Assisted Living Conversion Opportunity...The Owner of property (“Owner”) has retained Leines...
Transcript of Assisted Living Conversion Opportunity...The Owner of property (“Owner”) has retained Leines...
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13253 Kerry Lane | Eden Prairie, MN 55346
www.LeinesHotelAdvisors.comCopyright ©2019 Leines Hotel Advisors, Inc.
Soliciting Best Offers1820 South Columbia Road, Grand Forks, ND 58201
Exclusively Represented by: Leines Hotel Advisors, Inc.
Assisted Living Conversion OpportunityAMERICINN MOTEL & SUITES • GRAND FORKS • NORTH DAKOTA
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13253 Kerry Lane | Eden Prairie, MN 55346
www.LeinesHotelAdvisors.comCopyright ©2019 Leines Hotel Advisors, Inc.
13253 Kerry Lane Eden Prairie, MN 55346Phone: 952-405-9370
www.LeinesHotelAdvisors.com
PREFACE
SECTION 1
SECTION 2
SECTION 3
SECTION 4
SECTION 5
SECTION 6
SECTION 7
CONFIDENTIALITY
EXECUTIVE SUMMARY
BLUEPRINTS
THE MARKET
PROPERTY
PHOTOGRAPHS
RESOURCE LINKS
SALE PROCEDURE
SALFACTS
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13253 Kerry Lane | Eden Prairie, MN 55346
www.LeinesHotelAdvisors.comCopyright ©2019 Leines Hotel Advisors, Inc.
Confidentiality Agreement The Owner of property (“Owner”) has retained Leines Hotel Advisors, Inc. (“Broker”) as the exclusive broker for the sale of the Property. This Offering Memorandum has been prepared by Broker for use by the principals to whom Broker has provided this Offering Memorandum. The use of this Offering Memorandum and the information provided herein is subject to the terms, provisions and limitations of the Confidentiality Agreement furnished by Broker prior to delivery of this Offering Memorandum. Although the information contained herein is based upon sources believed to be reasonably reliable, Owner and Broker, on their own behalf of their respective officers, employees, shareholders, partners, directors, members and affiliates, disclaim any responsibility or liability for inaccuracies, representations and warranties (expressed or implied) contained in, or omitted from, the Offering Memorandum or any other written or oral communication or information transmitted or made available to the recipient of this Offering Memorandum. In amplification of and without limiting the foregoing, summaries contained herein of any legal or other documents are not intended to be comprehensive statements of the terms of such documents but rather only outlines of some of the principal provisions contained therein, and no representations or warranties are made as to the completeness and/or accuracy of the projections contained herein. Prospective purchasers of the Property should make their own investigations and conclusions without reliance upon this Offering Memorandum, the information contained herein or any other written or oral communication or information transmitted or made available to the recipient.
Additional information and an opportunity to inspect the Property will be made available upon written request by interested and qualified prospective purchasers.
Owner expressly reserves the right, exercisable in Owner’s sole and absolute discretion, to withdraw the Property from being marketed for sale at any time and for any reason. Owner and Broker each expressly reserves the right, exercisable in their sole and absolute discretion, to reject any and all expression of interest or offers regarding the Property and/or to terminate discussions with any entity at any time with or without notice. Broker is not authorized to make any representations or agreements on behalf of Owner. Owner shall not have any legal commitment or obligation to any entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed, delivered and approved by Owner and the other party thereto and any conditions to Owner’s obligations hereunder have been satisfied or waived.
If you have no interest in the Property at this time, return this Offering Memorandum immediately to:
Leines Hotel Advisors13253 Kerry LaneEden Prairie, MN 55346Attn: Ted Leines | 952-405-9370
PREFACE: CONFIDENTIALITYAssisted Living Conversion Opportunity
Grand Forks, North Dakota
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13253 Kerry Lane | Eden Prairie, MN 55346
www.LeinesHotelAdvisors.comCopyright ©2019 Leines Hotel Advisors, Inc.
The AmericInn Motel & Suites of Grand Forks is a wonderful three-story property and excellent assisted living conversion opportunity. It is located in close proximity to the region’s primary medical facility, the Altru Health System hospital and campus. The property features:
» 56 rooms composed of suites, singles, and doubles with many connected rooms. » A high three-story central lobby with a fireplace, grand staircase, pool, spa and lounge. » The lobby includes a roomy carpeted sitting area with comfortable furniture and a tall stone fireplace, and a dining area. » Adjacent to the lobby are located the indoor pool and spa in a large spacious room with a vaulted wood ceiling and large windows. » An elevator serves all three floors. » Construction consists of concrete span on block with exceptional sound proofing between floors and rooms.
