FORECLOSURE LAND FOR SALE

FORECLOSURE
LAND FOR SALE
300 Feet of Beach Frontage
Mustang Island, Texas
+/- 12.73 Acres
300 Feet of Beach Frontage | +/- 12.73 Acres
Mustang Island, Texas
Listing Team Members:
Bill Yahn, CCIM
(512) 276-8335
[email protected]
Harrison-Pearson Assoc., Inc.
4014 Medical Parkway #100
Austin, TX 78756
Rob Whitmire, MBA
Partner, Senior V.P. | Special Asset Services
(404) 876-1640 x128
[email protected]
Bull Realty, Inc.
50 Glenlake Parkway, Suite 650
Atlanta, GA 30328
Table of Contents
Executive Summary
3
Property Information
4
Land Tracts Map
5
Survey
6
Location Aerial and Map
7
Zoning Map
8
Demographics
9
About the Area
10
Broker Profiles
11
Confidentiality Agreement
13
John DeYonker
V.P. | Land and Developer Services
(404) 876-1640 x142
[email protected]
Bull Realty, Inc.
50 Glenlake Parkway, Suite 650
Atlanta, GA 30328
Marketed in Conjunction with Harrison-Pearson Assoc., Inc. | TX Real Estate License #389551
Any included income, expenses, cap rates, costs, return estimates, renovations, measurements, square footage, acreage, projections, interest rates, loan terms, property condition, possible uses, zoning and other information herein may have been provided by
the seller, landlord or other outside sources and while deemed to be reliable, may be estimated, projected, is subject to change,
and/or may be limited in scope, and therefore shall not be relied upon as accurate. Any such information important to the purchaser, lessee or other parties should be independently confirmed within an applicable due diligence period. Please do not disturb
the management, business, tenants or sellers. This offer is subject to prior change or sale without notice.
P. 2 of 14
Information contained herein may have been provided by outside sources and while deemed to be reliable, may be estimated, projected, subject to change, and/or
limited in scope, and therefore should not be relied upon as accurate. Information should be independently confirmed within an applicable due diligence period.
300 Feet of Beach Frontage | +/- 12.73 Acres
Mustang Island, Texas
Executive Summary
Multiple Land Tracts on Gulf of Mexico
Including 300 feet of beach frontage, the subject property is one parcel of a larger portfolio of eight non-contiguous
Mustang Island properties. In total, with 3,750 feet of frontage along the Gulf of Mexico, this assemblage of approximately 385 acres is a once-in-a-lifetime opportunity for the savvy investor. Offered at less than 25% of the 2006 appraisal, this is a unique opportunity to entitle and develop gulf and bay side property located on Mustang Island in the
cities of Corpus Christi and Port Aransas, Texas. Approximately 158 acres consist of seven tracts of varying beach frontages along the Gulf of Mexico with high density zoning and the ability to offer multiple development concepts at varying price points. Additionally, the largest contiguous tract is approximately 226 acres with eastern frontage along Hwy
361 and western frontage along the marshes of Corpus Christi Bay. This track is perfect for the development’s amenities/recreation areas and additional residential or resort density. Centrally located, there are over 15 million people
within driving distance including the cities of San Antonio, Austin, Houston, and Dallas/Fort Worth. Annually, Mustang
Island receives over 5 million visitors.
During the mid 2000’s, the previous developer worked to assemble the subject property for a master plan of related
developments. His focus was on the opportunity to control a large piece of Mustang Island including 3,750 feet of gulf
frontage. However, the great real estate recession and lack of demand common in beach towns everywhere put a stop
to development and the subject property was eventually foreclosed.
A new owner will find a welcoming group of city officials in both Corpus Christi and Port Aransas willing to take a proactive stance on new development. In the early 2000’s, both municipalities made significant upgrades to infrastructure in
order to boost utility capacity and plans are already in place to widen Highway 361.
The beauty of purchasing this portfolio of properties in bulk is the multiple options afforded an investor combined with
a lower price per acre / front foot due to the large size of the opportunity. One of the grandest visions for the property
encompasses multiple developments with separate product types - hotels, condominiums, single family homes, and
resort destinations - developed on each parcel at varying price points and all tied together with an amenity package on
the 226 acre bay side tract. Depending on future entitlements, some amenity possibilities include an aquatic center or
water park, golf course/club house/driving range, tennis club, equestrian center, town center featuring retail and restaurants, conference center and hotel with beautiful gulf and bay views, and a health spa.
