offering memorandum · • 70% of tangible property owned or leased by the trade or business is...
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Rivergate Center | McMinnville, OR
OFFERING MEMORANDUMOFFERING MEMORANDUM
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JEANMARIE KAPPBrokerChief Operating OfficerCell [email protected]
DAN KEMP, CCIMPartner, BrokerDirect 541.848.4076Cell [email protected]
RUSSELL HUNTAMER, CCIMPartner, Principal BrokerDirect 541.848.4049Cell [email protected]
EXCLUSIVELY LISTED BYEXCLUSIVELY LISTED BY
Brokers are licensed in the state of Oregon
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MCMINNVILLE, OR
EXECUTIVE SUMMARY
PROPERTY OVERVIEW
RESIDENTIAL DEVELOPMENTS
CONFIDENTIALITY & DISCLAIMER
TABLE OF CONTENTS
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McMinnville, OR
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WHY CHOOSE MCMINNVILLE?It costs less to do business here. You will find the resources, room to grow, and a skilled workforce ready to help you succeed.
THE ECONOMYMcMinnville offers a diverse economy:
• 21% manufacturing• 20% education & health• 10% financial/professional• 11% leisure/hospitality• 12.6% retail trade• 24.57% mining/logging/government/other
The city has 14,000+ employees with more relocating every day. New housing is coming online each month, offering more incentive to businesses and employees to work/live there. It’s located on Hwy 99W and close to I-5.
MCMINNVILLE, ORMCMINNVILLE, OR
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MCMINNVILLE DEMOGRAPHICS
AWARD WINNING MAIN STREET
POPULATION
34,835MEDIAN HOUSEHOLD INCOME
$57,246MEDIAN HOME PRICE
$398,200
LABOR FORCE
16,790
UNEMPLOYMENT RATE
3.3%
MEDIAN AGE
36AVERAGE COMMUNITE
21 MIN. FARM TO FORK DINING
2017 WINE REGION OF THE YEAR
ABOUT MCMINNVILLEMcMinnville, Oregon is a city of 34,835 residents located in the heart of Oregon wine country, not far from Oregon’s largest cities, Portland and Salem. The Willamette Valley town is the seat of Yamhill County and officially became a city in 1882. Fast forward to today, McMinnville is a hub for those who appreciate the laid-back style of a small town with great taste.
Known as a wine-lover’s heaven and a pinot noir paradise, McMinnville is at the epicenter of Oregon’s famous wine valley with over 220 wineries and vineyards ready for touring and tasting.
The city has a mild year-round climate which allows for plenty of outdoor pursuits from road cycling to hiking and picnics in the park interspersed with visits to farmer’s markets, outdoor art, and historic sightseeing. Other major attractions include a world-class aviation museum and an indoor waterpark.
McMinnville’s close proximity to Portland and the PDX International Airport (36 miles), Salem (25 miles) and the Oregon Coast (50 miles) make it an ideal hub for visits to the beach or city.
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Price $6,481,073
Price Per Square Foot $5.31
Address Riverside Drive McMinnville, OR 97128
Tax Lots 00306 & 03335
Number of Tax Lots 2
Combined Parcel Size 28 Acres
Zoning General Industrial Zone (M2)
PROP
ERTY
SUM
MARY
Residential 94 townhomes, children’s playlot, bike trails 90,000 SF
Park/Amenities Urban food park, sport courts, fenced dog park 131,272 SF
Office/Flex Small users/manufacturing and assembly 47,000 SF
A2 Industrial 26,250 SF building with one dock and 27 parking spaces 78,000 SF
A1 Industrial 50,000 SF building with two docks and 50 parking spaces 100,000 SF
Manufacturing Storage Distribution
8 parcels, build-to-suit from 100M SF to 158M SF interior road system 1,130,000 SF
IDEA
L PRO
PERT
Y US
AGE P
LAN
MIXE
D US
EIN
DUST
RIAL
This 28-acre industrial parcel offers opportunities for investors, developers and potential tenants/owners. Rivergate Center is located in the growing city of McMinnville, the seat for Yamhill County and the center of Oregon’s world-renowned wine region. The property is one mile from downtown with easy access to major transportation corridors.
