I-540 & TRIANGLE TOWN BOULEVARD · location overview 540 61,000 vpd 20,000 vpd 11,000 vpd 50,000...

540

1

TRIANGLE TOWN BOULEVARD

▼

I-540 & TRIANGLE TOWN BOULEVARDRALEIGH, NORTH CAROLINA LAND FOR SALE

23.97 ACRES

60.52 ACRES

CONTENTS02 EXECUTIVE SUMMARY

03 PROPERTY INFORMATION

11 LOCATION OVERVIEW

15 RETAIL & MULTIFAMILY MARKET SNAPSHOT

18 RALEIGH AREA HIGHLIGHTS

FOUNDRY COMMERCIAL 2

EXECUTIVE SUMMARY

2

I -540 AND TRIANGLE TOWN BOULEVARD

Foundry Commercial is pleased to offer two highly desirable development tracts for sale located along I-540 in North Raleigh. These parcels, which include a 23.97 acre parcel and a 60.52 acre parcel, represent two of the largest tracts of undeveloped land along I-540 in one of the most dynamic retail areas in the Triangle.

• Unbeatable local and regional transportation connectivity

• Located in one of the fastest growing submarkets in the Triangle which allows a developer to take advantage of increased infrastructure, population growth and rising incomes

• The highly recognizable Capital Boulevard/Triangle Town Boulevard location has convenient access to US 1 Highway/Capital Boulevard, Interstate 540, US 401 Highway

• Flexible zoning allows retail, multifamily, office and mixed-use development

SITE

PROPERTY INFORMATION



ADDRESS 6350 Triangle Town Boulevard, Raleigh, NC

WAKE COUNTY PIN 1727825409

MUNICIPALITY City of Raleigh

TOTAL ACREAGE 23.97 acres (per GIS)

CURRENT ZONING CX-5-PK-CU

CURRENT USAGE Raw Land

SEWER & UTILITIES Municipal water and sewer

LIST PRICE $8,400,000

6350 TRIANGLE TOWN BOULEVARD

5406350 TRIANGLE

TOWN BLVD

▼

61,000 VPD

UNDER CONTRACT



DisclaimeriMaps makes every effort to produce and publish the most current and accurate information possible.However, the maps are produced for information purposes,and are NOT surveys. No warranties, expressed or implied,are provided for the data therein, its use,or its interpretation.

6350 topo & sewer0 220 440110 ft

1 inch = 200 feet±

TOPOGRAPHYThe site sits above I-540 and Triangle Town Boulevard providing excellent visibility. Topography is considered similar to other area sites.

EASEMENTS6350 Triangle Town Boulevard is not impacted by any significant easements.

WATER AND SEWERWater and sewer infrastructure are in place and are provided by the City of Raleigh. There are multiple existing 16” water mains on Triangle Town Boulevard, Old Wake Forest Road, Town Center Drive, and Town Drive. An existing 14” sewer line runs along Town Drive along the southeastern portion of the site.

ROAD INFRASTRUCTUREThe parcel is bordered on the north by I-540 and on the west by Triangle Town Blvd. Town Drive borders the site to the south and an existing traffic signal is installed at Town Drive and Triangle Town Boulevard providing excellent access to the site. It is anticipated that few off-site road improvements will be required.

6350 TOPO & SEWER

‹

6350 TRIANGLE TOWN BOULEVARD

UNDER CONTRACT



ADDRESS 6700 Capital Boulevard, Raleigh, NC

WAKE COUNTY PIN 1727638689

MUNICIPALITY City of Raleigh

TOTAL ACREAGE 60.52 estimated acres

CURRENT ZONING CX-5-PK-CU

CURRENT USAGE Raw Land

UTILITIES Municipal water and sewer

LIST PRICE $11,500,000

6700 CAPITAL BOULEVARD

6700 CAPITAL BLVD

▼

▼

540

TRIANGLE TOWN BLVD




Town Blvd West Parcel0 440 880220 ft

1 inch = 400 feet±

EASEMENTS6700 Capital Boulevard is encumbered by a power line easement which runs through the eastern portion of the property. We have assumed that a developer may be able to utilize land in the easement for parking.

WATER AND SEWERWater and sewer infrastructure is provided by the City of Raleigh and the site is served by both. Stream buffers and wetland areas were delineated in 2008 and findings are shown on the attached sketch plan.

