2012 1 1 $472 775


NC 2808111/13/2015 1 1 $489 750

Castle & Cooke was founded in 1851 as a partnership that sold

farm tools, sewing equipment and medicine. From humble

beginnings operating a general store to a worldwide leader in food,

transportation, and real estate industries, Samuel Northrup Castle and

Amos Starr Cooke entrepreneurial spirit and vision continues.

C A S T L E & C O O K E

After their passing, Castle & Cooke acquired

various companies eventually becoming the

real estate arm of Dole Food Company. David

H. Murdock, current chairman, president

and chief executive officer, along with his

management team at Castle & Cooke. Castle

& Cooke continues to focus on meeting this

important goal.

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C O N T R I B U T E

David H. Murdock acquired Fieldcrest Cannon in

2004 and announced his plans for a $1.5 billion

scientific and economic revitalization project called

the North Carolina Research Campus.

D E V E L O P I N N O V A T E

Contribute to the production of

safer, more nutritious crops and

healthier foods

Develop clinical applications of

targeted nutrition and precision

medicine

Innovate in the fields of

bioinformatics and multi-omic

discovery platforms.

T H E G O A L O F T H E N R C R I S T O :

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C H A R L O T T E A C C O L A D E S

Key Metro Statistics

During the last 5 years, Charlotte has experienced

the fastest rate of growth in the country at 48.4%,

compared to the national growth rate of 16%.

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Charlotte

Madison, WI

Ft. Lauderdale

Jacksonville

Salt Lake City

Miami

Portland, OR

Orlando

San Francisco

Denver

#1 #1 #1 #2MILLENNIAL MOVING

DESTINATION CITY

(Smart Asset)

TOP TECH

MOMENTUM MARKET

(CBRE Research)

STATE WITH FASTEST

GROWING ECONOMY

(Bureau of Economic Research)

CITY CREATING

THE MOST TECH JOBS

(Forbes)

#4 #5 3.3% 142KHOTTEST HOUSING

MARKET

(Zillow)

BEST STATE FOR

HIGHER EDUCATION

Home to world-class universities, including U.S. News best colleges #8 in

the top 100 universities - Duke University

UNEMPLOYMENT

(BLS, April 2019)

JOBS ADDED SINCE

JANUARY 2014

(BLS, April 2019)

C H A R L O T T E D E V E L O P M E N T T I M E L I N E

+7.4M SF +3.4M SFG R O S S A B S O R P T I O N N E T N E W A B S O R P T I O N

4 8 . 4 %

4 7. 0 %

4 6 . 8 %

4 0 . 7 %

3 8 . 6 %

3 5 . 4 %

3 5 . 3 %

3 4 . 2 %

3 3 . 4 %

3 0 . 9 %

F A S T E S T G R O W I N G

T E C H T A L E N T M A R K E T S

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+3.4M SF

A R E A O V E R V I E W

Kannapolis, North Carolina

Oak Avenue Shopping Center

The City of Kannapolis is part of the dynamic Charlotte

region, one of the top growth areas in the country.

With a deep history in textile manufacturing, Kannapolis

is evolving into a research and development hub centered

around health and wellness. This transformation started with

the creation of the $600 million North Carolina Research

Campus (NCRC), a 350-acre home to eight university

programs working on the cutting edge of health sciences.

NCRC is in the heart of downtown Kannapolis on the

redeveloped site of former Cannon Mills – a 6,000,000

SF facility that was largest towel manufacturing facility

in the world. In addition to the amazing discoveries and

quality jobs the campus brings, it is creating momentum

and business opportunities that come along with such an

important research institution.

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The North Carolina Research Campus in Kannapolis, NC, is

a 350-acre scientific community that collaboratively works to

empower human health through nutrition. Eight universities,

the David H. Murdock Research Institute, companies and

entrepreneurs focus research and development on safer,

more nutritious crops, healthier foods and precision nutrition.

Notable players at NCRC include UNC Chapel Hill, NC State,

Duke University, Appalachian State, Atrium Health and Dole

Food Company.

Research combines multiple scientific focuses spanning fruits,

vegetables, grains, herbs, bioactive compounds, food safety,

exercise physiology and the influence of nutrition on

risk factors for chronic disease and fetal development.

The NC Research Campus is expanding to include the NC

State University Food Innovation Laboratory (FIL). Through a

statewide partnership, the FIL will open in 2019 and provide

food companies a cGMP facility to test and produce new, plant-

based ingredients, products and packaging.

Education is a cornerstone of the campus. Rowan-

Cabarrus Community College offers two-year degrees in

biotechnology, nursing and advanced technology in their

training center that is walking distance from all the campus’

research centers. The Plant Pathways Elucidation Project

(P2EP) is a one-of-a-kind, collaborative program that

combines the expertise of leading scientists with the campus’

university and corporate partners to train undergraduate

and doctoral-level students in fields like plant genetics and

bioinformatics.

Beyond a research center, the NC Research Campus is an

economic driver creating over 1,000 jobs and playing a critical

role in the development of the city of Kannapolis and the

Charlotte-area’s growing life science sector.