McMinnville’s M2 zoning allows all uses in the M-L (limited light industrial) and M1 (light industrial) zones. Between these categories, there are more than 50 permitted uses which covers a broad spectrum. Among these is office use, based on the user providing services to the surrounding industrial users. Additionally, residential development is allowed as an accessory use to the primary industrial use. For example, if the entire 28 acres were developed in a PUD, 25% or seven acres would be allowed as residential.
This accessory use option expands the value and attraction of the site. Preliminary site plans and subdivision planning/process documentation is being made available by the Seller (not included in the sale price).
MIXED-USE y Light industrial y Commercial flex/office y Residential - 15 dwelling units per acre y Park amenities
INDUSTRIAL y Build-to-suit y Spec
A 10-lot subdivision plan will be submitted to city of McMinnville prior to 8/31/2020, with an approximate 120-day administrative review timeline.
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EXECUTIVE SUMMARYEXECUTIVE SUMMARY
Executive Summary
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INVESTMENT HIGHLIGHTS
28-AC IN PRIME INDUSTRIAL DISTRICT
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M2 ZONING PERMITS LIGHT INDUSTRIAL, COMMERCIAL,
OFFICE
THE RIGHT CHOICE FOR BUSINESS
MCMINNVILLE IS OREGON’S WINE CAPITAL
LIGHT INDUSTRIAL ZONING - M2PERMITTED USES
1. Aerospace and aeronautics industries2. Bottling plant3. Blueprinting4. Business, trade school or college5. Cabinet or carpenter’s shop6. Contractor’s equipment storage7. Caretaker’s dwelling whenever the use requires8. Freight depot9. Government buildings, including armories, maintenance, repair or storage10. Laboratory for experiment, research or testing11. Manufacturing and assembling of precision optics12. Manufacturing and assembling of precision testing equipment13. Manufacturing, assembling, testing and repairing of components,
devices, equipment and systems of an electronic nature14. Manufacturing of ceramic products15. Manufacturing or storage of ice16. Offices for engineers, architects, landscape architects, surveyors, and
those engaged in the practice of designing, drafting, or graphics17. Parking lot, public or private18. Photographic processing19. Printing, publishing, or engraving plant20. Processing, packaging and storing of food or beverage21. Sewage pump station22. Electrical power substation23. Warehousing of previously prepared materials or products24. Water reservoir25. Wholesale distribution and sales facility26. Hospital, medical office and ancillary hospital uses27. Wireless communications facilities28. Tasting room
(See the full zoning code for exclusions to these uses)
ONE MILE FROM DOWNTOWN MCMINNVILLE
ACCESS TO WORKERS AND MAIN TRANSPORTATION
CORRIDORS
OVER 90 MANUFACTURING COMPANIES IN THE CITY
ADJACENT TO YAMHILL RIVER
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Property Overview
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PROPERTY OVERVIEWPROPERTY OVERVIEW
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RELOCATE TO MCMINNVILLEIT’S MORE AFFORDABLE HERE
• Third lowest water rates in Oregon.• Oregon’s second lowest electricity rates.
THERE’S ROOM TO GROW AWAY FROM THE CROWDS• McMinnville has more than 200 acres of industrial property with three large sites - 26, 28, and 90 acres.• Buildings from 25,000 sq. ft. and up.
MCMINNVILLE IS WELL-PLANNED AND WELL-MAINTAINED• Excellent wastewater collection and treatment system.• Strong infrastructure of utilities and internet access.• Well-funded and well-maintained transportation system supported with a $24
million bond (2014).• Third most active regional airport in Oregon with $7.2 million of improvements
in the works (2017).
PEOPLE ARE READY TO WORK• We are surrounded by nationally recognized public and private institutions
including Linfield College, one of the U.S. “Best in the West!”
WILLAMETTE VALLEY HAS EXCELLENT WINE• The region is home to famous large and small production wineries including
Willamette Valley Vineyards, Stoller Family Estate, The Eyrie Vineyards, Domaine Drouhin, Domaine Serene, Penner~Ash, Union Wine Company, Adelsheim, Archery
Summit Winery, Argyle Winery, Chehalem Winery, Elk Cove Vineyards, Ponzi Vineyards and many more
UTILITIES3rd lowest water &
2nd lowest electricity rates in OR
TRANSPORTATION1 freight rail,
2 highways, 24 miles to Interstate, 1 airport,
20 airports in 50 miles
SUSTAINABILITY97% carbon free
with abundant water resources
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WHY LOCATE YOUR BUSINESS IN AN OPPORTUNITY ZONE? ECONOMIC BENEFITS Qualified Opportunity Fund investors may be able to defer federal capital
gains tax from 2019 until 2026, while helping grow a Qualified Opportunity Zone Business (QOZB) at Rivergate Center. Your accountant can advise on the IRS requirements to be a “qualified” business, including:
• 70% of tangible property owned or leased by the trade or business is QOZB Property.
