Former JCPenney - Lowe's Adjacent - AUCTION DATES: OCTOBER 4-6, 2021 | STARTING BID: $100,000 - LoopNet
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Former JCPenney - Lowe’s Adjacent 2901 Pines Mall Drive, Pine Bluff, AR 71601 AUCTION DATES: OCTOBER 4-6, 2021 | STARTING BID: $100,000
CONFIDENTIALITY AGREEMENT AFFILIATED BUSINESS DISCLOUSURE
This brochure is intended solely for your limited use and benefit in determining whether you CBRE, Inc. operates within a global family of companies with many subsidiaries and/
desire to express further interest in the acquisition of the Property. This Brochure contains or related entities (each an “Affiliate”) engaging in a broad range of commercial
selected information pertaining to the Property and does not purport to be a representation real estate businesses including, but not limited to, brokerage services, property and
of the state of affairs of the Property or the owner of the Property (the “Owner”), to be facilities management, valuation, investment fund management and development.
all-inclusive or to contain all or part of the information which prospective investors may At times different Affiliates may represent various clients with competing interests in
require to evaluate a purchase of real property. All financial projections and information the same transaction. For example, this Brochure may be received by our Affiliates,
are provided for general reference purposes only and are based on assumptions relating including CBRE Investors, Inc. or Trammell Crow Company. Those, or other, Affiliates
to the general economy, market conditions, competition and other factors beyond the may express an interest in the property described in this Brochure (the “Property”) may
control of the Owner and CBRE, Inc. Therefore, all projections, assumptions and other submit an offer to purchase the Property and may be the successful bidder for the
information provided and made herein are subject to material variation. All references Property. You hereby acknowledge that possibility and agree that neither CBRE, Inc.
to acreages, square footages, and other measurements are approximations. Additional nor any involved Affiliate will have any obligation to disclose to you the involvement
information and an opportunity to inspect the Property will be made available to interested of any Affiliate in the sale or purchase of the Property. In all instances, however, CBRE,
and qualified prospective purchasers. In this Brochure, certain documents, including leases Inc. will act in the best interest of the client(s) it represents in the transaction described
and other materials, are described in summary form. These summaries do not purport in this Brochure and will not act in concert with or otherwise conduct its business in
to be complete nor necessarily accurate descriptions of the full agreements referenced. a way that benefits any Affiliate to the detriment of any other offeror or prospective
Interested parties are expected to review all such summaries and other documents of offeror, but rather will conduct its business in a manner consistent with the law and
whatever nature independently and not rely on the contents of this Brochure in any manner.
Neither the Owner or CBRE, Inc, nor any of their respective directors, officers, Affiliates DISCLAIMER
or representatives make any representation or warranty, expressed or implied, as to the
accuracy or completeness of this brochure or any of its contents, and no legal commitment © 2019 CBRE, Inc. The information contained in this document has been obtained
or obligation shall arise by reason of your receipt of this Brochure or use of its contents; and from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE,
you are to rely solely on your investigations and inspections of the Property in evaluating a Inc. has not verified it and makes no guarantee, warranty or representation about
possible purchase of the real property. it. It is your responsibility to independently confirm its accuracy and completeness.
Any projections, opinions, assumptions or estimates used are for example only and
The Owner expressly reserved the right, at its sole discretion, to reject any or all expressions do not represent the current or future performance of the property. The value of
of interest or offers to purchase the Property, and/or to terminate discussions with any entity this transaction to you depends on tax and other factors which should be evaluated
at any time with or without notice which may arise as a result of review of this Brochure. The by your tax, financial and legal advisors. You and your advisors should conduct a
Owner shall have no legal commitment or obligation to any entity reviewing this Brochure careful, independent investigation of the property to determine to your satisfaction the
or making an offer to purchase the Property unless and until written agreement(s) for the suitability of the property for your needs.
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 Brochure, you agree that this Brochure 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 Brochure 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 Brochure or any of
its contents in any manner detrimental to the interest of the Owner or CBRE, Inc. If after
reviewing this Brochure, you have no further interest in purchasing the Property, kindly return
this Brochure to CBRE, Inc.
