smith mountain lake - loopnet · of smith mountain lake, a 20,600-acre reservior stretching through...

SMITH MOUNTAIN LAKE | 1SawyerProperties, Inc.Part of the CBRE affiliate network

SMITH MOUNTAIN LAKELAND PORTFOLIO

VA HIGHWAY 122

VA HIGHWAY 122ROANOKE, VA39 MINUTES | 24.3 MILES

ROCKY MOUNT, VA28 MINUTES | 19.8 MILES

SawyerProperties, Inc.Part of the CBRE affiliate network

SMITH MOUNTAIN LAKE | 2 SawyerProperties, Inc.Part of the CBRE affiliate network

Affiliated Business Disclosure

CBRE, Inc. operates within a global family of companies with many subsidiaries and/or related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different Affiliates may represent various clients with competing interests in the same transaction. For example, this Memorandum may be received by our Affiliates, including CBRE Investors, Inc. or Trammell Crow Company. Those, or other, Affiliates may express an interest in the property described in this Memorandum (the “Property”) may submit an offer to purchase the Property and may be the successful bidder for the Property. You hereby acknowledge that possibility and agree that neither CBRE, Inc. nor any involved Affiliate will have any obligation to disclose to you the involvement of any Affiliate in the sale or purchase of the Property. In all instances, however, CBRE, Inc. will act in the best interest of the client(s) it represents in the transaction described in this Memorandum and will not act in concert with or otherwise conduct its business in a way that benefits any Affiliate to the detriment of any other offeror or prospective offeror, but rather will conduct its business in a manner consistent with the law and any fiduciary duties owed to the client(s) it represents in the transaction described in this Memorandum.

Confidentiality Agreement

This is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property.

This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of the state of affairs of the Property or the owner of the Property (the “Owner”), to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of the Owner and CB Richard Ellis - Raleigh LLC. Therefore, all projections, assumptions and other information provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers. In this Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this Memorandum in any manner.

Neither the Owner or CB Richard Ellis - Raleigh LLC, nor any of their respective directors, officers, Affiliates or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Memorandum or use of its contents; and you are to rely solely on your investigations and inspections of the Property in evaluating a possible purchase of the real property.

The Owner expressly reserved the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered and approved by the Owner and any conditions to the Owner’s obligations therein have been satisfied or waived.

By receipt of this Memorandum, you agree that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or CB Richard Ellis - Raleigh LLC. You also agree that you will not use this Memorandum or any of its contents in any manner detrimental to the interest of the Owner or CB Richard Ellis - Raleigh LLC.

If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return this Memorandum to CB Richard Ellis - Raleigh LLC.

Disclaimer

© 2019 CB Richard Ellis - Raleigh LLC. The information contained in this document has been obtained from sources believed reliable. While CB Richard Ellis - Raleigh LLC does not doubt its accuracy, CB Richard Ellis - Raleigh LLC has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. 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.



Highlights

CBRE|Raleigh and Sawyer Properties, Inc. are pleased to present the Smith Mountain Lake land portfolio including five potential development opportunities located along VA Highway 122 in Moneta, Virginia. All properties include a highly desirable commercial mixed use zoning designation and breathtaking views of Smith Mountain Lake, a 20,600-acre reservior stretching through Franklin, Bedford and Pittsylvania counties.

With an estimated population of 20,000 permanent residents and tens of thousands of tourists and vacationers each year, the Smith Mountain Lake land portfolio provides a selection of development opportunities for all individuals including retirees, families looking to buy their primary or secondary homes, and visitors looking for vacation rentals or hotels.

OFFERINGProperty Acreage Zoning Sale Price

BRIDGEWATER POINTE110 BRIDGEWATER POINTE PLACEMONETA, VA 24121(Franklin County)

±1.49 Acres Planned Commercial District $1,750,000

BRIDGEWATER GRANDEWILD TURKEY RUNMONETA, VA 24121(Franklin County)


WESTLAKE VILLAGE CENTERHIGHWAY 122MONETA, VA 24121(Franklin County)


VA HIGHWAY 122/MONETA ROAD0 MONETA ROADMONETA, VA 24121(Bedford County)


VA HIGHWAY 122/MONETA ROAD0 MONETA ROADMONETA, VA 24121(Bedford County)


Total ±101.67 Acres $11,899,500

*Properties can be purchased together or separately


SawyerProperties, Inc.