• 70% of the use of the tangible property is in a qualified opportunity zone, for 90% of the holding period.
• 50% of gross income is from business conducted in a qualified opportunity zone.
Federal tax owed on gains invested 5 years in a Qualified Opportunity Fund is reduced by 10%. After two more years, it goes down another 5%, for a total 15% reduction in federal tax owed.
If a QOZB is sold after 10 years or more, the gain on the initial investment is not taxed federally.
There are Qualified Opportunity Funds with investors seeking these tax benefits. You may be able to apply for additional capital from them.
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TAX EXPENSES BUSINESS DO NOT PAY IN OREGONy General sales taxy Use tax on equipment or any other purchasey Inventory taxy Worldwide unitary taxy Motor vehicle excise taxy Levies on capital asset tax or intangible properties
PROPERTY TAX ABATEMENT y Construction-in-Process - Facilities which have unfinished improvements may
be exempt from property taxes for up to two years. y Food Processing Machinery and Equipment - Allows food processors to
request a tax exemption on qualified machinery, equipment, and personal property.
STATE INCOME TAX CREDITy Qualified Research Activities Credit - A corporate credit given for increases in
qualified research expenses. The research must be conducted in Oregon and be in the fields of advanced computing, advanced materials, biotechnology, electronic device technology, environmental technology, or straw utilization. y More tax credits and information can be found at Oregon Department of
Revenue
OTHER INCENTIVESy Oregon Business Expansion Program - A cash-based incentive (forgivable
loan) for companies who already have 150+ employees and who plan to hire
50 or more full-time employees in Oregon. The incentive is equivalent to the estimated increase in income tax revenue from new hiring. y Small Manufacturing Business Expansion Program - A
cash-based forgivable loan for small manufacturers based in Oregon who are completing expansion projects. y Work Opportunity Tax Credit - A Federal tax credit given
to private-sector businesses who hire individuals who face significant barriers to employment. y Film and Video Incentives - Programs to urge the production of video and film in Oregon.
� Oregon Production Investment Fund (OPIF) - rebates 20% of goods/services and 10% of Oregon-based payroll on projects who spend a minimum of $1M.
� Greenlight Oregon Labor Rebate - rebates 6.2% of payroll for which Oregon withholding applies on video or film projects who spend a minimum of $1M in Oregon.
RENEWABLE ENERGY INCENTIVES y Solar Development Incentive Program - A cash incentive per kilowatt-hour
of electricity generated to owners of photovoltaic energy systems with a nameplate capacity of 2 to10 megawatts.y Fee in Lieu of Property Taxes - After forming an agreement
with a county (and city), any solar project can choose to pay a fee rather than property taxes for up to 20 years. The fee will equal $7,000 per megawatt of the project’s nameplate capacity. y Alternative Energy Systems (ORS 307.175) - A tax abatement
which exempts property equipped with alternative energy systems from ad valorem property taxation.
OREGON STATE INCENTIVES
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CONCEPTUAL SITE PLANSThe following renderings and site plans are to show the possibilities available at Rivergate Center. However, the buyer should perform its own due dilligence to make sure the desired use is permitted.
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CONCEPTUAL MIXED USE SITE PLAN
15
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COLVIN AVENUE
RIV
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SID
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RIV
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RIV
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GA
TE
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RE
ET
CONCEPTUAL INDUSTRIAL SITE PLAN
16
BAKER CREEK EAST AND WEST
West = 125 LotsEast = 83 Lots
YCAR, 05.21.2020
RESIDENTIAL DEVELOPMENTSRESIDENTIAL DEVELOPMENTS
#1: BAKER CREEK EAST AND WESTThis project is close to being built house with homes. The apartment complex is still under construction. 40 acres of land for development of 213 single-family homes and one multi-family (up to 70 units) development due to the denial of the two zone changes.