According to the Texas General Land Office, there are 367 miles of Gulf Coast beach in Texas. Of that beach front property, 150 miles are governed by the Coastal Barrier Resource Act – a federal designation that means these locations are
not eligible for federal or state subsidized insurance. Another 143 miles are protected as part of a park or refuge. In
total, that leaves 74 miles of developable beach left in Texas and the land office considers 56 of those miles already
under development. With only 18 miles of Texas Gulf-font property miles left to develop, it makes this opportunity all
the more exciting.
This approximate 12.73 acre parcel is individually priced at $1,107,510.
For additional information, please complete and submit the CA found on the last page of this package.
P. 3 of 14
Information contained herein may have been provided by outside sources and while deemed to be reliable, may be estimated, projected, subject to change, and/or
limited in scope, and therefore should not be relied upon as accurate. Information should be independently confirmed within an applicable due diligence period.
Property Information
300 Feet of Beach Frontage | +/- 12.73 Acres
Mustang Island, Texas
Address
Mustang Island
Corpus Christi and Port Aransas
Port Aransas, Texas 78373
Location
Tract of land is located along State Highway 361, north of Beach
Access Road 2 and south of Beach Access Road 1-B
Three hours from San Antonio
Three & half hours from Austin
Four hours from Houston
Seven hours from Dallas / Ft. Worth
Location Features
Property Size
Tract 1: +/- 12.73 acres
Portfolio: +/- 385 Acres & 3,750 Beach FF
Topography
Level at street grade
AT : Apartment - Tourist District
TR - 3 : Tourist/Recreational
F-R : Farm / Rural District
Zoning
Price
SEE CHART BELOW
Tract
Acres
SQ FT
Frontage on
Highway
361/Beach
Tract 1 (subject)
12.73
554,519
300 ft
$3,691
$1,107,510
Tract 3
36.27
1,579,921
900 ft
$3,506
$3,155,490
Tract 4
13.395
583,486
300 ft
(SOLD)
(SOLD)
Tract 2
29.999
1,306,356
750 ft
N/A
$4,423,526
Tract 5
226.702
9,875,139
2,805 ft
Tract 6A
24.77
1,078,981
600 ft
Tract 6B
6.165
268,547
150 ft
$3,585
$3,227,263
Tract 8
6.16
268,630
150 ft
Tract 7
41.008
1,786,308
900 ft
$3,964
$3,567,696
Total Price
List Price
Per Front Foot
List Price
For Individual Sale
$15,481,485
P. 4 of 14
Information contained herein may have been provided by outside sources and while deemed to be reliable, may be estimated, projected, subject to change, and/or
limited in scope, and therefore should not be relied upon as accurate. Information should be independently confirmed within an applicable due diligence period.
Land Tracts Map
300 Feet of Beach Frontage | +/- 12.73 Acres
Mustang Island, Texas
TRACT 5
TRACT 2
TRACT 1
(subject)
TRACT 3
TRACT 6A
TRACT 6B
TRACT 8
SOLD
TRACT 4
TRACT 7
P. 5 of 14
Information contained herein may have been provided by outside sources and while deemed to be reliable, may be estimated, projected, subject to change, and/or
limited in scope, and therefore should not be relied upon as accurate. Information should be independently confirmed within an applicable due diligence period.
300 Feet of Beach Frontage | +/- 12.73 Acres
Mustang Island, Texas
Survey
P. 6 of 14
Information contained herein may have been provided by outside sources and while deemed to be reliable, may be estimated, projected, subject to change, and/or
limited in scope, and therefore should not be relied upon as accurate. Information should be independently confirmed within an applicable due diligence period.
300 Feet of Beach Frontage | +/- 12.73 Acres
Mustang Island, Texas
Location Aerial and Map
P. 7 of 14
Information contained herein may have been provided by outside sources and while deemed to be reliable, may be estimated, projected, subject to change, and/or
limited in scope, and therefore should not be relied upon as accurate. Information should be independently confirmed within an applicable due diligence period.
300 Feet of Beach Frontage | +/- 12.73 Acres
Mustang Island, Texas
Zoning Map
Corpus Christi Bay
Corpus Christi
“AT” Zoning for:
Tract 1
Corpus Christi Bay
Gulf of Mexico
P. 8 of 14
Information contained herein may have been provided by outside sources and while deemed to be reliable, may be estimated, projected, subject to change, and/or
limited in scope, and therefore should not be relied upon as accurate. Information should be independently confirmed within an applicable due diligence period.