ROAD INFRASTRUCTUREIt is anticipated that the City of Raleigh will require a roadway through the site connecting Town Center Drive along the western edge of the property with Town Drive to the east. An existing traffic signal exists at Triangle Town Boulevard and Town Drive.

TOWN BLVD WEST PARCEL

‹

6700 CAPITAL BOULEVARD



NEUSE RIVER BUFFERS & WETLANDS

• 6350 Triangle Town Boulevard is not impacted by Neuse River buffers or wetlands.

• 6700 Capital Boulevard has a creek buffer along the eastern side of the property and a smaller buffer along the western side of the site. Two small wetlands are shown on the eastern most creek buffer area. Soil & Environmental Consultants completed a wetlands/creek buffer delineation in 2008 and 2009 and received USACE Jurisdiction Determination (JD) which has now expired. A DWQ stream buffer determination report was also issued and should remain valid until December 2017.

S&

EC B

UFF

ER S

KET

CH

‹

‹

6700TRIANGLE TOWN BLVD

6350TRIANGLE TOWN BLVD

UNDER CONTRACT



6350 TRIANGLE TOWN BLVD 6700 CAPITAL BLVD

23.97 acres 60.52 acresUNDER CONTRACT



ZONING


Zoning CX-PK-CU0 860 1,720430 ft

1 inch = 800 feet±

The subject property is located within the City of Raleigh’s Commercial Mixed-Use, CX-5-PK-CU zoning district which allows for a variety of residential, retail, service and commercial uses which promotes a live-work environment.

Buildings may not exceed 5 stories in height and will be governed by certain Parkway Frontage (PK), Special Highway Overlay (SHOD-2) and Conditional Use (CU) requirements (available upon request) associated with the surrounding area.

For more information on the existing zoning designation please go to: www.raleighnc.gov/content/extra/Books/PlanDev/UnifiedDevelopmentOrdinance/#129

ZON

ING

CX-PK

-CU

‹

UNDER CONTRACT

LOCATION OVERVIEW


LOCATION OVERVIEW

540

61,000 VPD

20,000 VPD

11,000 VPD

50,000 VPD

50,0

00 V

PD

41,0

00 V

PD

1

1

401

CAPITA

L BLVD

SPRING FOREST RD

SPRING FOREST RD

LOUI

SBUR

G RD

OAK FOREST DR

OLD WAKE F

OREST RD

OLD WAKE FOREST RD

540

TRIANGLE TOWN CENTERPOYNER PLACE

PLANTATION POINT SHOPPING CENTER

FUTURE MULTI-FAMILY DEVELOPMENT


WAKE TECHNICAL COMMUNITY COLLEGE

TRIA

NG

LE T

OW

N B

LVD

UNDER CONTRACT


LOCATION OVERVIEW

540

540

61,000 VPD

11,000 VPD

50,000 VPD

1OLD WAKE FOREST RD

TRIANGLE TOWN CENTER

POYNER PLACE



TRIA

NG

LE T

OW

N B

LVD

8,740 VPDPLANTATION POINT SHOPPING CENTER

UNDER CONTRACT


LOCATION OVERVIEW

DEMOGRAPHICS 3 MILES 5 MILES 7 MILES 10 MILES

2016 ESTIMATED POPULATION 78,561 179,043 300,752 525,258

2021 PROJECTED POPULATION 86,853 198,186 333,591 582,238

2016 ESTIMATED HOUSEHOLD INCOME $72,539 $80,236 $90,495 $87,201

2016 ESTIMATED HOUSEHOLDS 30,627 72,032 121,956 209,189

2021 PROJECTED HOUSEHOLDS 34,268 80,652 136,880 235,231

DEMOGRAPHICS 3 MINUTES 5 MINUTES 7 MINUTES

2016 ESTIMATED POPULATION 21,667 61,904 108,767

2021 PROJECTED POPULATION 23,967 68,437 120,332

2016 ESTIMATED HOUSEHOLD INCOME $62,311 $72,216 $78,763

2016 ESTIMATED HOUSEHOLDS 8,696 24,191 42,325

2021 PROJECTED HOUSEHOLDS 9,736 27,068 47,381

TRAFFIC COUNTS

TRIANGLE TOWN BOULEVARD 8,740 VPD

OLD WAKE FOREST ROAD 11,000 VPD

HWY 401 41,000 VPD

CAPITAL BOULEVARD 50,000 VPD

I-540 61,000 VPD

RETAIL & MULTIFAMILY MARKET SNAPSHOT


MARKET SNAPSHOT

RETAILThe area surrounding Triangle Town Center mall has experienced a tremendous uptick in retail interest and demand from retailers and developers as the market has stabilized and matured over the past few years. The existing retailers in the trade area have benefited from an increase in sales as traffic to the area has boomed and the economy has recovered significantly.