N C R E S E A R C H C A M P U S

206,872Population

15.9%Population Growth Since 2010

$54,720Median Household Income

C A B A R R U S C O U N T Y

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C A B A R R U S C O U N T Y A R E A O V E R V I E W

Kannapolis Revitalization

I N F R A S T R U C T U R E & S T R E E T S C A P E

A major component of the Kannapolis Downtown Revitalization is the infrastructure

and streetscape improvements. The unique streetscape serves as an urban park

with many green spaces for activities such as concerts, arts, recreation activities

and classes, shopping and outdoor dining. Traffic flow and parking options work

in conjunction with pedestrian activity and pocket parks with water features. The

infrastructure project included replacing aging and undersized utilities including

water, sewer, storm water and electricity.

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S P O R T S / E N T E R T A I N M E N T V E N U E

The $52-million Sports and Entertainment Venue will be located at the

corner of West Avenue and Laureate Way and will serve as a major catalyst

to draw people downtown. The venue will be the new home of

the City’s Minor League Baseball Team– the Kannapolis Intimidators,

an affiliate of the White Sox Major League Team. The venue will contain

6,000 square feet of banquet and meeting space available for conferences,

meetings, and special events. The stadium is designed as a multi-use

facility capable of accommodating special events including concerts.

The stadium will have a seating capacity of 4,930 with 3,218 of those

being fixed seats. Other seating options will include luxury suites, a

party deck, berm seating, premium dugout box seats, picnic terrace,

outfield bar, and right field boxes.

The Sports & Entertainment Venue is a major catalyst for Kannapolis’

Downtown Revitalization Project and has already resulted in

commitments by private investors for adjacent mixed-use developments

totaling more than $60 million.

V I D A

286 Multifamily Units / 125 Room Hotel

400 Space Parking Deck

In March 2019 the City of Kannapolis and the Lansing Melbourne

Group (LMG) broke ground on a mixed-use district which will

bring apartments, a hotel, restaurants, a brewery, and retail space to

downtown Kannapolis.

The project, known as VIDA, will be constructed between Main

Street and West Avenue on a four-acre site that will incorporate and

preserve the historic Cabarrus Bank Building as the lobby for a 125-

room hotel that will break ground in the fourth quarter of 2019. LMG

will invest $61 million to construct 286 apartments, 18,000 square feet of

new retail and renovate 36,000 square feet of historic retail space, plus

the new hotel. The City’s investment will include a 400-space public

parking deck. The project will open in Spring 2021. 12

A R E A O V E R V I E W

Charlotte MSA

The city of Kannapolis is part of the Charlotte region, a 16-county area

that is home to approximately 2.8 million residents and one of the fastest

growing metropolitan areas in the country. Charlotte is the largest city in

the Carolinas and the 17th largest in the United States. Steady job

creation has outpaced the rest of the country and its skilled labor force

and affordability has attracted many high-profile corporate relocations

and expansions. Six Fortune 500 companies are headquartered in the

area.

2ndLargest

FinancialCenter

in the country with more than 54,000

employed in the industry

in Mecklenburg County.

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C O R P O R A T E H E A D Q U A R T E R S

High-quality talent, low cost of living and easy access to

markets makes Charlotte the ideal location for headquarters

operations. With the world’s seventh busiest airport, the

nation’s second-largest banking center and as the number-one

destination for relocating millennials, Charlotte has become

one of the fastest-growing cities in the country.

It’s no wonder that more than 425 companies from diverse

industries – finance, technology, energy and manufacturing,

among others - have made Charlotte their global or North

American home. Another 250-plus house their regional

headquarters here, including Wells Fargo’s east coast

headquarters and largest employment base with more than

24,000 employees. A growing professional services and

administrative support sector of more than 14,000 companies

– including law firms, consultants, accountants - offer

headquarters operations all the necessary support services.

Q U A L I T Y O F L I F E

Perhaps the most compelling attraction of Charlotte is simply

its remarkable quality of life. Though a leading national

business center, Charlotte has been able to maintain a low

cost of living, high quality of life, and the charm and hospitality

for which the Carolinas and the Southeast have come to be

known. Charlotte is rich with a diverse menu of entertainment

opportunities ranging from professional sporting events to the

arts and outdoor recreational activities. Charlotte is home to

the NFL’s Carolina Panthers and the NBA’s Charlotte Hornets.

For golf lovers, the PGA’s Wells Fargo Championship is played

in Charlotte each spring at Quail Hollow Club, except in

2017 when the course hosted the 99th PGA Championship.

Charlotte is the home of the NASCAR Hall of Fame and

Charlotte Motor Speedway which plays host to three major

NASCAR events each year. World-class cultural amenities

– from NFL and NBA sports to Broadway shows to outdoor

amenities – complete an ideal environment to live, work

and play.

Charlotte is home to World Headquarters for the following 6 Fortune 500 companies:

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201-215 West G St8 UNIT APARTMENTS

Affiliated Business Disclosure

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).

Confidentiality Agreement

Your receipt of this Memorandum constitutes your acknowledgment 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 theprior 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.

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 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 Property¹s 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. PMStudio_November2019

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K a n n a p o l i s , N o r t h C a r o l i n a

O F F E R I N G

M E M O R A N D U M

Katherine Southard

+1 704 331 1260

[email protected]

201-215WEST G ST8 U N I T A PA R T M E N T S

G STREET - LoopNet · a 350-acre scientific community that collaboratively works to empower human...

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