LAND FOR SALE DEVELOPMENT OPPORTUNITY. St. Louis, Missouri JUNE 2017

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1 LAND FOR SALE DEVELOPMENT OPPORTUNITY St. Louis, Missouri JUNE 2017 GWEN KNIGHT (D) (M)

2 Table of Contents Offering Summary pg. 4-8 District & Neighborhood Overview pg Development Potential pg This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s). (c)2017. All rights reserved. NORTH HANLEY & UNIVERSITY PLACE DRIVE OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 2

3 Section 1 Offering Summary

4 Offering Overview OFFERING SUMMARY Colliers International (Colliers) is pleased to present a prime development opportunity in unincorporated St. Louis County near a strong workforce, vibrant student population, excellent public transportation, a significant business park, and St. Louis Lambert International Airport. On behalf of the owner(s), Geiger Hanley LLC and Geiger Real Estate, Inc. ( Geiger ), Colliers is offering acres located at the southeast quadrant of North Hanley Road and University Place Drive in unincorporated St. Louis County, Missouri, immediately south of I-70 and just four miles east of St. Louis Lambert International Airport. The land area fronts the south side of University Place Drive and the east side of North Hanley Road. A workforce of over 62,000 employees is within a three-mile radius. The North Hanley MetroLink and bus station, with over 2,900 MetroLink daily commuters, is immediately to the north across University Place Drive. Just east of the subject property are University of Missouri St. Louis (UMSL) with 11,000 students and 2,500 faculty, and the Express Scripts headquarters with approximately 11,500 employees. North Park, with 550 acres, is nearby on North Hanley Road with two buildings south of I-70 and the remaining property immediately north of I-70. Currently within North Park are 2,650,000 square feet of office and industrial space plus a 136-room Hilton Garden Inn hotel with a 9,000-square-foot conference center. Bi-State Development (Bi-State) (owner of the MetroLink site) and UMSL are cooperating with Geiger to encourage development in the area. To further enhance interest from developers, the subject property is included in a Request for Proposal being submitted jointly by University Square (affiliated with UMSL), Bi-State, and Geiger. The following is a link to the RFP: Final.pdf (more on next page) HIGHLIGHTS > 26 parcels combined for a total of acres or 511,669 SF > MetroLink North Hanley Station immediately across the street and just one stop from St. Louis Lambert International Airport, providing access to major attractions such as Busch Stadium, Scottrade Center, Forest Park, Cortex, the Arch, BJC, Washington University and Saint Louis University > Close proximity to UMSL, Bird Sanctuary, Great Rivers Greenway Trails, St. Vincent Greenway, multiple golf courses, North Park and other business parks > Located in unincorporated St. Louis County > Zoned R-5 (St. Louis County) > Possibility of federal, state and/or local incentives, depending on the scope of development > Excellent I-70 and I-170 access serving the metropolitan St. Louis area > Traffic counts approximately 129,000 vehicles per day on I-70 and 126,000 on I-170 according to ESRI > Over 62,000 workforce, 11,000 UMSL students, 2,500 UMSL faculty and 2,900 daily MetroLink commuters within a three-mile radius SALE PRICE $2,814,200 ($5.50/SF) NORTH HANLEY & UNIVERSITY PLACE DRIVE OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 4

5 Offering Overview While the subject property is included within the RFP, it is being offered on a stand-alone basis and is not subject to Bi-State or UMSL approval. The RFP also clarifies that the Geiger property is being offered independent of any such approvals. The RFP area, which includes the subject Geiger property, was the subject of a recent Urban Land Institute Technical Assistance Panel (TAP), the purpose of which was to obtain independent opinions of real estate professionals as to the development possibilities of the area. The following is a ink to the TAP report, a copy of which is included later in this offering: St. Louis County officials participated in the TAP and are supportive of development in this area. The County has indicated a willingness to consider and, at their sole discretion, grant appropriate incentives for significant projects that contribute to the redevelopment of the area. As commercial activity continues to grow in North County, the Southeast Quadrant of North Hanley and I 70 offers a valuable opportunity for high-density, mixed-use, transit-oriented development that incorporates uses such as: corporate office; hotel and conference center; commercial; retail; restaurants; quality housing (young professionals, students, multigenerational, seniors); research park; co-working spaces; daycare; and healthcare. Further increasing the site s accessibility, the project area is served by its own traffic signal at North Hanley and University Place Drive, just south of I-70. NORTH HANLEY & UNIVERSITY PLACE DRIVE OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 5

