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EXECUTIVE SUMMARY | 1 GLENWOOD PLAZA | 1
R A L E I G H - D U R H A M | N O R T H C A R O L I N A
CREEKSIDE CROSSING60,499 RSF KROGER SHADOW ANCHORED SHOPPING CENTER
E X E C U T I V E S U M M A R Y
EXECUTIVE SUMMARY | 2
The Opportunity Property Summary404 E Six Forks RoadRaleigh, NC
ADDRESS
1999YEAR BUILT
100%OCCUPANCY
60,499 RSFGLA
6.57 AcresSITE SIZE
33,000 VPD on Wake Forest Road32,000 VPD on E Six Forks Road
TRAFFIC COUNTS
U M S T E A DP A R K
DURHAM
RALEIGH
Garner
Morrisville
Research Triangle Park
Apex
Holly Springs
Wake Forest
CHAPEL HILL
CARY
40
40
40
40
40
40
40
440
440
440
540
540
540
540
70
70
401
70
401
401
401
64
1
1
1
RALEIGH-DURHAMINTERNATIONAL AIRPORT
Hillsborough
Knightdale
15
501 147
Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp., a North Carolina licensed real estate broker (“HFF”), has been retained as the exclusive sales representative for Creekside Crossing, a 100% leased neighborhood shopping center anchored by Dollar Tree (NASDAQ: DLTR), Tuesday Morning (NASDAQ: TUES), and Planet Fitness (NYSE: PLNT), and shadow anchored by Kroger (NYSE: KR). The Property is located in Raleigh, NC at the highly trafficked Wake Forest Rd and E Six Forks Rd intersection (65,000 VPD combined).
Creekside Crossing offers investors a shadow grocery anchored shopping center in "The Triangle", a high growth submarket of Raleigh, NC. With well-known national anchor tenants, shared access with the highest performing Kroger in the submarket, and little to no deferred maintenance, the future owner will reap the benefits of predictable cash flow and increasing retail demand in the area.
295 spaces4.88 per 1,000
PARKING
Best OfferPRICE
$752,868IN-PLACE NOI
CREEKSIDE CROSSING
ANCHOR TENANTS
Planet Fitness, Dollar Tree, Tuesday Morning
unemployment rate4.3%
millennial population growth in the past five years
(COMPARED TO 2.2% U.S. GROWTH)
11.4%NO. 1BEST BIG CITY IN THE SOUTHEASTTIME MAGAZINE (2016)
FORBES
NO. 2CITIES CREATING THE MOST TECHNOLOGYJOBS IN 2015
NO. 2
UNITED NATIONS POPULATION DIVISION
FASTEST GROWINGLARGE U.S. CITYBETWEEN NOW AND 2030
NO. 3
CBRE RESEARCH 2015
IN THE NATION IN RENTGROWTH (23%) IN THEPAST 24 MONTHS
12% 92,345 $92,700PROJECTED POPULATION GROWTH IN THE NEXT 5 YEARS
POPULATION WITHIN 3 MILE RADIUS
ESTIMATED AVERAGE HOUSEHOLD INCOME WITHIN 3 MILE RADIUS
Demographic Highlights
The Triangle Highlights
EXECUTIVE SUMMARY | 3
Landlord does not covenant that any occupant indicated hereon will be a tenant in the space marked or in this shopping center. Nothing contained herein shall be deemed to limit, waive, or lessen the rights of Landlord under the lease. This exhibit shows only Tenant’s location in the Landlord’s property and is not a scale drawing showing size, etc.
Creekside CrossingRaleigh, NC
Suite Tenant Area (SF)404
101A Tuesday Morning 131 Dollar Tree 151 Planet Fitness 171 Tropical Picken Chicken 181 Sweet T Salon 183 Jumbo China 185 Billionaire’s Barbershop 187 Metro PCS 189 CNP Nails 191 Triangle Toner
350 (separately owned)US Postal Service Kroger Supermarket
Outparcels (separately owned) Arby’sMcDonald’sBPDiscount Tire Burger King Triangle Auto Texaco Xpress Lube
Multi-Tenant Building (separately owned) T-MobilePizza Hut SupercutsQdoba Mexican Grill Jasmine Meditteranean
C O N T I N E N TA L R E A LT Y C O R P O R AT I O NR e l a t i o n s h i p s . I n t e g r i t y . Tr a d i t i o n .
