400 W. NORTH ST. SUITE 110

Transcription

1 GLENWOOD AVENUE 400 W. NORTH ST. SUITE 110 RALEIGH ,781 SF RETAIL SPACE FOR SALE PEACE STREET SUITE 110 THE PEACE CAPITAL BLVD. PARKING DECK (OVER 250 SPACES) N. WEST STREET NORTH POND ACQUISITION NORTH POND ACQUISITION SITE NORTH POND ACQUISITION W. NORTH STREET SANDRA SIMPSON Real Estate Advisor (919) (Direct) (919) (Mobile) JONATHAN M. BASSI Real Estate Advisor (919) (Direct) (919) (Mobile)

2 PROPERTY OVERVIEW / PHOTOS Property Description 7,781 SF condo currently operating as a nightclub/bar, on the ground floor of The West, a 17 story Luxury Condo establishment Prime location, one block from Glenwood South, Raleigh s dining and entertainment destination Within walking distance of the property is a future development called The Peace, a $100 million mixed-use development at the corner of West Street and Peace Street. Ideal location for an upscale office conversion, retail chain or event space. Ownership will consider a lease option for the property, however investors looking to purchase property in the rapidly rising price market may result in one of the last sales in this area. Also available for lease Pricing: $2,800,000

3 SITE SUMMARY 400 W. North Street presents a rare opportunity for an investor or owner/operator to own property in one of the most active corridors in Downtown Raleigh. This 7,800 +/- SF space is located on the ground floor of The West, a 17-story luxury condo establishment, and is currently operating as a nightclub/bar. The property is situated in a prime location only one block from Glenwood South, the hub of Raleigh s dining and entertainment corridor. This is the ideal location for an upscale office conversion, retail chain or event space. Within one block from Glenwood South and the new Capital Blvd./Peace Street Interchange bridge, that once complete, will allow residents and visitors ease of access to the property and Glenwood South. Taking advantage of the new infrastructure, John Kane has started construction on The Peace, a $100 million project is within walking distance to the subject property. The Peace project includes 400 apartments and ground floor retail anchored by a Publix Grocery Store. Phase II of this project, referred to as Smokey Hollow, lies adjacent to 400 W. North Street and will offer more mixed-use development consisting of apartments, retail and/or office.

4 SITE PLAN - GROUND LEVEL

5 SITE PLAN - MEZZANINE LEVEL

6 SURROUNDING DEVELOPMENTS 400 W. North Street provides the rare opportunity for investors to own property in this rapidly expanding market. Phase I of The Peace, a Kane Realty development, begins at the corner of Peace and West Streets with Phase II ending at the subject property, 400 W. North Street. Construction is in process on Phase I and will include a 400 unit residential tower anchored by Downtown Raleigh s first Publix. Phase II will offer more mixed-use development consisting of apartments, retail and/or office. City plans are being developed for a greenway, creating connectivity between the warehouse district and the northern end of Downtown Raleigh where Devereux Meadows, a City of Raleigh green space project is currently under construction. Raleigh is experiencing a rapid reduction in property available for sale. In addition The Peace development, early 2018 saw the purchase of surrounding property including 3.3 acres which sold for 24.4 million to North Pond. At this time, North Pond has not released any plans for development.

7 CURRENT NIGHTLIFE Nightlife in the Glenwood South district is a multi million dollar industry. The boom started in 2010 with the development of Downtown Raleigh s first night club, Solas. Since then the nightlife industry has boomed with the opening of numerous bars and clubs. COMING SOON TO RALEIGH TIN ROOF SOLAS LOUNGE CORNERSTONE TAVERN DRAM & DRAUGHT RALEIGH BEER GARDEN ALCHEMY

8 WHY DOWNTOWN RALEIGH OVER 16,550 RESIDENTS LIVE WITHIN ONE MILE OF THE HEART OF DOWNTOWN RALEIGH Downtown Raleigh has continued to make major strides as a center for connectivity and sustainability in the Triangle. Downtown is already the most walkable part of the region and is a transportation hub that moves thousands of residents, visitors, and employees each year. Downtown is currently in the midst of a $1.75 billion pipeline of investment, which includes 3,672 new residential units, more than 1,000 new hotel rooms, and 346,000 square feet of new retail space. Additionally, this community s investment in a knowledgeable and talented workforce is driving over 1.5 million square feet of new office space, which will add thousands of workers to downtown. As more people flock to the area, retail continues to grow with more than 16 new stores opening in the past year alone Data Courtesy of the Downtown Raleigh Alliance According to recent analysis by HR&A Advisors, once downtown s current development pipeline is built out, downtown residents, office workers and visitors could provide $165 million in total future potential retail sales. An estimated $42 million of that spending potential could be captured by downtown and support thousands of square feet of new retail. These projections demonstrate the priority to continue bringing new stores downtown and broaden the retail base to reduce sales leakage and meet the growing demand to provide more stores and services in the CBD.