6 Property Addresses LOCATOR ADDRESS LOT SIZE (SF) LOT SIZE (ACRES) 13J University Place Drive 6, J University Place Drive 94, J University Place Drive 69, J University Place Drive 9, J University Place Drive 10, J University Place Drive 10, J University Place Drive 9, J University Place Drive 7, SITE 14J Link Avenue 5, J Link Avenue 8, J N. Hanley 13, J N. Hanley 8, J N. Hanley 82, J N. Hanley (small piece) 12, J N. Hanley 46, J N. Hanley 28, J N. Hanley 14, J N. Hanley 12, J N. Hanley 9, J N. Hanley (small piece) 4, J N. Hanley 9, J N. Hanley 4, J N. Hanley 8, J Marlin Drive 3, J Marlin Drive 8, J Marlin Drive 10, , N NORTH HANLEY & UNIVERSITY PLACE DRIVE OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 6

7 Location St. Louis Lambert International Airport Florissant Road Natural Bridge Ave. North Hanley Road North Park SITE I-70 I-170 N Source: Google Earth NORTH HANLEY & UNIVERSITY PLACE DRIVE OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 7

8 Property Aerial N Source: St. Louis County NORTH HANLEY & UNIVERSITY PLACE DRIVE OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 8

9 Section 2 District & Neighborhood Overview

10 Area Amenities Hazelwood Commerce Center N NATURAL BRIDGE ROAD St. Louis Lambert International Airport N. HANLEY ROAD North Park ST. CHARLES ROCK ROAD SITE The Crossings at Northwest Source: Google Earth NORTH HANLEY & UNIVERSITY PLACE DRIVE OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 10

11 Demographics DESCRIPTION 1 MILE 3 MILES 5 MILES Population ,418 96, ,267 Population Growth % 0.34% 0.06% Average Age Total Households ,951 37, ,135 Median Household Income $30,878 $37,559 $39,966 Average Household Size Median Home Value $65,569 $70,116 $84,048 CIVILIANS EMPLOYED BY OCCUPATION - 5 MILE Retail Professional & Management Information Financial & Investments Sales & Office Services Production & Manufacturing Utilities Construction Population (Thousands) No. of Businesses 205 2,884 10,174 No. of Employees 12,185 50, ,388 Consumer Spending (in thousands) $47,735 $690,040 $2,307,742 Source: CoStar NORTH HANLEY & UNIVERSITY PLACE DRIVE OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 11

12 Growing Economic Development The expansion of commercial and industrial activity along the I-70 corridor provides a valuable opportunity for high-density mixed-use development. Increasing economic and employment growth near the site not only betters the quality of life for residents and students, but provides high caliber opportunities for economic development in St. Louis County. > SKF: A world leader in rolling bearings and related technologies, including sealing solutions, lubrication systems, mechatronics and services. 311,000 sq. ft. state-of-the art manufacturing facility offices, distribution, manufacturing and assembly operations The close proximity to MetroLink (only one stop from St. Louis Lambert International Airport) and MetroBus maximizes access to public transportation. The proximity to mass transit makes the site ideal for Transit Oriented Development (TOD). Creating quality TOD projects within the service area increases community amenities for the immediate area and for the region as a whole. The area continues to grow. The North Park Business Center, immediately north of I-70 at North Hanley Road, is a 550-acre business park with over 2,650,000 square feet of office and industrial space; the following projects were completed at North Park within the past few years: > Express Scripts: An integrated pharmacy benefit management services company. Five buildings. Headquarters in two buildings on the south side of I-70, three buildings north of I ,000 sq. ft. Headquarters 200,000 sq. ft. Phase II adjacent to Headquarters 230,000 sq. ft. Technology & Innovation Center 234,000 sq. ft. Office & Data Center 225,668 sq. ft. Office > Schnucks: Family-owned grocery company with over 100 stores in five states. 1,000,000 sq. ft. distribution facility serving all 100 stores (includes 400,000 sq. ft. of cold storage) > North Park Business Center One: Multi-tenant flexible building. 45,000 sq. ft. (divisible to 9,000 sq. ft.) > Vatterott College: Vocational school specializing in automotive, trades, medical, business, technology and legal 90,000 sq. ft. > Hilton Garden Inn: 136-guest rooms, 9,000 sq. ft. conference center NORTH HANLEY & UNIVERSITY PLACE DRIVE OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 12

