Embed Size (px)
Citation preview
Pearl Street
Montgomery Avenue
RARE OPPORTUNITY TO DEVELOP ONE OF THE LARGEST REMAINING SITES IN DOWNTOWN BETHESDA
Wisconsin Avenue
BETHESDA, MD
EXECUTIVE SUMMARY
JLL is pleased to present the opportunity to partner in the co-development of Montgomery Pearl, a 114,995 SF development
site located in the heart of Bethesda, MD. The site has a variety of uses and configurations possible through the Montgomery
County entitlement process. Ownership is currently envisioning a three-building development featuring 343 multi-family units
with 12,845 SF of retail (Building A), a 194-unit multi-family or active adult community (Building B), and across the street,
a 59-unit boutique residential community with 1,775 SF of retail (Building C). The development will provide permanently
unobstructed views to the South and East and will benefit from cost savings due to limited excavation and primarily above-
grade parking.
Prominently positioned two blocks from the Bethesda Metro Station and adjacent to over 14 million square feet of office
space and the high-end retail with Bethesda Row and Woodmont Triangle, Montgomery Pearl is perfectly positioned to
capitalize on the tremendous continued growth of Bethesda.
The offering presents the opportunity to participate in a co-development with Promark Partners to create a dynamic
community in a gateway, live-work-play environment. The Property’s transit-oriented, infill location in an exceptionally high
barrier-to-entry market with world-class demographics and permanent demand drivers will provide cash flow stability and
steady income growth in perpetuity upon project delivery.
PEARL S
TREET
MONTGOMERY AVENUE
2
BETHESDA ROW
WOODMONT TRIANGLE
PREMIER PROJECT & TIMELINE Site provides opportunity to capitalize on large-scale
cost and operating efficiencies. Rare Bethesda development opportunity set to deliver with
minimal supply
FORTESS LOCATION Bethesda’s Live-Work-Play Environment
Exceptionally High Barriers to Entry
TRANSIT ORIENTED DESTINATION 94 Walk Score 2 Blocks from the Bethesda Metro
Station 2022 Purple Line Delivery
EXCEPTIONAL RENTER DEMOGRAPHICS
$228K AHHI 2.6% Annual Population Growth 84% Bachelor’s Degree or Higher
PERMANENT DEMAND DRIVERS 14MM SF of Class A Office Space 250,000 +
Private Sector Employees within walking distance HQ: NIH, Marriott, JBG Smith, Clark Enterprises,
Host Hotels, EagleBank
RENOWNED AMENITIES Bethesda Row and Woodmont Triangle:
More than 220 premier retailers
MARRIOTT HEADQUARTERS RELOCATION
Reinforces Bethesda as a Globally Renowned Submarket
BETHESDA METRO
3
BUILDING A
BUILDING B
BUILDING A + B
SUBTOTALBUILDING
CTOTAL
PROJECTResidential GSF 331,321 240,693 572,014 57,600 629,614
Retail GSF 12,845 0 12,845 1,775 14,620
Total GSF 344,166 240,693 584,859 59,375 644,234
Total Units 343 194 537 59 596
Avg. SF 801 1,014 878 781 868
Total RSF 274,680 196,650 471,330 46,080 517,410
Residential Efficiency 82.90% 81.70% 82.40% 80.00% 82.18%
Above Grade Spaces 197 95 292 0 292
Below Grade Spaces 127 61 188 0 188
Total Parking Spaces 324 156 480 0 480
Residential Spaces 274 156 430 0 430
Ratio/Unit 80% 80% 80% 0% 72%
PROJECT OVERVIEW - MONTGOMERY PEARL
4400 BLOCK 4540 TOTAL
Land SF 107,495 7,500 114,995
Acres 2.47 0.17 2.64
Dedications 26,662 4,750 31,412
GTA 134,157 12,250 146,407
4
N
MCS DATUM
MONTGOMERY AVENUE
PEAR
L ST
CAPITAL CRESCENT TRAIL
RAMP
PURPLE LINE
PEPCO SUBSTATION
RESIDENTIALRESIDENTIAL
70' -
0"
32' -
0"6'
- 0"
32' -
0"
32' - 0" 6' - 0" 32' - 0"
SETB
ACK
10' -
0"
32' - 0"
54' - 11"
41' - 4"
70' - 0"
32' - 0" 6' - 0" 32' - 0"
42' -
0"
42' -
0"
One Thomas Circle NW, Suite 200 Washington, DC 20005 T. +1 202 861 1325 F. +1 202 861 1326
PROJECT:
DRAWING TITLE:
DATE:
PROJECT NO.
