land for sale kansas 2.19 acres raw land in kansas …...documentation of previouslycompleted...
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LAND FOR SALE2.19 ACRES RAW LAND IN KANSAS CITY, MISSOURI
PROPOSAL PRESENTATION BY:
EVA HORTONManaging Director
ALBERT SPIERSAssociate
JUSTIN BEALDirector
2.19 ACRES RAW LAND
Kansas City
NEWMARK KNIGHT FRANK | CAPITAL MARKETS OFFERING MEMORANDUM
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I EXECUTIVE SUMMARY 3 - 4
II PROPERTY OVERVIEW 5 - 10
III MARKET OVERVIEW 11 - 20
OFFERING MEMORANDUM
TABLE OF CONTENTS
We obtained the information in this offering package from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submittedsubject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates forexample only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction.
EVA HORTONManaging Director
ALBERT SPIERSAssociate
JUSTIN BEALDirector
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INVESTMENT SUMMARY
Interest Offered: 100% Fee Simple
Offering Price: Contact Broker
Offer Submission Procedure:
Seller and Agent will assess the qualification of any party submitting anon-binding letter of intent in accordance with Seller’s objectives. Inmaking this assessment, Seller will consider a number of factorsincluding, but not limited to, price, time frame of closing, and perceivedability of the party to complete the transaction.
Bid Deadline:
All submissions must be faxed, emailed or hard copy delivered. Offershould be submitted in the form of a non-binding letter of intent andshould specify the following:
Offering Price Due Diligence Period Closing Earnest Money Deposit Contingencies (if any) References Documentation of previously completed transactions Sources of funds Any other information having a direct bearing on investor’s ability to
close the proposed transaction
Broker Contact:
Eva HortonManaging Director
T: 713.599.5788E: [email protected]
Albert SpiersAssociate
T 713.599.5126E: [email protected]
Justin BealDirector
T 816.268.4241E: [email protected]
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EXECUTIVE SUMMARY
• The site offers a full 2.19 acres of raw undeveloped land with direct street access off of NW Old Tiffany Springs Rd.
• Positioned less than half a mile from Interstate 29, the major route from central Kansas City to the airport that sees nearly 60,000 vehicles per day.
• The robust population sees a 6.65% growth within a 3-mile radius over the next 5 years.
• Average household income of $97,010 within a 3-mile radius.
• The Property is adjacent to a the large Tiffany Hills Sports Complex, a 73-acre complex with 2 soccer fields, 8 lighted baseball/softball fields, concessions/restrooms, a press box, 627 parking spots, and The Springs Aquatic Center that hosts various swim meets and recreational swimming.
• The Property is located approximately 4 miles from the Kansas City International Airport.
• The new Kansas City International Airport terminal is a $1.4 billion single terminal development project within minutes of the Properties.
• 17 notable construction projects have been recently constructed or are currently underway between 2018 and 2022 within 5-miles of the subject Properties.
• Within half a mile south of the Property there are the Riverstone Apartments (324 units), The Vintage Apartments (308 units), and The Lakes Apartments (407 units), Riverstone Reserve Single Family Homes price $300+.
INVESTMENT HIGHLIGHTS
Newmark Knight Frank’s Capital Market and Investment Sales team, as exclusive agent, is pleased to offer investors the rare opportunity to purchase 2.19 acres, on the north side of Kansas City, Missouri. The Property is strategically positioned just .3 miles west of I-29 off of the Tiffany Springs Pkwy East/Ambassador Dr. exit. The highly trafficked I-29 sees approximately 60,000 vehicles per day and is a direct vein to downtown Kansas City. The Property offers a unique development opportunity within a well-established commercial market.
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Property Location: 8000 NW Old Tiffany Springs Rd
County: Platte
Legal Description: EXECUTIVE HILLS NORTH 7TH ALL THAT PART OF LOT 1
Property Size: 95,396 SF
Site Size: 2.19 AC
Parcel Number: 20-1.0-01-000-000-012.001
Property Type: Raw Land
Zoning: Commercial
Tax District: 12
PROPERTY DESCRIPTION - 2.19 TOTAL ACRESPROPERTY OVERVIEW
PROPERTY HIGHLIGHTS
Located on the corner of NW Old Tiffany Springs Rd. and N Seymour Ave.
Adjacent to the Property is Tiffany Hills Sports Plex, a 73-acre complex containing 8baseball/softball fields, two soccer fields, and The Springs Aquatic Center built in 2006. Thecomplex has 627 parking spaces with concessions/restroom facility, and a press box.Owned by the City of Kansas, the Complex attracts crowds throughout the year fortournaments hosted by different organizations and boasts busy summer weekends andsoccer clubs for the spring and fall. The Springs has a 700-square foot pool, lazy river,children’s pool area, changing area, concessions, and Lifeguard Station.
