durham, nc - loopnet...durham, prior to utility extension permits, will be required. neighboring...

DOC NICHOLS ROAD

OLIVE BRANCH ROAD

LEESVILLE ROAD

A CBRE RALEIGH LAND SERVICES OFFERING

705DOC NICHOLS ROADDURHAM, NC

PREMIER AGE RESTRICTED RESIDENTIAL DEVELOPMENT OPPORTUNITY

FENDOL FARMS MANORS543 LOTS

$330,000 - $435,000

CAROLINA ARBORS BY DEL WEBB1,326 LOTS

$270,000 - $415,000

BRIER CREEK880,000 SF RETAIL1.2M SF OFFICE

11 MINUTES | 5.4 MILES

RDU INTERNATIONAL AIRPORT15 MINUTES | 8.6 MILES

DOWNTOWN DURHAM20 MINUTES | 8.3 MILES

240-ACRESUBJECT PROPERTY

PREMIER AGE RESTRICTEDRESIDENTIAL DEVELOPMENT OPPORTUNITY

TABLE OF CONTENTS

SITE CHARACTERISTICS

LOCATION

RESIDENTIAL MARKET

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PRIMARY CONTACTS

CBRE CONTACTS

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

CHESTER F. ALLEN, CCIMExecutive Vice PresidentLand Services+1 919 831 [email protected]

TIFFANY HILBURNMarketing SpecialistLand Services+1 919 831 [email protected]

705DOC NICHOLS ROAD

DURHAM, NC

TRIANGLE OVERVIEW 18


DOC NICHOLS ROAD

OLIVE BRANCH ROAD



FALLS LAKE15 MINUTES | 7.1 MILES

STUBBED WATER CONNECTION

FENDOL FARMS PUMP STATIONSEWER CONNECTION

(UP TO 100 LOTS)

ONSITE LIFT STATION FEEDING INTO SOUTHEAST

REGIONAL LIFT STATION

SOUTHEAST REGIONAL LIFT STATION

STUBBED WATER CONNECTION

Address 705 Doc Nichols Road & 1511 Shaw Road | Durham, NC

Parcel Size ± 240 Acres

PIN# 0860-03-33-2395 & 0860-01-31-5371

Current Zoning PDR 2.903 - Age Restricted

Development Density 2.903 Residential Units/Acre (Maximum of 697 Units)

Utilities

Municipal Water Available Along Doc Nichols Road (±900 linear feet)Municipal Water Available Through Fendol Farms (stubbed at property line after Fendol Farm’s 100th CO)Municipal Sewer Available Through Fendol Farms (serves up to 100 residential lots)Municipal Sewer Available Through an Onsite Lift Station feeding into the Southeast Regional Lift Station (construction planned to begin by the City of Durham in 2019)*The City of Durham is extending a sewer outfall to the property near the onsite lift station location shown on the adjacent map. Construction is scheduled to begin in 2019. The onsite lift station can be installed on the property if sewer is needed prior to the construction completion of the outfall.

Sewer Easement City of Durham will be required to acquire a sewer easement for the lift station from the neighboring property to the east per the Utility Extension Agreement dated November 7, 2016

Due Diligence Wetland Delineation Study and Traffic Impact Study completed

Remaining Text Commitments Limited remaining Text Commitments (highlighted document included in the due diligence data room)

Preliminary Site Plans Previous preliminary site plans depict layouts including 499 (Application# D1000098), 540 (Application# D1300110) and 582 (Application# D1700305) lot counts with lot widths varying between 40’, 50’ & 60’

Road Improvements Buyer will be responsible for constructing a turning lane into the community off of Doc Nichols Road

Pricing Call for pricing5


OFFERING OVERVIEW

CBRE|Raleigh is pleased to present the opportunity to acquire a 240-acre age restricted-residential development opportunity in the highly desirable Brier Creek submarket. The property was preliminarily planned for 582 residential units and has access to all utilities with an Utility Extension Agreement in place with the City of Durham and the developer of the neighboring Fendol Farms. Neighboring home prices reach into the mid-$400,000s with home absorption at 97% within a three mile radius during the past year. Currently, there are only eighteen existing age-targeted or age-restricted single family residential developments in Wake and Durham counties. During 2017, homes in those communities stayed on the market for an average of one month or less before selling with an average housing supply of two months.

