CARTERSVILLE l BARTOW COUNTY l GEORGIA
60 DEVELOPED SINGLE FAMILY DETACHED LOTS
EXCLUSIVE OFFERING
BUNN FARMS
LOCUST GROVE l HENRY COUNTY l GEORGIA
291± ACRES PLANNED FOR SINGLE FAMILY DETACHED LOTS
JOHN SPEROS Senior Vice President Ackerman & Co. Direct: 770.913.3910 Mobile: 404.578.7033Email: [email protected]
J.T. SPEROS Associate, Brokerage Ackerman & Co. Direct: 770.913.3949 Mobile: 404.775.3919Email: [email protected]
KYLE GABLEBrokerPioneer Land Group Direct: 770.225.0718Mobile: 404.867.3332Email: [email protected]
WILL GOFF Associate, Brokerage Ackerman & Co. Direct: 770.913.3957Mobile: 404.723.3379Email: [email protected]
The material contained in this Offering Memorandum is confidential, furnished solely for the purpose of considering the acquisition of Bunn Farms in Locust Grove, Henry County, Georgia (“Property”), and is not to be used for any other purpose or made available to any other person without the express written consent of Ackerman & Co. and Pioneer Land Group. (“Broker”) and the Owner (“Owner”). This Offering Memorandum was prepared by Broker, and the information contained herein has been obtained from sources that Broker deems to be reliable, and Broker has no reason to doubt its accuracy. However, neither Owner, its affiliates, officers, directors or employees, nor the Broker, nor any other party, make any warranty or representation, expressed or implied, as to the accuracy or completeness of the information contained herein, including but not limited to financial information and projections, and any engineering and environmental information and any downloadable files. Prospective purchasers should make their own investigations, projections, and conclusions. It is expected that prospective purchasers will conduct their own independent due diligence concerning the Property, including such engineering inspections as they deem necessary to determine the condition of the Property. Ackerman and Co. and Pioneer Land Group represent the Owner in this transaction and makes no representations, expressed or implied, as to the foregoing matters.
This Offering Memorandum is exclusively presented by the Broker. For additional information or to schedule a property tour, please contact:
Disclosure / Confidentiality Statement
Bunn FarmsHenry County, Georgia
291± Acres | Bunn Farms | Henry County, Georgia
table01. THE OPPORTUNITY
02. THE PROPERTY
03. THE MARKET
04. THE PROCESS
05. SUPPORT INFORMATION (DOWNLOADABLE)
n Google Earth KMZ Filen Sewer Mapn Proposed Development Plann R2 Zoning Informationn CRSO 2006 Zoning
tableof contents
4BUNN FARMS | 291± ACRES l HENRY COUNTY, GA
the opportunity
n Excellent location situated approximately 3 miles east of Interstate 75 at the Bill Gardner Parkway interchange.
n Tanger Outlets are located at the same interchange. The outlet mall consists of over 700,000 square feet of retail for shopping.
n Henry County is the fourth best-selling county for new single family detached (“SFD”) housing in Metro Atlanta. In 2016, there were 1,154 new detached closings, which is an 29% increase from 2015.
n Located in the Henry County Market in which 64% of all vacant developed lots (“VDLs”) are located in subdivisions with active builders
n Located in the Locust Grove High School market which has seen a steady decrease in months of supply of VDLs since the first quarter of 2015.
n The supply of VDLs continues to decrease quarter after quarter in Henry County and the Locust Grove High School market. Accordingly, raw land must be developed into lots to meet the housing demand.
The balance of this Offering Memorandum provides detailed information on the Property, the market and a proposed development plan. Interested parties should submit a term sheet pursuant to the terms outlined in the Process section of this Offering Memorandum.
Ackerman & Co. and Pioneer Land Group are pleased to present Bunn Farms, a 291± acre parcel in Henry County, Georgia designed and zoned for 478 single family detached (“SFD”) lots. Bunn Farms offers the following attributes:
Tanger Outlets Shopping Center
the property
Size: The total size of the Property being offered for sale is approximately 291± acres. Below the parcel numbers are shown.
5BUNN FARMS | 291± ACRES l HENRY COUNTY, GA
161-01019002
161-01019000
145-01047004
145-01047002145-01047001
145-01047000
145-01049000
145-01033000
145-01032000
6BUNN FARMS | 291± ACRES l HENRY COUNTY, GA
Bunn Farms is located on Peeksville Road in the city of Locust Grove in Henry County, Georgia. It is approximately 3 miles east of Interstate 75 at the Bill Gardner Parkway interchange.
Location
the property, cont’d.
BUNN FARMS
BUNN FARMS75
Exit 212
PEEKSVILLE RDM
.L.K
. JR.
BLV
D
LEG
UIN
MIL
L RD
LOCUSTGROVE
23
23
7BUNN FARMS | 291± ACRES l HENRY COUNTY, GA
High Altitude Aerial
the property, cont’d.
Utilities
Water: Domestic Water is availableSanitary Sewer: Bunn Farms is served by gravity flow sanitary sewer.All utilities should be independently verified by potential purchaser.
