wake union place - foundry commercial · 2019-06-21 · market overview - multifamily the...
TRANSCRIPT
MARKET OF WAKE FOREST
WAKE FOREST PRESBYTERIAN CHURCH
CAPI
TAL B
OULE
VARD
KEARNEY RO
AD
1
WAKE FOREST CROSSING
DURHAM ROAD
Smithfield’sCHICKEN ‘N BAR-B-Q
WAKE UNION PLACEWAKE FOREST (RALEIGH-DURHAM), NORTH CAROLINA
LAND FOR SALE
±65.43 ACRES
FOR AUCTION
KARL HUDSON IV, CCIMSenior Vice President(919) 987 [email protected]
MATT GILLIAMVice President (919) 987 [email protected]
For more information, please contact:
Although the information contained herein was provided by sources believed to be reliable, Foundry Commercial makes no representation, expressed or implied, as to its accuracy and said information is subject to errors, omissions or changes.
2301 Sugar Bush Road, Suite 220Raleigh, NC 27612
foundrycommercial.com
WAKE UNION PLACEDEVELOPMENT OPPORTUNITY
BUILDING FEATURES
LAND SIZE 65.43 Acres
REAL ESTATE IDS 0250800, 0034604, 0122581, 0032019
EXISTING ZONING CU HB (Conditional Use Highway Business)
PROPOSED ZONING RMX (Residential Mixed-Use)NMX (Neighborhood Mixed-Use)
UTILITIES Municipal water and sewer
LIST PRICE For Auction - Click for more information
DEMOGRAPHICS 1 MILE 3 MILES 5 MILES
2019 EST. POPULATION 3,273 44,833 86,226
2024 PROJ. POPULATION 3,572 49,558 95,163
EST. HOUSEHOLD INCOME $119,866 $105,820 $117,140
2019 EST. HOUSEHOLDS 1,187 16,865 31,872
2019 TOTAL BUSINESSES 369 1,857 2,783
2019 TOTAL EMPLOYEES 3,346 15,293 23,121
PROPERTY OVERVIEWFoundry Commercial is pleased to present a highly desirable 65.43 acre development opportunity positioned at the intersection of US Highway 1/Capital Boulevard and Wake Union Church Road in Wake Forest (Raleigh-Durham), North Carolina. Wake Union Place features strong demographics and is located in close proximity to many national retailers and restaurant chains. It is adjacent to Wake Forest Crossing Shopping Center, approximately two miles north of the NC Highway 98 Bypass, 3 miles north of the future Wegmans anchored Grove 98 development, 20 miles east of Downtown Durham and less than 30 minutes north of Downtown Raleigh. The property is bordered by single-family residential housing to the north and west and commercial properties to the south and east.
Wake Union Place was formally a manufacturing facility. Although some environmental impacts have been identified on the central 33 acre portion of the property, they are being remediated by the former manufacturing owner under the regulatory oversight of the North Carolina Department of Environmental Quality (“NCDEQ”). Any remaining soil impacts will be addressed by the former owner in coordination with redevelopment. In addition, this central portion of the property is protected by an agreement with the NCDEQ Brownfields Program which includes a limitation of liability. Any future property owner may also benefit from these protections.
540
540
495
495
540
540
440
440
540
40
40
40
40
40
85 85
86
86
54
55
55
98 98
98
98
96
96
96
50
54751
751147
751
70
1
70
70
70
64 264
64
64
264 264
401
401
401
401
401
401
70
70
501
15
1
64
64
1
1
1
75 55
50
50
ORANGECOUNTY
CHATHAMCOUNTY
WAKECOUNTY
WAKECOUNTY
JOHNSTONCOUNTY
NASHCOUNTY
FRANKLINCOUNTY
GRANVILLECOUNTY
DURHAMCOUNTY
FallsLake
JordanLake
RDUAirport
Carrboro
Pittsboro
Holly Springs
Apex
Morrisville
Garner
Clayton
Knightdale
Wendell
Zebulon
Rolesville
WakeForest
Bunn
Youngsville
FranklintonCreedmoor
Hillsborough
CHAPELHILL
Cary
RALEIGH
DURHAM
ResearchTriangle Park
SITE
TRAFFIC COUNTS
US HWY 1/CAPITAL BLVD 46,000 VPD
OLD NC HWY 98/DURHAM RD 9,699 VPD
NC HWY 98 BYPASS 32,000 VPD
For more information, please contact:
Although the information contained herein was provided by sources believed to be reliable, Foundry Commercial makes no representation, expressed or implied, as to its accuracy and said information is subject to errors, omissions or changes.
