±121 Acres - Infill Redevelopment Opportunity

Transcription

1 ±121 Acres - Infill Redevelopment Opportunity WESTCHASE ENERGY CORRIDOR MEMORIAL CITY CITY CENTRE SPRING WOODS HIGH SCHOOL TOWNHOME S (UNDER CONSTRUCTION) TOWNHOME S (UNDER CONSTRUCTION) NORTHBRO OK MIDDLE SCHOOL GES RIVE EST D R O F KEMP COMMERCIA L RESERVE SNE RR OA D (NOT INCLUDED) CENTREPARK DRIVE ACCESS EASEMENT ±121 ACRES HEB HOUSTON RETAIL SUPPORT C RO L AY AD Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a Texas licensed real estate broker ( HFF )

2 Property Overview HFF and CBRE are proud to present an exceptional opportunity to purchase Pine Crest Golf Club, a ±121 acre redevelopment site in the Spring Branch neighborhood of Houston, Texas. The Property has excellent access to Beltway 8/Sam Houston Tollway and is located only minutes from major employment districts including the Galleria, Westchase, and the Energy Corridor. As the last major redevelopment opportunity in the rapidly gentrifying Spring Branch neighborhood, this Property is ideally suited for residential and commercial uses. Pine Crest Golf Club INVESTMENT HIGHLIGHTS Quick access to Beltway 8/Sam Houston Tollway and Interstate 10, offering short commutes to Houston s employment districts. Energy Corridor-10 minutes, Westchase-11 minutes, and the Galleria-20 minutes. Spring Branch has experienced robust gentrification for the past 5 years and is primed for redevelopment. Close proximity to Memorial City Mall and City Centre, two of West Houston s most popular destinations. The large scale nature of the site offers a unique opportunity for master planning and the ability to control the feel of the development. Within the highly respected Spring Branch Independent School District. Strong demographics, with over 100,000 people within 3 miles of the site. Surrounded by new single family and townhome construction. Pine Crest was originally developed as a golf course and contains beautiful mature trees. The Property is not subject to zoning or use restrictions. Located in Houston, the 5th largest MSA in the U.S., with projections to lead the nation in 5-year population growth ACRES - HOUSTON, TX 2

3 Aerial Photograph CBD MEMORIAL PARK GALLERIA MEMORIAL MEMORIAL CITY NORTHBROOK HIGH SCHOOL NORTHBROOK MIDDLE SCHOOL TOWNHOMES (UNDER CONSTRUCTION) KEMP FOREST DRIVE CLAY ROAD HEB HOUSTON RETAIL SUPPORT ±121 ACRES CENTREPARK DRIVE ACCESS EASEMENT COMMERCIAL RESERVE (NOT INCLUDED) GESSNER ROAD CENTREPARK DR +121 ACRES - HOUSTON, TX 3

4 Property Specifics TAX RATE 2014 Tax Rate 2.76% 2,887 Clay Road FRONTAGE 2,887 Feet Kemp Forest 2,869 Feet Rosefield Drive 222 Feet TRAFFIC COUNTS PIPELINE Clay Rd East of Gessner Rd 27,854 Clay Rd West of Gessner Rd 29,417 1,840 ±121 ACRES 1,702 Gessner Rd South of Clay Rd 18,235 Gessner Rd South of Kemp Forest 28,197 Clay Rd East of Beltway 8 30,958 Beltway 8 North of I ,749 Beltway 8 South of I ,143 I-10 West of Beltway 8 286,388 I-10 East of Beltway 8 243,216 DEMOGRAPHICS 1-MILE 3-MILE 5-MILE 1, , Population Projection 17, , , Estimate 16, , , Census 15,051 97, ,382 Growth % 4.44% 4.91% Growth % 4.01% 4.59% 2015 Avg HH Income $67,467 $60,901 $86, ACRES - HOUSTON, TX 4

5 Drive Time Map BUSH INTERCONTINENTAL AIRPORT 30 MINUTES DRIVE TIMES TO TIME MILES CBD The Galleria The Texas Medical Center George Bush Intercontinental Airport Greenway Plaza BELTWAY 8 4 MINUTES Energy Corridor Westchase City Centre Memorial City Mall ENERGY CORRIDOR 10 MINUTES CITY CENTRE 7 MINUTES INTERSTATE 10 7 MINUTES MEMORIAL CITY MALL 8 MINUTES GALLERIA 20 MINUTES Memorial Park I Beltway Closest Grocery Store (HEB) CBD 30 MINUTES WESTCHASE 11 MINUTES GREENWAY PLAZA 25 MINUTES TEXAS MEDICAL CENTER 30 MINUTES +121 ACRES - HOUSTON, TX 5

