Lady Lake Brochure

LOCATION. GROWTH. DEMAND.

US Highway 27/44 1 31,000 AADT

+/- 1,057’ Frontage

TOMMY PINEL, MAI Senior Associate 407 241 3084 tommy.pinel@cushwake.com Lady Lake/Villages Area FOR SALE: ALF/ILF APPROVED SITE

THE OPPORTUNITY

This is an opportunity to acquire a well-positioned site entitled for a mixed-use, senior living development including ALF (Assisted Living Facility), ILF (Independent Living Facility), MC (Memory Care), and potential highway commercial components (can acquire all or part). The property is located along a primary commercial highway in a transitional, developing area of Lady Lake, a town in northwest Lake County in Central Florida. Lady Lake is nestled alongside and closely associated with The Villages— the largest master-planned age-restricted community in the United States. The Villages was ranked as the fastest growing US city in the United States from 2010 to 2017, and continues to grow and strongly influence the surrounding areas. A large portion of this growth is associated with migration of retirees. The age 65+ sector far exceeds 50% of the area’s population. With those demographics, the site is ideal for ALF/ILF development as the demand for these facilities continues to increase.

Investment Overview

This Confidential Offering Memorandum (“Memorandum”) is being delivered subject to the terms of the Confidentiality Agreement (the “Confidentiality Agreement”) signed by you and constitutes part of the Confidential Information (as defined in the Confidentiality Agreement). It is being given to you for the sole purpose of evaluating the possible investment in 123 Address Lane, City, State (the “Project”), and is not to be used for any other purpose or made available to any other party without the prior written consent of Alexander Development Group (“Managing Member”), or its exclusive broker, Cushman &Wakefield. This Memorandumwas prepared by Cushman &Wakefield based primarily on information supplied by Managing Member. It contains select information about the Project and the real estate market but does not contain all the information necessary to evaluate the Project. The financial projections contained herein (or in any other Confidential Information) are for general reference only. They are based on assumptions relating to the overall economy and local competition, among other factors. Accordingly, actual results may vary materially from such projections. Various documents have been summarized herein to facilitate your review; these summaries are not intended to be a comprehensive statement of the terms or a legal analysis of such documents. While the information contained in this Memorandum and any other Confidential Information is believed to be reliable, neither Cushman & Wakefield nor Managing Member guarantees its accuracy or completeness. Because of the foregoing and since the investment in the Project is being offered on an “As Is, Where Is” basis, a prospective investor or other party authorized by the prospective investor to use such material solely to facilitate the prospective purchaser’s investigation, must make its independent investigations, projections and conclusions regarding the investment in the Project without reliance on this Memorandum or any other Confidential Information. Although additional Confidential Information, which may include engineering, environmental or other reports, may be provided to qualified parties as the marketing period proceeds, prospective purchasers should seek advice from their own attorneys, accountants, engineers and environmental experts. Neither Cushman & Wakefield nor Managing Member guarantees the accuracy or completeness of the information contained in this Memorandum or any other Confidential Information provided by Cushman & Wakefield and Managing Member. Managing Member expressly reserves the right, at its sole discretion, to reject any offer to invest in the Project or to terminate any negotiations with any party at any time with or without written notice. Managing Member shall have no legal commitment or obligations to any prospective investor unless and until a written sale agreement has been fully executed, delivered and approved by Managing Member and any conditions to Managing Member’s obligations thereunder have been satisfied or waived. Managing Member has retained Cushman & Wakefield as its exclusive broker and will be responsible for any commission due to Cushman & Wakefield in connection with a transaction relating to the Project pursuant to a separate agreement. Cushman & Wakefield is not authorized to make any representation or agreement on behalf of Managing Member. Each prospective investor will be responsible for any claims for commissions by any other broker in connection with an investment in the Project if such claims arise from acts of such prospective investor or its broker. This Memorandum is the property of Managing Member and all parties approved by Managing Member and may be used only by parties approved by Managing Member. No portion of this Memorandum may be copied or otherwise reproduced or disclosed to anyone except as permitted under the Confidentiality Agreement. ©2018 Cushman & Wakefield. All rights reserved. The information contained in this communication is strictly confidential. This information has been obtained from sources believed to be reliable but has not been verified. NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IS MADE AS TO THE CONDITION OF THE PROPERTY (OR PROPERTIES) REFERENCED HEREIN OR AS TO THE ACCURACY OR COMPLETENESS OF THE INFORMATION CONTAINED HEREIN, AND SAME IS SUBMITTED SUBJECT TO ERRORS, OMISSIONS, CHANGE OF PRICE, RENTAL OR OTHER CONDITIONS, WITHDRAWAL WITHOUT NOTICE, AND TO ANY SPECIAL LISTING CONDITIONS IMPOSED BY THE PROPERTY OWNER(S). ANY PROJECTIONS, OPINIONS OR ESTIMATES ARE SUBJECT TO UNCERTAINTY AND DO NOT SIGNIFY CURRENT OR FUTURE PROPERTY PERFORMANCE.