USABLE ACREAGE INCLUDING TOPOGRAPHY

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USABLE ACREAGE INCLUDING TOPOGRAPHY AND AERIAL OVERLAY

ANTICIPATED DEVELOPMENT TIMELINE

APPROVAL TIMELINE

ITEM TIMING

Due Diligence Period 2-3 Months (Estimated)

Rezoning Completed

Site Plan Approval* 6-9 Months (Estimated)

Construction Drawings Approval* 5-6 Months (Estimated)

Grading Permit 1-2 Months (Estimated)

TIME TO CONSTRUCTION 14-20 Months (Estimated)

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DUE DILIGENCE REPORT

*Can be submitted simultaneously.

CLICK HERE TO ACCESS AVAILABLE DUE DILIGENCE DOCUMENTS.

GENERAL SITE INFORMATION / SITE CONDITIONS The subject property assemblage is approximately 240 acres and is located in the City of Durham limits.

The subject properties are the two northernmost shown on the development plan referred to as East Durham Land, LLC; the southern tract is currently under development.

There are no FEMA regulated floodplains located on the subject parcels.

The subject parcel is located in the Suburban Tier per City of Durham Development Tiers Map.

PERMITTED USES The property is currently zoned PDR 2.903. The rezoning and subject development plan were approved by the City of Durham on April 17, 2017. The development plan is approved for 1,200 age restricted units.

DEVELOPMENT REVIEW PROCEDURES

The subject property was rezoned to PDR 2.903, Planned Development Residential (2.903 units / acre) in 2017. A development plan was approved in conjunction with the rezoning of the property (Durham Case #Z1600019). Any development of the subject parcels will be subject to the approved Committed Elements and Special Conditions of Approval which can be found on the Cover Sheet of the approved development plan.

The proposed use of the parcel is permitted by right in PDR 2.903 zoning district and, as such, development of the parcel is subject to administrative site plan review by City of Durham staff. The proposed site plan would be considered a Level 4 Site Plan by the City of Durham.

Following initial application of a Level 4 Site Plan, the City of Durham will return comments within 20 business days of the date of application. Revised site plans must be submitted within 90 days of the receipt of comments or the application is considered withdrawn. This process continues until all site plan review comments have been adequately addressed. Approved site plans are stamped, signed, and dated by the case planner.

Construction drawings showing utility, stormwater, grading, and other site related improvements may be submitted to the City of Durham for review any time after the initial site plan application; it is encouraged that construction drawings not be submitted until after first review comments have been received to ensure that there are no major issues with the proposed site plan that would require modifications to construction plans. Construction plans can be submitted to the City of Durham Development Services Center on Monday, Wednesday, or Friday of any week.

https://cbrenc.box.com/s/glm2q0m0j0noe8784wuhtbwvgztifmjc

https://cbrenc.box.com/s/glm2q0m0j0noe8784wuhtbwvgztifmjc

An approved Sedimentation and Erosion Control Plan and land-disturbing permit is required before commencing any land-disturbing activity.

Two copies of a sedimentation and erosion control plan and one preliminary set of construction drawings shall be filed with the County Sedimentation and Erosion Control Office. A digital copy of the approved construction drawings must be submitted upon their approval. A sedimentation and erosion control plan shall contain site drawings, vicinity maps, assumption, calculations, narrative statements, and construction sequence as needed to adequately describe the proposed development and the measures proposed to comply with the requirements of the Durham City- County UDO.