FORMER JCPENNEY - LOWE’S ADJACENT
2901 PINES MALL DRIVE | PINE BLUFF, AR 71601
TABLE OF
CONTENTS
01 PROPERTY HIGHLIGHTS
02 EXECUTIVE SUMMARY
03 MARKET OVERVIEW
04 TERMS
BROKER OF RECORD
PATRICK WILSON
Senior Vice President
E: patrick.walton@cbre.com
AR LICENSE: SA00073529
01| PROPERTY HIGHLIGHTS
2901 PINES MALL DRIVE | PINE BLUFF, AR 71601
O N LIN E AU C T IO N: O C TO B E R 4-6, 2021 | $100,000 STAR TI N G BI D
±86,155 SF former JC
Penney across from Lowe’s
at entrance of I-530 in Pine
Bluff, Arkansas
PROPERTY TYPE: Retail PARCEL #: 931-56112-000 ±.01 MI FROM I-530
OCCUPANCY: 0% PARCEL SIZE: 6.895 AC ±45-MIN FROM LITTLE ROCK
BUILDING SIZE: 86,155 SF
FLOORS: 1 STORY
Zoned B-2, Shopping
Center zoning allows for
adaptive reuses including
office
Excellent accessibility and
prime visibility with ±7,200
VPD along US-65/63 &
±8,824 VPD on E Harding
02| EXECUTIVE SUMMARY
EXECUTIVE SUMMARY FORMER JCPENNEY - LOWE’S ADJACENT 2901 PINES MALL DRIVE, PINE BLUFF, AR 71601 CBRE and RealINSIGHT Marketplace are pleased to offer for sale the Former JCPenney Pine Bluff (the “Property”) located at 2901 Pines Mall Drive in Pine Bluff, Arkansas. The Property is approximately 50 miles south of Little Rock and offers investors an opportunity to acquire a well-situated retail asset with opti- mal visibility adjacent to numerous national tenants. Built in 1986, the Property consists of a ±86,155 SF former JCPenney and sits on ±6.895 acres with an expansive parking lot containing 418 spaces. The Property is zoned B-2, shopping center district, which is intended to allow for diverse, large-scale commercial development in a planned and coordinated site. The Property is the dominant box at the entrance at The Pines Mall, a 650,000 SF regional shopping center. Neighboring national credit tenants in- clude Lowe’s, Staples, McDonalds, KFC, Red Lobster, Dillard’s, Haverty’s Fur- niture, Dollar Tree, Best Western, Motel 6, Holiday Inn, Fresenius Medical, and others. The property is strategically located with prime frontage and visibility on E Harding Avenue with traffic counts ±8,824 vehicles per day at the entrance of I-530, a 47-mile interstate connecting Pine Bluff and Little Rock, Arkansas. Pine Bluff is the tenth-largest city in Arkansas and the county seat of Jefferson County. The community pairs small town costs with southern charm offering multimodal connectivity via Port of Pine Bluff, Pine Bluff Airport, Union Pacific Railroad, and I-530. Pine Bluff benefits from statewide and local incentives, low operating costs, and great logistics infrastructure. Major employers include Tyson, US Food & Drug, Evergreen Packaging, Twin Rivers Paper Company, Sar- acen Casino Resort, and Pine Bluff Arsenal. The Property is strategically posi- tioned within the market’s primary commercial corridor and across the street from $350M Saracen Casino Resort. Within a five-mile radius, the Property has a 2021 population of ±31,905 individuals and average household income of $47,148.
SURVEY
AERIAL VIEW
2901 PINES MALL DRIVE | PINE BLUFF, AR 71601
Strategic positioning near area
demand drivers: across from $350 M
Saracen Casino Resort and within five
miles of University of Arkansas Pine
Bluff
Neighboring national tenants: Lowe’s,
Staples, McDonalds, KFC, Red
Lobster, Dillard’s, Haverty’s Furniture,
Dollar Tree, & numerous hotels
04| MARKET OVERVIEW
PINE BLUFF, JEFFERSON COUNTY, ARKANSAS
In 2019, Arkansas was voted by CNBC as the #3 state for overall cost of doing business. Contributing to lower operating costs
are our tax rates, along with low operating costs. Located in the south-central United States, the bustling community of Jefferson
County, Arkansas offers businesses multimodal connectivity paired with small town costs and southern charm. An ideal location
for expanding or relocating companies, Jefferson County prides itself on providing a business climate ideal for growth and expan-
sion. With statewide and local incentives and programs, as well as low operating costs, and great logistics infrastructure, Jefferson
County is perfect for your site selection needs. (source: jeffersoncountyalliance.com)
SARACEN CASINO RESORT
Located adjacent to the subject Property is Saracen
Casino Resort, the first purpose-built casino in Arkan-
sas. The casino cost $350 million to build, employed
over 1,000 constrruction workers, and was the largest
construction project in 2020 in Arkansas. The Resort
has 2,300 slot machines, 40 gaming tables, a poker
room, sportsbook, and several restaurants.