LCPA ID Numbers

28-18-24-0001-000-05100 28-18-24-0001-000-00302 Vacant Development Land 125 ALF Beds & 125 ILF Units PFD, Public Facilities District OIF, Other Institutional Facilities

Property Type Entitlements

Zoning

Future Land Use

Land Area

North Parcel - 7.16 AC South Parcel - 9.15 AC Total Property - 16.31 AC

Asking Price

$6,095,000

ALF/ILF DEVELOPMENT OPPORTUNITY - LADY LAKE, FL

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THE SITE The property consists of high, dry, rolling land with extensive frontage along US Highway 27/441. All utilities are to the site and a mass grading plan was completed (available upon request). U.S. Highway 27/441 is a four-lane, median-divided commercial thoroughfare providing significant exposure to the property. A median cut provides full north- and south-bound ingress/egress to the property.

N

• Two tax parcels totaling 16.31 acres • 1,057 feet of highway frontage • Traffic – 31,000 AADT along highway • Entitled for 125 ALF beds and 125 ILF units • All or part can be acquired

CONCEPTUAL PLAN

ADDITIONAL PROPERTY INFORMATION

The following items are available upon receipt of an executed Confidentiality Agreement. Please contact Tommy Pinel to receive a Confidentiality Agreement. • Boundary Survey • Mass Grading Plan • Preliminary Geotechnical Report • Threatened and Endangered Species Report • Preliminary Conceptual Site Plan • Preliminary ALF/ILF/MC Market Analysis

ALF/ILF DEVELOPMENT OPPORTUNITY - LADY LAKE, FL

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THE INDUSTRY (ALF/ILF)

DEMOGRAPHICS The Primary Market Area for this property has unmet demand for additional ILF, ALF, and MC units. The population for the area is projected to continue to increase. Moreover, the age 65+ sector is anticipated to continue to represent a larger percentage of the population, directly impacting the demand for additional ILF/ALF/MC development.

The wave of aging baby boomers will present challenges to a senior living industry already struggling to meet demand of seniors who cannot afford market-rate independent living, assisted living, or memory care. The population of older adults is quickly growing in low-density areas in particular, where it’s especially difficult to build affordable senior living projects. The Joint Center for Housing Studies (JCHS) at Harvard University released a report indicating the leading edge of the “silver tsunami” is already here and highlights the challenges seniors face. More than 50% of U.S. households are headed by someone above age 50. This means the demand for additional development of ALF, ILF, and MC facilities will continue to increase.

An independent preliminary market analysis outlining the demand for development of an ILF with an ALF component and memory care wing on this property shows strong immediate demand. (Study available upon request and signed Confidentiality Agreement.)The report indicates the immediate Primary Market Area (PMA – 5-mile radius from the subject property) is under-bedded, with estimated unmet demand as indicated in the chart below.

2018 Demographics

1 Mile

3 Miles

5 Miles

Lake County

Population and Households Total Population

3,448 1,324

21,445

68,052 33,460

338,955 138,402

Total Households

9,461

Age Total 65+

Unmet Demand in Subject PMA

52.5%

19.2% 32.8%

26.5%

Unit Type

Year 2020 Year 2022

65.9

Median Age

39.0

52.1

47.0

ILF

471 259 179

523 311 231

ALF

2023 Demographics

1 Mile

3 Miles

5 Miles

Lake County

MC

Population and Households Total Population

3,670 1,439

23,305 10,465

77,052 38,609

381,497 156,837

Total Households

Age Total 65+

Strong immediate, unmet demand for additional ALF, ILF and MC facilities development in immediate area.