Located in northeastern North Dakota, the city of Grand Forks, along with the twin city of East Grand Forks, Minnesota and Crookston, Minnesota, form the center of the Grand Forks, ND-MN Metropolitan Statistical Area. A vibrant college town, it is home to the University
of North Dakota (UND), which attracts students from all over the world.
The Altru Health System is a community of over 4,000 health professionals and support staff committed to caring for the region for more than 100 years. Serving over 200,000 residents in northeast North Dakota and northwest Minnesota. It is affiliated with the Mayo Clinic Care Network.
This property is perfectly suited to service this dynamic market.
To learn more about the Grand Forks ND-MN Metropolitan Statistical Area click this link: https://en.m.wikipedia.org/wiki/Greater_Grand_Forks
SECTION 1: EXECUTIVE SUMMARY
Property Summary
Standard Room
Assisted Living Conversion OpportunityGrand Forks, North Dakota
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13253 Kerry Lane | Eden Prairie, MN 55346
www.LeinesHotelAdvisors.comCopyright ©2019 Leines Hotel Advisors, Inc.
SECTION 1: EXECUTIVE SUMMARY
Grand Forks, North Dakota
Grand Forks County:◊2016 Pop. 71,083◊Est. Median houshold income in 2016: $50,008◊Median contract rent for apartments in 2016: $680◊Est. median house or condo value in 2016: $199,000
For detailed demographics, click this link: http://www.city-data.com/county/Grand_Forks_County-ND.html
Polk County (East Grand Forks, MN):◊2016 Population: 31,949◊Est. Median houshold income in 2016: $55,058◊Median contract rent for apartments in 2016: $573◊Est. median house or condo value in 2016: $160,481
For detailed demographics, click this link: http://www.city-data.com/county/Polk_County-MN.html
Assisted Living Conversion OpportunityGrand Forks, North Dakota
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13253 Kerry Lane | Eden Prairie, MN 55346
www.LeinesHotelAdvisors.comCopyright ©2019 Leines Hotel Advisors, Inc.
SECTION 2: BLUEPRINTS
Detailed full size PDF’s of the Floor Plans, Lobby Plans, Room Plans,
Elevations, and more are available.
Assisted Living Conversion OpportunityGrand Forks, North Dakota
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13253 Kerry Lane | Eden Prairie, MN 55346
www.LeinesHotelAdvisors.comCopyright ©2019 Leines Hotel Advisors, Inc.
SECTION 2: BLUEPRINTSAssisted Living Conversion Opportunity
Grand Forks, North Dakota
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13253 Kerry Lane | Eden Prairie, MN 55346
www.LeinesHotelAdvisors.comCopyright ©2019 Leines Hotel Advisors, Inc.
SECTION 2: BLUEPRINTSAssisted Living Conversion Opportunity
Grand Forks, North Dakota
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13253 Kerry Lane | Eden Prairie, MN 55346
www.LeinesHotelAdvisors.comCopyright ©2019 Leines Hotel Advisors, Inc.
SECTION 2: BLUEPRINTSAssisted Living Conversion Opportunity
Grand Forks, North Dakota
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13253 Kerry Lane | Eden Prairie, MN 55346
www.LeinesHotelAdvisors.comCopyright ©2019 Leines Hotel Advisors, Inc.
SECTION 2: BLUEPRINTS
Property: 61,884 Sq. Ft. Boundary shown with blue line.
Assisted Living Conversion OpportunityGrand Forks, North Dakota
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13253 Kerry Lane | Eden Prairie, MN 55346
www.LeinesHotelAdvisors.comCopyright ©2019 Leines Hotel Advisors, Inc.
SECTION 3: THE MARKET
AmericInn Motel & SuitesGrand Forks, North Dakota
University of North Dakota
Altru Health System
(Hospital)
Assisted Living Conversion OpportunityGrand Forks, North Dakota
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13253 Kerry Lane | Eden Prairie, MN 55346
www.LeinesHotelAdvisors.comCopyright ©2019 Leines Hotel Advisors, Inc.
SECTION 4: PROPERTY PHOTOGRAPHS
AmericInn Motel & Suites of Grand Forks
Hotel Lobby with Fireplace
Assisted Living Conversion OpportunityGrand Forks, North Dakota
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13253 Kerry Lane | Eden Prairie, MN 55346
www.LeinesHotelAdvisors.comCopyright ©2019 Leines Hotel Advisors, Inc.
