Morton Companies Property Profile - 2457 Lennoxville Road | Beaufort, NC

PROPERTY PROFILE:

2457 LENNOXVILLE ROAD BEAUFORT, NORTH CAROLINA QUALIFIED OPPORTUNITY ZONE

OFFERED BY: MORTON COMPANIES MANAGEMENT, LLC

THE OPPORTUNITY MIXED-USED DEVELOPMENT SPACE — 102 ACRES WITH GENEROUS WATERFRONT ACCESS This 102-acre parcel, suited for mixed-use development, is located along the coveted Taylor’s Creek waterfront, just 2.5 miles east of downtown Beaufort. The property sits on a dream location in the emerging “Crystal Coast” of North Carolina. Located completely within a Qualified Opportunity Zone — attractively positioned adjacent to the new, upscale Beaufort Hotel NC (an Ascend Hotel Collection Member) — the property enjoys convenient access to the waterfront, area attractions, and a fastevolving transportation network of new highways and roads already in the planning and construction phases.

The entire region in and around downtown Beaufort and the waterfront is poised for rapid development from a number of possible end-user scenarios and outcomes.

The area is a popular destination for 2nd home buyers and retirees seeking to enjoy more affordable living, a mild coastal climate, and better overall quality of life, and is a favored stop for boat travelers heading North and South. The 102-acre parcel is offered at $65 million — a current price point projected to increase within just 2 to 3 years. Now is the time.

Although the information contained herein was provided by sources believed to be reliable, Morton Companies Management, LLC Although information contained herein was provided by sources believed to be reliable, Morton Companies Management, LLC makes no representation, expressed or implied, as to its the accuracy and said information is subject to errors, omissions or changes. makes no representation, expressed or implied, as to its accuracy and said information is subject to errors, omissions or changes.

2457 LENNOXVILLE ROAD, BEAUFORT, NC 28516: +/-102 ACRES * C a r t e r e t

C o u n t y ,

N . C .

Âľ 1:6,539 October 8, 2020 The information displayed by this website is prepared for the inventory of real property found within this jurisdiction and is compiled from recorded deeds, plats, and other public records and data. Users of this information are hereby notified that the aforementioned public primary information sources should be consulted for verification of the information contained on this site. Carteret County assumes no legal responsibility for the information contained on this site. Carteret County does not guarantee that the data and map services will be available to users without interruption or error. Furthermore, Carteret County may modify or remove map services and access methods at will.

* Seller to retain 100 ft. wide strip on Eastern line of waterfront parcel from Lennoxville Road to Taylor’s Creek Although the information contained herein was provided by sources believed to be reliable, Morton Companies Management, LLC makes no representation, expressed or implied, as to its accuracy and said information is subject to errors, omissions or changes.

MORTON COMPANIES MANAGEMENT, LLC A. FREDRICK MORTON, JR., BROKER 252.635.0410 | FRED@MORTONCOMPANIES.COM | WWW.MORTONCOMPANIES.COM 2457 LENNOXVILLE ROAD | BEAUFORT, NC | 28516

INVESTMENT PROPERTY SPECIFICS KEY FACTS

CURRENT ZONING

REGIONAL ACCESS

• Coastal development opportunity located within a

• Within the ETJ of the Town of Beaufort

Plans are underway to convert Hwy 70 into I-42. This new

• I-W (Industrial Warehouse District) and R-20 (Residential

interstate will provide greater uninterrupted access from

Qualified Opportunity Zone with tax benefits. Census Tract 37031970304.

Single-Family District)

I-95 and the Raleigh/Durham metro area.

• Located at 2457 Lennoxville Road, Beaufort, NC 28516 • +/-102 acres with water frontage along Taylors Creek • Less than 2.5 miles to downtown Beaufort waterfront • Offering Price = $65 million

WATER FRONTAGE WITH DEEP WATER ACCESS FOR BOATS Approximately 775 linear feet of water frontage on

TAX PINS

NEARBY DEVELOPMENT

• 7315.05.19.8234000

Construction of the Beaufort Hotel; expansion of the

• 7315.06.39.6291000

Boathouse to include additional dry-stack storage;

• 7315.06.49.7498000

development of the Beau Coast residential neighborhood.

• 7315.06.38.2563000 • 7315.06.27.9605000 * Seller to retain 100 ft. wide strip on East end of this parcel

OFFERED BY

Taylors Creek; approximately 185 linear feet of water

Morton Companies Management, LLC

frontage on North River.

A. Fredrick Morton, Jr., Broker

PUBLIC WATER & SEWER Public water and sewer services the adjacent Beaufort

252.635.0410 fred@mortoncompanies.com

Hotel and Boathouse.

