BELLWOOD PARK: 52 – ACRE COMMERCIAL/RETAIL DEVELOPMENT SITE
Tyler, Texas
Contact Broker for Detailed Offering Memorandum
CHRIS BURROW
Vice President
INVESTMENTS DIVISION
e [email protected]
p 972.419.4094
c 214.244.5047
METHODS CHANGE. PRINCIPLES ENDURE. SERVICE & INTEGRITY SINCE 1914.
PROPERTY OVERVIEW
:
www.henrysmiller.com
2
CHRIS BURROW
VP Investments/Land
Division
P 972.419.4094
e [email protected]
NOTICE & DISCLAIMER: The enclosed information is from sources believed to be reliable, but Henry S. Miller Brokerage, LLC has not verified the accuracy of the information. Henry S. Miller Brokerage, LLC makes no
guarantee, warranty or representation as to the information, and assumes no responsibility for any error, omission or inaccuracy. The information is subject to the possibility of errors, omissions, changes of condition,
including price or rental, or withdrawal without notice. Any projections, assumptions or estimates are for illustrative purposes only. Recipients should conduct their own investigation.
PROPERTY SUMMARY
PROPERTY DESCRIPTION
Location: NWC of Loop 323 & Earl Campbell
Parkway, Tyler, Texas.
Land Size: +/- 52 Acres with over 2500’ of frontage on the Loop.
Zoning:
PCD – Planned Commercial Development
Utilities:
Sewer service currently to the property. Water to be provided by the City.
Traffic:
Loop 323 has the second highest traffic in Tyler at 34,000/24-hrs.
Price:
Not disclosed. Please contact broker for complete offering and details.
COMMERCIAL SITE AREA DEMOGRAPHICS
The market area of the commercial site is characterized by strong college-educated, professional, and middle and
upper-middle class demographics.
1 Mile
3 Miles
5 Miles
Tyler
1,105
27,648
80,408
100,223
214,871
N/A
63,113
146,002
175,000
N/A
10.6%
14.7%
12.5%
$58,120
$53,325
$60,592
$68,113
$68,548
2013 Est. College Degree
37.7%
26.9%
32.5%
26.0%
22.5%
2010 Homes Built 1990 or later
42.8%
26.3%
26.3%
24.4%
N/A
2010 Mgmt. Business, Professional
30.3%
24.5%
29.0%Cascades
28.5%
24.2%Across Bellwood Lake Toward Bellwood Park
Golf Course Looking
2013 Est. Population
2013 Est. Daytime Population
2012 Est. HH Income $100,000 or more 16.4%
2013 Est. Average HH Income
MSA__
10.2%
Boathouse at Cascades Club
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NOTICE & DISCLAIMER: The enclosed information is from sources believed to be reliable, but Henry S. Miller Brokerage, LLC has not verified the accuracy of the information. Henry S. Miller Brokerage, LLC makes no
guarantee, warranty or representation as to the information, and assumes no responsibility for any error, omission or inaccuracy. The information is subject to the possibility of errors, omissions, changes of condition,
including price or rental, or withdrawal without notice. Any projections, assumptions or estimates are for illustrative purposes only. Recipients should conduct their own investigation.
DEVELOPMENT OVERVIEW
Commercial/Retail Market Overview
The commercial/retail occupancy in the immediate market area and in Tyler in general is a reported rate of over 90%. Lease
rates are stable and gross retail sales are steadily increasing on an annual basis. This is largely due to the retail market
attracting a broad customer base from communities in East Texas well beyond the immediate Tyler trade area.
The strength of the Tyler commercial/retail market is reflected in the recent opening of The Village at Cumberland Park
located at Highway 69 South and Loop 49 which opened in September, 2014. With 700,000 square feet of retail, restaurant
and entertainment space, it is reportedly 95% leased with plans underway for Phase II. Tenants include World Market, Bed,
Bath & Beyond, Studio Movie Grill, Lane Bryant, T. J. Maxx, DSW and others.