Approximately .5 miles West of Interstate 29.
Approximately 4.5 miles from the airport and approximately 15 mile from downtown.
Adjacent to the east is owned by the City of Kansas City. Industrial/Materials site.
Within half a mile south of the Property there are the Riverstone Apartments (324 units), TheVintage Apartments (308 units), and The Lakes Apartments (407 units), Riverstone ReserveSingle Family Homes price $300+.
Within a 3-mile radius there is an average household income of $97,000.
Within 1- mile of a heavy automotive dealer corridor along I-29 with Honda, Lexus, Harley-Davidson, GMC, Buick, Nissan, and Toyota all right next to each other.
Within 1-mile of the Tiffany Springs Market Center with national tenants: Best Buy, Ulta, JCPenny, Tuesday Morning, Marshalls PetSmart, Home Depot, Aldi, and Guitar Center. Thereare pad sites with NTB and Golden Coral, Jason’s Deli, and Five Guys.
Ideal opportunity for retail to serve the immediate residential community. An additional usecould be recreational or parking to accompany the baseball fields and water park that isalready owned by the city.
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LOCATION MAP
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PARCEL MAP
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Parcel Number: 20-1.0-01-000-000-012.001
DBA: Vacant Land
Legal Description: EXECUTIVE HILLS NORTH 7THALL THAT PART OF LOT 1
Assd. Land Value: $45,878
Total AC: 2.19 AC
Total SF 95,396 SF
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ZONING MAPZONING MAP
Map Symbol District Name
M1 Manufacturing 1
M2 Manufacturing 2
M3 Manufacturing 3
M4 Manufacturing 4
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NW Old Tiffany Springs RdNW Old Tiffany Springs Rd
Tiffany HillsSports Complex
Woodcrest Apartments
Walker Athletic Complex
PROPERTY OVERVIEWAERIAL AMENITY MAP
Northpointe Office Center/Executive Hills North
Truman Medical,
Tiffany Center
Tiffany Landing
Northpointe Tower- Newmark Sold March 2019. Just under $30 psf.
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HawksburyNeighborhood
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MARKET OVERVIEW
KANSAS CITY, MO
• Located in the Midwest of the United States, Kansas City, Missouri is central to the 18-County Kansas City metro area, with a total population of approximately 2.1 million people. Historically known for its contributions to the musical styles of blues jazz and its Kansas City-style barbecue − Kansas City, Missouri is a destination town. The downtown population quadrupled in the last decade and is expected to grow by 50 percent in the next five years. Kansas City supports a competitive business market with total employment growth of 1.5% and positive growth occurring in seven out of ten industries, calculated on a 12-month percent change basis.
• Kansas City boasts a unique and diverse mix of industries ranging from manufacturing, trade and transportation, government, education among many others. As a result of this unique mix, Kansas City’s central location, and healthy business community several large companies call Kansas City home including AMC Entertainment, Burns and McDonnell, Cerner Corporation, DST Systems, Garmin International, Great Plains Energy (KCPL), H&R Block, Seaboard, Sprint, Westar Energy, and YRC Worldwide.
• In 2012, Google chose the Kansas City metro area as the first location in the world for the rollout of Google Fiber.
• More recently, Kansas City, Missouri launched its Smart City initiative with the collaboration of Cisco, Sprint and Think Big Partners. The more than $15 million public-private partnership has made Kansas City’s Smart City Corridor a leading technology, innovation
• Kansas City Tourism has a total economic impact of $5.1 billion, including spinoff spending and jobs.
LOCATION HIGHLIGHTS
TWIN CREEKS SEWER IMPROVEMENT PROJECT • Completed in 2015• $57M infrastructure project.KCI TERMINAL DEVELOPMENT• New development of a single terminal to revamp airport• to be completed by end of 2022 NORTHLAND ENTERTAINMENT DEVELOPMENT• Metro North Crossing is a combination of unique
entertainment concepts that will create a premier destination for shopping, entertainment, and dining.
• T-Shotz: State-of-the-art driving range, restaurant and entertainment facility.
• Luxury Apartments: 249 apartment units with 30,000 square feet of retail space on the first floor.
• Main Street: A mix of national and local shopping experiences.
