17568 HWY 371, BRAINERD, MN 56401

Transcription

1 KART KOUNTRY HWY 371, BRAINERD, MN COMMERCIAL REAL ESTATE BUSINESS BROKERAGE LAND & BUILDING DEVELOPMENT INVESTMENT & INCOME PROPERTIES TAX DEFERRAL STRATEGIES

2 { Table of Contents } Page 3-5 Features 6 Investment Opportunity 7, 8 Fixed Assets 9, 10 Equipment 11 Site Plan 12, 13 Floor Plans Photos 18, 19 Aerial Photos 20 Survey 21 Section Map 22 Zoning Map 23 Traffic Counts 24 Location Map 25, 26 Demographics 27 Thank You 28 Agency Disclosure 29 Contact 2

3 { Features } Kart Kountry Family Fun Park. Prime opportunity to resurrect Kart Kountry - a premier go-kart / amusement park. The park has 3 great go-kart tracks, each appealing to riders of different ages and skill levels, with Can Am Go-Karts, Bullit Karts and Indy Racing Karts. Also available at the park are 4 NASCAR Simulators, Junior Karts, Bumper Boats, Video Arcade, 18-hole Mini Golf Course, Water Wars, and Batting Cages. This tourist attraction is ready to once again serve the Brainerd Lakes Area with family fun and entertainment. Location: Hwy 371, Brainerd, MN Directions: From Hwy 371/210 intersection in Baxter - North on Hwy 371 approx. 4 miles - Property is located on the right (east) Lot Size: Note: Purchase Price: Note: Approx Acres (Approx. 20 Acres of high land) Size of property estimated using the Crow Wing County GIS mapping software Excess land located on the east end of the park, available for adding new rides or attractions $799,000 (Includes all Furniture, Fixtures, Equipment & Inventory) Previous owner had a total investment into the property and equipment of more than $1.675 million Property Taxes: $12, (Including $15 in Assessments) Water & Sewer: Heating: Cooling: Electric: Well & Septic Electric Electric 200 Amp, Three-Phase Continued on next page. 3

4 { Features } Lighting: Fluorescent & Incandescent Year Established: 1984 Buildings: Tickets/Concessions: 1,152 sq. ft. (Driver s Diner) Covered Patio: 400 sq. ft. NASCAR Bldg: 1,840 sq. ft. w/ 736 sq. ft. Office Mezzanine plus 806 sq. ft. Covered Porch Pool: 3,600 sq. ft. Boat House: 168 sq. ft. Bathrooms: 320 sq. ft. Shed: 64 sq. ft. Large Kart Cover: 1,500 sq. ft. Small Kart Cover: 600 sq. ft. Kart Shop: 1,920 sq. ft. Batting Cage: 4,032 sq. ft. Construction: Foundation: Exterior: Roof: Ceiling Height: Floor Drains: Wood Frame Buildings Concrete Block Shop: Metal Tickets/Concessions: Masonite Siding Bathroom: Concrete Block NASCAR Bldg: Efface Kart Covers: Wood & Metal Shop: Metal Tickets/Concessions: Asphalt Shingles Bathroom: Asphalt Shingles NASCAR Bldg: Flat - Rubber Membrane Kart Covers: Asphalt Shingles 10 in Tickets/Concessions 20 in Video Arcade Several Continued on next page. 4

5 { Features } Outdoor Sprinkling: Parking: Underground Water Lines 50+ Paved Parking Spaces Road Frontage/Access: Along Hwy 371 Zoning: Commercial District 2 (C-2) The purpose of this district is to provide adequate space areas for general retail and service activities in rural areas. C-2 commercial districts shall be located along federal, state, county, or township roads. PID#: Legal Description: Lot 2 SW/1/4 of NW 1/4 (Except Hwy) 5

6 { Investment Opportunity } The current owner, Darcy Harbott, purchased Kart Kountry in January He successfully operated the park for three years. Near the end of his ownership tenure, he became involved in several other business ventures which lead him to sell the park to provide more time to pursue other pursuits. Darcy sold the park in January 2006 and personally financed the transaction for the buyer. The buyer added numerous improvements and attractions to the park and had a total investment into the property and equipment of more than $1.675 million. Unfortunately, the buyer had personal health issues that resulted in the closing of the park and eventual default on the seller financing. Darcy subsequently foreclosed on the park and now is the owner of Kart Kountry and all of its assets. Due to Darcy s vested interest in several businesses that consume much of his time, he has chosen not to re-open the park. He has listed the park and the attractions for sale at close to half of what the buyer invested into the park. This is an excellent opportunity to purchase a successful go-kart/amusement park at a price significantly less than the cost to open a new amusement park. 6