Other major retailers operating within the Tyler market area are located within the area’s 55 retail centers totaling 3.2 million
sq. ft. They include Dillard’s, Sears and J.C. Penney located in the 800,000 sq. ft. Broadway Square Mall as well as Target,
Macy’s, Gander Mountain, Sam’s Club, Walmart, and Brookshire’s.
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NOTICE & DISCLAIMER: The enclosed information is from sources believed to be reliable, but Henry S. Miller Brokerage, LLC has not verified the accuracy of the information. Henry S. Miller Brokerage, LLC makes no
guarantee, warranty or representation as to the information, and assumes no responsibility for any error, omission or inaccuracy. The information is subject to the possibility of errors, omissions, changes of condition,
including price or rental, or withdrawal without notice. Any projections, assumptions or estimates are for illustrative purposes only. Recipients should conduct their own investigation.
DEVELOPMENT OVERVIEW
DEVELOPMENT PLAN
The Development Plan contemplates developer friendly
phasing of infrastructure with various options for public
financing and incentive programs to allow for efficient
development costs and to maximize cash flow. Access to the
Cascades golf course, tennis courts, spa, and club house is
proposed by way of a connector route from Bellwood Park to
the Cascades. The City may consider allowing use of
contiguous City owned lakefront property for Bellwood Park
lakefront amenities.
SEWER
Existing infrastructure benefits the developer since sewer service
is currently provided to the property from the north and
extending into the property through the greenbelt space west of
the mixed-use tracts and east of the residential tracts. This
represents a substantial reduction in typical development
infrastructure costs. Sewer also exists along the north shoreline of
Bellwood Lake and extends east to the southeast corner of the
property at the intersection of Loop 323 and Earl Campbell
Parkway north of Sam’s Club. Sewer service is also to be
provided by the City of Tyler with a trunk line within Loop 323.
EARL CAMPBELL PARKWAY EXTENSION
The City is proposing to construct an extension of Earl
Campbell Parkway through the property from a point at its
current terminus just north of Sam’s Club and running west
and northwest to State Highway 31 at the northwest corner of
Bellwood Park. A final phase of the Earl Campbell Extension
will connect State Highway 31 with State Highway 64. The City
has placed the project on the budget to be funded by the
Half Cent Sales Tax Capital Budget Program and has
budgeted $5 million toward its construction.
ENTITLEMENTS
Planned Commercial Development (PCD) zoning in place.
REAL PROPERTY TAXES
Reduced taxes per timber classification with a 5-year rollback.
UTILITIES
Water to be provided by City of Tyler with a trunk line within
Loop 323.
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NOTICE & DISCLAIMER: The enclosed information is from sources believed to be reliable, but Henry S. Miller Brokerage, LLC has not verified the accuracy of the information. Henry S. Miller Brokerage, LLC makes no
guarantee, warranty or representation as to the information, and assumes no responsibility for any error, omission or inaccuracy. The information is subject to the possibility of errors, omissions, changes of condition,
including price or rental, or withdrawal without notice. Any projections, assumptions or estimates are for illustrative purposes only. Recipients should conduct their own investigation.
DEVELOPMENT OVERVIEW
COMMERCIAL SITE SUMMARY
PCD zoning for Bellwood Park provides flexibility for allocation of uses and densities, including commercial/retail to take
advantage of its location within the rapidly developing Loop 323/Earl Campbell Parkway commercial/retail and education
corridor. Current plans include 52+/- acres of commercial/retail/entertainment with over 2,500 feet of frontage on Loop 323 and
over 1,000 feet of frontage on Earl Campbell Parkway. The frontages are sufficient in size and configuration to provide broad
flexibility for users, including multiple mid. and big-box retailers, in-line retail space and pads, and multiple opportunities for high
exposure entertainment and restaurant venues. The commercial site is characterized by the following:
•Traffic counts are currently 34,000 vehicles per 24-hour period, the second highest in Tyler.
