INVESTMENT OPPORTUNITY - LoopNet...Reeds Jewlers, Twisted Fork, Sears & Sears Auto Center, Zales,...

INVESTMENT OPPORTUNITYINVESTMENT

OPPORTUNITYINVESTMENT

OPPORTUNITY

Accelerating success.

COLLIERS INTERNATIONALRaleigh-Durham

702 Oberlin Road, Suite 400Raleigh, NC 27605

www.colliers.com/rdu

Kathy GigacDirector of Tenant Advisory Services

919 582 [email protected]

Baxter WalkerSenior Vice President

919 582 [email protected]

5306 SIX FORKS ROAD | Raleigh, NC

FOR SALE: Suite 213 ± 1,200 SF Office Space

Kathy GigacDirector of Tenant Advisory Services919 582 [email protected]

Baxter WalkerSenior Vice President919 582 [email protected]

COLLIERS INTERNATIONALRaleigh-Durham702 Oberlin Road, Suite 400Raleigh, NC 27605www.colliers.com/rdu

FOR SALE | 5306 Six Forks Road, Suite 213

SITE

Six F

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North Raleigh Chapel

NC Board of Law Examiners




Hailing from the heart of the state, Raleigh tops the charts agian and again for places to live, work, and start a business. The North Raleigh region of the city is a highly connected but suburban area, full of rich tradition and the energy of new development. The area is home to national names like Salix, Merz, Allscripts, and Advanced Auto Parks. Hundreds of neighborhoods, shopping centers, restaurants and parks make this liveable community one of the largest submarkets of Raleigh. It also spans between I-540 and I-440, with access to dozens of major highways just minutes away.

North Raleigh residents enjoy a highly active lifestyle. From multiple country clubs and golf courses to tennis clubs, equestrian centers, and our renowned greenway system, North Raleighans are always out and about, enjoying the region’s amenities. The area is also home to 22-field WRAL Soccer Park that hosts weekly games for statewide NC Football Club.

Education is also a top priority for families in North Raleigh. A wide array of private , charter, montissori, and public schools options have commendable graduation rates and some of the local universities’ most sought-after students. North Raleigh is within 30 miles of the state’s “Big Three” nationally recognized univeristies (UNC Chapel Hill, Duke, and NC State), and even closer to multiple top-class community colleges.

North Raleigh Market Overview


Future Growth Framework




Tower 4 at North Hills is expected to include approximately 300,000 SF of office, 300+ multi-family units, 200+ hotel rooms, 25,000-30,000 SF of conference/event space, and 1,000+ structured parking spaces

Tower 5 at North Hills, part of North Hills 33-acre East expansion, will be a 300,000 SF, 12-story mixed-use tower. The building will be surrounded by parks, trails, outdoor fitness offerings, public art exhibitions, as well as the 182-unit Gaddy mid-rise apartment building.

Spencer Ridge, will be a 17-acre mixed use project on north Falls of Neuse Rd, led by D&N Development. The 5-building property could include 49,000 SF of retail, 170 multifamily units, and 60,000 SF of retail & office mixed.

The Lakes at Sandy Forks is a 600-unit multifamily site off of Six Forks Rd that was recently purchased for redevelopment with a price tag of $45.5 million. The plan is to renovate The Lakes and build up to 900 additional rental units, including amenities. The plan would make The Lakes one of North Carolina’s largest non-military apartment communities.

St Albans Drive 40-acre North Hills tract was recently acquired by Dewitt Carolinas. The proposed mixed-use development would include office space, retail and dining storefronts, hotels, multifamily, and senior living residences, in addition to green space and water amenities.


North Hills, recently described as “Raleigh’s version of Maddison Avenue”, has quickly developed the thriving Midtown market and identity. Originally built in 1960, the traditional mall was purchased by Kane Realty Corporation in 2001 for redevelopment and has been growing ever since. After demolition, rebuilding, and multiple expansions, the past seventeen years have produced over 60 retailers, 3 hotels, 45 places to eat and drink, 3 office building towers and 4 banks, with more development on the way.

Attracting over 8.4 million visitors per year, the 100-acre area is broken up in to three sectors: Main District, Lassiter District, and Park District. The Main District is home to Stadium 14 movie theater, Target, high-end boutiques, and national retailers. It also hosts weekly farmers markets, community events, and much-loved Beach Music nights every Thursday in the summer. The Park side boasts sought-after Class-A offices and apartments, as well as sophisticated dining and shopping variety. In addition, crowds are regularly drawn to Midtown Park: North Hills’ amphitheater that hosts open air concerts, food truck rodeos, and much more.

North Hills





North Ridge Shopping Center: Located on Falls of Neuse, the busy intersection has over 40,000 VPD from the 221,000 residents and 142,000 employees within 5 miles. Anchored by Harris Teeter, major tenants include Chopt, Zoe’s Kitchen, Hallmark, Salt & Lime, Ace Hardware, North Ridge Pub, O2 Fitness, Banfield Pet Hospital, and European Wax Center

Sutton Square: This thriving 101,025 high-end retail center at the corner of Falls of Neuse and Spring Forest roads. The 249,031 population in a 5-mi radius has an average household income of $92,484. Major tenants include The Fresh Market, Rise Biscuits & Donuts, Winston’s Grille, Performance Bicycle, GNC, Pet Supermarket, PDQ, Play It Again Sport, Subway, Rite Aid, and Metro Diner

Falls Pointe: The 4-star retail center built in 2001 is surrounded by some of Raleigh’s most successful neighborhoods. 5-mi population of 170,000 has an average household income of $114,000. The center is anchored by Kohl’s and Harris Teeter, and includes a Dress Barn, Greek Fiesta, San Carlo, The UPS Store, Mattress Firm, Starbucks, GNC, First Citizens, Avail Vapor, Massage Envy, and Pure Barre.