SCALE:
DWG. NO.:NORTH
1" = 50'-0"
74160PROMARK PEARLMONT
LEVEL 5
7/30/2021 S-10
-
to
BUILDING A BUILDING B
BUILDIN
G C
55
Wisconsin A
venue
Woodm
ont Avenue
Avocet Tower - 7373 Wisconsin Avenue369,000 SF Trophy Office /
220-room Hotel
4747 Bethesda Avenue291,000 SF Trophy Office
The Wilson & The Elm - 7272 Wisconsin Ave
363,000 SF Trophy Office/ 456 Units
Red/Future Purple Metro Station
Covered Walkway from Site to Metro
13.6MM SF OF OFFICE (TWO MILE RADIUS)
4.3MM SF OF RETAIL (TWO MILE RADIUS)
94 WALK SCORE
GATEWAY LOCATION IN BETHESDA’S PREMIER LIVE-WORK-PLAY ENVIRONMENT
BETHESDA ROW RETAIL
5 MINUTE WALK
5 MINUTE WALK FROM MONTGOMERY PEARL
60 RESTAURANTS & STORES
IN 533,000 SF OF HIGH-END RETAIL
533 K SF OF RETAIL
66
Old G
eorgeto
wn Road
Pearl Stree
t
Montgomery Avenue
Red Line 7750 Wisconsin
Avenue 743,000 SF Office/ 238-room Hotel
Marriott Global Headquarters
Headquarters
WOODMONT TRIANGLE RETAIL
160 STOREFRONTS 4 GROCERY STORES LOCATED WITHIN A 0.5 MILE RADIUS
77
Reagan Nat'l
Airport
WashingtonDulles
Intl. Airport
BaltimoreWashington
International Airport
FrederickMunicipal
Airport
Ft. BelvoirMilitary
Reservation
AndrewsAir Force
Base
University of Maryland-College
Park
Quantico MarineCorps Base
Naval SurfaceWarfare Center
US NavalOrdinance
Station
Naval SurfaceWeapons Center
Fort Meade
Univ of MarylandBaltimore County
Curtis BayGSA Depot
Sparrows Point IndustrialComplex
Dundalk Marine
Terminal
CCBC Essex
Loudon ParkCemetery
WoodlawnCemetery
MarylandWholesale
Food Center
Johns HopkinsUniv Applied
Physics
RockCreekPark
ArlingtonNational
Cemetary
PatuxentResearchRefuge
Northwest Park Golf
Course
Trotter’s Glen Golf Course
Rachel CarsonConservation
Park
Patuxent RiverState Park
WestFriendship
Park
AlphaRidge Park
Turf ValleyCountry Club
CentennialPark
Patapsco ValleyState Park
RockburnBranch Park
Timbers at Troy
Golf Course
Patapsco ValleyState Park Diamond Ridge
Golf Course
HerringRun Park
GwynnsFalls Park
DruidHill Park
Pine RidgeGolf Course
Compass PointeGolf Course
Lake ShoreAthletic Complex
KinderFarm Park
Bay HillsGolf Club
FreedomPark
PaintBranch Park
RenditionsGolf Club
Robert M. Watkins
Regional Park
EnterpriseGolf
Course
Country Clubat Woodmore
NationalArboretum
AnacostiaRiver Park
PatuxentRiver Park
Mason NeckState Park
LeesylvaniaState ParkPrince William
Forest Park
GeneralSmallwoodState Park
DoncasterState Forest
ManassasNational
Battefield Park
Bull Run Regional Park
General’s RidgeGolf Course Hemlock
OverlookRegional Park
QuietWatersPark
CedarvilleState Forest
Louise F CoscaRegional Park
PatuxentRiver Park
Little BennettRegional Park
SugarloafMountain Park
MonocacyNational
Battlefield
RosaryvilleState Park
PO
TO
MA C R I V
ER
TriadelphiaReservoir
LibertyReservoir
Loch RavenReservoir
Rocky GorgeReservoir
ChesapeakeBay
Curtis Bay
LungaReservior
66
66
95
195
695
695
695
83
83
695
695
395
70
70
895
89595
95
895
895
97
97
95
95
95
395
395
495
495
495
495
495
495
270
270
270
270
28
28
28
28
28
85
28
28
28
29
29
1
1
29
1
1
1
301
301
50
50
50
190
107
107
117
95
355
27
2775
26
355
124108
650
94
144
185
586
650
650
390
97
193185
182
28
108
108100
100
175
144
99
12526
26
97
140
140
139
147
45
32
32
97
32
295
295
704
208
202
193450
197
178
3
2
2
2
177
173
710
151
214214
468424
214
218
5
27
7
267
267
7100
7100
236
7
210
210
425
234
234 123
123
225
228
488
5
5
381
4
259
408
408
2
193
1
40
40
29
1
1
40
301
301
301
50
4
2
231
1495
5 KM
2 MI0
0
NOVAVAX
The U.S. Department of Health and Human Services and Department of Defense announced a $1.6 billion
agreement with Novavax, Inc. to demonstrate commercial-scale manufacturing of the company’s
COVID-19 investigational vaccine.