School District
Locust Grove High School, Locust Grove Middle School, and Unity Grove Elementary School
Locust Grove High School
R2/R2CRS: City of Locust GroveThe development plan is based on the requirements of the zoning ordinance including:
R2nMinimum lot frontage: 100’nTypical lot size: 100’ x 180’nMinimum lot size: 18,000 SFnFront setbacks: 40’nRear setback: 40’nSide setback: 15’nMinimum house size: 1,300 SF
R2CRSnMinimum lot frontage: 55’nMinimum lot size: 6,600 SFnFront setbacks: 20’ / 30’nRear setback: 30’ / 20’nSide setback: 5’
8BUNN FARMS | 291± ACRES l HENRY COUNTY, GA
Zoning/Requirements
the property, cont’d.
Metro Engineering & Surveying Co., Inc. designed
a development plan for Bunn Farms that yields a
total of 478 lots. On the northern portion of the
property, 367 lots are represented as shown.
Proposed Development Plan
9BUNN FARMS | 291± ACRES l HENRY COUNTY, GA
Bunn Farms in Henry County
DEVELOPMENT PLAN
Metro Engineering & Surveying Co., Inc. designed
a development plan for Bunn Farms. On the
southern portion of the property, 111 lots are
represented as shown.
Proposed Development Plan
10BUNN FARMS | 291± ACRES l HENRY COUNTY, GA
Bunn Farms in Henry County
DEVELOPMENT PLAN
the market
11BUNN FARMS | 291± ACRES l HENRY COUNTY, GA
The housing market in Henry County has continued to show trends in growth for both new and resale SFD houses. Through the third quarter of 2017, the average price of a new SFD house sold was $258,000. Accordingly, the number of sales of new SFD houses reached 1,154 in 2016. The new construction SFD housing sales data for Henry County from 2013-3Q17 is as follows:
Henry County currently has 5,758 VDLs. Based on the 1,413 annualized starts, there is a 48.9-month supply of lots. Of these VDLs, 64% or 3,658 are located in subdivisions with an active builder.
Henry County Detached Housing and Lot Analysis
YEAR
% OF TOTAL METRO
ATLANTA SFD NEW SALES
# OF SALES% OF
GROWTH IN # OF SALES
AVERAGE SALES PRICE
% GROWTH IN AVERAGE
PRICE
2013 4% 393 - $229,000 -
2014 6% 701 +78.4% $247,000 +7.9%
2015 6% 894 +27.5% $249,000 +0.8%
2016 7% 1154 +29.1% $255,000 +2.4%
3Q17 8% 977 N/A $258,000 N/A
Locust Grove High School Detached Housing and Lot Analysis
Located in the Locust Grove High market where the number of new SFD house sales as well as the average sale price have continued to trend upward since 2012. Through the third quarter of 2017, the average price of a new SFD house sold was $221,000. The new construction SFD housing sales data for the Locust Grove High School district from 2013-3Q17 is as follows:
YEAR% OF TOTAL
HENRY COUNTY SFD NEW SALES
# OF SALES
% GROWTH IN # OF SALES
AVERAGE SALES PRICE
% GROWTH IN AVERAGE
PRICE
2013 16% 64 - $154,000 -
2014 8% 55 +64.4% $208,000 +1.8%
2015 9% 77 +33.8% $212,000 +3.5%
2016 10% 110 +16.7% $202,000 +2.1%
2Q17 9% 85 N/A $221,000 N/A
Below are the lot highlights from this market: � Annual starts in this market increased 55% to 195 annual starts in 4Q17.
� Annual closings in this market increased 36% to 150 annual closings in 4Q17.
� 51% of all VDLs in this market are in subdivisions with an active builder.
Bunn Farms gives a builder an opportunity to establish a large presence in this market with the availability of multiple price points.
12BUNN FARMS | 291± ACRES l HENRY COUNTY, GAthe market, cont’d.
13BUNN FARMS | 291± ACRES l HENRY COUNTY, GA
the process
The owner has set an offering price for the Property as $17,500 per acre or $5,098,975.
Interested parties should submit a proposal in the form of a proposed term sheet that includes the following information:
nPurchase Price
nEarnest Money
nDue Diligence Period
nClosing Period
nContingencies
nOverview of purchaser including financial capabilities
We are available to discuss the project and address any questions at your convenience. Bunn Farms in Henry County
14BUNN FARMS | 291± ACRES l HENRY COUNTY, GA
support information
Below are files that are related to Bunn Farms and may be downloaded. Some of the files may not be compatible on a mobile device and will
need to be downloaded on a desktop. Click the links to open the files.
nGoogle Earth KMZ File
nSewer map
nProposed Development Plan
nR2 Zoning Information
nCRSO 2006 Zoning
To view all downloadable documents in one folder click HERE
JOHN SPEROS Senior Vice President Ackerman & Co. Direct: 770.913.3910 Mobile: 404.578.7033Email: [email protected]
J.T. SPEROS Associate, BrokerageAckerman & Co. Direct: 770.913.3949 Mobile: 404.775.3919Email: [email protected]
KYLE GABLEBrokerPioneer Land Group Direct: 770.225.0718Mobile: 404.867.3332Email: [email protected]
WILL GOFF Associate, Brokerage Ackerman & Co. Direct: 770.913.3957Mobile: 404.723.3379Email: [email protected]
FOR MORE INFORMATION, PLEASE CONTACT:
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