SECTION 4: PROPERTY PHOTOGRAPHS
Breakfast AreaFront Desk
The Lounge - serviced by the front desk
Assisted Living Conversion OpportunityGrand Forks, North Dakota
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13253 Kerry Lane | Eden Prairie, MN 55346
www.LeinesHotelAdvisors.comCopyright ©2019 Leines Hotel Advisors, Inc.
SECTION 4: PROPERTY PHOTOGRAPHS
Pool and Spa Area with Extended Breakfast Seating
Exercise Room
Assisted Living Conversion OpportunityGrand Forks, North Dakota
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13253 Kerry Lane | Eden Prairie, MN 55346
www.LeinesHotelAdvisors.comCopyright ©2019 Leines Hotel Advisors, Inc.
SECTION 4: PROPERTY PHOTOGRAPHS
Family Suite
Standard Double Queen
Assisted Living Conversion OpportunityGrand Forks, North Dakota
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13253 Kerry Lane | Eden Prairie, MN 55346
www.LeinesHotelAdvisors.comCopyright ©2019 Leines Hotel Advisors, Inc.
SECTION 4: PROPERTY PHOTOGRAPHS
Master Suite Whirlpool & Fireplace Suite
Two Room Suite King Whirlpool Suite
Assisted Living Conversion OpportunityGrand Forks, North Dakota
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13253 Kerry Lane | Eden Prairie, MN 55346
www.LeinesHotelAdvisors.comCopyright ©2019 Leines Hotel Advisors, Inc.
Grand Forks Resource Links:
SECTION 5: RESOURCE LINKS
For demographic information about the region, visit:
Grand Forks County (ND): http://www.city-data.com/county/Grand_Forks_County-ND.html
Polk County (MN): http://www.city-data.com/county/Polk_County-MN.html
Grand Forks Metropolitan Statistical Area (Wikipedia): https://en.m.wikipedia.org/wiki/Greater_Grand_Forks
Midwest Grand Forks Economy (Wikipedia): http://www.city-data.com/us-cities/The-Midwest/Grand-Forks-Economy.html
Assisted Living Conversion OpportunityGrand Forks, North Dakota
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13253 Kerry Lane | Eden Prairie, MN 55346
www.LeinesHotelAdvisors.comCopyright ©2019 Leines Hotel Advisors, Inc.
This is a confidential all-cash offering that is being presented to a select group
of prospective investors on a principal-only basis. Property tours will be arranged
through Leines Hotel Advisors, Inc.
The Americinn Motel & Suites of Grand Forks, North Dakota
1820 South Columbia Road
Grand Forks, North Dakota 58201
is represented exclusively by Leines Hotel Advisors, Inc.
and is soliciting best offers for a fee simple interest.
Contact Ted Leines at 651-592-8022 for more information.
Procedure
SECTION 6: SALES PROCEDUREAssisted Living Conversion Opportunity
Grand Forks, North Dakota
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13253 Kerry Lane | Eden Prairie, MN 55346
www.LeinesHotelAdvisors.comCopyright ©2019 Leines Hotel Advisors, Inc.
SECTION 7: SALIENT FACTS
Property address1820 South Columbia Road
Grand Forks, ND 58201
Parcel ID 44-1327-00003-001
Property tax $41,862 (for 2018); $39,795.12 with 5% discount for
full payment by February 15th.
Total number of guest rooms 56
Total building area 32,043 sq. ft.
Total site area 61,884 sq. ft.
Year built 1997 • Fully renovated 2014
Roof New roof in 2009
Flood hazard Zone X-Map#3853650010D 8/2/07
Legal description
Lot C, Block 1 (Replat of Lot 2 and Replat of Lot B
of Replat of Lot 2), Columbia Park 11th Addition to
the City of Grand Forks, Grand Forks County, North
Dakota
Number of stories 3
Construction method Pre-cast concrete slab on block
Exterior Wood - stained
Heating & Cooling Individual through-the-wall heating & cooling units
Elevator 1 Elevator
Sprinkler system Guest rooms and common areas are sprinklered
Commercial washers 2
Commercial dryers 2
Parking capacity 62 parking stalls
Parking surface Concrete surface
Room breakdown 34 Double Queen Non-smoke
6 Double Queen Smoking
2 Queen/Full w/sofa
1 Queen Handicap Suite
6 King w/sofa
4 Queen w/whirpool
2 King w/whirlpool
2 King w/sofa/fireplace/whirlpool
Additional rooms
Pool and spa room
Lounge with wine, beer & select food items
Breakfast area adjacent to lobby
Fireplace area in lobby
1 Guest laundry
Each guest room includes
Microwave and refrigerator
High speed internet
Assisted Living Conversion OpportunityGrand Forks, North Dakota