7 { Fixed Assets } Disclosure on Assets: As mentioned in the Investment Opportunity section found on page 6, the seller took the property back through a foreclosure action against the most recent operator of the business. All property for sale, including the structures, other improvements, fixtures, appliances and personal property, is not new and is being purchased AS IS. The Seller does not warrant or guarantee that any of the improvements and personal property contained in the asset list below still exist on the site or are in proper working order. Buyers are encouraged to do their own inspection of all assets being sold. Front Sign Complete new sign built in spring x32 vinyl wrap with spotlights Junior Track Asphalt junior tract with side rail Bumper Boat Pool 60 x60 pool with vinyl liner and full skimmer system, concrete fencing, etc Pump house building 2 tables and metal umbrellas Filters, pumps, etc. Note: Pool liner is torn up. Replacement cost is approx. $10K. Office and Arcades 24 x48 permanent building with security system Building has heating and air conditioning Video arcade area (Arcade machines are not owned by Kart Kountry) Office and snack bar 24 x6 covered pit area Note: There have been some enhancements to the building; booths, glass counters, kitchen equipment, ice maker, 3 compartment sink, etc. Picnic Area 20 x20 concrete slab Metal covered picnic area 7 Poly/metal picnic tables Water Wars Double aluminum unit with netting Restrooms Concrete building 3 separate bathrooms Washer and dryer to wash work shirts Shelving for storage Upright freezer for ice cream treat storage Well and septic system Continued on next page. 7

8 { Fixed Assets } Parking Area Large asphalt parking area Security lights Sidewalks Approximately 4,000 sq.ft. of paved/concrete walk to all areas (not including mini golf) Miniature Golf Course Professionally designed and landscaped 18 hole course Sand Filled Carpet Full drainage and lighting Shop Area 30 x66 metal storage building with automatic door opener Includes 12 x16 heated shop area and kart lift Batting Cage 4 cages with netting Concrete and lighting Bleachers Signs Main Go-Kart Track Approximately ¼ mile long asphalt paved, banked track Double steel barricade around approximately 75% of the tract for safety purposes Light fixtures Asphalt path to garage and pad area Bullit Kart pit area for running additional karts Competition Track Approximately 800 tract Heavy duty steel and tire barricade system Automatic timer and light Concession building AMB Bolink Kart Timing System with laptop computer and printer 20 x40 covered pit area Bleacher Miscellaneous Metal front gates Fences Rock and landscaping Numerous painted and vinyl signs Barn building Light-up sign by roadside 8

9 { Equipment } Disclosure on Equipment: As mentioned in the Investment Opportunity section found on page 6, the seller took the property back through a foreclosure action against the most recent operator of the business. All property for sale, including the structures, other improvements, fixtures, appliances and personal property, is not new and is being purchased AS IS. The Seller does not warrant or guarantee that any of the improvements and personal property contained in the asset list below still exist on the site or are in proper working order. Buyers are encouraged to do their own inspection of all assets being sold. Junior Karts 3 Junior Karts Bumper Boats 4 single seat boats 3 double seat boats 2 triple seat boats Timer and lights Water blast pump Note: The motors have been stolen. Replacement motors would be approx. $10K. Equipment in Office and Arcade ATM machine Desk, stools and cash register Security system Shop Equipment Some tools such as tire changer, compressor, etc Partial parts inventory 2 gasoline storage tanks (regular and premium) Batting Cage Equipment Original 4 machines (Baseball slow and fast; Softball slow and fast) Balls, bats and helmets Karts and Equipment for Main Go-Kart Track Formula K 2-seat karts (See Note) Formula K single karts (See Note) Formula K Bullit Karts (See Note) Kreative Kart Spitfire Indy Karts (See Note) 2 control boards with pit loop, 2 mini control boards, 1 additional pit loop, 21 receivers, 2 programmable receivers and 10 receivers with ground speed sensor 2 stop n go lights 1 programmable track rules repeater for pit area Note: Exact number of go-karts is to be verified by owner. Continued on next page. 9