Wakefield Commons: Prominent shopping center at the corner of US-1 and Falls of Neuse Rd. Average 1-mi radius household income exceeds $100,000 per year and the intersection has approximately 67,000 VPD. Tenants: Marquee Cinemas, Galaxy Fun Park, My Eye Dr, Moe’s Southwest Grill, Starbucks, Great Clips, Bruegger’s, Mizo Sushi, The UPS Store, Burn Boot Camp

Falls Village: Is a 190,000 SF community center on Falls of Neuse Rd. Average traffic count is approx. 37,000VPD in this busy area. 5-mi population is 208,652. Anchors include TJ Maxx, Home Goods, Red Hot & Blue, The Dollar Tree, Sherwin Williams, Raleighwood Cinema & Grill, Chick-Fil-A, Hand & Stone Massage, and Orange Theory Fitness.




Surrounding Amenities


Colonnade Center: Neighborhood market surrounded by 83,000 households within 5 miles. Median household income of $80,000 Six Forks/Strickland Rd intersection exceeding 35,000VPD. Major tenants include Whole Foods, Panera Bread, Samuel Cafe Salon, Fleet Feet, Dress, Colonnade Dental, Signature Nail Spa, The Joint, Good Looks

Poyner Place: Hosting an impressive 434,599 SF of retail in an outparcel of Triangle Town Center, this shopping center is 1 block away from I-540 and US-1 intersection. 10-min-ute drive time includes population of 124,458 and average household income of $77,54 for 47,819 households.The center boasts tenants like Super Target, Ulta, World Market, Justice, Pier One, Five Below, Carter’s, Cold Stone Creamery, Toys R Us, Old Navy, Marshalls, Great Clips, Lane Bryant, and Ross.

Triangle Town Center Mall: This regional mall spans a GLA of 1,272,263 and hosts an average of visitors per year. The total trade area as of 2016 was 1,529,392 for the mall containing 165+ retailers.Anchored by Saks Fifth Avenue, Macy’s, Dillards, Belk, Barnes & Noble, and home to national name like Best Buy, Romano’s Macaroni Grill, Jos. A. Bank, Kay Jewlers, Orvis, Reeds Jewlers, Twisted Fork, Sears & Sears Auto Center, Zales, and H&M.

Olive Park: Highly-anticipated shopping center opened 2017. 44,000 VPD on Falls of Neuse Rd at it’s intersection with Litchford Rd. The 65,000 SF of retail was 100% pre-leased by Sprouts, Club Pilates, Hallmark, Bad Daddy’s Burgers, City Barbe-que, Supercuts, Chronic Tacos, and Salon Lofts




Surrounding Amenities


DISCLAIMER: No warranty or representation, express or implied, is made to the accuracy 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 principals.




POPULATION

2000 Population 107,035




2000-2010 Annual Rate 3.37%

2010-2015 Annual Rate 1.90%

2017-2022 Annual Rate 2.13%

2017 Median Age 38.0

HOUSEHOLDS

2000 Households 42,512

2010 Households 59,517

2017 Total Households 67,641

2022 Total Households 74,823

2000-2010 Annual Rate 3.42%

2010-2017 Annual Rate 1.78%

2017-2022 Annual Rate 2.04%

2017 Average Household Size 2.52

MEDIAN HOUSEHOLD INCOME

2017 Median Household Income $72,709

2022 Median Household Income $80,405

2017-2022 Annual Rate 2.03%

AVERAGE HOUSEHOLD INCOME

2017 Average Household Income $101,171

2022 Average Household Income $112,046

2017-2022 Annual Rate 2.06%

PER CAPITA INCOME

2017 Per Capita Income $40,147

2022 Per Capita Income $44,252

2017-2022 Annual Rate 1.97%

HOUSING

2017 Total Housing Units 71,501

2017 Owner Occupied Housing Units 43,548

2017 Renter Occupied Housing Units 24,093

2017 Vacant Housing Units 3,860

Current median household income is $72,709 in the area, compared to $56,124 for all U.S. households. Median household income is projected to be $80,405 in five years, compared to $62,316 for all U.S. households

Average household income is $101,171 in this area, compared to $80,675 for all U.S. households. Average household income is projected to be $112,046 in five years, compared to $91,585 for all U.S. households

Current per capita income is $40,147 in the area, compared to the U.S. per capita income of $30,820. The per capita income is projected to be $44,252 in five years, compared to $34,828 for all U.S. households

Currently, 60.9% of the 71,501 housing units in the area are owner occupied; 33.7%, renter occupied; and 5.4% are vacant. Currently, in the U.S., 55.6% of the housing units in the area are owner occupied; 33.1% are renter occupied; and 11.3% are vacant. In 2010, there were 63,230 housing units in the area - 63.6% owner occupied, 30.5% renter occupied, and 5.9% vacant. The annual rate of change in housing units since 2010 is 5.62%. Median home value in the area is $264,749, compared to a median home value of $207,344 for the U.S. In five years, median value is projected to change by 1.58% annually to $286,366.

Demographics


INVESTMENT OPPORTUNITY - LoopNet...Reeds Jewlers, Twisted Fork, Sears & Sears Auto Center, Zales,...

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