BRIDGEWATER POINTE110 BRIDGEWATER POINTE PLACE

VA HIGHWAY 122

Part of the CBRE affiliate network



BRIDGEWATER POINTE110 BRIDGEWATER POINTE PLACE

Property BRIDGEWATER POINTE110 BRIDGEWATER POINTE PLACEMONETA, VA 24121(Franklin County)

Acreage ±1.49 Acres

Zoning Planned Commercial District

Permitted Uses Apartments/Condominiums, Short-Term Tourist Rentals, Hotels, Resorts, Offices, Retail Services, Professional Services, Restaurants, Community Center, Marinas, etc. For more information on permitted uses, click here

Maximum Height 70’

Water Frontage ±650 linear feet

Improvements Existing condominium pad located on top of constructed structured parking. Pad-ready to build an additional 48 condominium units as Phase II of the Bridgewater Pointe Condominiums. Adjacent two-story parking garage with allocated parking spaces to accommodate the existing condominium units, retail spaces and new development on this site. Existing 36 day boat slips available. Potential to share amenities with existing development

Site Amenities Outdoor swimming pool (including changing rooms and restrooms), outdoor pavilion, boardwalk and 90 total day boat slips

Access & Shared Parking Easement

Click here

Utilities Municipal water and sewer available. For more information, click here

Parcel ID 0150005700 & 0150005701B

Existing Adjacent Parking Garage Tax Allocation

1/2 Lower level parking garage land1/2 Lower level parking garage improvements1/4 Upper level parking garage land1/4 Upper level parking garage improvementsFor more information click here

Phase I Built in 200648 units (mix of 3 & 4 bedrooms)Range in size between 1,685 - 2,294 sq. ft.Average pricing: $359,000 - $488,400

Sale Price $1,750,000

SMITH MOUNTAIN LAKE | 5

https://library.municode.com/va/franklin_county/codes/code_of_ordinances?nodeId=COCO_CH25ZO_ARTIIIDIRE_DIV12PLCODEDIPC_S25-391PEUS

https://www.dropbox.com/s/jc4xpdok241hafi/Bridgewater%20Pointe%20Parking%20and%20Access%20Agreement.pdf?dl=0

https://www.dropbox.com/s/xashru1ouftr04b/Bridgewater%20Pointe%20Sewer%20Easement%20and%20Allocation.pdf?dl=0

https://www.dropbox.com/s/rqmio45eqmd8t8x/Bridgewater%20Pointe%20Condominium%20Land%20Tax%20Allocation.pdf?dl=0


BRIDGEWATER POINTE PROPERTY SURVEY


BRIDGEWATER POINTE FUTURE ROAD IMPROVEMENTS



BRIDGEWATER GRANDEWILD TURKEY RUN

VA HIGHWAY 122




BRIDGEWATER GRANDEWILD TURKEY RUN

Property BRIDGEWATER GRANDEWILD TURKEY RUNMONETA, VA 24121(Franklin County)



Permitted Uses Apartments/Condominiums, Short-Term Tourist Rentals, Hotels, Resorts, Offices, Retail Services, Professional Services, Restaurants, Community Center, Marinas, Single Family Residential etc. For more information on permitted uses, click here


Water Frontage ±6,000 linear feet

Improvements Existing single family residence, barn and two boat docks

Utilities Municipal water and sewer available. For more information, click here

Preliminary Approval Layout #1

Two 4-story condo buildings: 12 units/floorThree 3-story condo buildings: 18 units/floorForty-three 1,500 sq. ft. residential cottagesOne 90 room hotel with conference centerOne 8,000 sq. ft. waterfront restaurantOne 5,500 sq. ft. welcome centerOne 1,800 sq. ft. fitness/wellness centerEighty-eight boat slips508 surface, garage and deck parking spaces

Preliminary Approval Layout #2

One 4-story condo building: 8 units/floorOne 4-story condo building: 6 units/floorOne 3-story condo building: 8 units/floorTwelve 3,600 - 4,000 sq. ft. townhomesFour 4,500 - 6,000 sq. ft. single family homesOne 4,000 sq. ft. restaurantSix 2,600 sq. ft. retail buildingsOne 2-story 6,400 sq. ft. office building1,800 sq. ft. swim & racquet clubResident playgroundResident beach area

