Texas World Speedway

Transcription

1 Highway 6 and college station, Texas INDIAN LAKES SUBDIVISION NANTUCKET SUBDIVISION S TAT E H I G H WAY 6 S TAT E H I G H WAY 6 W E L L B O R N R O A D / F M TOWER POINTE DEVELOPMENT H I G H WAY 6 G R O W T H C O R R I D O R TEXAS A&M UNIVERSITY CS MEDICAL CENTER CITY OF COLLEGE STATION W I L L I A M D F I T C H PA R K WAY S TAT E H I G H WAY 4 0 ANIMATE HABITAT Proposed Acre Planned Mixed Development PEBBLE CREEK SUBDIVISION TEXAS WORLD SPEEDWAY P E A C H C R E E K C U T O F F R O A D P I P E L I N E R O A D Offering SumMary

2 has been retained on an exclusive basis to offer qualified investors an opportunity to acquire the Texas World Speedway in College Station, Texas. The is an operating race track that is situated on ±563 acres of prime real estate. This offering represents a rare opportunity to acquire a strategic tract of land with extremely valuable improvements on College Station s most heavily travelled freeway. The Property can be acquired in whole, part, or as an ongoing concern. The owner will also consider a joint venture option. The Property The ( TWS ) is located at the freeway interchange of Highway 6 and the overpass in College Station, Texas. The Property is situated in the primary growth corridor of College Station, and is located on ± 563 acres, of which ± 408 acres are improved with the historic and ±155 acres of commercial real estate. The Property is ideal for two main uses: a redevelopment of the Property into a single-family development with mixed-use commercial or the continued operation of the racetrack with mixed-use commercial along Highway 6 and Peach Tree Cutoff Road. Location Map TEXAS WORLD SPEEWAY T e x a s W o r l d S p e e d way

3 Investment Highlights Growth and Development The Property is located in the primary growth corridor of College Station, Texas. From , College Station added 25,000 new residents. This 38% increase in population makes College Station one of the fastest-growing cities in the nation. The Bryan/College Station MSA is located within the Texas Triangle and is approximately equidistant from 3 of the 10 largest cities in the United States (Houston, San Antonio, and Dallas). Dallas-Ft Worth is located 170 miles north; Austin is located 100 miles west, San Antonio is located 160 miles southwest; and Houston is located 95 miles southeast of Bryan-College Station. Texas, and specifically Bryan/College Station, is expected to continue to outpace the rest of the nation in employment and population growth. Some recent developments along College Station s primary growth corridor include The College Station MED Medical Hospital expansion, the new Scott and White full service hospital, Lowe s Home Improvement, HEB grocery, Chase Bank, First Victoria Bank, Prosperity Bank, St. Joseph Hospital Urgent Care and Professional Building, and a Whataburger. Access and Location The Property is located directly on Highway 6, less than 10 miles south of Texas A&M University. Highway 6 is the largest freeway/ highway that runs through College Station. The site is located on the east side of Highway 6 at the freeway interchange. Due to the site s location at a freeway intersection, the site is easily accessible from the northbound and southbound traffic on Highway 6. In 2009, the Texas Department of Transportation improved the ingress and egress to the Property; while maintaining the with its own signage along Highway 6 outlining exits along the thoroughfare. Frontage/Traffic count The site has ± 1,920 feet of frontage on Highway 6 and ± 1,165 feet on Peach Creek Cutoff Road. In 2009, Highway 6 had a traffic count of ±28,000 vehicles per day. School District The Property is located in College Station ISD; which is one of the primary motivators for single-family development in the south College Station area. In 2011, College Station ISD received an Academically Acceptable rating from the Texas Education Agency (TEA). Further, the Property is zoned to Pebble Creek Elementary which received a Recognized rating from the TEA. The southern boundary of College Station ISD is located less than 2 miles to the south of the Property. College Station ISD completed a new College Station High School that opened in The new high school campus is located approximately 5 miles from the Property off of William D. Fitch Parkway west of Highway 6 and is one of many examples of the strong growth in south College Station.