13 North Park Acres N St. Louis Lambert International Airport SITE Source: Google Earth NORTH HANLEY & UNIVERSITY PLACE DRIVE OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 13

14 Area Information Source: TAP Report NORTH HANLEY & UNIVERSITY PLACE DRIVE OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 14

15 Area Information Retail Buildings over 50,000 SF within 3 Miles Source: TAP Report NORTH HANLEY & UNIVERSITY PLACE DRIVE OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 15

16 Area Information Source: TAP Report NORTH HANLEY & UNIVERSITY PLACE DRIVE OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 16

17 Area Information Competition Analysis Starbucks, Qdoba and Panera Source: TAP Report NORTH HANLEY & UNIVERSITY PLACE DRIVE OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 17

18 Area Information Competition Analysis Class A Office Space 3 Mile Radius Zero space available There are 8 Class B Properties in same search area (not shown on map) Zero Space Available Source: TAP Report NORTH HANLEY & UNIVERSITY PLACE DRIVE OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 18

19 Area Information Competition Analysis Class A Office Space 3 Mile Radius Source: TAP Report NORTH HANLEY & UNIVERSITY PLACE DRIVE OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 19

20 Area Information Hotel Analysis Hotels within 3 Mile Radius Usable Conferencing Facility Source: TAP Report NORTH HANLEY & UNIVERSITY PLACE DRIVE OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 20

21 Area Information Surrounding Business Market Source: TAP Report NORTH HANLEY & UNIVERSITY PLACE DRIVE OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 21

22 Section 3 Development Potential

23 Development Potential URBAN LAND INSTITUTE TECHNICAL ASSISTANCE PANEL In February 2017, University Square Community Development Corporation (USCDC), Bi-State, UMSL, and Geiger hosted an Urban Land Institute (ULI) Technical Assistance Panel (TAP). The TAP consisted of a group of area professionals across various disciplines (banking, planning, real estate, etc.) who gathered input from community stakeholders to develop a vision for the highest and best uses for the project area. The valuable input provided by St. Louis County officials and the community highlighted the opportunity for economic development aimed at increasing neighborhood walkability and access to goods and services within the community, especially those that could service the needs of the over 11,500 employees at Express Scripts, the businesses at North Park, the over 11,000 students and 2,500 faculty and staff at UMSL, and the daily MetroLink and bus commuters. The over 2,900 daily MetroLink commuters and the numerous bus commuters use the multimodal Metro station at North Hanley as a key bus and light rail connector node. The TAP created a series of planning and programming concepts to position the North Hanley/I-70 interchange and University Place Drive as a Campus Gateway for UMSL and its University Place Business, Technology and Research Park. The following is a link to the ULI TAP report, a copy of which is included in Section 4 of this offering: Commercial/TOD Concept Source: TAP Report NORTH HANLEY & UNIVERSITY PLACE DRIVE OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 23

24 Development Potential Cross-section depicts topographical changes and suggested land use zones Commercial/TOD/Campus Gateway Concept Source: TAP Report NORTH HANLEY & UNIVERSITY PLACE DRIVE OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 24

25 Development Potential Commercial Concept Source: TAP Report NORTH HANLEY & UNIVERSITY PLACE DRIVE OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 25

26 Colliers International 1401 S. Brentwood Blvd. Suite 400 St. Louis, MO colliers.com/stlouis