The Coalition for Epidemic Preparedness Innovations (CEPI) will
invest up to $384 million of additional funding, on top of $4 million it
invested in March, to advance clinical development of its vaccine.
ASTRAZENECA
AstraZeneca has received more than $1 billion from the U.S. Health Department’s Biomedical Advanced Research and Development Authority
to develop a coronavirus vaccine from the University of Oxford.
GSK
GSK has partnered with Sanofi to try and create a vaccine to stop the spread of Covid-19. GSK’s global vaccine research and development
center in Rockville housed 450 scientists and support staff prior to
this announcement, and that number is expected to increase with this
partnership.
CARES ACT MONTGOMERY COUNTY AGENCY
ALLOCATIONS
SAMHSA$425 Million
NIAID$706 Million
FDA$34.1 Billion
NIH$945 Million
CDC$4.3 Billion
USDA$34.1 Billion
$74.6 Billion, 8+ Agencies, ~2.5 MM SF Office Space,
20+ Locations
NIH
The $945 Million in funding for the NIH is to support research in the years to come to better understand the
prevalence, transmission, history, novel diagnostic
approaches or methodologies, treatment,
and prevention of the coronavirus
HEALTH & HUMAN SERVICES
The largest recipient of CARES Act funding, HHS will receive $140 Billion to be split between the
Public Health and Human Services Emergency Fund,
CDC, & NIH
ROCKVILLE
GAITHERSBURG
BETHESDA
NORTH BETHESDA
WASHINGTON, DC
POTOMAC
650,000+ SF
Nearly 1.5MM SF
FRIENDSHIP HEIGHTS
VACCINE EFFORTS TOTAL SPENDING: $11.2 B Maryland Spending: $5.3 B
THERAPEUTICS TOTAL SPENDING: $1.2 B Maryland Spending: $525 M
DIAGNOSTICS TOTAL SPENDING: $243 M Maryland Spending: $1.2 M
$2.1 BILLION $1.6 BILLION $1.6 BILLION
$510 MILLION $14.5 MILLION
$638,000 $598,200
CARES ACT LOCAL IMPACT:
$201.3 BILLION+ IN FUNDING TO
AGENCIES LOCATED IN THE DC REGION, WITH $74.6 BILLION
GOING TO AGENCIES WITH A FOOTPRINT IN MONTGOMERY
COUNTY
CARES ACT SPENDING DRIVES DEMAND THROUGHOUT THE I-270 CORRIDOR
8
84%POPULATION WITH
A BACHELOR’S DEGREE OR HIGHER
(3 MILES)
4.0%UNEMPLOYMENT
RATE(3 MILES)
ONE OF THE TOP SCHOOLS DISTRICTS
IN THE COUNTRY BETHESDA ELEMENTARY – 8/10
WESTLAND MIDDLE – 8/10BETHESDA-CHEVY CHASE HIGH – 7/10
$228,000AVERAGE HOUSEHOLD
INCOME (3 MILES)
2.8%PROJECTED ANNUAL
POPULATION GROWTH THROUGH 2026
(1 MILE)
43.7%MEDIAN AVE
(3 MILES)
92.2%WHITE COLLAR EMPLOYMENT
(3 MILES)
I-270 CORRIDOR IS HOME TO MORE THAN
350 LIFE SCIENCES COMPANIES AND 370,000
EMPLOYEES
#1RANKING IN STEM
EMPLOYMENT CONCENTRATION
MONTGOMERY PEARL DIRECTLY BENEFITS FROM NATION LEADING MONTGOMERY COUNTY DEMOGRAPHICS
Reagan Nat'l
Airport
WashingtonDulles
Intl. Airport
BaltimoreWashington
International Airport
FrederickMunicipal
Airport
Ft. BelvoirMilitary
Reservation
AndrewsAir Force
Base
University of Maryland-College
Park
Quantico MarineCorps Base
Naval SurfaceWarfare Center
US NavalOrdinance
Station
Naval SurfaceWeapons Center
Fort Meade
Univ of MarylandBaltimore County
Curtis BayGSA Depot
Sparrows Point IndustrialComplex
Dundalk Marine
Terminal
CCBC Essex
Loudon ParkCemetery
WoodlawnCemetery
MarylandWholesale
Food Center
Johns HopkinsUniv Applied
Physics
RockCreekPark
ArlingtonNational
Cemetary
PatuxentResearchRefuge
Northwest Park Golf
Course
Trotter’s Glen Golf Course
Rachel CarsonConservation
Park
Patuxent RiverState Park
WestFriendship
Park
AlphaRidge Park
Turf ValleyCountry Club
CentennialPark
Patapsco ValleyState Park