10 { Equipment } Miscellaneous - All items to be verified by owner Announcement speakers and microphones 1 for office, 1 for front track and 1 for back track Trash cans with racing helmet covers Ceiling fans Lawn equipment; mowers, trimmers and blower/vacs 2 wet/dry vacs Flags Assorted wood picnic tables Assorted benches wood or concrete File cabinets Rope light Old Can-Am Kart on display for picture taking 10

11 { Site Plan } * Floor plan enlargements for the West and East halves of the site plan are shown on the following pages. 11

12 { Floor Plan } West Half 12

13 { Floor Plan } East Half 13

14 { Photos } Kart Kountry Hwy 371 Signage Tickets/Concessions (Driver s Diner) Tickets/Concessions (Driver s Diner) Tickets/Concessions (Driver s Diner) Outdoor Patio 14

15 { Photos } Go-Karts Go-Karts Kids Kountry Junior Go-Karts Large Kart Cover Small Kart Cover 15

16 { Photos } NASCAR Bldg NASCAR Bldg NASCAR Simulators Office Mezzanine in NASCAR Bldg Bumper Boats Water Wars 16

17 { Photos } Climbing Wall & Batting Cages Kart Shop Kart Shop Bullit Go-Karts Can-Am Go-Karts Restrooms 17

18 { Aerial Photo } N Gull Dam Roadhouse Pirates Cove Checkered Flag Billy Bones Raceway Brainerd International Raceway Power Lodge Crow Wing Cabinets Brainerd Recreation Crow Wing Power 18

19 { Aerial Photo } N Brainerd Recreation Power Lodge Crow Wing Cabinets Gull Dam Roadhouse Checkered Flag Pirates Cove Brainerd International Raceway Kart Kountry Minnow Masters Kuepers Collin Fritz Crow Wing Power Custom Upholstery The Hearth Room Midnight Sun Spas BARBEAU RD Stepping Stones Tower Realty HWY 371 Tykes Carpet Neighboring Businesses: The property is located in the commercial park just off of Barbeau Road. Nearby businesses include MMBA, 30 Lakes, Progressive Insurance, Dream Builders, Bunn Masonry, PC Marketing, Kuepers, The Hearth Room, Minnow Masters, Integra Telcom, CED Mfg Co., Collin Fritz, Midnight Sun Spas, Custom Upholstery, R.G. Insurance, Stepping Stones, Tower Realty, Brainerd Recreational Supply, Crow Wing Power, Vacation Land, Crow Wing Cabinets, The Power Lodge, Tykes Carpet, plus many others. 19

20 { Survey } 20

21 { Section Map } 21

22 { Zoning Map } Commercial District 2 22

23 { Traffic Counts } 2011 Counts from MNDOT Crow Wing Traffic Counts: 20,800 on Hwy 371 N 23

24 North South 24

25 { Demographics } Figures from STDB, CCIM Trade Area 2010 Population (Includes the following counties): Crow Wing County 62,670 Cass County 28,894 Total Trade Area Population 91, Population: Crow Wing County 62,670 Brainerd 30,966 Baxter 6,903 Estimated Summer Population: Brainerd/Baxter 200,000+ Projected Population Growth Change : Crow Wing County 0.77% Brainerd 0.73% Households in 2010: Crow Wing County 26,051 Brainerd 12, Median Household Income: Crow Wing County $47,702 Brainerd $46,356 Crow Wing County Retail Sales in 2004: $1,563,020,000 Major Employers (with 150 or more employees): # of Employees Brainerd Public Schools #181 Brainerd 950 St. Joseph s Medical Center Brainerd 908 Brainerd Regional Human Service Ctr Brainerd 677 Grand View Lodge Nisswa 600 Maddens, Inc. Brainerd 500 Crow Wing County Brainerd 450 Ascensus Brainerd 404 Cuyuna Regional Medical Center Crosby 390 Cragun s Resort Brainerd 350 Bethany Good Samaritan Village Brainerd 325 Central Lakes Community College Brainerd 313 Super Wal-Mart Baxter 300 Brainerd Medical Center Brainerd 285 Crosby Public Schools-ISD Crosby 255 Ruttger s Bay Lake Lodge Deerwood 250 U.S. Link Pequot Lakes 246 Trus Joist Mac Millan Brainerd 220 Breezy Point Resort Breezy Point 205 Pequot Lakes Public Schools Pequot Lakes 200 Riverwood International USA Crosby 190 Nor-son, Inc. Baxter 177 MN Dept of Transportation Baxter 175 Anderson Brothers Construction Brainerd 160 Keystone Automotive Industries Brainerd 157 Woodland Good Samaritan Village Brainerd 150 Good Neighbor Home Health Care Brainerd 150 Continued on next page. 25