Parcel ID 0150005601, 0150005602, 0150005603, 0150005604 & 0150005711




https://www.dropbox.com/s/xashru1ouftr04b/Bridgewater%20Pointe%20Sewer%20Easement%20and%20Allocation.pdf?dl=0


BRIDGEWATER GRANDE PRELIMINARY LAYOUT #1


BRIDGEWATER GRANDE PRELIMINARY LAYOUT #2


BRIDGEWATER GRANDE PROPERTY SURVEY


BRIDGEWATER GRANDE FUTURE ROAD IMPROVEMENTS



WESTLAKE VILLAGE CENTERHIGHWAY 122VA HIGHWAY 122


WESTLA

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AD

SCRU

GG

S RO

AD



WESTLAKE VILLAGE CENTERHIGHWAY 122 Property WESTLAKE VILLAGE CENTER

HIGHWAY 122MONETA, VA 24121(Franklin County)


Zoning Planned Commercial District; To view the zoning letter, click here

Zoning Overlay Westlake Overlay District

Permitted Uses Apartments/Condominiums, Short-Term Tourist Rentals, Hotels, Resorts, Offices, Retail Services, Professional Services, Restaurants, Community Center, Single Family Residential etc. For more information on permitted uses, click here


Parking 10' x 20'/Space; 1 Space/300 GSF

Utilities Western Virginia Water Authority sewer and water lines to the edge of property line

Preliminary Layout #1

Retail Complex - ±87,700 sq. ft.Medical Complex - ±47,600 sq. ft.Office Complex - ±44,900 sq. ft.Independent Living - 63 Units (±11 acres)Townhomes - 116 Units (±18 acres)

Preliminary Layout #2

Retail Complex - ±68,200 sq. ft.Office Complex - ±44,300 sq. ft.Townhomes - 161 Units (±34.3 acres)

Nearby Retail Tenants

Property is located adjacent to Westlake Towne Center, a ±122,889 sq. ft. shopping center including tenants such as Kroger, Westlake Cinema, Wendy's, Subway and Sweet Frog

Parcel ID 0300000105



WVWA WATER LINE

WVWA SEWER LINE

https://cbrenc.box.com/s/mx1fv989ygz9mq798ssls1siqhlnayen



WESTLAKE VILLAGE CENTER PRELIMINARY LAYOUT #1

RETAIL

OFFICEMEDICALOFFICE

INDEPENDENTLIVING

TOWNHOMES


WESTLAKE VILLAGE CENTER PRELIMINARY LAYOUT #2

RETAIL

OFFICE

TOWNHOMES



VA HIGHWAY 1220 MONETA ROAD

VA HIGHWAY 122




Property VA HIGHWAY 122/MONETA ROAD0 MONETA ROADMONETA, VA 24121(Bedford County)



Permitted Uses Hotel, Marina, Restaurant, Retail Services, Office/Medical Office, Day Care, Car Wash, Community Dock or Recreation, Residential Development (Up to 30%), etc. For more information on permitted uses, click here


Water Frontage ±1,200 linear feet

Improvements Existing billboard

Utilities Municipal water and sewer available

Parcel ID 232 6 2, 232 6 3 & 232 A 5



https://www.bedfordcountyva.gov/home/showdocument?id=5444


VA HIGHWAY 122/MONETA ROAD PROPERTY SURVEY




VA HIGHWAY 122





Property VA HIGHWAY 122/MONETA ROAD0 MONETA ROADMONETA, VA 24121(Bedford County)



Permitted Uses Hotel, Marina, Restaurant, Retail Services, Office/Medical Office, Day Care, Car Wash, Community Dock or Recreation, Residential Development (Up to 30%), etc. For more information on permitted uses, click here