A land disturbing permit may be obtained by submitting the following:

o Applicable fee; o Zoning compliance checkoff or written approval issued by the Durham City-County

Planning Department; o Completed Durham County Financial Responsibility / Ownership Form With Landowner

Consent Form; o Approved sedimentation and erosion control plan; o Improvement security; o Certification that tree protection fencing has been installed; o Approval of the proposed project by the City or County as applicable.

A land-disturbing permit shall expire at the end of:

o One year from the date of issuance if no land-disturbing activity has been undertaken in that period. No land-disturbing activity may take place following the expiration until the person responsible has applied for, and received, a new land-disturbing permit. The fee for the new permit shall be 100% of the current applicable fee; or,

o A two-year period, unless it is extended by the Sedimentation and Control Officer upon written request of the permit holder. The request for extension shall include reasons for the incompletion of the work. After review of the original plan and an on-site inspection of the completed work, the permit may be extended effective for a period not to exceed six months from the date of expiration of the original permit. The fee for the extended permit shall be 25% of the current applicable fee. If work cannot be completed and the site permanently stabilized prior to the expiration of the permit extension, then a new land-disturbing permit must be applied for and obtained.

o An approved sedimentation and erosion control plan for which no permit has been issued shall expire one year from the approval date. If a plan has been disapproved, a revised plan must be submitted within one year from the disapproval date or the file will be closed.

DEVELOPMENT STANDARDS Below is a synopsis of the development standards from the Durham City-County UDO.

Dimensional Requirements for residential development in the PDR Zoning District

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DUE DILIGENCE REPORT

Minimum Site Area: Lot Width: Street Yard:

N/A N/A 8’ minimum

Side yard: N/A Rear Yard: N/A Minimum Open Space: 15% of gross site area Building Height: 35’ maximum Building Separation: 10’ minimum

UTILITIES Water is located along Doc Nichols road south of the subject parcels. Prior to the 100th Certificate of Occupancy, a second waterline feed to serve the property will be required.

Current development on the east side of Doc Nichols Road are approaching plan approvals and those property owners may extend the waterline along Doc Nichols prior to development of the East Durham Land Company LLC tracts.

The subject parcels will require a pump station and force main be constructed to serve the development, unless the City constructs the outfall that will serve the Southeast Regional Lift station (SERLS). Currently, the SERLS is scheduled to be active late 2020/early 2021. Access to the existing Fendol pump station is also an option for the southernmost portions of the subject tract given the topography but would require a capacity analysis at time of site plan. In addition, established by the approved Utility Extension Agreement, a payment of $2,500 per unit to City of Durham, prior to utility extension permits, will be required. Neighboring developments not included in the Utility Extension Agreement, are subject to a payment of $4,931.48 per unit to City of Durham.

LOCATION



$330,000 - $435,000

CAROLINA ARBORS BY DEL WEBB1,326 LOTS

$270,000 - $415,000

DOC NICHOLS ROAD

OLIVE BRANCH ROAD

BRIGHTLEAF1,163 LOTS

$160,000 - $435,000

BRIER CREEK COUNTRY CLUBGOLF COURSE


THE EGYPT TRACT560 PLANNED LOTS

WILLIAM B. UMSTEAD STATE PARK11 MINUTES | 7.4 MILES


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NEIGHBORHOOD

The William B. Umstead State ParkHikers, trail runners, bicyclists and equestrians cherish the extensive network of hiking and multi-use trails at William B. Umstead State Park. Trailheads on both sides of the park—accessible from Interstate 40 and US 70—surround three manmade lakes. The largest is Big Lake, offering canoe and rowboat rentals. Fishing is welcome at all the lakes and connecting tributaries. At both access areas, picnic grounds surround shelters with fireplaces that can be reserved.

Brier Creek Commons & Alexander PlaceBrier Creek Commons is an 880,000 sq. ft. retail center located in the heart of the Brier Creek master-planned community. An open-air center, Brier Creek is anchored by major retailers including Target, BJ’s Wholesale Club, Dick’s Sporting Goods, and much more.