26 { Demographics } Area Businesses: (To see a list of additional businesses, please go to Financial Institutions: 15+ (multiple locations not counted) Churches: 30+ Schools: 15+ Golf Courses: 27+ Resorts: Bay Colony Inn Breezy Point Resort Craguns Fritz s Resort Grand View Lodge Gull Lake Resort Izaty s Kavanaugh s Lost Lake Lodge Maddens Quarterdeck Ruttger s Bay Lake Lodge Sullivans Plus numerous others Major Retailers: Anytime Fitness Baxter Village (6 Retailers) Best Buy Big Lots Book World Brother s Motorsports Christmas Point Costco Crosslake Town Square (12 Retailers) Cub Foods (2) Discount Tire Dunham s Sports East Brainerd Mall (17 Retailers) Fleet Farm Gander Mountain Herberger s Home Depot JC Penney s Kohl s Major Retailers Continued: Menards Northwoods Plaza (6 Retailers) Office Max Sears Super One Super Wal-Mart Target The Power Lodge Walgreens Westgate Mall (27 Retailers) Restaurants/Fast Food: 371 Diner Antler s Applebee s Arby s Bar Harbor Black Bear Lodge & Saloon Billy s Bonanza Boulder Tap House Brick House Pizza Breezy Point Marina Buffalo Wild Wings Burger King Caribou Coffee (2) Cherry Berry China Buffet China Garden Cold Stone Creamery Country Kitchen Cowboy s Cragun s Legacy Grill Cru Culver s Dairy Queen (3) Domino s Pizza El Tequila Erbert & Gerberts Ernie s Four Seas Giovanni s Pizza Grizzly s Grill & Saloon Half Moon Saloon Restaurants/Fast Food Continued Hardee s Hunt N Shack Iven s on the Bay Jack s House Jake s Jimmy John s KFC (2) Madden s Classic Grill Manhattan Beach Maucieri s McDonalds (3) Moonlite Bay Northwinds Grille Olive Garden Papa John s Pizza Papa Murphy s Pizza Perkins Pestello s Pine Peaks Pizza Hut Pizza Ranch Poncho & Lefty s Prairie Bay Prime Time Quarterdeck Rafferty s Pizza (3) Riverside Inn Ruttger s Sawmill Inn Sherwood Forest Starbucks Subway (3) Sunshine/Moonshine Taco Bell Taco John s The Barn The Chap The Commander The Lodge Grill The Pines at Grandview Timberjack TJ s Log Cabin Wendy s (2) Ye Ole Wharf Zorbaz (2) 26

27 { Thank You } Thank you for considering this Close - Converse opportunity Close - Converse is pleased to present this real estate opportunity for your review. It is our intention to provide you with the breadth of information and data that will allow you to make an informed decision. We are here to help Please review this package and contact us with any questions you may have. We are prepared to discuss how this property meets your needs and desires. Facts, figures and background information will aid in your decision. Should you need specialized counsel in the areas of taxation, law, finance, or other areas of professional expertise, we will be happy to work with your advisor or, we can recommend competent professionals. How to acquire this opportunity When you have made a decision to move forward, we can help structure a proposal that covers all the complexities of a commercial real estate transaction. As seller s representatives, we know the seller s specific needs and can tailor a proposal that expresses your desires, provides appropriate contingencies for due diligence and results in a win-win transaction for all parties. Agency and you Generally, we are retained by sellers or landlords to represent them in the packaging and marketing of their commercial, investment or development real estate. You are encouraged to review the Minnesota disclosure form Agency Relationships in Real Estate Transactions which is enclosed at the end of this package. If you have questions about agency and how it relates to your search for the right property, please ask us. We will answer all your questions and review the alternatives. Should you wish to pursue this opportunity, please acknowledge your review of Agency Relationships by signing, dating and returning it to us. 27

28 { Agency Disclosure } 28

29 { Contact } Address: 521 Charles Street PO Box 327 Brainerd, MN Telephone: Fax: Website: You may also contact the following members of the Close~Converse team by cell phone or . Nate Grotzke, CCIM Tim Miller Chris Close, CCIM Kevin Close Rod Osterloh Jody Osterloh cell nate@closeconverse.com cell tim@closeconverse.com cell chris@closeconverse.com cell kevin@closeconverse.com cell osterloh@closeconverse.com cell jody@closeconverse.com 29