Pylon Sign
®
RUCKER STREET
EAST SIX FORKS ROAD (32,000 VPD)
191189
187
185183181
171
151 131 101 A
SELBY DRIVE
WA
KE FOREST RO
AD
(33,000 VPD
)
CONTINENTAL REALTY CORPORATION | 1427 Clarkview Road, Baltimore, Maryland | www.crcrealty.com
Landlord does not covenant that any occupant indicated hereon will be a tenant in the space marked or in this shopping center. Nothing contained herein shall be deemed to limit, waive, or lessen the rights of Landlord under the lease. This exhibit shows only Tenant’s location in the Landlord’s property and is not a scale drawing showing size, etc.
Creekside CrossingRaleigh, NC
Suite Tenant Area (SF)404
101A Tuesday Morning 131 Dollar Tree 151 Planet Fitness 171 Tropical Picken Chicken 181 Sweet T Salon 183 Jumbo China 185 Billionaire’s Barbershop 187 Metro PCS 189 CNP Nails 191 Triangle Toner
350 (separately owned)US Postal Service Kroger Supermarket
Outparcels (separately owned) Arby’sMcDonald’sBPDiscount Tire Burger King Triangle Auto Texaco Xpress Lube
Multi-Tenant Building (separately owned) T-MobilePizza Hut SupercutsQdoba Mexican Grill Jasmine Meditteranean
C O N T I N E N TA L R E A LT Y C O R P O R AT I O NR e l a t i o n s h i p s . I n t e g r i t y . Tr a d i t i o n .
Pylon Sign
®
RUCKER STREET
EAST SIX FORKS ROAD (32,000 VPD)
191189
187
185183181
171
151 131 101 A
SELBY DRIVE
WA
KE FOREST RO
AD
(33,000 VPD
)
CONTINENTAL REALTY CORPORATION | 1427 Clarkview Road, Baltimore, Maryland | www.crcrealty.com
CREEKSIDE CROSSING
SUITE TENANT SF
101A Tuesday Morning 12,455
131 Dollar Tree 13,067
151 Planet Fitness 24,049
171 Tropical Chicken 3,080
181 Sweet T Salon 1,320
183 Jumbo China 1,320
185 Billionaire’s Barber 1,320
187 MetroPCS 1,320
189 CNP Nails 1,320
191 Triangle Toner 1,248
TOTAL SF 60,499
CREEKSIDE CROSSINGTENANT ROSTERInvestment Highlights
STABLE & DIVERSE CASH FLOWS• Anchor tenants have long-term leases with multiple option periods.
• National tenants account for 84% of the GLA and 73%+ of Base Rental Revenue.
• The center is comprised of value-oriented necessity and service retailers resilient in economic downturns.
• 7 years of weighted average lease term remaining.
EXECUTIVE SUMMARY | 4
440
440
¨
(Future Development)
EAST SIX FORKS ROAD (32,000 VPD)
WA
KE FO
RE
ST R
OA
D (33
,00
0 V
PD
)
DUKE RALEIGH HOSPITAL
NORTH HILLS
CREEKSIDE CROSSING
HIGH-GROWTH, INSIDE-THE-BELTLINE LOCATION IN RETAIL DESTINATION
PROXIMATE TO NORTH HILLS.
RESIDENTIAL: AVENUES APARTMENTS II (297 UNITS) BUILT 2017
RESIDENTIAL: AVENUES APARTMENTS I (298 UNITS)BUILT 2015
RESIDENTIAL: JONES GRANT URBAN FLATS (243 UNITS) BUILT 2015
RESIDENTIAL: ANDERSON FLATS (182 UNITS) BUILT 2016/2017
RESIDENTIAL: ALLISTER NORTH HILLS (434 UNITS) BUILT 2013/2014
RESIDENTIAL: MIDTOWN GREEN (214 UNITS) BUILT 2014
WAKE TECH BELTLINE EDUCATION CENTER
COURTYARD BY MARRIOTT
RESIDENTIAL: TOWNES AT CHESWICK(90 UNITS)BUILT 2016/2017
I -440 (126,461 VPD)
HIGHLY TRAFFICKED INTERSECTION WITH GROCERY DEMAND
• The strength of this retail intersection is highlighted by exceptional grocer demand. The Property is shadow anchored by Kroger, sits to the west of Costco, and southwest of a Trader Joes and future Wegman’s (to be completed in 2018).