•High visibility on Loop 323
•Loop 323/Earl Campbell Parkway extension and the first segment of Earl Campbell Parkway is fully improved without site cost
participation required from developer
•A utility trunk line within Loop 323 and/or Earl Campbell Parkway is provided by the City
•Potential for various financing districts and/or other incentives including Tyler Economic Development Commission Initiatives, Tax
Abatements, Section 380 Development Agreements and Tax Increment Financing (See Investment Merits: Incentives for
Development for more details).
•Flexibility of mixed use under PCD zoning:
1. Commercial, office, retail, attached housing, hospitality, multi-family, student housing
2. Ability of developers to choose any combination of uses
3. No building material requirements
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NOTICE & DISCLAIMER: The enclosed information is from sources believed to be reliable, but Henry S. Miller Brokerage, LLC has not verified the accuracy of the information. Henry S. Miller Brokerage, LLC makes no
guarantee, warranty or representation as to the information, and assumes no responsibility for any error, omission or inaccuracy. The information is subject to the possibility of errors, omissions, changes of condition,
including price or rental, or withdrawal without notice. Any projections, assumptions or estimates are for illustrative purposes only. Recipients should conduct their own investigation.
DEVELOPMENT OVERVIEW
TRANSPORTATION AND ROAD NETWORK
The Property is well served by major arterials in immediate proximity to the property. Major roads serving the property include:
• State Highway 31 to the north.
• Loop 323 on east boundary (the primary 4-6 lane loop encircling Tyler with 34,000 cars per day).
• Loop 49 was recently completed between U.S. Interstate 20 and State Highway 69 dramatically reducing drive time to
and from Dallas and numerous communities south of Tyler with easier access to the City, the airport and downtown Tyler.
• Earl Campbell Parkway: this 4-lane thoroughfare is a major east-west connecting from Highway 61 to North Frankston
Highway. Future extensions of Earl Campbell will bisect Bellwood Park and continue northerly to intersect State
Highway 31 and connect with State Highway 64 for access to Tyler Pounds Airport and downtown Tyler.
• Second segment within Bellwood Park designed with USACE Section 404 Permits obtained for wetlands crossing.
• Loop 49 (Outer Loop) accessible by both Highway 31 and 64 for direct access to I-20 to the north or to south Tyler and
Highway 69 to the south.
• Importantly, the City of Tyler has placed the construction of the Earl Campbell extension on its prioritized list of qualifying
capital projects to be funded through the Half Cent Sales Tax Capital Budget. The City is currently reviewing a proposal to
place the project on a high priority ranking.
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NOTICE & DISCLAIMER: The enclosed information is from sources believed to be reliable, but Henry S. Miller Brokerage, LLC has not verified the accuracy of the information. Henry S. Miller Brokerage, LLC makes no
guarantee, warranty or representation as to the information, and assumes no responsibility for any error, omission or inaccuracy. The information is subject to the possibility of errors, omissions, changes of condition,
including price or rental, or withdrawal without notice. Any projections, assumptions or estimates are for illustrative purposes only. Recipients should conduct their own investigation.
8
NOTICE & DISCLAIMER: The enclosed information is from sources believed to be reliable, but Henry S. Miller Brokerage, LLC has not verified the accuracy of the information. Henry S. Miller Brokerage, LLC makes no
guarantee, warranty or representation as to the information, and assumes no responsibility for any error, omission or inaccuracy. The information is subject to the possibility of errors, omissions, changes of condition,
including price or rental, or withdrawal without notice. Any projections, assumptions or estimates are for illustrative purposes only. Recipients should conduct their own investigation.
PROPERTY OVERVIEW
:
www.henrysmiller.com
CHRIS BURROW
VP Investments/Land
Division
P 972.419.4094
e [email protected]
PROPERTY OVERVIEW
:
www.hnrysmillr.com
PROPERTY OVERVIEW
:
www.hnrysmillr.com
INFORMATION ABOUT BROKERAGE SERVICES
Texas law requires all real estate licensees to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords.