The two tracts offer a tremendous opportunity for numerous retailers, restaurants, entertainment, hospitality, lodging and other users to capitalize on the surge of demand in the second largest retail trade area in the region.

With the road infrastructure of I-540 and US 1, strong retail demand, and continuing residential growth in North and Northeast Raleigh, the sub-market is ripe for the next wave of demand that has become apparent in the marketplace.

With over 6 million SF of retail space in the US 1/Capital Blvd. submarket, this one mile area has one of the highest concentrations of shopping center space in all of Raleigh/Durham. Just a few years ago, the submarket had a vacancy rate of nearly 15% but is now down to a healthy 8.15% according to Triangle Business Journal's Space Magazine.

With numerous anchor and junior anchor retailers seeking locations in close proximity to Triangle Town Center, they just can't find the space or location that meets their requirements. With a large cluster of these retailers seeking opportunities, there is meaningful demand and a real need for land. The 23.97 and 60.50 tracts are well positioned to accommodate this demand.

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

8,000,000

West Raleigh US70/Glenwood

Six Forks Falls of Neuse US 1/CapitalBoulevard

DowntownRaleigh

Cameron Village Eastern WakeCounty

Southern WakeCounty

Cary RTP/I-40Corridor

Central Durham North Durham South Durham

(SF)

Submarkets

Orange County/Chapel

Hill

RALEIGH-DURHAM RETAIL LEASABLE SQUARE FOOTAGE


MARKET SNAPSHOT

MULTIFAMILYThe Raleigh-Durham metro area continues to be one of the hottest multifamily development markets in the country due to a red-hot economic recovery with nearly 50,000 jobs created in the past two years and the #1 Fastest Growing Metro from 2000-2013 according to CityLab (April 2015). Accordingly, construction starts have exploded over the last two years and there are now 8,835 units under construction throughout the Triangle, with an additional 4,919 units proposed to be built.

Drilling down to the Northeast Raleigh submarket where the subject property is located, there are 7,237 total units which constitute approximately 5.3% of the total Triangle market. Located in a substantial path of growth due to fast-growing suburb of Wake Forest, the submarket vacancy is a healthy 5.7%. The average square footage in this submarket is 985 square feet and units average monthly rents of $975 ($1.01 per square foot). There are currently 483 units under construction and 392 units proposed, though the local pace of growth indicates that the area can support additional apartment development.

FASTEST GROWING LARGE US CITY

FROM 2016 - 2030United Nations Population Division

NO. 2

RALEIGH AREA HIGHLIGHTS



STELLAR NATION-LEADING POPULATION GROWTHHome to more than 2.0 million residents, the Raleigh-Durham CMSA is continually ranked as one of the fastest growing metros in the U.S., welcoming more than 720,000 newcomers between 2000 and 2014 for a 55% cumulative uptick in population.

DIVERSIFIED, INNOVATION-BASED ECONOMYThe Triangle is anchored by world-class universities, well-managed state and local governments, and operations of many of the nation’s leading technology, biotechnology, pharmaceutical, and health care firms.

HIGHLY-RANKED JOB CREATION, QUALITY OF LIFEDue to its robust economy, inviting business climate, highly-educated workforce, established infrastructure, and outstanding quality of life, the Triangle consistently garners accolades touting its appeal to businesses and residents alike.

EXCEPTIONAL EDUCATIONAL CACHET

The Triangle moniker references the geographic location of the area’s three most esteemed educational, medical, and research universities: Duke University in Durham, North Carolina State University in Raleigh, and the University of North Carolina in Chapel Hill.

OUTSTANDING LONG-TERM PROSPECTS

With the right pieces in place for a thriving economy and a rising quality of life, population and economic growth are fully expected to continue to rank highly amongst other U.S. cities for the long-term.

RALEIGH-DURHAM HAS HISTORICALLY POSTED STRONG JOB GROWTHwith a healthy current unemployment rate of 4.4%. The region has added nearly 30,000 net new jobs in the past twelve months.