Although the information contained herein was provided by sources believed to be reliable, Morton Companies Management, LLC makes no representation, expressed or implied, as to its accuracy and said information is subject to errors, omissions or changes.

VIRGINIA

THE CRYSTAL COAST ROAD ENHANCEMENTS

WINSTON-SALEM

RALEIGH

Dubbed the Crystal Coast because of its clear waters

NORTH CAROLINA

and inviting beaches, this 85-mile stretch of coastline stretches from Cape Lookout National Seashore southwest to the head of the New River. It has attracted visitors from all over the country for decades and is

RICHMOND

CHARLOTTE

especially popular with citizens of Raleigh and the Research Triangle due in part to the easy drive (under BEAUFORT

three hours).

The Crystal Coast’s popularity as a retirement and second home destination, is also apparent in other

WILMINGTON

markets outside of Raleigh. The property is less than 2.5 hours from Wilmington, NC and approximately 5 hours from Charlotte, NC and 4.5 hours from Richmond, VA.

SOUTH CAROLINA

CHARLESTON Although the information contained herein was provided by sources believed to be reliable, Morton Companies Management, LLC makes no representation, expressed or implied, as to its accuracy and said information is subject to errors, omissions or changes.

EDGECOMBE

264

40 £ 70 § ¨ ¤ ¦

WILSON

US 70 IMPROVEMENTS at WILSON'S MILLS TIP #: W-5600 LET DATE: 2021

Clayton

US 70 IMPROVEMENTS NEAR PINE LEVEL TIP #: W-5107 COMPLETE

95 § ¨ ¦ Pine Level

GETTING THERE The Crystal Coast continues to become more accessible thanks to ongoing road enhancements and new

JOHNSTON

£ ¤

Princeton 70

corridors being developed along U.S. 70. Several key portions of the construction process will be completed

70 £ ¤

US 70 IMPROVEMENTS at JIM SUTTON ROAD TIP #: R-5813 RIGHT OF WAY - 2026 CONSTRUCTION - 2028

§ ¨ ¦ 40

701

D

in the next 3-5 years with full completion slated for 2029.

the Havelock Bypass, and James City upgrades. The

Dover

£ ¤ 258

«

£ ¤ 421

Existing Freeway BLADEN

flow of traffic and higher speeds (from 60-70 mph),

40 § ¨ ¦

US 70 BUS

which is anticipated to significantly reduce travel time

Interstate NC

from Raleigh to Beaufort.

Railroads National Forests Member Counties

50 «

PENDER 53 «

US

0

10 Miles

PAMLICO 70 £ ¤

JONES

903

Future Retrofit

41 « 17 £ ¤

Current Project

effect of these improvements will translate into better

58 «

US 70 IMPROVEMENTS RADIO ISLAND ROAD: Inc. NEWPORT RIVER BRIDGE TIP #: U-5876 RIGHT OF WAY - 2025 CONSTRUCTION - 2027

17 £ ¤

Cove City

70 £ ¤

LENOIR

41 «

Legend

SLOCUM GATE IMPROVEMENTS TIP #: R-5516 COMPLETE

CRAVEN

KINSTON BYPASS TIP #: R-2553 C UP R/W - 2026 CONSTRUCTION POST YEARS

Road construction projects include the Kinston Bypass,

264

US 70 IMPROVEMENTS at JAMES CITY TIP #: U-5713 AWARDED SEPT. 2019 UNDER CONSTRUCTION

CRAVEN

117 £ ¤

WAYNE

£ ¤£ ¤ 421

LaGrange

Walnut Creek

£ ¤

HYDE

BEAUFORT

£ ¤

US 70 IMPROVEMENTS SR 1229 TO PONDFIELD RD TIP #: R-5829B RIGHT OF WAY - 2025 CONSTRUCTION - 2028

SAMPSON

KINSTON BYPASS TIP #: R-2553 B RIGHT OF WAY - 2029 CONSTRUCTION POST YEARS

GREENE

13 £ ¤

BEAUFORT

Greenville

264

258

US 70 IMPROVEMENTS US 70 BYPASS TO SR 1229 TIP #: R-5829A RIGHT OF WAY - 2024 CONSTRUCTION - 2026

95 § ¨ ¦

£ ¤

INTERCHANGE IMPROVEMENTS US 70 AT GLENBURNIE RD TIP #: U-6102 RIGHT OF WAY - 2027 CONSTRUCTION - POST YEARS

17 £ ¤

PITT

Wilson

Selma

THE CRYSTAL COAST

MARTIN

US 70 IMPROVEMENTS US 70 at TABERNA WAY AND THURMAN RD TIP #: R-5777A/B R/W- IN PROGRESS UNDER CONSTRUCTION US 70 IMPROVEMENTS THURMAN RD TO HAVELOCK BYPASS TIP #: R-5777C RIGHT OF WAY - 2023 CONSTRUCTION - 2023