300 Feet of Beach Frontage | +/- 12.73 Acres
Mustang Island, Texas
Demographics
2013 Demographics (STDB)
1 mile
Population
2,014
Households
959
Average Household Income
$62,824
3 mile
Population
3,467
Households
1,621
Average Household Income
$68,066
5 mile
Population
3,571
Households
1,672
Average Household Income
$68,015
P. 9 of 14
Information contained herein may have been provided by outside sources and while deemed to be reliable, may be estimated, projected, subject to change, and/or
limited in scope, and therefore should not be relied upon as accurate. Information should be independently confirmed within an applicable due diligence period.
300 Feet of Beach Frontage | +/- 12.73 Acres
Mustang Island, Texas
About The Area
Port Aransas, TX
Port Aransas, Texas
During the 1846-48 Mexican War, a small fort was built on Mustang Island to guard the entrance to Aransas Bay. It was
used until after the Civil War.
In the 1850's regular steamship service ran between Mustang Island and New Orleans. The first deep draught steamship went through the Pass in 1859. Mercer Docks was destroyed during the 1875 Storm, thus ending the service.
The town of Mustang Island was called Ropesville by the early 1890's but changed its name to Tarpon by 1899 because
of the large numbers of the fish being caught in its waters. The population at that time was about 250. Citizens began
calling their town Port Aransas about 1910. The storm of 1919 virtually wiped out the town except for a few structures.
At the turn of the century, the village was doing big business in sea turtle export with some catches weighing up to 500
pounds. They were shipped live, on their backs, to market. It is estimated that some 600+ species of saltwater fish inhabit the waters off the islands.
For additional history and an overview of Port Aransas / Mustang Island, visit the newly renovated foyer located in City
Hall at 710 W. Avenue A and Cutoff Road and the University of Texas Marine Science Institute Visitor Center located on
Cotter Avenue at the beach.
P. 10 of 14
Information contained herein may have been provided by outside sources and while deemed to be reliable, may be estimated, projected, subject to change, and/or
limited in scope, and therefore should not be relied upon as accurate. Information should be independently confirmed within an applicable due diligence period.
300 Feet of Beach Frontage | +/- 12.73
Acres
Broker Profile
ROB WHITMIRE
Since joining Bull Realty in 2003, Rob Whitmire continues to be a top producer
specializing in the sale of foreclosure, OREO, and special asset investment
properties. Closing over $100,000,000 in lender-owned transactions since 2010, Rob
was recognized in both 2010 and 2011 by the Atlanta Commercial Board of Realtors
as a Top Ten Producer. Honored as Bull Realty's “Broker of the Year” in 2006, 2009,
2011 and 2012, Rob continues to represent his clients well – maximizing the value
of distressed assets by providing aggressive sales, management, and leasing services
for office, retail, land, industrial and apartment properties in the southeast.
Rob Whitmire
Partner & Senior V. P.
Foreclosure and Special
Asset Services
(404) 876-1640 x128
[email protected]
Bull Realty, Inc.
50 Glenlake Parkway
Suite 650
Atlanta, GA 30328
As a member of Atlanta's Commercial Board of Realtors, American Bankruptcy
Institute, National Association of Bankruptcy Trustees, Young Council of Realtors,
Million Dollar Club, the Atlanta Goizueta Group, and a board member of Emory
University’s Alpha Tau Omega Chapter, Rob keeps connected to a wide variety of
people which enables him to better understand the real estate market and
represent his clients' best interests
Bull Realty is a U. S. commercial real estate sales and advisory firm with three
offices, headquartered in Atlanta, Georgia.
•
Specific broker teams specialize in either retail, office, industrial, multi-family,
land, medical, automotive, net lease, hospitality or special asset services.
•
Bull Realty provides marketing and special asset services for over 100 lenders.
•
Bull Realty marketing services includes video, social media and radio for
appropriate properties.
•
The firm sponsors and hosts the Commercial Real Estate Show, a national talk
radio show about commercial real estate which airs on twelve radio stations
throughout the nation, and is available on iTunes and the show website
www.CREshow.com.
P. 11 of 14
Information contained herein may have been provided by outside sources and while deemed to be reliable, may be estimated, projected, subject to change, and/or
limited in scope, and therefore should not be relied upon as accurate. Information should be independently confirmed within an applicable due diligence period.