HUNT MIDWEST RIVERSTONE PROJECT• 284 single-family home sites priced from the upper
$300,000’s to low $400,000’s.• 286,600 Retail / Commercial Space.• 300 to 400 luxury apartments. • 37,600 square feet Neighborhood Retail/Office space. • 500 Townhomes and Rowhomes for sale units • 51,350 square feet Neighborhood retail
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MARKET OVERVIEWKANSAS CITY, MO - AREA DEMOGRAPHICS
3 Mi1 Mi 5 Mi
DEMOGRAPHIC SUMMARY 1-Mile 3-Mile 5-Mile
2018 Total Population 3,253 33,388 72,321
2023 Total Population Projection 3,536 35,676 77,822
Population Growth 2018-2023 1.68% 1.33% 1.48%
2018 Households 1,727 14,216 30,132
2023 Households Projection 1,871 15,187 32,429
2018 Median Household Income $63,621 $72,592 $71,992
2018 Average Household Income $92,018 $97,010 $97,426
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NW Old Tiffany Springs RdNW Old Tiffany Springs Rd
NW Barry RdNW Barry Rd
MARKET OVERVIEWTRAFFIC COUNT MAP
Site Street / Cross Street Avg. Daily Volume Site Street / Cross Street Avg. Daily Volume
#1 I-29 34,329 #4 County Rd 152 26,834
#2 I-29 Exit Ramp 58,511 #5 I-29 Feeder Rd / NW Tiffany Springs 8,312
#3 I-29 / NW Barry Rd 54,544 #6 NW Tiffany Springs 7,641
#1
#6#5
#4
#3
#2
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MARKET & DEVELOPMENT NEWSJanuary 11, 2019 | KC moves ahead on two big downtown projects
Jan 11, 2019, 9:38am ESTThe Kansas City Council pushed forward two big building projects — one at 13th and Main streets and one at Third Street and Grand Boulevard in the River Market— after taking a timeout on the proposals in December.
The projects eventually could house as many as 1,800 jobs, and the council signed off on two ordinances Thursday that would empower City Manager Troy Schulteto negotiate development agreements, The Kansas City Star reports.
Source: https://www.bizjournals.com/kansascity/news/2019/01/11/strata-river-market-projects-kansas-city-council.html
May 1, 2019| Loews exec, city officials 'top off' convention center hotel
Mayor Sly James said he knows that most of the people who visit and look at the Loews Kansas City Hotel will not understand the years of work behind theproject.
It’s a project that comes at a time when the city is building a new airport, bringing more hotels online and looking to change the impression the city leaves on visitors.“It’s not just a building,” James said. “This is a physical manifestation of the transformation of Kansas City in a lot of ways.”
Source: https://www.bizjournals.com/kansascity/news/2019/05/01/loews-kansas-city-topping-off-tisch.html
April 26, 2019 | Bloch's investment in KC delivers a revived Downtown and an active KCADCllas ISD School Improvement Plan Pleases Neighbors
Construction of the H&R Block Inc. headquarters helped spark a revival of Downtown while paying homage to the company's history. It's just one example of the company co-founder's role in developing the metro area.
Source: https://www.bizjournals.com/kansascity/news/2019/04/26/henry-bloch-hr-block-investment-in-kansas-city.html
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RECENT CONSTRUCTION AND DEVELOPMENT
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RECENT CONSTRUCTION AND DEVELOPMENT
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PROPERTY VALUATIONCOMPARABLE ASSETS | RECENTLY SOLD & FOR SALE
RECENTLY SOLD COMPARABLES
1. 8700 N PLATTE PURCHASE DR | KANSAS CITY, MO 64155
2. N POMONA AVE- LOT 3 | KANSAS CITY, MO 64153
3. N STODDARD AVE @ NW BARRY RD. | KANSAS CITY, MO 64152
4. 8071 NW ROANRIDGE RD. | KANSAS CITY, MO 64151
5. N 8061 NW ROADRIDGE RD. | KANSAS CITY, MO 64151
6. 8751 N. AMBASSADOR DR | KANSAS CITY, MISSOURI 64154
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4
3
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CURRENTLY FOR SALE COMPARABLES
1. 8150 NW 97TH TER | KANSAS CITY, MO 64153
2. 8250 NW 97TH TER | KANSAS CITY, MO 64153
3. CONGRESS AVE & OLD TIFFANY RD. | KANSAS CITY, MO 64153
4. 10500-10600 AMBASSADOR DR | KANSAS CITY, MO 64153
5. 10501 NW AMBASSADOR DR | KANSAS CITY, MO 64153
6. 11100 NW AMBASSADOR DR | KANSAS CITY, 64153
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00 SOLD COMP 1 SOLD COMP 2 SOLD COMP 3 SOLD COMP 4 SOLD COMP 5 SOLD COMP 6
Property Address:
VACANT COMMERCIAL LAND
8700 N Platte Purchase DrKansas City, MO 64155
VACANT COMMERCIAL LAND
N Pomona Ave- Lot 3Kansas City, MO 64153
VACANT COMMERCIAL LANDN Stoddard Ave @ NW Barry Rd.