4 Investment Highlights ESTABLISHMENT OF ENTITLEMENTS There are only 3 tracts (the Property being the largest) of real property outside the City of College Station s municipal limits that have zoning entitlements designated in the City s Comprehensive Plan. Therefore, if and when the Property is incorporated into the city limits, it has the unique and valuable position of having its primary entitlements established. In May 2009, the City approved a major update to its Comprehensive Plan. Even though it s still in the Extra Territorial Jurisdiction ( ETJ ), the Comprehensive Plan designates the Property is in Area XI: Speedway District, which includes the in addition to a number of small businesses. The focus of this district plan is to provide protection and promotion of the speedway while transitioning the speedway into a master-planned General Suburban area that could involve a mix of uses including, but not limited to, general commercial, office uses, business park, or single-family residences. The zoning entitlement is General Suburban and its land use designation is generally for areas that should have an intense level of development activities. These areas will tend to consist of highdensity single-family residential lots (minimum 5,000 square feet), townhomes, duplexes, and neighborhood commercial and office uses may also be permitted in growth areas. The Property has the further advantage that, until such incorporation into the municipal city limits, TWS does not have to bear additional municipal oversight from the City or development burdens. UTILITY SERVICE The Property has utility capacity for new development; the amount of capacity available would be determined by the demands of such development. The Property has its own sewage treatment plant which was designed for big event surge (which is no longer needed). The sewer capacity can be expanded with package plant, septic systems or potentially connection to a City waste water treatment plant. The Property is served by 2 companies (College Station Utilities and Wellborn Water Company) and 2 electric companies (Entergy and Bryan Utilities). TWS is uniquely positioned and is considered the crown jewel of grassroots motorsports events in the Southwest United States, and is also a private test site for professional race teams and other events. TWS Motorsports, LLC ( TWSMS ), a Texas Limited Liability Corporation and a wholly owned entity of Grid Raceplex Ltd., is the operating entity of TWS events. TWSMS clients include established grassroots motorsports organizations (e.g. SCCA, Porsche Club of America & Central Motorcycle Racing Association), professional race teams (e.g. Risi Competizone, Penske Racing, & Roush Fenway Racing), drivers education (e.g. tactical driving, teen survival), outdoor events (e.g. Boy Scouts, concerts & team development) and other uses (e.g. accident recreation, new car announcements, storage, commercials). TWS IMPROVEMENTS TWS improvements are extremely valuable and the cost to reproduce is considered economically exorbitant. The improvements include a 22 degree banked Super Oval, ~10 road course configurations (2.9 primary), grandstands, day garages, storage garages, concessions and super speedway type press/ control tower. No other grassroots or member motorsports venues in the United States have a combination of improvements like TWS. There is a producing oil well on-site. TWS receives royalty checks for the well s production.

5 College Station Economic Overview The Bryan/College Station community enjoys a healthy economy with strong job growth, one of the state s lowest unemployment rates and an affordable housing market. The community is home to Texas A&M University, both public and private elementary schools, intermediate and high schools and a two-year community college to provide educational options for all ages. The BCS community is also a regional health care hub, the area has four hospitals with numerous medical specialists. Recent Performance College Station is ranked No. 9 nationally on Forbes 2011 list of the Best Small Places for Business and Careers, and is ranked No. 1 among Texas cities with a population of fewer than 250,000 in its metropolitan area. Also noteworthy is the BCS (Bryan/College Station) unemployment rate, which ended the month of July at 7.2%, nearly 2.3 percentage points below the national average and 1.5 percentage points below the overall state average. Home sales for the BCS area in the month of July were up 22% compared to the same period in The BCS labor force has held up well over the past year, bucking the trend seen nationally. An improving labor market and rising house prices are supporting gains in both retail employment and sales. Texas A&M UniversitY Texas A&M University recently reported record enrollment for the 2011 fall academic semester. The university s student enrollment exceeded 50,000 for the first time ever this fall. Enrollment after the first week of classes totaled 50,054, an increase of 925 students over the final figure for the fall semester last year, according to Texas A&M s Office of Institutional Studies and Planning (OISP). Last fall the university s total student enrollment made it the sixth largest university in the nation. Large new construction projects are also slated in the near-term for the university, which serves as a major contributor to the local economy. The latest cycle of construction for the campus includes the complete renovation and expansion of the Memorial Student Center on campus which will total 321,000 square feet (of which 71,000 square feet will be new construction), and will encompass 150% more student lounge activity space, and will be built to LEED Silver standards. The latest cycle of construction also includes the recently completed first phase of the TAMU Health Sciences Center (HSC) which is situated on 200 acres along State Highway 47 in west Bryan just minutes away from TAMU s main campus. The HSC is anticipated to attract related industries from all across the nation, such as research and development, assisted-living and biomedical-related retail. The 200-acre tract is large enough to allow additional phases of the campus to be built over a 25-year period. Going forward, new TAMU campus construction will be led by a $40 million partial renovation of the university s football stadium, which will begin after the 2012 football season ends. Technology transfer Technology transfer and grantsmanship will play increasing roles in developing high-tech jobs in BCS. The recently completed HSC at TAMU is designed to advance both goals, and the university is benefiting from the inflow of large research project grants. The center