Alexander Place, located next door, is a 410,000 sq. ft. retail center anchored by Walmart, Kohl’s and Dollar Tree. BRIER CREEK COMMONS & ALEXANDER PLACE

THE WILLIAM B. UMSTEAD STATE PARK

FALLS LAKE STATE RECREATION AREA

Brier Creek Country Club Golf CourseThe Brier Creek Country Club offers memberships to non-residents including access to their 40,000 sq. ft. clubhouse where Deke’s Tavern & Table, the fitness center, locker rooms, steam rooms and massage and spa center are located. In addition, residents have full access to the 18-hole championship design golf course with one-on-one golf instruction, member tournaments and the onsite golf shop.

BRIER CREEK COUNTRY CLUB GOLF COURSE

DOC NICHOLS ROAD

Falls Lake State Recreation AreaFalls Lake State Recreation Area is a collective of seven access areas scattered around the shoreline of the undeveloped, 12,000-acre reservoir. There are five swim beaches in the recreation area and a number of boating ramps, some reserved for paddlers and non-gasoline powered boats. The Beaverdam access offers a network of mountain biking trails as well as a separate and quiet lake impoundment perfect for paddling, fishing and swimming. The Mountains-to-Sea State Trail winds through parts of the recreation area and is a centerpiece of a network of hiking trails.

© 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:5625588

81,000 VPD

49,000 VPD

T.W. ALEXANDER DRIVE

WAKE FOREST HIGHWAY

SHERR

ON ROAD

LEESVILLE ROAD

RDU INTERNATIONAL AIRPORT15 MINUTES | 8.6 MILES

BRIER CREEK880,000 SF RETAIL1.2M SF OFFICE


BRIER CREEK COUNTRY CLUBGOLF COURSE


ALEXANDER PLACE410,000 SF RETAIL8 MINUTES | 4.5 MILES

DOWNTOWN DURHAM20 MINUTES | 8.3 MILES

THE RESEARCH TRIANGLE PARK


FALLS LAKE15 MINUTES | 7.1 MILES

DOWNTOWN RALEIGH34 MINUTES | 18.6 MILES


$330,000 - $435,000

BRIGHTLEAF1,163 LOTS

$160,000 - $435,000

HARRINGTON647 LOTS

$100,000 - $330,000

FALLS LAKE WATERSHED OVERLAYRESTRICTED DEVELOPMENT


AMENITIES TENANTS

Alexander Place(4.5 Miles)

• Bank of America• Best Buy• Carolina Ale House• Cold Stone Creamery• Dollar Tree• Dover Saddlery• Flame Kabob• Goodwill• Great China• Hibachi 101• Kohl’s

• Mathnasium of Brier Creek• Moe’s Southwest Grill• O2 Fitness• Panera Bread• Petco• Pho Express• Plato’s Closet• Red Robin• Relax Foot Spa• Salon Blu• San Jose Tacos & Tequila

• Simply Posh Beauty• Sprint• Starbucks Coffee• State Farm Insurance• Subway• Supercuts• Unique Nail Salon• Walmart• Wild Wing Cafe• Wingstop

Brier Creek Commons(5.4 Miles)

• Advance Tailors• Aladdin’s Eatery• Alpaca Peruvian Chicken• Amazing Lash Studio• Applebee’s• AT&T• Azitra Authentic Indian• Bar Louie• Barnes & Noble• Bath & Body Works• BB&T• BJ’s Wholesale Club• Blo Hair Salon• Blue Cross Blue Shield• Bob Evans• Brasa Brazilian Steakhouse• Brier Creek Beer Garden• Brier Creek Cleaners• Brier Creek Dental Studio• Brixx Wood-Fired Pizza• Bruegger’s Bagels• Caribou Coffee• Carter’s Babies & Kids• Champa Thai & Sushi• Chili’s Bar & Grill