20

ECONOMIC VIBRANCY

No. 1BEST CITY FOR JOBSGLASSDOOR, MAY 2015

No. 1METRO FOR L IFE SCIENCE CLUSTERSBUSINESS FACILITIES, AUGUST 2015

No. 2METRO AS A TECH JOB LEADER BUSINESS FACILITIES, AUGUST 2015

No. 2CITY FOR BUSINESS AND CAREERSFORBES, JULY 2015

No. 3METRO FOR ECONOMIC GROWTHBUSINESS FACILITIES, AUGUST 2015

No. 3CITY WHERE WHITE-COLLAR EMPLOYMENT IS BOOMINGFORBES, JULY 2015

No. 3TOP LABOR MARKETCAREERBUILDER, JULY 2015

No. 4CITY WITH THE HIGHEST CONCENTRATION OF TECH JOBS IN THE U.SSIMPLY HIRED, JULY 2015

No. 6TOP NEW HUB FOR ECONOMIC GROWTH BLOOMBERG, JUNE 2015

RALEIGH-DURHAM ANNUAL JOB GROWTH

ANNUAL JOB GROWTH

HFF PROJECTION

2004 20062005 2007 2008 2010 2012 20142009 2011 2013 2015 2016 PROJECTED

Y E A R U N I T ED S TAT E S % ∆ N O R T H C A R O L IN A

% ∆ R A L E I G H -D U R H A M -

C A RY C S A1

% ∆

2015 Estimate 318,857,100 3% 9,993,105 5% 2,036,374 9%

2010 Census 308,745,538 10% 9,535,483 18% 1,867,307 34%

2000 Census 281,421,906 13% 8,049,313 21% 1,412,128 14%

1990 Census 248,709,873 10% 6,628,637 13% 1,072,158 24%

1980 Census 226,545,805 11% 5,874,000 16% 861,479 22%

1970 Census 203,392,031 5,082,059 708,453

Growth 1970-2015 57% 97% 187%

CAGR 1970-2015 1.0% 1.5% 2.4%

CAGR 2000-2015 0.8% 1.5% 2.5%

TRIANGLE REGION HISTORICAL POPULATION TRENDS

Source: Census.gov, American FactFinder

1- CSA includes 11 counties – Harnett, Chatham, Durham, Orange, Person, Vance, Granville, Wake, Johnston, Franklin, and Lee

FOUNDRY COMMERCIAL


21

No. 2 BEST LARGE CITY TO L IVE INWALLETHUB, AUGUST 2015

No. 2 MOST AFFORDABLE MARKET WITH GOOD SCHOOLSREALTYTRAC, NOVEMBER 2014

No. 3 COMMUNITY IN THE U.S. FOR OVERALL WELL -BEINGGALLUP-HEALTHWAYS WELL-BEING INDEX, APRIL 2015

No. 3 LABOR MARKET IN THE U.S.CAREERBUILDER & EMSI, FEBRUARY 2015

No. 4 FASTEST-GROWING CITYFORBES, JANUARY 2015

No. 7 REAL ESTATE MARKET TO WATCH IN 2015TRULIA, DECEMBER 2014

No. 10 TOP CITY FOR EMPLOYEE SATISFACTIONFORBES, JUNE 2015

AN ENVIABLE QUALITY OF LIFE

The Triangle region has added an average of 125 new residents per day between 2010 and 2014.

The region continues to attract a steady stream of new residents from all over the world. With the right pieces in place for a thriving economy and a rising quality of life, population and economic growth are fully expected to continue to rank highly amongst other U.S. cities for the long-term.

Established, high-amenity crossroads located at the center of one of the nation’s most high-growth metros with an enviable quality of life.

ONE OF THE COOLEST TOWNS

GQ

SOUTHERN LIVING

AMONG TOP 10 TASTIEST

TOWNS IN THE SOUTH

No. 1 MID-SIZED AMERICAN CITY OF THE FUTUREFINANCIAL TIMES, APRIL 2015

ECOSALON

#3 BEST CITY FOR HEALTH

AND HAPPINESS

FOUNDRY COMMERCIAL

foundrycommercial.com

JIM ALLAIRE, SIORManaging Director(919) 576 [email protected]

JAMES MATTOXManaging Director(919) 576 [email protected]

KARL HUDSON IV, CCIMVice President(919) 987 [email protected]

I-540 & TRIANGLE TOWN BOULEVARD · location overview 540 61,000 vpd 20,000 vpd 11,000 vpd 50,000...

Documents

Transcript of I-540 & TRIANGLE TOWN BOULEVARD · location overview 540 61,000 vpd 20,000 vpd 11,000 vpd 50,000...