Water Frontage ±730 linear feet

Improvements Existing billboard

Utilities Municipal water and sewer available

Parcel ID 221 A 24



https://www.bedfordcountyva.gov/home/showdocument?id=5444


VA HIGHWAY 122/MONETA ROAD PROPERTY SURVEY



LOCATIONOVERVIEW




LOCATIONOVERVIEW

New York, NY

Chicago, IL

1.75 HOURS

11.5 HOURS

22 HOURS

6 HOURS

42 HOURS

69 HOURS

Los Angeles, CA

Raleigh, NC

Dallas, TX

2.75 HOURS

17 HOURS

49.5 HOURS

5.5 HOURS

36 HOURS

65 HOURS

1.5 HOURS

7.5 HOURS

9 HOURS

35 MINUTE DRIVETO THE APPALACHIAN

MOUNTAINS

4 HOUR DRIVE TO THE VA BEACHES

15 MINUTE BOAT RIDE TO SMITH MOUNTAIN LAKE

STATE PARK

0.75 HOUR

2.75 HOURS

10 HOURS

SMITH MOUNTAIN LAKE NATIONALLYDue to its scenic mountainous landscape, mild climate and rural feel, Smith Mountain Lake is a major destination for visitors from all over the United States. Whether they are looking to purchase a second home on the East Coast, fishing in Cabela’s Big Bass Tour or just enjoying their summer by the lake, Smith Mountain Lake provides the amenities, relaxation and convenience that individuals and families enjoy.

Seattle, WA

500 miles


© 2018 CBRE Limited. Data © TeleAtlas, Google, AerialExpress, DigitalGlobe, Landiscor, USGS, i-cubed. The information contained herein (the “Information”) is intended for informational purposes only and should not be relied upon by recipients hereof. Although the Information is believed to be correct, its accuracy, correctness or completeness cannot be guaranteed and has not been verified by either CBRE Limited or any of its affiliates (CBRE Limited and its affiliates are collectively referred to herein as “CBRE”). CBREneither guarantees, warrants nor assumes any responsibility or liability of any kind with respect to the accuracy, correctness, completeness, or suitability of, or decisions based upon or in connection with, the Information. The recipient of the Information should take such steps as the recipient may deem appropriate with respect to using the Information. The Information may change and any property described herein may be withdrawn from the market at any time without notice or obligation of any kind on the part of CBRE. TheInformation is protected by copyright and shall be fully enforced.

Layout ID:L04 MapId:5851234

ROANOKE100,000 POPULATION

LYNCHBURG80,000 POPULATION

SMITH MOUNTAIN LAKE35 MILE RADIUS

650,000 POPULATION

ROANOKE/LYNCHBURG/DANVILLE MARKET AREA

DANVILLE40,000 POPULATION

MARTINSVILLE14,000 POPULATION

MONETA

ROCKY MOUNTGRETNA

BROOKNEAL

PENHOOK

BLACKSBURG



Demographics

SOUTHLAKE WESTLAKE

2018 Population 4,883 33,755

2018-2023 Population Growth Rate 0.66% 0.54%

2018 Average Household Income $86,473 $73,654

2023 Average Household Income $105,781 $90,019

2018 Average Home Value (Waterfront) $585,634

22,000 PERMANENT RESIDENTS

THOUSANDS OF VISITORS EACH YEAR

20,600 ACRES OF WATER

AVG. 23 WATERFRONT HOMES SOLD PER MONTH


NEARBY RETAIL AMENITIES



SMITH MOUNTAIN LAKE

STATE PARK16 MINUTES

WESTLAKE TOWNE CENTER

7 MINUTES

MONETA, VA5 MINUTES

ROANOKE, VA39 MINUTES

ROCKY MOUNT, VA

28 MINUTES

LYNCHBURG, VA57 MINUTES

BLUE RIDGE PARKWAY35 MINUTES

VIRGINIA TECH76 MINUTES

MARTINSVILLE SPEEDWAY

63 MINUTES

DANVILLE, VA74 MINUTES

MILL MOUNTAIN ZOO

39 MINUTES

LYNCHBURG COLLEGE57 MINUTES


CARLTON MIDYETTE, IIISenior Vice President+1 919 831 [email protected]

BARRY J. BOWLING, CCIMSenior Vice President+1 919 831 [email protected]

DOUGLAS A. SAWYER, CCIMPresident/Owner+1 540 345 [email protected]

FOR MORE INFORMATION, PLEASE CONTACT:


smith mountain lake - loopnet · of smith mountain lake, a 20,600-acre reservior stretching through...

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