• One of the first Wegman's grocery store developments is slated for completion in 2018 at the NE corner of Wake Forest Rd and E Six Forks Rd. Creekside Crossing stands to benefit from the increasing retail demand and traffic in the immediate trade area.
AFFLUENT, HIGH-GROWTH MARKET WITH LOW VACANCY
• Dense, in-fill market with strong population (+92,000) and projected growth (12.5%) in the next 5 years, and high incomes (+$92,000) within 3 miles.
• Raleigh is the ninth-fastest growing city in the U.S. in 2016.
• High-performing retail shopping center submarket with vacancy rate of only 2.8% (Six Forks/Falls of Neuse).
• The exceptional growth in this area will continue to strengthen the need for service, value, and necessity-based retail, all of which will benefit Creekside Crossing..
EXECUTIVE SUMMARY | 5
THE TRIANGLE OVERVIEW
The Triangle region, encompassing the Raleigh-Durham-Cary-Chapel Hill CSA, is home to over two million residents and enjoys the distinction of being one of the fastest growing metropolitan areas in the country. Between 2000 and 2015, the area welcomed more than 802,000 newcomers for a sixty two percent cumulative uptick in population and was recently projected by the United Nations Population Division to be the #2 Fastest Growing Large City in the U.S. between now and 2030.
The “Triangle” name references the geographic location of the area’s three esteemed educational, medical, and research universities: North Carolina State University in Raleigh, Duke University in Durham, and the University of North Carolina in Chapel Hill.
Population 1-Mile 3-Mile 5-Mile2021 Projection 9,278 103,853 283,4542016 Estimate 8,249 92,345 252,6452016 Est. Average Household Income $96,992 $92,700 $80,789College Graduate or Better 56.2% 50.8% 45.4%
Average Household Income
ROBUST DEMOGRAPHIC ENCLAVE & STRONG ECONOMIC DRIVERS
Exceptional Employment Base & Attractive Quality of LifeOutstanding Demographics: AHHI – $92,700; Population – 92,345
Highly Educated Workforce Driven by Three Tier-1 Research Universities in “The Triangle”
DYNAMIC LOCATION WITH PREMIER ACCESSIBILITY
“Inside the Beltline Location” with Increasing Residential and Retail GrowthE Six Forks Rd and Wake Forest Rd (65,000 VPD)
Unparalleled Regional Connectivity via I-440 (<0.5 miles) and I-40 (2.0 miles)
$1.4 BillionInvested in expenditures research, the Seventh largest in the nation
In a New York Times
corporate study, Duke’s graduates were shown to be among the most sought-after and
valued in the world
14,832Students enrol led Top 10
university by The Wall Street Journal, The Washington Post, U.S. News & World News
No. 6 Nuclear
Engineering program
34,000+Students Enrol led
Known for i ts
engineering , stat ist ics ,
agricul ture, and l i fe sciences
programs
LARGEST universi ty in the
Carol inas
Offers degrees in
over 70 courses of study through
14 col leges
Ranked 5th best publ ic
col lege in the U.S . by U.S . News
& Wor ld Repor t in 2015
29,084 Students Enrolled
4.5 Miles 23.2 Miles 29.0 Miles
201 NORTH TRYON STREET | SUITE 1400 | CHARLOTTE, NORTH CAROLINA | 28202
4208 SIX FORKS ROAD | SUITE 918 | RALEIGH, NORTH CAROLINA | 27609
debt + structured finance
investment advisors
TOM KOLARCZYK (LEAD CONTACT) Associate Director 704.526.2813 [email protected]
RYAN CLUTTER Senior Managing Director 704.526.2805 [email protected]
JOHN OWENDOFF Managing Director 202.777.2302 [email protected]
CORY FOWLER Associate Director 704.526.2807 [email protected]
TRAVIS ANDERSON Senior Managing Director 704.526.2806 [email protected]
R A L E I G H - D U R H A M | N O R T H C A R O L I N A
CREEKSIDE CROSSING60,499 RSF KROGER SHADOW ANCHORED SHOPPING CENTER
JORDAN LEX Director 202.533.2517 [email protected]