CRAVEN CARTERET

17 £ ¤

70 £ ¤

CARTERET ONSLOW

HAVELOCK BYPASS TIP #: R-1015 RIGHT OF WAY - IN PROGRESS UNDER CONSTRUCTION

October 2020

Figure

1

´

US 70 CORRIDOR NC DOT PROJECT LOCATIONS WAKE, JOHNSTON, WAYNE, LENIOR, JONES, CRAVEN, CARTERET COUNTIES

´

Date:

US 70 IMPROVEMENTS OLGA RD. TO WHITEHURST RD. TIP #: R-4746 RIGHT OF WAY - 2029 CONSTRUCTION - POST YEARS

By: J.TORTORELLA

Date:

WAKE, JOHNSTON, WAYNE, LENIOR, JONES, CRAVEN, CARTERET COUNTIES

95 § ¨ ¦

£ ¤

WASHINGTON

NORTH CAROLINA DEPARTMENT OF TRANSPORTATION DIVISION OF HIGHWAYS PROJECT DEVELOPMENT AND PROJECT MANAGEMENT UNIT

NASH

US 70 CORRIDOR NC DOT PROJECT LOCATIONS

WAKE

NORTH CAROLINA DEPARTMENT OF TRANSPORTATION DIVISION OF HIGHWAYS PROJECT DEVELOPMENT AND PROJECT MANAGEMENT UNIT

Although the information contained herein was provided by sources believed to be reliable, Morton Companies Management, LLC makes no representation, expressed or implied, as to its accuracy and said information is subject to errors, omissions or changes.

October 2020

Figure

1

CARTERET COUNTY The entire region is bustling and poised for manageable economic growth and progress.

employees, 282 have between 50-250, and a dozen have more than 250. In addition to tourism

Demographic population data suggests a jump from 68,881 in 2017 to 75,646 in 2027. However,

and real estate, the port at Morehead City, along with Wilmington’s port combine to generate $14

these numbers do not factor in the major transportation improvements and other new

billion to the state’s economy.

development projects that will certainly increase these numbers. According to the Carteret County

HEALTHCARE FACILITIES

Chamber of Commerce, tourism has an annual economic impact of $325 million. There are currently just under 9,000 businesses in Carteret County with fewer than 10 employees, which

Healthcare in the region is quite strong with Carteret Healthcare Hospital, a member of the Mayo

speaks to the entrepreneurship of the area. Some 2,400 more businesses have between 10-50

Clinic Care Network, and multiple family medical facilities and specialty practices.

COMPARATIVE POPULATION GROWTH 1950–PRESENT YEAR

CITY OF WILMINGTON

NEW HANOVER COUNTY

BRUNSWICK COUNTY

CARTERET COUNTY

WAKE COUNTY

DURHAM COUNTY

1950

45,043

63,272

19,238

23,059

136,450

101,639

1960

44,000

71,742

20,278

30,940

169,082

111,995

1970

46,169

82,996

24,223

31,603

228,453

132,681

1980

44,000

103,471

35,777

41,092

301,327

152,785

1990 — INTERSTATE 40 COMPLETED AND OPENED BETWEEN RALEIGH AND WILMINGTON 1990

55,530

120,284

50,985

52,556

423,380

181,835

2000

75,838

160,842

73,756

59,383

633,517

224,635

2010

106,476

203,382

108,068

66,700

906,884

271,327

2017

119,045

227,198

130,879

68,881

1,072,203

311,640

PROJECTIONS 2027

263,826

162,720

75,646

1,279,051

352,814

2037

300,393

193,003

81,423

1,511,392

399,445

2040

166,103

DATA SOURCES: Historical data reported by World Population Review, citing U.S. Census Bureau; Projections data reported by NC Office of Budget and Management; City of Wilmington 2040 projection based on 2015 city projection.

NOTE:

Carteret County future population projections are based entirely on historical population increases and do not factor in future events such as I-42 or growth at MCAS Cherry Point.

KEY FACT:

Carteret County was recently designated a North Carolina Certified Retirement Community—and is ranked as one of the Top 10 retirement hot spots in the United States.

Although the information contained herein was provided by sources believed to be reliable, Morton Companies Management, LLC makes no representation, expressed or implied, as to its accuracy and said information is subject to errors, omissions or changes.