See the map on page 8 to see where each development is located.
Residential Developments
17
BAKER CREEK NORTH
YCAR, 05.21.2020
280 Lots120 Multi Family5 Acres Commercial
BAKER CREEK NORTH
YCAR, 05.21.2020
280 Lots120 Multi Family5 Acres Commercial
v
17
#2: BAKER CREEK NORTHThis project was recently approved by the McMinnville City Council. They have submitted construction plans (infrastructure) for review to Engineering Department for review for Phase 1 of Phase 1. 280 single family detached dwelling units, public right-of-way improvements, and open spaces on the proposed 48.7 acres of R-4.
18
CHEGWYN VILLAGE – SMALL LOTS
28 Lot Subdivision
Small Cottages
YCAR, 05.21.2020
#3: CHEGWYN VILLAGE - SMALL LOTSThis project is in the final subdivision platting stages. 28-lot subdivision, which would replace a similarly sized multi-family development
19
OAK RIDGE MEADOWS
YCAR, 05.21.2020
108 Units
v
19
#4: OAK RIDGE MEADOWS This project was approved by the McMinnville City Council. They have not started infrastructure construction yet. Approval of a 108 lot tentative two-phased single-family residential subdivision plan on approximately 35.47 acres of land
20
303304
305
301302
296
299300
298297
295
288
289
290
291
292
285
286
287
162
146
147
140
148
141
149
142
150
143
151
144
145
294
152
154
156
316
306
307308
310311
312313
315
293
153
155
317
318
309
314
139
83
75
82
74
8180
79787776
158
367
359364
358357
356355
362361360
354
353
363
365
366
342
344
343
352351
350
349348
369
379
371
378
370
377376 368
375 374 373 372
347
345
346
390
392
384
391
383
382
389
TRACT C
388
381
387
380
386
385
463
474
458
443
465
457
442
487
472
464
456
449
441
486
479
471
455
448
440
485
478
470
462
454
447
439
484
477
469
461
453
446
438483
476
468
460
452
445
437482
475
467
459
451
444
436
481
466
450
488
319
327
335
320
328
336
321
329
337
322
330
338
323
331
339
324
332
340
325
333
326
334
398
414
421
399
407
422
400
408
415
423
431
393
401
409
416
TRACT D
432
394
402
410
417
424
433
403
411
418
425
434
396
404
412
419
435
397
413
420
405
428
406
341
427
430
426
39
65
41
54
62
70
55
63
71
48
56
64
72
49
57
73
51
5866
52
59
67
60
68
61
69
395
261
260259
263 262
234
184
235
186
216
187
217
230 238
188
211
218
226
231
239
181189
204
219
227
232
240
237
190
205
213
220
228
233
241
191
214
221
TRACT E
244
192
222
243
193
223 224
179
229
247
269
251
270
252
245
253
264
246
254
265
255
266
248256
267
249
257 268
250225
84
126
86
94125
87
95
88
96
89
97
90
98
91
9992
100
85
93 101138132131130
137129
136128
135127 134133
258
473TRACT A
284
283
53
50
42
40
43
44
45
194
215TRACT F
15
23
16
24
1
9
17
10
18
25
11
1927
12
28
1314
21
38
3031
32
33343536
29
37
26
22
20
195
161
173
168 176
160
182
180
242
236
163
480
113
114
109
110
111
102
103
104
106
105
124
123
122
107 108
279
271
278
277
276
117
275
118
282
274
119
281
273
280
272
120
121
112
157
TRACT G
TRACT B
429
HO
RI
ROAD G
W 2ND S
T
W2N
DC
T
ROAD D ROAD D
D COURT
RO
AD
F
ROAD E
ROAD C
'C' LO
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2ND ST ELIZABETHNW
ST
NW
BR
OO
KS
HIR
ES
T
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ON
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EE
K D
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ROAD A
RO
AD
A
RO
AD
A
RO
AD
B VA
LL
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T
NW
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NW
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NW MT. MAZAMA ST
W
W 2ND ST
SW
MA
LL
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T W 2ND ST
W 2ND STS
W B
LU
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CT
NW
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LL
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DG
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T
SW MT. RAINIER ST
NW
MT
. MA
ZA
MA
ST
SW MT. BAKER ST
W 2ND ST
NW MT. HOOD DR
NW
HIL
LC
RE
ST
ST
NW
MT
. BA
CH
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OR
ST
NW
MT
. MA
ZA
MA
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SW REDMOND HILL RD
LEGEND
HIL
LC
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ST
PL
AN
NE
D
MA
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PL
AN
UP
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TE
McM
INN
VIL
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ON
PRELIMINARY
NOT FOR
CONSTRUCTION
DE
VE
LO
PM
EN
TS
TR
EE
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LA
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ITH
RO
AD
GR
AD
E
P-02
LEGEND
#5: WEST HILLSThis development is occurring in phases. The most recent phase platted was Brookshire Estates. A multi-phase subdivision plan for the entire 164.1 acres comprising the subject site. This tentative plan proposes the platting of 441 detached housing units, 50 attached housing units, a four-acre parcel for multi-family housing to accommodate an estimated 60 residential units.