300 Feet of Beach Frontage | +/- 12.73
Acres
Broker Profile
JOHN DEYONKER
John DeYonker has been selling and developing real estate in the Atlanta area for
the past 20 years, 15 years as Managing Broker of his own real estate brokerage and
development company. Mr. DeYonker joined Bull Realty in 2008 to provide his
clients a marketing platform proven to maximize asset value in this economic cycle.
The Atlanta Commercial Board of Realtors named John the #5 land broker for 2009 ,
the #4 land broker for 2010, and again in 2012 he was recognized as a top 10
producing land broker. John uses his experience in land sales, commercial
acquisitions and development skills to add value to his clients’ real estate
transactions.
John DeYonker
V.P. Land & Developer Services
(404) 876-1640 ext. 142
[email protected]
Originally from the state of Michigan, John received a B.A. in Business
Administration from Michigan State University and has called Atlanta home since
1983. He currently resides in North Buckhead with his wife and two sons. John
spends much of his free time coaching and watching his two sons in their sports
endeavors while also serving as a director on the Baseball Committee at the
Northside Youth Organization.
Bull Realty, Inc.
50 Glenlake Parkway
Suite 650
Atlanta, GA 30328
John is a member of the National Association of Realtors, the Atlanta Commercial
Board of Realtors, the Urban Land Institute and is a candidate for the Certified
Commercial Investment Member (CCIM) designation.
Bull Realty is a U. S. commercial real estate sales and advisory firm with three
offices, headquartered in Atlanta, Georgia.
•
Specific broker teams specialize in either retail, office, industrial, multi-family,
land, medical, automotive, net lease, hospitality or special asset services.
•
Bull Realty provides marketing and special asset services for over 100 lenders.
•
Bull Realty marketing services includes video, social media and radio for
appropriate properties.
•
The firm sponsors and hosts the Commercial Real Estate Show, a national talk
radio show about commercial real estate which airs on twelve radio stations
throughout the nation, and is available on iTunes and the show website
www.CREshow.com.
P. 12 of 14
Information contained herein may have been provided by outside sources and while deemed to be reliable, may be estimated, projected, subject to change, and/or
limited in scope, and therefore should not be relied upon as accurate. Information should be independently confirmed within an applicable due diligence period.
300 Feet of Beach Frontage | +/- 12.73
Acres
Confidentiality Agreement
BULL REALTY, INC.
Rob Whitmire / John DeYonker
50 Glenlake Parkway, Suite 650
Atlanta, GA 30328
(404) 876-1640
PRINCIPAL CONFIDENTIALITY AGREEMENT
(404) 876-7073 FAX
RE: Mustang Island, TX
Dear Sir or Madam:
We have advised you (the “Potential Purchaser”) that Bull Realty, Inc. (H-20209) (“Bull Realty”) in conjunction with Harrison-Pearson Assoc., Inc.
(Texas Real Estate Broker #389551) have been retained on an exclusive basis with respect to the offering for sale of the following property,
approximately 12.73 acres on Mustang Island in Corpus Christi and Port Aransas, Texas (the “Property”). The Potential Purchaser is further
advised that the Owner has indicated that all inquiries concerning the Property and all communications with respect to the contemplated sale of
such Property be directed to Bull Realty.
Bull Realty has available for review certain information concerning the Property which includes brochures, documents, and other materials
(collectively “Informational Materials”). Please be advised that Bull Realty, Inc. may not make such Informational Materials available to the
Potential Purchaser until they have executed this letter and thereby agreed to be bound by its terms. Bull Realty is prepared to provide the
Informational Materials for the Potential Purchaser’s consideration in connection with the possible purchase of the Property by the Potential
Purchaser, subject to the conditions set forth below:
1.The Informational Materials will be used by the Potential Purchaser may not be copied or duplicated without Bull Realty’s consent, and must be
returned to Bull Realty immediately upon the earlier to occur of Bull Realty’s request or when the Potential Purchaser declines to make an offer
for the Property or terminates any discussions or negotiations with respect to the Property.