55.2%

20.5% 35.9%

28.9%

66.7

Median Age

39.4

54.2

47.8

Village Verana ALF

ALF/ILF DEVELOPMENT OPPORTUNITY - LADY LAKE, FL

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LADY LAKE

THE VILLAGES

The Villages is the largest active adult community in the world planned for an estimated 75,000 homes. The boundaries encompass over 32 square miles in Central Florida, encompassing portions of Lake, Sumter, and Marion counties. The Villages started in Lady Lake in 1978 and grew from there. Because of its size, the Villages is a Census Designated Place (CDP) with an estimated 2019 population of 122,460. It is consistently ranked as a very high growth area. Lady Lake and Leesburg have been significantly impacted by its proximity and growth, which continues to increase pressure for additional development in the immediate area. The Villages comprises 17 special-purpose communities and hosts 50 golf courses. “Free Golf for Life” is a key element of the Villages

marketing campaigns luring retirees from across the country and around the world. In 2017, Forbes magazine named the Villages one of The 25 Best Places to Retire in the United States. Demand for expansion of the Villages continues today, demonstrated by a recent acquisition of an additional 8,000 acres to develop. The 65+ age sector accounts for over 56% of the Villages CDP population. As this sector of the population progresses in age, the demand for additional ILF, ALF, and MC facilities continues to increase. This makes the subject property’s entitled site ideal to meet a portion of this demand now and in the future.

Lady Lake is an incorporated town in Central Florida and is the northernmost town in west Lake County. It is situated approximately 42 miles northwest of Orlando and 22 miles southeast of Ocala. The city of Leesburg, Lake County’s second largest city, is five miles south of the southern end of Lady Lake and the subject property. The Villages—the largest master planned, age- restricted community in the United States—is immediately west of the subject property. Lady Lake and Leesburg have both been significantly impacted by the Villages, making the general surrounding area one of the most popular retirement locations in the country. As of the 2013 census, Lady Lake itself had a total population of 14,535 with over 60% being 65 years of age or older. This is an unusually high percentage of aging residents compared to nearly most all other areas of the country , primarily due to the area’s vast retirement communities.

The Primary Market Area (PMA) for ALF/ILF/ MC development is a five-mile radius around the subject property. Within this PMA, the 65+ population was 26,918 in 2010, representing 47.7% of the area’s total population. This figure increased to 34,883 in 2017, representing 52.5% of the area’s total population and a 29.6% increase over the year 2000 levels. By 2022, this sector is projected to increase to 41,726, representing 55.3% of the area’s total population and a 19.6% increase over 2017. The retirement age population in the area is dominant and anticipated to continue to grow over the foreseeable future. The subject property is midway between two major medical facilities providing a full range of preventative and emergency care. Villages Regional Medical Center, a full-service, acute care hospital licensed for 297 beds, is approximately 4.5 miles north. The Leesburg Regional Medical Center (LRMC) lies six miles southeast of the property. LRMC is Lake County’s largest tertiary care hospital with 329 licensed beds and a full range of services.

The 65+ demographic makes up approximately 60% of the Villages/Lady Lake area population.

ALF/ILF DEVELOPMENT OPPORTUNITY - LADY LAKE, FL

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Rolling Acres Plaza

MARKET AREA The immediate market area is the US Highway 27/441 corridor, within three to four miles north and south of the subject. US Highway 27/441 provides access to and from Leesburg and other cities to the south and Lady Lake, the Villages, and Ocala to the north. To meet the area’s growth, numerous large commercial developments sprung up along the corridor and more are underway and proposed. Beginning just north of the subject property, the area is served by numerous national brands of home improvement centers, banks, restaurants, service facilities, and offices. The larger shopping centers are located approximately three miles north of the property toward the Villages and feature anchor tenants such as Target, Kohl’s, Belk, Ross, Publix, and Winn-Dixie. The subject property benefits from over 1,000 feet of frontage along US Highway 27/441—a widely traveled road with current traffic flow of over 31,000 AADT. The Town of Lady Lake indicates US Highway 27/441 will soon be widened to add lanes and enhance traffic flow in the area. Several newer commercial developments are proposed and under review in the area, indicating the area’s continued growth. The area is anticipated to experience additional development as growth between Lady Lake and the Villages merges with growth coming north from Leesburg. The subject is in an ideal location to take full advantage of this trend.

Spanish Springs Town Sq.

®

La Plaza Grande

Morse Blvd se B THE VILLAGES

n Rd

Lake Gri

E County Rd 466

441

27

Gri en View Dr

Lake Sumter Landing

NE 90th St

Lake Ella Rd

ALF/ILF DEVELOPMENT OPPORTUNITY - LADY LAKE, FL

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LOCATION. GROWTH. DEMAND.

A prime development opportunity in an ideal setting.

TOMMY PINEL, MAI Senior Associate

Direct: 407 241 3084 Mobile: 407 579 6118 tommy.pinel@cushwake.com

Cushman & Wakefield 20 N. Orange Avenue, Suite 300

Orlando, FL 32801 | USA cushmanwakefield.com