NORTH TEXAS COMMERCIAL ASSOCIATION OF REALTORS ®
Before working with a real estate broker, you should know that the duties of a
broker depend on whom the broker represents. If you are a prospective seller or
landlord (owner) or a prospective buyer or tenant (buyer), you should know that
the broker who lists the property for sale or lease is the owner’s agent. A broker
who acts as a subagent represents the owner in cooperation with the listing
broker. A broker who acts as a buyer’s agent represents the buyer. A broker may
act as an intermediary between the parties if the parties consent in writing. A
broker can assist you in locating a property, preparing a contract or lease, or
obtaining financing without representing you. A broker is obligated by law to
treat you honestly.
IF THE BROKER REPRESENTS THE OWNER:
The broker becomes the owner’s agent by entering into an agreement with the
owner, usually through a written - listing agreement, or by agreeing to act as a
subagent by accepting an offer of subagency from the listing broker. A subagent
may work in a different real estate office. A listing broker or subagent can assist
the buyer but does not represent the buyer and must place the interests of the
owner first. The buyer should not tell the owner’s agent anything the buyer would
not want the owner to know because an owner’s agent must disclose to the
owner any material information known to the agent.
IF THE BROKER REPRESENTS THE BUYER:
The broker becomes the buyer’s agent by entering into an agreement to
represent the buyer, usually through a written buyer representation agreement. A
buyer’s agent can assist the owner but does not represent the owner and must
place the interests of the buyer first. The owner should not tell a buyer’s agent
anything the owner would not want the buyer to know because a buyer’s agent
must disclose to the buyer any material information known to the agent.
IF THE BROKER ACTS AS AN INTERMEDIARY:
A broker may act as an intermediary between the parties if the broker complies
with The Texas Real Estate License Act. The broker must obtain the written consent
of each party to the transaction to act as an intermediary. The written consent
must state who will pay the broker and, in conspicuous bold or underlined print,
set forth the broker’s obligations as an intermediary. The broker is required to treat
each party honestly and fairly and to comply with The Texas Real Estate License
Act. A broker who acts as an intermediary in a transaction:
(1) shall treat all parties honestly;
(2) may not disclose that the owner will accept a price less that the asking
price unless authorized in writing to do so by the owner;
(3) may not disclose that the buyer will pay a price greater than the price
submitted in a written offer unless authorized in writing to do so by the buyer;
and
(4) may not disclose any confidential information or any information that a
party specifically instructs the broker in writing not to disclose unless
authorized in writing to disclose the information or required to do so by The
Texas Real Estate License Act or a court order or if the information materially
relates to the condition of the property.
With the parties’ consent, a broker acting as an intermediary between the parties
may appoint a person who is licensed under The Texas Real Estate License Act
and associated with the broker to communicate with and carry out instructions of
one party and another person who is licensed under that Act and associated with
the broker to communicate with and carry out instructions of the other party.
If you choose to have a broker represent you, you should enter into a written
agreement with the broker that clearly establishes the broker’s obligations and
your obligations. The agreement should state how and by whom the broker will
be paid. You have the right to choose the type of representation, if any, you wish
to receive. Your payment of a fee to a broker does not necessarily establish that
the broker represents you. If you have any questions regarding the duties and
responsibilities of the broker, you should resolve those questions before
proceeding.
Real estate licensee asks that you acknowledge receipt of this information about brokerage services for the licensee’s records.
Buyer, Seller, Landlord or Tenant
Date
Texas Real Estate Brokers and Salespersons are licensed and regulated by the Texas Real Estate Commission (TREC). If you have a question or complaint regarding a real estate licensee, you should
contact TREC at P.O. Box 12188, Austin, Texas 78711-2188 , 512-936-3000 (http://www.trec.texas.gov)
TREC No. OP-K • TAR 2501