6 Area Overview MEMORIAL CITY Known for its iconic lights that illuminate the edge of buildings within Memorial City, the area is more than just a mall. Memorial City is a mixed-use center featuring the 1.7 million square foot Memorial City Mall, luxurious residential apartments, an upscale Westin Hotel, and the Memorial Hermann Memorial City Medical Center, the second largest medical campus in the Houston metropolitan area. The area is also home to several major multinational companies including Air Liquide and Nexen. Conveniently located one mile east of Beltway 8 along Interstate 10, Memorial City is located at the geographic population center of Houston. Currently, City Centre is seeking to meet the growing demand of office users by expanding with two new office buildings scheduled to deliver in CITY CENTRE Located at the southeast corner of Interstate 10 and Beltway 8, this premier mixed-use development is a popular location for Houstonians and visitors alike. With approximately 400,000 SF of upscale retail and signature restaurants, City Centre is a mecca for Houston shoppers. The development also includes 625,000 SF of office, a cinema, luxury hotels, and high-end residential units. SPRING BRANCH Spring Branch is known as the Heart of Houston. Located along I-10 on Houston s popular west side of town between the Galleria and the Energy Corridor, the nickname makes sense. Spring Branch has rapidly become one of the hottest neighborhoods for residential sales in many parts due to the location that allows for shorter commute times. This popularity has spurred new construction for single family homes as well as townhomes in the community. Spring Branch is also attractive because of nearby shopping and restaurants, an excellent school system, and focus on being family friendly. This vibrant community has a reputation for allowing businesses and families to grow and thrive ACRES - HOUSTON, TX 6

7 Area Overview ENERGY CORRIDOR The strength of diverse, multi-national companies Energy Corridor and a high volume of office space construction have made the Energy Corridor submarket one of Houston s fastest growing submarkets. Currently with over 24 million square feet of total rentable space - and another 2.7 million square feet under construction the Energy Corridor is Houston s second largest suburban office market. The submarket has proven to be one of the city s fastestgrowing over the last decade, as evidenced by significant residential, employment and amenity development growth. Local area companies currently employ over 91,000 people, making it one of the city s most sought after employment centers given its proximity to executive and middle-management residential villages and master-planned communities, desirable school districts, and excellent shopping, restaurants, and entertainment venues. The submarket also offers superior infrastructure and transportation systems, with many businesses having immediate access to IH-10, the Sam Houston Tollway/Beltway 8, SH-6, the Grand Parkway and the Westpark Toll Road. WESTCHASE The Westchase District ( Westchase ) is a 2,460-acre, master-planned and deed-restricted municipal management district located in west Houston, Harris County, Texas. Since its inception in the late 1960s, Westchase has attracted some of the top employers in the nation and has established itself as an epicenter for industry-leading energy, technology and healthcare operations. Aside from having a very highly educated workforce of 71,000 employees, over 500,000 people live within five miles of Westchase s center at the intersection of Westheimer Road and Sam Houston Tollway/Beltway 8. Over 1,500 businesses are located within Westchase s strategic location, and the area is continuing to grow Phillips 66 is under construction on its new 1.1 million square foot headquarters just west of Beltway 8 between Westheimer and Briar Forest and National Oilwell Varco will be occupying the entirety of Millennium Tower II, currently under construction on Richmond just east of the Beltway 8 and Richmond intersection. In addition to a thriving, 95-property office market totaling 16 million square feet of net rentable area, Westchase includes 2.5 million square feet of retail space, 66 multi-family properties totaling 17,119 units and 18 hotels with 2,642 rooms. The Westchase District is ideally located just south of US Interstate 10, six miles west of the Galleria/Uptown District and is growing increasingly central to Houston as residents seek more affordable housing to the west. Westchase is bound by Briar Forest Drive to the north, Bellaire Boulevard to the south, Gessner Road to the east and Kirkwood Drive to the west with principal northsouth access being provided by Sam Houston Tollway/Beltway 8, while eastwest access is afforded by both US Interstate 10 and Westpark Tollway. Various major north-south arteries provide quick access to US Interstate 10, including Gessner Drive, Wilcrest Drive, Kirkwood Drive, Dairy Ashford Road, Eldridge Parkway, and Texas State Highway 6. Major east-west arteries in the area include Memorial Drive, Briar Forest Drive, Westheimer Road, Richmond Avenue and Westpark Drive. Westchase District +121 ACRES - HOUSTON, TX 7

8 Contact Information HFF INVESTMENT SALES TEAM DAVIS ADAMS Managing Director (713) RUSTY TAMLYN Senior Managing Director (713) MARK BRAMLETT Real Estate Analyst (713) CBRE INVESTMENT SALES TEAM DARIN GOSDA Senior Vice President (713) ALEX MAKRIS Vice President (713) JAZZ HAMILTON Vice President (713) Greenway Plaza, Suite 700 Houston, TX (713) Post Oak Blvd., Suite 2300 Houston, TX (713) HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter at twitter.com/hff. HFF 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 HFF, and neither Owner nor HFF, nor their respective equity holders, officers, employees and agents makes any representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all reference 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 purchaser, and HFF, its partners, officers, employees and agents disclaim any liability that may be based upon or related to the information contained herein. Prospective purchasers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change CBRE, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners.