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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
409 N Main St6 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 409 N Main St, China Grove,
North Carolina. The property is identified as parcel ID 101-228. The site is approximately 0.5157 acres or 22,464 square feet.
The property has 116' of road frontage on North Main Street. Utilities available to the subject property are
public water and sewer, electricity, gas, and telephone service.
2
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 3,750 square feet (6 Units). Built in 1930.
Floors - Flooring consists of wood flooring with carpet and vinyl coverings.
Exterior Walls - Exterior walls are constructed of vinyl.
Interior Walls - Interior walls are of drywall.
Ceilings - Ceiling are finished and insulated.
Doors - Exterior doors are made from woodand glass. 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 bathroom 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, decks and signage.
3
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
4
• Oak Ave Mall: 9 minute drive
• Revitalized Downtown Kannapolis: 8 minute drive
• NCRC: 11 minute drive
• Train Station: 11 minute drive
• Interstate Highway & Access to the Charlotte job market: 40 minute drive
AAP019-M4091 409 N. Main Street - Apt. 1
CHINA GROVENC 28023
7/15/2016 1 1 $530 600
AAP019-M4092 409 N. Main Street - Apt. 2
CHINA GROVENC 28023
9/20/2018 1 1 $725 700
AAP019-M4093 409 N. Main Street - Apt. 3
CHINA GROVENC 28023
2/23/2015 1 1 $515 600
AAP019-M4094 409 N. Main Street - Apt. 4
CHINA GROVENC 28023
1/1/2014 1 1 $525 600
AAP019-M4095 409 N. Main Street - Apt. 5
CHINA GROVENC 28023
8/30/2019 1 1 $700 600
AAP019-M4096 409 N. Main Street - Apt. 6
CHINA GROVENC 28023
1 1 $170 650
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.
5
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 :
6
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%.
7
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
8
+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.
9
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
10
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.
1 1
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.
13
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:
14
409 N Main St6 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
15
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
katherine.southard@cbre.com
409 N MAIN ST6 U N I T A PA R T M E N T S
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