2.The Potential Purchaser will not make any Informational Materials available, or disclose any of the contents thereof, to any person other than
the Potential Purchaser, however, that the Informational Materials may be disclosed to the Potential Purchaser’s partners, employees, legal
counsel, and institutional lenders (“Related Parties”), who, in the Potential Purchaser’s judgment, need to know such information for the purpose
of evaluating the potential purchase of the Property or any interest therein by the Potential Purchaser. Such Related Parties shall be informed by
the Potential Purchaser of the confidential nature of the Informational Materials and shall be directed by the Potential Purchaser to keep all the
Informational Materials strictly confidential in accordance with this agreement. The Potential Purchaser shall be responsible for any violation of
this provision by any Related Party.
3.The Potential Purchaser acknowledges and agrees that the Potential Purchaser is a principal and not an agent of or acting on behalf of any other
party in connection with the purchase of the Property, and the Potential Purchaser hereby agrees that it will not look to the Owner or to Bull
Realty, Inc. for any brokerage commissions, finders’ fees, or other compensation in connection with the sale of the Property or any interest
therein. The Potential Purchaser acknowledges that it has not had any discussions regarding the Property with any broker or agent other than
Bull Realty, Inc. The potential Purchaser hereby agrees to not acquire the property or an interest in the property at any time in the next 18
months unless Bull Realty is paid a commission satisfactory to Bull Realty.
4.Although Bull Realty has endeavored to include in the Informational Materials information which we believe to be relevant for the purpose of
your investigation, the Potential Purchaser understands and acknowledges that the Owner and Bull Realty, Inc. do not make any representation
or warranty as to the accuracy or completeness of the Informational Materials. The Potential Purchaser further understands and acknowledges
that the information used in the preparation of the Informational Materials was furnished to Bull Realty, Inc. by others and has not been
independently verified by Bull Realty, Inc. and is not guaranteed by Bull Realty, Inc. as to completeness or accuracy. The Potential Purchaser
agrees that neither the Owner nor Bull Realty, Inc. shall have
P. 13 of 14
Information contained herein may have been provided by outside sources and while deemed to be reliable, may be estimated, projected, subject to change, and/or
limited in scope, and therefore should not be relied upon as accurate. Information should be independently confirmed within an applicable due diligence period.
300 Feet of Beach Frontage | +/- 12.73 Acres
Mustang Island, Texas
Confidentiality Agreement
any liability for any reason to the Potential Purchaser or Related Parties resulting from the use of or reliance on the Informational Materials by
any person in connection with the sale of, or other investment by the Potential Purchaser in the Property, whether or not consummated for any
reason.
5.The Potential Purchaser, hereby indemnifies and saves harmless the Owner and Bull Realty, Inc. and their respective affiliates and successors
and assigns against and from any loss, liability, or expense, including attorneys’ fees, arising out of any claim or claims by any other third party
broker utilized by the Potential Purchaser for commissions, fees, and other compensation for the sale or proposed sale to the Potential Purchaser
or other investment by the Potential Purchaser in the Property.
6.The Potential Purchaser acknowledges that the Property has been offered for sale subject to withdrawal from the market, prior sale, or rejection of any offer because of the terms thereof, lack of satisfactory credit references of any prospective purchaser, or for any other reason whatsoever or for no reason, without notice.
If the Potential Purchaser is in agreement with the foregoing, please sign and return this letter to the attention of John DeYonker / Rob Whitmire
at Bull Realty, Inc. With questions, please feel free to contact John DeYonker or Rob Whitmire at 404.876.1640.
PLEASE FAX TO (404) 876-7073
or scan to [email protected] or [email protected]
RE: Mustang Island
ALL SECTIONS MUST BE FULLY COMPLETED AND IN A LEGIBLE FORM.
BROKER:
POTENTIAL PURCHASER:
COMPANY: Bull Realty, Inc. (H-20209)
ACCEPTED
CONTACT: Rob Whitmire / John DeYonker
License #: 267563 / 165894
ADDRESS:
50 Glenlake Parkway, Suite 650
Atlanta, GA 30328
AND
AGREED
TO
THIS
______________
DAY OF ______________________, 2013.
COMPANY:
BY:
TITLE:
T (404) 876-1640
F (404) 876-7073
[email protected]
[email protected]
Marketed in Conjunction with Harrison-Pearson Assoc., Inc.
TX Real Estate License #389551
ADDRESS:
TELEPHONE NUMBER:
FAX NUMBER:
E-MAIL ADDRESS:
SIGNATURE:
P. 14 of 14
Information contained herein may have been provided by outside sources and while deemed to be reliable, may be estimated, projected, subject to change, and/or
limited in scope, and therefore should not be relied upon as accurate. Information should be independently confirmed within an applicable due diligence period.