THE TOWN OF BEAUFORT

SOME KEY FACTORS TO FUTURE GROWTH • A growing diverse, skilled workforce (17% in manufacturing)

The charming town of Beaufort was established in 1709 and sits east across the causeway from Morehead City. It has been a strong tourist draw for decades and has garnered numerous awards over the years, including “Coolest Small Town in America” (CNN Travel) and “America’s Favorite Town” (Travel & Leisure).

As of 2010, the population was roughly 4,039 but is poised to rise in the coming years as it will be the beneficiary of transportation enhancements and new

• Access to major deepwater ports via Beaufort Inlet • Accessible to and from the Atlantic Intercoastal Waterway • Accessible via major highways and interstates (which is being aggressively enhanced over the next decade) • Rail service provided by Norfolk Southern to Radio Island (just across Gallants Channel from downtown Beaufort) • Competitive tax rates (currently and consistently the lowest county property tax rate in North Carolina)

development in Carteret County. Beaufort’s Cost of Living is 6.4% lower than the

• Access to Multiple Airports: Michael J. Smith Airport (1 mile), Coastal Carolina Regional (39 miles),

U.S. average. Residents here are drawn to the coastal lifestyle, charming small-

Pitt-Greenville Airport (91 miles), Wilmington International (100 miles), and RDU International Airport (170 miles)

town feel, inviting climate, minimal traffic, good schools, and healthy economy.

• Deep sea dive destination

Although the information contained herein was provided by sources believed to be reliable, Morton Companies Management, LLC makes no representation, expressed or implied, as to its accuracy and said information is subject to errors, omissions or changes.

BEAUFORT, NC RECOGNITION & ACCOLADES “Best Small Town for Adventure” — USA Today “South’s Best Small Town” — Southern Living © Ted Lewis Photography

© Discovery Diving Co., Inc.

“America’s Favorite Town” — Travel + Leisure “Coolest Small Town in America” — Budget Travel “Best Yachting Town in America” — Yachting Magazine 20 Best Places to Live on the Coast in 2018” — Coastal Living “#6 Fastest Growing Retirement Hotspot” — 2019, Realtor.com “The Best Places for a Bachelorette Party in all 50 States: Beaufort, NC” — Orbitz Travel “Charming Small Towns of the South” — USA Today “Top 20 America’s Quirkiest Towns” — Travel + Leisure “America’s Most Romantic Towns” — Travel + Leisure “The 40 Most Romantic Fall Getaways” — Redbook “7 Top Rated Romantic Getaways in North Carolina” — Planet Ware “America’s 10 Most Beautiful Hidden Gems” — Budget Travel “America’s 10 Best Beach Towns for Christmas” — Coastal Living “The Best Small Towns for Christmas in the South” — Southern Living “10 Great Coastal Boardwalks” — Coastal Living “50 Epic Girls’ Getaway Destinations in Every State across America: Crystal Coast” — House Beautiful Although the information contained herein was provided by sources believed to be reliable, Morton Companies Management, LLC makes no representation, expressed or implied, as to its accuracy and said information is subject to errors, omissions or changes.

© Ted Lewis Photography

© Ted Lewis Photography

BEAUFORT, NC POINTS OF INTEREST 1 2 3 4 5

6

8 7 6

7 8

2457 Lennoxville Road Beaufort Hotel

The Boathouse Marina

Carrot Island Downtown Beaufort (Dining & Shopping) Beaufort Docks Beaufort Historic Site North Carolina Maritime Museum

5 Morehead City Waterfront (3.5 miles)

3 4

2

1

North River Club Golf Course and Country Club (6 miles) Atlantic Beach (7 miles) Fort Macon State Park (10 miles)

North Carolina Aquarium at Pine Knoll Shores (12 miles) Pine Knoll Shores (12 miles) Emerald Isle (23 miles) Cape Lookout National Seashore

Although the information contained herein was provided by sources believed to be reliable, Morton Companies Management, LLC makes no representation, expressed or implied, as to its accuracy and said information is subject to errors, omissions or changes.

ABOUT MORTON COMPANIES For 45 years, Morton Companies has specialized in commercial real estate services throughout the Southeast. We facilitate site acquisitions, leases and provide brokerage, management and commercial construction development services tailored to our clients’ needs.

Although the information contained herein was provided by sources believed to be reliable, Morton Companies Management, LLC makes no representation, expressed or implied, as to its accuracy and said information is subject to errors, omissions or changes.

MORTON COMPANIES MANAGEMENT, LLC A. FREDRICK MORTON, JR., BROKER 252.635.0410 | FRED@MORTONCOMPANIES.COM WWW.MORTONCOMPANIES.COM

Although the information contained herein was provided by sources believed to be reliable, Morton Companies Management, LLC makes no representation, expressed or implied, as to its accuracy and said information is subject to errors, omissions or changes.