6 College Station Economic Overview is also beginning to attract high-tech manufacturers such as G-Con, a biopharmaceutical manufacturing firm. G-Con is hiring and will employ 100 workers at twice the area s average income within the next 2 years. Tech-based manufacturing is projected to grow in the near term as more firms seek to take advantage of BCS s low labor costs and proximity to research and development activity. Construction Growth in the Bryan/College Station area is anticipated to lead the nation. Nonresidential construction will lead the way as the growing BCS region is in need of more specialized buildings, including a new hospital. BCS s recent expansion into the biotech industry, led by TAMU s focus on biotech research, will help diversify the industry, adding well-paying jobs to the community. Nonresidential construction will play an important role in BCS s expansion. Nonresidential projects sustained the area through the recession, particularly at TAMU, and the strong economy is enticing other businesses to expand. Scott & White Healthcare recently broke ground on a five-story, 143-bed acute care hospital, which will be located at the intersection of Highway 6 and Rock Prairie Road. The new hospital is projected to employ more than 600 workers once completed. An adjacent 75,000-square-foot clinic is also proposed and will be built by a third-party developer in conjunction with the hospital. The hospital and ambulatory facility will be built within 90 days of each other, with a projected completion date of the summer of 2013 for both projects. The BCS Chamber of Commerce also expects 40,000 new residents to move to the area over the next two decades. The research firm, Research Valley, also predicts a population growth rate of 15.2% for the years 2000 to With this new expansion and anticipation of a growing community, construction jobs are expected to grow 6% per year over the next 5 years, double the national rate. Texas Golden Triangle). US 190 not only connects Bryan/College Station to I-45 but extends all the way into Louisiana. Highway 6 connects the community to I-35 in Waco to the north and to US 290 in Hempstead to the south, which leads to Houston. Likewise US 290 West goes to Austin and to I-35 and is connected to Bryan/College Station by Texas 21. Of particular interest in terms of highway travel is the opening of the Presidential Corridor linking the Lyndon Baines Johnson Presidential Library in Austin to the George Bush Presidential Library and Museum in College Station. Easterwood Airport Named as the 1998 Texas Airport of the Year by the Federal Aviation Administration, Easterwood Airport continues to serve as one of the primary links between Bryan/College Station and the cities of Houston and Dallas-Fort Worth. The airport is owned and operated by Texas A&M University and is serviced by American Eagle and Continental Express from its William A. McKenzie Terminal. Passenger traffic at Easterwood Airport has been increasing significantly in recent years. In 2001, more than 95,000 people departed from the airport. In addition to commercial passengers, the airport also hosts freight carriers and a charter service. Coulter Field Owned by the City of Bryan, the 240 acre airfield located north of Bryan off of Texas 21 has a long history in general aviation. The 4,000 foot lighted runway, on-site maintenance, covered hangars, tie-down facilities and fueling stations are just some of the many services Coulter Field provides. The field is also used for recreational activities including skydiving and gliding. The City of Bryan has proposed to the City Council many improvements to the airfield including the construction of additional hangars and a new terminal building. Residential construction is expected to improve this year as housing starts are forecast to increase while current foreclosures are virtually nonexistent. The housing market has held up better than most in the nation, as any decline in house prices proved temporary. Transportation Thoroughfares Bryan/College Station is located in the middle of a triangle of interstates connecting Dallas, Houston and Austin (known as the

7 Offering Format Asking Price No asking price has been established for the Offering. The owner will consider dividing the Property, creating a joint venture partnership, or an outright sale of the Property. Additional Information An on-line document center created by is available to prospective purchasers upon signing a confidentiality agreement (CA). The on-line document center includes documents and due diligence materials related to the Property. Once a CA has been signed, the prospective purchaser will be granted on-line access to the document center where the due diligence materials may be downloaded. All interested parties are encouraged to visit the site once they have access. Familiarity with the posted materials will be a factor in selecting a qualified buyer. Any questions regarding access to the on-line document center should be directed towards Will Crawley (wcrawley@hfflp.com). Davis Adams Managing Director dadams@hfflp.com Will Crawley Real Estate Analyst wcrawley@hfflp.com

8 Information on Broker Relationships 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 subagent 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 than 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. TEXAS LAW REQUIRES THAT ALL REAL ESTATE LICENSEE S PRESENT THIS INFORMATION TO PROSPECTIVE SELLERS, LANDLORDS, BUYERS OR TENANTS. ACKNOWLEDGMENT: Please acknowledge your receipt of this information, for Broker s records: [PROPERTY NAME] - [PROPERTY CITY, STATE] OWNER (LANDLORD) OR BUYER (TENANT) OR AUTHORIZED REPRESENTATIVE Date:

9 For More Information Please Contact Holliday Fenoglio Fowler, L.P. 9 Greenway Plaza, Suite 700 Houston, Texas Phone: (713) Fax: (713) Investment Sales Davis Adams Managing Director (713) dadams@hfflp.com Will CrawlEy Real Estate Analyst (713) wcrawley@hfflp.com 2011 (NYSE: HF) operates out of 19 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, note sales and note sale advisory services and commercial loan servicing. has been engaged by the owner of the property [properties] to market it [them] for sale. Information concerning the property [properties] described herein has been obtained from sources other than and we make no representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all references to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a buyer. Buyers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change. 8/11