for sale 40.58 acres on narragansett bay€¦ · cbre is pleased to present approximately 40.58...
TRANSCRIPT
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
TAB
LE O
F C
ON
TEN
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
EC
UT
IVE
SU
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Y
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
EC
IFIC
AT
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
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
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
3 National Asset Sarasota LLC 0 Baker Road R-20 26 24/16 0.01
4 National Asset Sarasota LLC 0 Baker Road R-20 26 24/15 0.01
5 National Asset Sarasota LLC 0 Baker Road R-20 26 24/20 0.01
6 National Asset Sarasota LLC 0 Baker Road R-20 26 24/19 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
10 National Asset Sarasota LLC 0 Baker Road R-20 26 18 0.63
11 National Asset Sarasota LLC 0 Baker Road R-20 26 20 0.73
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
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
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.