• Dairy Queen & Orange Julius• Debby’s Hallmark• Dick’s Sporting Goods• Edward Jones• European Wax Center• FujiSan Japanese Steakhouse• Game Stop• Gig’s Cupcakes• GNC• Great Clips• Greek Fiesta• HomeGoods• Jason’s Deli• Jimmy John’s• Lane Bryant• Longhorn Steakhouse• Massage Envy• Mattress Firm• McDonald’s• Men’s Wearhouse• Michael’s• Mixx Ice Cream• Movies at Brier Creek• MyEyeDr.• Noodles & Company

• Oreck Clean Home Center• Party City• PetSmart• Pier 1 Imports• Plant Beach Spray and Spa• Pro Sports• Rack Room Shoes• Rise Biscuits & Donuts• Rocky Mountain Chocolate• Ross Dress for Less• Sally Beauty Supply• Slice of NY Pizza• Staples• T.J. Maxx• Talbot’s Company Store• Tamarind Oriental Express• Target• The Joint Chiropractic• The UPS Store• The Vitamin Shoppe• Tips 2 Toes• Total Wine & More• Verizon Wireless• Versona Accessories• Which Wich?



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SURROUNDING RETAIL AMENITIES

FALLS LAKE WATERSHED OVERLAYRESTRICTED DEVELOPMENT

RESIDENTIAL MARKET


RESIDENTIAL LAND SALE COMPARABLES

PROPERTY ACREAGE SALE DATE

SALE PRICE S/LOT $/ACRE # LOTS

ENCLAVE AT LEESVILLE7218 Leesville Road & 3112 Blue Hill LaneDurham, NC

Seller: Grover & Kathleen Yancey, Lee Youngsoo & Kim SookBuyer: HHHunt Homes

49.98 8/2018 $4,000,000 $26,846 $80,032 149

THE COURTYARDS AT ANDREWS CHAPEL*204 Andrews Chapel RoadDurham, NC

Seller: VariousBuyer: Epcon Communities

44.81 7/2016 $3,407,000 $28,392 $76,032 120

CAROLINA TRADITIONS*905 Del Webb Manor AvenueWake Forest, NC

Seller: Wake Forest Reservoir Properties, LLCBuyer: DS Traditions Sub LLC

128.95 4/2016 $10,520,500 $23,275 $81,586 452

ANDREWS CHAPEL507-735 Andrews Chapel RoadDurham, NC

Seller: Ransdell, Cooley, Keith & Fields FamiliesBuyer: M/I Homes

114.98 8/2015 $10,187,655 $24,787 $88,604 411

THE COURTYARDS AT HERITAGE GROVE*4113 Rogers RoadWake Forest, NC

Seller: Iris StouttBuyer: Epcon Communities

29.56 7/2015 $3,300,000 $39,759 $111,637 83

CAROLINA ARBORS*3055 Del Webb Arbors DriveRaleigh, NC

Seller: VariousBuyer: Pulte Homes

479.91 2012-2013 $26,840,500 $20,242 $55,928 1,326

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*Represents an age-restricted/targeted community

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NEARBY AGE RESTRICTED/TARGETED COMMUNITIES (5-MILE RADIUS)