UNIVERSITY OF ARKANSAS AT PINE BLUFF
The University of Arkansas at Pine Bluff is an 1890
Land-Grant HBCU with a diverse student population,
competitive degree offerings and stellar faculty.
For more than 140 years, the University of Arkansas
at Pine Bluff has worked to create an environment
that inculcates learning, growth and productivity while
affording a basic need to its students – a chance to
advance.STREET MAP & 5-MILE DEMOGRAPHICS
2901 PINES MALL DRIVE | PINE BLUFF, AR 71601
KEY FACTS INCOME
$33,691 MEDIAN HOUSEHOLD
31,905 P O P U L A T I O N INCOME
1.21% ANNUAL INCOME GROWTH
2.5 AV G . H O U S E H O L D S I Z E
$47,148 AV G HOUSEHOLD INCOME
34.8 M E D I A N A V G . A G E
EDUCATION
-0.76% 2010-21 ANNUAL
G R O W T H R AT E
15% NO HIGH SCHOOL DIPLOMA
BUSINESS 31% H I G H S C H O O L G R A D U AT E
1,402 T O TA L B U S I N E S S E S 30% S O M E COLLEGE
24% A S S O C I AT E / B A C H E L O R /
23,345 T O TA L E M P L O Y E E S
G R A D U AT E D E G R E E
ANNUAL HOUSEHOLD EMPLOYMENT
$1,142 A P PA R E L & S E RV I C E S
44.6% WHITE COLLAR
$3,006 G R O C E R I E S
32.5% BLUE COLLAR
$2,009 E AT I N G OUT
22.8% S E R V I C E S
$3,572 H E A LT H CARE05| TERMS
B U Y E R Q U A L I F I C AT I O N DUE DILIGENCE
Prospective bidders will be required to register with RealINSIGHT Due diligence materials are available to qualified prospective
Marketplace to bid. Each bidder will be required to provide current bidders via an electronic data room hosted by RealINSIGHT
contact information, submit proof of funds up to the full amount Marketplace. Prospective bidders will be required to electronically
they plan to bid, and agree to the Auction Terms and Conditions. execute a confidentiality agreement prior to being allowed access
In order to participate in an auction, the Seller requires bidders to the materials. All due diligence must be conducted prior to
to provide proof of their liquidity in an amount of at least their signing the purchase and sale agreement. You may contact the
anticipated maximum bid for those assets they wish to bid on. Such sales advisors with any due diligence questions.
liquidity must be in the form of cash, or cash equivalents, and must
be available immediately without restriction.
Generally, recent bank statements, brokerage account statements, RESERVE AUCTION
or bank letters are acceptable. A line of credit statement may be
acceptable only if it is already closed and in place, has undrawn This will be a reserve auction and the Property will have a reserve
capacity, and may be funded immediately without bank approval. price (“Reserve Price”). The starting bid is not the Reserve Price. The
Loan pre-approval letters, term sheets, and the like, where seller can accept or reject any bid. All bidders agree to execute the
the loan would be collateralized by the property up for auction non-negotiable purchase and sale agreement, which will be posted
and funded at escrow closing, are NOT acceptable. Capital to the electronic data room prior to bidding commencement,
call agreements, investor equity commitments, and the like, are should they be awarded the deal. For further information about
evaluated on a case-by-case basis. The acceptance of any proof how to bid, please visit the Bidding page (https://marketplace.
of funds documents are made at the sole and absolute discretion realinsight.com/faq-bidding).
of RealINSIGHT Marketplace. For further information, please visit
the Bidder Registration FAQ (https://marketplace.realinsight.com/
faq-bid-registration).
CLOSING
Following the auction, the winning bidder will be contacted by
THE OFFERING PROCESS phone and email to go over specifics of the sale, including the
execution of the purchase agreement and all documentation
An online auction event will be conducted on RealINSIGHT involved in the purchase. The winning bidder must be available by
Marketplace in accordance with the Sale Event Terms and telephone within two hours of the sale. More information can be
Conditions (https://marketplace.realinsight.com/legal-sale- found on the RealINSIGHT Marketplace website.
terms).
BROKER OF RECORD
PATRICK WALTON
SENIOR VICE PRESIDENT
E: patrick.walton@cbre.com
ONLINE
AR LICENSE: SA00073529 AU C T I O N
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