9 DOWNTOWN RALEIGH BY THE NUMBERS HOTEL ROOMS: 1,247 HOTEL OCCUPANCY: 71.2% AVERAGE DAILY ROOM RATE: $ RETAILERS: 104 RESTAURANTS: 141 ARTS & CULTURAL INSTITUTIONS: 42 VISITORS TO TOP ATTRACTIONS: 3.2 Million VISITORS TO OUTDOOR FESTIVALS: 1.1 Million TOTAL NUMBER OF EMPLOYEES: 45,000+ OFFICE OCCUPANCY: 88.6% SQUARE FEET OF PRIVATE OFFICE SPACE: 7.2 Million SF PERCENTAGE OF RESIDENTS WITH BACHELOR S DEGREE OR HIGHER: 46% ENROLLMENT IN RALEIGH UNIVERSITIES: 40,186 HOUSING UNITS: 5,733 AVERAGE RENT: $1,265 POPULATION WITHIN ONE MILE: 16,500 AVERAGE WALK SCORE: 90 97% of stores in downtown Raleigh are locally owned 35.4% of downtown residents are between the ages of compared to 28% for the Raleigh MSA area and 26% nationally Data Courtesy of the Downtown Raleigh Alliance

10 PARKING AND TRAFFIC Downtown Raleigh has the highest walk score in the region with a high score of 94 in the downtown core and an overall average of 90 in the downtown core, while other downtowns in the region experience similar walkability and access to a large number of amenities and transportation options. The city is continuing improvements in ADA compliant curb ramps and pedestrian signals throughout downtown. SITE $36.9 MILLION INVESTMENT by the North Carolina DOT to redesign and improve the northern gateway to Downtown with the replacements of bridges and interchanges along Capital Boulevard at Peace Street and Wade Avenue CONVERSION TO TWO-WAY STREETS Several streets in downtown are being converted from one-way to two-way traffic, which reduces confusion, increases pedestrian safety and improves the visibility and access for storefront businesses. Lenoir and South Streets are under construction, while Jones and Lane Streets have been identified for future conversion. 30,000+ parking spaces in downtown 10 major arterial streets connect downtown to the rest of Raleigh I-40 runs just south of downtown Monthly parking in 36% below the U.S. national average for downtowns, according to a 2012 report. DENOTES PARKING AREAS Data Courtesy of the Downtown Raleigh Alliance

11 DOWNTOWN RETAIL SPACE FOR SALE SITE AERIAL MULTIFAMILY 3 The Gramercy Glenwood 5 The Link 6 The Peace (Proposed) 7 Saint Mary Square 8 Glenwood Towers Hibernian Tavern 5 Cornerstone Tavern 6 Raleigh Beer Garden 7 Carolina Ale House 8 Sushi Blues 10 Tobacco Road 11 Clouds Brewing 12 NCFC Stadium (Proposed) 5 4 T 42nd St. Oyster Bar 4 8 REE 9 3 ET RE ST Solas 3 ST WE 3 1 N. Sullivan s Steakhouse 7 8 VE DA 2 7 O WO Mellow Mushroom 5 S ST ARY ST M 1 1 REET E ST PEAC EN RETAIL VD BL Devon Four25 AL PIT 2 CA Devon Seven12 GL 1 9 NES O W. J T REE 11 ST 10 Imagery 2018 Google, Map data 2018 Google 200 ft

12 LOCATION MAP

13 4 0 0 W. N O RT H ST SANDRA SIMPSON Real Estate Advisor (919) (Direct) (919) (Mobile) ssimpson@trademarkproperties.com 1001 Wade Avenue Suite 300 Raleigh, NC JONATHAN M. BASSI Real Estate Advisor (919) (Direct) (919) (Mobile) jbassi@trademarkproperties.com The information contained herein was obtained from sources believed reliable; however, makes no guarantees, warranties, or representations as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, changes of price or conditions prior to sale or lease, or withdrawal without notice.