PROPERTY TYPE PRICE RANGE LOT SIZES

TOTAL LOTS

LOTS SOLD VDL’S FUTURE

LOTS

CREEKSIDE AT BETHPAGE3500 Page RoadDurham, NC

Construction Began: 2Q2015Developer: AV Homes

Single Family Detached

$275,000 - $415,000 40’-70’ 550 320 65 165

REGENCY AT BRIER CREEK COUNTRY CLUB9400 Club Hill DriveRaleigh, NC

Construction Began: 1Q2009Developer: Toll Brothers


$315,000 - $355,000 57’-68’ 124 124 0 0

FENDOL FARMS MANORS1004 White Bark LaneDurham, NC

Construction Began: 1Q2018Developer: Lennar Homes


$330,000 - $435,000 28’-86’ 642 10 89 543

CAROLINA ARBORS3055 Del Webb Arbors DriveDurham, NC

Construction Began: 2Q2013Developer: Del Webb


$260,000 - $415,000 41’-65’ 1,326 1,178 103 45

COURTYARDS AT ANDREWS CHAPEL208 Andrews Chapel RoadDurham, NC

Construction Began: 1Q2018Developer: Epcon Communities


$350,000 - $405,000 52’ 127 9 37 81

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12345

# AGE-RESTRICTED/TARGETED COMMUNITY

6 THE VILLAS AT CULP ARBORDeveloper: Epcon Communities

7 THE CEDARS OF CHAPEL HILLDeveloper: East West Partners

8 THE COURTYARDS AT O’KELLY CHAPELDeveloper: Epcon Communities

9 BLAKELEYDeveloper: CalAtlantic Homes

10 HERITAGE PINESDeveloper: K. Hovnanian

11 REGENCY AT WHITE OAK CREEKDeveloper: Toll Brothers

12 THE ORCHARD VILLASDeveloper: Epcon Communities

13 THE COURTYARDS AT KILDAIRE FARMSDeveloper: Epcon Communities

14 THE VILLAGE AT AVERSBORODeveloper: S. Wake Properties, Inc.

15THE VILLAS OF WAKE FORESTDeveloper: Epcon Communities

16 DEL WEBB AT TRADITIONSDeveloper: Del Webb

17 HERITAGE WAKE FORESTDeveloper: Ammons Development

18 THE COURTYARDS AT HERITAGE GROVEDeveloper: Epcon Communities



WAKE & DURHAM AGE RESTRICTED/TARGETED COMMUNITIES

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TRIANGLE OVERVIEW


Raleigh-Durham, also known as the Research Triangle or the

“Triangle”, is home to over two million residents and is one of

the fastest growing population centers in the country. The region,

generally bound by the “Triangle” formed by Raleigh, Durham and

Chapel Hill, boasts a diversified, innovation-based economy that

is anchored by world-class universities, well-managed state and

local governments and many of the nation’s largest corporations.

The Triangle exhibits vibrant growth that exceeds national trends

and continually ranks among the nation’s best economies due

to an inviting business climate, superior workforce development,

established infrastructure and an outstanding quality of life. The

area features a well-balanced economy that includes a flourishing

high technology community, represented by such companies as

Lenovo, IBM, Cisco Systems, SAS, Red Hat, Network Appliance

and EMC.

Highly regarded for offering a remarkable quality of life to its

residents, the Triangle features many cultural and recreational

amenities and is also home to world-class medical centers such as

UNC Hospitals and Duke University Medical Center. As a result,

the region continuously attracts a steady stream of new highly-

educated residents from all over the world, driving economic and

population growth that will continue to rank among the highest of

all US cities.

As a testament to the strength of its economy and lifestyle,

national publications have brought international recognition to

the region for its pro-business atmosphere and affordable cost

of living. Highlighted here are only a few of the national awards,

rankings and accolades recently received by the city of Raleigh

and surrounding Triangle region.

RALEIGH-DURHAM-CHAPEL HILL: THE RESEARCH TRIANGLE

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TRIANGLE ACCOLADES

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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 CBRE, Inc. 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 CBRE, Inc, 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 CBRE, Inc. 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 CBRE, Inc.

If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return this Memorandum to CBRE, Inc.

Disclaimer

© 2018 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. 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.

PRIMARY CONTACTS

CBRE CONTACTS

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

CHESTER F. ALLEN, CCIMExecutive Vice PresidentLand Services+1 919 831 [email protected]

TIFFANY HILBURNMarketing SpecialistLand Services+1 919 831 [email protected]

A CBRE RALEIGH LAND SERVICES OFFERING

705DOC NICHOLS ROAD

DURHAM, NC

durham, nc - loopnet...durham, prior to utility extension permits, will be required. neighboring...

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