2301 Sugar Bush Road, Suite 220Raleigh, NC 27612
foundrycommercial.com
KARL HUDSON IV, CCIMSenior Vice President(919) 987 [email protected]
MATT GILLIAMVice President (919) 987 [email protected]
WAKE UNION PLACEDEVELOPMENT OPPORTUNITY
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.
0 850 1,700425 ft
1 inch = 800 feet±
ZONING
The property is currently zoned Conditional Use Highway Business (CUHB) within the Town of Wake Forest and was previously part of a master plan featuring a 350,000 square foot retail center, which expired on January 1, 2012. The Highway Business zoning designation allows for a broad range of office, retail and commercial land uses. That said, given the existing supply of retail development and strong demand for residential housing in the Wake Forest market we would advise one to pursue rezoning efforts or a higher density mixed use development, Residential Mixed-Use (RMX) and Neighborhood Mixed-Use (NMX) which would allow for a broader range of commercial, townhome and apartment development up to 24 dwelling units per acre.
For more information, please contact:
Although the information contained herein was provided by sources believed to be reliable, Foundry Commercial makes no representation, expressed or implied, as to its accuracy and said information is subject to errors, omissions or changes.
2301 Sugar Bush Road, Suite 220Raleigh, NC 27612
foundrycommercial.com
KARL HUDSON IV, CCIMSenior Vice President(919) 987 [email protected]
MATT GILLIAMVice President (919) 987 [email protected]
WAKE UNION PLACEDEVELOPMENT OPPORTUNITY
LOCATION & NEARBY AMENITIES
SITE
JENKINS ROAD
CAPI
TAL
BOU
LEVA
RD
DR. CALVIN JONES HIGHWAY
KEARNEY ROAD
98
DURHAM ROAD
WAKE FOREST CROSSING
MARKET OF WAKE FOREST
37K FITNESS
14.9K
13.1K
146
26
15.5K
9.5K
5.4K
5K
23
27
27
HIGHWAY 98
LIG
ON
MIL
L R
OA
D
FORBES RD.
BMP
BMP
BMP
BMP
TO GREENWAY
27u
27u
27u
27u
SITEAMENITY
BMP
RES.AMENITY
115u Min./230u Max.
248
RES.AMENITY
RES.AMENITY
GREENWAY
GREENWAY SPUR
AREA #3 - NORTHEAST QUADRANT
AREA #4 - NORTHWEST QUADRANT
AREA #1 - SOUTHWEST QUADRANT
AREA #2 - SOUTHEAST QUADRANT
16
18
18
58
OP-1OP-2
OP-3
R-1
R-2
OP-4
R-3
Smithfield’sCHICKEN ‘N BAR-B-Q
GROVE NINETY-EIGHT
46,00
0 VPD
9,699 VPD
32,000 VPD
For more information, please contact:
Although the information contained herein was provided by sources believed to be reliable, Foundry Commercial makes no representation, expressed or implied, as to its accuracy and said information is subject to errors, omissions or changes.
2301 Sugar Bush Road, Suite 220Raleigh, NC 27612
foundrycommercial.com
KARL HUDSON IV, CCIMSenior Vice President(919) 987 [email protected]
MATT GILLIAMVice President (919) 987 [email protected]
WAKE UNION PLACEDEVELOPMENT OPPORTUNITY
LOCATION & NEARBY AMENITIES
1
1
HERITAGE
WAKEFIELD
CAPI
TAL
BO
ULE
VA
RD
WAKEFIELD COMMONS
THE MARKET AT WAKE FOREST
CAPITAL PLAZA GROVE
NINETY-EIGHT
WAKE FOREST CROSSING
THE SHOPPES AT HERITAGE VILLAGE
Smithfield’sCHICKEN ‘N BAR-B-Q
WAKEFIELD CROSSING
CA
PIT
AL
BO
ULE
VA
RD
1
FALLS
OF NEUSE ROAD
98
9898
SOUTH M
AIN ST
REET
ROGERS ROAD
FORES
TVIL
LE R
OA
D
HERITAGE STATION
GATEWAY COMMONS
SITE
For more information, please contact:
Although the information contained herein was provided by sources believed to be reliable, Foundry Commercial makes no representation, expressed or implied, as to its accuracy and said information is subject to errors, omissions or changes.