Kansas City, MO 64152
VACANT COMMERCIAL LAND
8071 NW Roanridge Rd.Kansas City, MO 64151
VACANT COMMERCIAL LAND
N 8061 NW Roadridge Rd.Kansas City, MO 64151
VACANT COMMERCIAL LAND
8751 N. Ambassador DrKansas City, Missouri 64154
Lot Size: 1 AC (43,560 SF) 2.17 AC (94,525 SF) 2.08 AC (90,951SF) 1.11 AC (48,352 SF) 1.08 AC (47,045 SF) 2.04 AC (88,862 SF)
Asking Price - $195,000
Sale Price: $257,000($257,000/AC)
$57,000($2,988,372/AC)
$575,000($508,000/AC)
$950,000($855,856/AC)
$1,050,000($972,222/AC)
$1,100,000($539,216/AC)
Price/SF: $5.90/SF $.60/SF $11.68/SF $19.65/SF $22.32/SF $12.38/SF
Sale Date: August 2018 May 2017 February 2017 June 2017 March 2018 February 2017
Seller: BT Apartments Sommers Peterson LLC Elmwood Properties LLC - -
Days on Market: - 3,307 - - -
Buyer: Big 5 Property Management LLC Prim Ventures -
Current Zoning: - MUDR MUE4 B3-3, MPD MPD B3-3
Intended Use: Development Commercial use Commercial development Commercial-Retail Commercial Commercial
Description: • Professional Business Park Development.
• Newmark Sold.
• Parking Lot.• Part of Mult-Property
deal.
• Proposed for Condo, Town home, multi family, showroom or flex.
• Planned Frozen Custard restaurant.
• Proposed use for a Discount Tire.
• Proposed use for a Wash Concept.
PROPERTY VALUATIONCOMPARABLE ASSETS | RECENTLY SOLD AND FOR SALE
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00 FOR SALE COMP 1 FOR SALE COMP 2 FOR SALE COMP 3 FOR SALE COMP 4 FOR SALE COMP 5 FOR SALE COMP 6
Property Address:
VACANT COMMERCIAL LAND8150 NW 97th Ter
Kansas City, MO 64153
VACANT COMMERCIAL LAND8250 NW 97th Ter
Kansas City, MO 64153
VACANT COMMERCIAL LANDCongress Ave & Old Tiffany Rd.
Kansas City, MO 64153
VACANT COMMERCIAL LAND10500-10600 Ambassador Dr
Kansas City, MO 64153
VACANT COMMERCIAL LAND10501 NW Ambassador Dr
Kansas City, MO 64153
VACANT COMMERCIAL LAND11100 NW Ambassador Dr
Kansas City, 64153
Lot Size: 2.07 AC (90,165 SF) 1.72 AC (74,923) 20 AC (871,200 SF) 3.38 AC (147,233 SF) 4.72 AC (205,603 SF) 1.50 AC (65,340 SF)
Asking Price $315,591 $262,230 $3,049,200 $395,000 $595,000 $425,000
Sale Price: - - - - - -
Price/SF: $152,466.79/AC ($3.50/SF) $152,459.30/AC ($3.50/SF) $152,459.61/AC ($3.50/SF) $116,863.91/AC (2.68/SF) $126,059.32/AC ($2.89/SF) $283,333.33/AC ($6.50/SF)
Sale Date: - - - - - -
Seller: - - Bank Owned - - -
Days on Market: 1,126 1,126 1,800 665 343 1,781
Buyer: - -
Current Zoning: GP1 GP1 B3-3 GP-2 GP-3 GP-2
Intended Use: Development Commercial use Commercial development Commercial development Retail, MultiFamily Commercial Development
Description: • Proposed Commercial Development.
• Close to another tract going for the same price per square foot. Same Seller
• Proposed Commercial Development.
• Adjacent to another 2.51 tract going for the same price per square foot. Same Seller
• Zoned for up to 137,000 SF of retail development.
• Property borders 117 acre Riverstone site currently developed with over 300 luxury apartments, 500 town homes, and over 280 single family homes.
• Newmark Listed
• Development play. • Development play. • Development play.
PROPERTY VALUATIONCOMPARABLE ASSETS | RECENTLY SOLD AND FOR SALE
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NEWMARK KNIGHT FRANK 1700 Post Oak Blvd, 2 BLVD Place, Suite 250Houston, TX 77079713.599.5000 | www.NGKF.com