21
v
21
#6: MONIKA SUBDIVISIONThis project was approved by the McMinnville City Council. They have not started infrastructure construction yet. A 17-lot R-1 subdivision request to R-3.
2222
23
24
Confidentiality & Disclaimer
24
DISCLAIMER: This marketing package has been prepared by Compass Commercial Real Estate Services (Compass Commercial) in full cooperation with the Seller of the Property solely for the purposes of providing preliminary information to prospective purchasers. It is not intended as the sole source of property and operational data and should not be relied on in place of appropriate due diligence activities. Neither Compass Commercial nor its agents can guarantee accuracy and no liability is assumed for financial, operational, physical, or other information provided herein including, but not limited to, errors and omissions, transmittal of inaccuracies, prior sale, price adjustments, or removal from marketplace without notice. Any indicated value of this investment is based upon assumptions, projections and estimates, which are variable by nature and subject to changing economic conditions. The value of this investment to you will also depend on tax and other factors, which should be evaluated by your tax and legal experts or advisors. It is your responsibility to independently confirm information received about the property to your satisfaction and you are urged to seek advice from your own attorney, CPA, design consultant, franchise representative, and/or other qualified professionals in your investigation of this opportunity.
CONFIDENTIALITY: The enclosed information is to be treated as non-public confidential business information and is to be held in strict confidence by all prospective purchasers and/or their legal agents. In no event will prospective purchasers and/or their legal agents use or reproduce for distribution any of the enclosed information for any purposes other than analysis and evaluation of the proposed sale.
DISCLOSURE: Compass Commercial reserves the right to accept referral fees, finder’s fees and supplementary payments from lenders, real estate brokers, appraisers and other professional services to which we refer clients. We suggest that when you contact a professional service referred to by Compass Commercial, you ask if this referral fee will affect the final cost that you will pay.
EXCLUSIVE: The property represented herein is exclusively listed for sale by Compass Commercial Real Estate Services and Renaissance Realty Group. All negotiations for the purchase shall be conducted through the listing agents.
24
CONFIDENTIALITY & DISCLAIMERCONFIDENTIALITY & DISCLAIMER
25
CONDITION OF SALERivergate Center is being offered for sale on an “as-is,
where-is” basis.
Detailed due diligence information can be requested from the listing team. In order to view confidential information,
all parties will be required to execute a Confidentiality Agreement.
All property tours must be scheduled in advance through Compass Commercial or Renaissance Realty Group.
OFFERING TERMSPlease submit offers via email to the listing team.
Interested parties must submit a written Letter of Intent (“LOI”) or a Purchase & Sales Agreement (“PSA”) outlining the terms and conditions under which they propose to purchase the
Property. Such terms must include the following:• Purchase price
• Company background and financial capability• Source of capital (Equity/Debt)
• Amount and form of earnest money deposit(s)• Required contingency periods (inspection, financing, etc.),
including any extension(s)• Closing timeline
26
EXCLUSIVELY LISTED BY:OFFERING MEMORANDUMOFFERING MEMORANDUM
RIVERGATE CENTER Riverside Drive, McMinnville, OR 97128
JEANMARIE KAPPBrokerChief Operating OfficerCell [email protected]
DAN KEMP, CCIMPartner, BrokerDirect 541.848.4076Cell [email protected]
RUSSELL HUNTAMER, CCIMPartner, Principal BrokerDirect 541.848.4049Cell [email protected]