2301 Sugar Bush Road, Suite 220Raleigh, NC 27612
foundrycommercial.com
KARL HUDSON IV, CCIMSenior Vice President(919) 987 [email protected]
MATT GILLIAMVice President (919) 987 [email protected]
WAKE UNION PLACEDEVELOPMENT OPPORTUNITY
MARKET OVERVIEW - RETAIL
Wake Union Place offers a tremendous opportunity for retailers, restaurants, hotels, among other users to capitalize on the surge of demand in tone of the largest retail trade areas in the Raleigh-Durham market.
With the road infrastructure of US Highway 1/Capital Boulevard, strong retail demand, and continuing residential growth in Wake Forest, Rolesville, North and Northeast Raleigh, Wake Union Place is ripe for the next wave of demand that has become apparent in the marketplace.
Per CoStar, there is over 10.3 million square feet of retail space within the US Highway 1/Capital Boulevard submarket and an existing vacancy rate of nearly 3.5% which shows the health and demand of the surrounding area.
For more information, please contact:
Although the information contained herein was provided by sources believed to be reliable, Foundry Commercial makes no representation, expressed or implied, as to its accuracy and said information is subject to errors, omissions or changes.
2301 Sugar Bush Road, Suite 220Raleigh, NC 27612
foundrycommercial.com
KARL HUDSON IV, CCIMSenior Vice President(919) 987 [email protected]
MATT GILLIAMVice President (919) 987 [email protected]
WAKE UNION PLACEDEVELOPMENT OPPORTUNITY
MARKET OVERVIEW - MULTIFAMILY
The 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).
Drilling down to the Wake County North-2 submarket, per Real Data, there are 4,843 existing multifamily dwelling units which constitute approximately 3.9% of the total Triangle market. Located in a substantial path of growth due to the fast-growing Wake Forest area, the submarket has a 4.0% vacancy rate with a low amount of new supply in the pipeline. Average square footages in the Wake County North-2 submarket are approximately 1,045 square feet with average monthly rents north of $1,200 or $1.16 per square foot for new-built garden product. Though there are approximately 308 units under construction and approximately 298 units expected to be delivered in the next 12 months units, the pace of growth and demand in the immediate area indicates that Wake Union Place can support additional apartment development.
FASTEST GROWING LARGE US CITY
FROM 2016 - 2030United Nations Population Division
NO. 2
For more information, please contact:
Although the information contained herein was provided by sources believed to be reliable, Foundry Commercial makes no representation, expressed or implied, as to its accuracy and said information is subject to errors, omissions or changes.
2301 Sugar Bush Road, Suite 220Raleigh, NC 27612
foundrycommercial.com
KARL HUDSON IV, CCIMSenior Vice President(919) 987 [email protected]
MATT GILLIAMVice President (919) 987 [email protected]
WAKE UNION PLACEDEVELOPMENT OPPORTUNITY
No. 2 BEST PLACE FOR BUSINESS AND CAREERSFORBES | OCTOBER 2018
No. 3 TOP MARKET FOR REAL ESTATE INVESTORS IN 2019PWC US | OCTOBER 2018
No. 7 U.S. MARKETS TO WATCH: OVERALL REAL ESTATE MARKETULI, NOVEMBER 2018
No. 2 BEST METRO FOR F IRST-T IME HOMEBUYERS IN 2019BANKRATE | MARCH 2019
No. 3 CITY FOR BEST QUALITY OF L IFE IN THE WORLDNUMBEO.COM | FEBRUARY 2019
No. 4 METRO WITH THE HIGHEST NET EMPLOYMENT OUTLOOK Q1 2019MANPOWER GROUP | FEBRUARY 2019
No. 6 HOTTEST LABOR MARKETSWALL STREET JOURNAL | MARCH 2019
#2 2018 BEST PLACES
TO LIVE IN AMERICA
SOUTHERN LIVING
AMONG TOP 10 TASTIEST
TOWNS IN THE SOUTH
No. 3 BEST CIT IES TO WORK INFORTUNE | JANUARY 2019
ECOSALON
#3 BEST CITY FOR HEALTH
AND HAPPINESS
MONEY MAGAZINE
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
% ∆
2018 Estimate 327,167,434 6% 10,383,620 9% 2,238,315 20%
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 1970-2018 61% 104% 216%
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