RockburnBranch Park
Timbers at Troy
Golf Course
Patapsco ValleyState Park Diamond Ridge
Golf Course
HerringRun Park
GwynnsFalls Park
DruidHill Park
Pine RidgeGolf Course
Compass PointeGolf Course
Lake ShoreAthletic Complex
KinderFarm Park
Bay HillsGolf Club
FreedomPark
PaintBranch Park
RenditionsGolf Club
Robert M. Watkins
Regional Park
EnterpriseGolf
Course
Country Clubat Woodmore
NationalArboretum
AnacostiaRiver Park
PatuxentRiver Park
Mason NeckState Park
LeesylvaniaState ParkPrince William
Forest Park
GeneralSmallwoodState Park
DoncasterState Forest
ManassasNational
Battefield Park
Bull Run Regional Park
General’s RidgeGolf Course Hemlock
OverlookRegional Park
QuietWatersPark
CedarvilleState Forest
Louise F CoscaRegional Park
PatuxentRiver Park
Little BennettRegional Park
SugarloafMountain Park
MonocacyNational
Battlefield
RosaryvilleState Park
PO
TO
MA C R I V
ER
TriadelphiaReservoir
LibertyReservoir
Loch RavenReservoir
Rocky GorgeReservoir
ChesapeakeBay
Curtis Bay
LungaReservior
66
66
95
195
695
695
695
83
83
695
695
395
70
70
895
89595
95
895
895
97
97
95
95
95
395
395
495
495
495
495
495
495
270
270
270
270
28
28
28
28
28
85
28
28
28
29
29
1
1
29
1
1
1
301
301
50
50
50
190
107
107
117
95
355
27
2775
26
355
124108
650
94
144
185
586
650
650
390
97
193185
182
28
108
108100
100
175
144
99
12526
26
97
140
140
139
147
45
32
32
97
32
295
295
704
208
202
193450
197
178
3
2
2
2
177
173
710
151
214214
468424
214
218
5
27
7
267
267
7100
7100
236
7
210
210
425
234
234 123
123
225
228
488
5
5
381
4
259
408
408
2
193
1
40
40
29
1
1
40
301
301
301
50
4
2
231
1495
5 KM
2 MI0
0
CARES ACT SPENDING DRIVES DEMAND THROUGHOUT THE I-270 CORRIDOR
99
Multifamily Sales Specialists
WALTER COKER Senior Managing Director
202-533-2537 [email protected]
BRIAN CRIVELLA Senior Managing Director
202-533-2522 [email protected]
ROBERT JENKINS Director
202 777 2308 [email protected]
BILL GRIBBIN Director
202 533 2539 [email protected]
Jones Lang LaSalle Americas, Inc. or its state-licensed affiliate (“JLL”) has been engaged by the owner of the property to market Earle Manor. Information concerning the property [properties] described herein has been obtained from sources other than JLL, and neither Owner nor JLL, nor their respective equity holders, officers, directors, employees and agents makes any representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all reference to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a purchaser. JLL and owner disclaim any liability that may be based upon or related to the information contained herein. Prospective purchasers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change. The Property may be withdrawn without notice. If the recipient of this information has signed a confidentiality agreement regarding this matter, this information is subject to the terms of that agreement. ©2021. Jones Lang LaSalle IP, Inc. All rights reserved. **The outbreak of the COVID-19 virus (novel coronavirus) since the end of January 2020 has resulted in market uncertainty and volatility. While the economic impact of a contagion disease generally arises from the uncertainty and loss of consumer confidence, its impact on real estate values is unknown at this stage. Given the prevailing domestic and global uncertainty arising from the Coronavirus, we recommend that the intended recipients of this information regularly seek our guidance.
