WAKE UNION PLACE WAKE FOREST, NORTH CAROLINA LAND FOR SALE ±65.43 ACRES SITE WAKE FOREST PRESBYTERIAN CHURCH. Smithfield s CHICKEN N BAR-B-Q

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1 WAKE FOREST, NORTH CAROLINA LAND FOR SALE ±65.43 ACRES WAKE FOREST PRESBYTERIAN CHURCH SITE KEARNEY ROAD CAPITAL BOULEVARD WAKE FOREST CROSSING Smithfield s CHICKEN N BAR-B-Q MARKET OF WAKE FOREST DURHAM ROAD (99) 7 02 (99)

2 LAND FOR SALE 40 DURHAM DURHAM SITE 96 Bunn ORANGE Carrboro 86 CHAPEL HILL Wake Forest Rolesville Research Triangle Park 55 RDU Airport WAKE NASH 40 Morrisville Knightdale 495 Zebulon RALEIGH 495 Wendell CHATHAM Cary PROPERTY OVERVIEW Foundry Commercial and HFF are pleased to present a highly desirable acre mixed-use development opportunity positioned at the intersection of U.S. Highway /Capital Boulevard and Wake Union Church Road in Wake Forest. The property is currently being rezoned to allow for up to 300 multifamily dwelling units, 200,000 square feet of commercial development as well as 86 townhome units, which is expected to be finalized first quarter of 208. Wake Union Place features strong demographics and is located across Kohl s and Lowes Food anchored Wake Forest Crossing Shopping Center, approximately one mile north of the NC Highway /Dr. Calvin Jones Highway and less than 30 minutes from 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 which was at one time was encumbered by environmental problems. The environmental impacts encumber roughly 33 acres which are in process of being remediated and are currently being monitored by NCDEQ through the Brownfields Program. Due to these environmental impacts, residential uses are not currently permitted on the 33 acre portion of the property though they will be allowed on the residual 32 acres of the development. SITE FEATURES LAND SIZE acres REAL ESTATE IDS , , 02258, EXISTING ZONING FUTURE ZONING UTILITIES LIST PRICE CU HB (Conditional Use Highway Business) RMX (Residential Mixed-Use) NMX (Neighborhood Mixed-Use) Water and sewer adjacent to site Call for details DEMOGRAPHICS 3 MILE 5 MILES 7 MILES 207 ESTIMATED POPULATION 2022 PROJECTED POPULATION EST. HOUSEHOLD INCOME TRAFFIC COUNTS US HWY / CAPITAL BOULEVARD NC HWY / DR CALVIN JONES HWY 3,33 38,880 76,937 3,58 43,648 85,806 $,634 $00,874 $05,293 40,000 VPD 24,000 VPD (99) 7 02 (99)

3 WA K E UNION PL AC E LAND FOR SALE OFF-SITE EXPENSES In estimating the off-site exposure, the signalized intersection on U.S. Highway /Capital Boulevard will have to be improved with the addition of a super street. In additional the buyer will be responsible for the realignment of Wake Union Church Rd. In adding this to the onsite improvements necessary to facilitate outparcel sales, the maximum exposure is estimated at approximately $4 million. That said, our team would recommend discussing this item further with an engineer, the Town of Wake Forest and NC DOT. The property is currently being rezoned to allow for up to 300 multifamily dwelling units, 200,000 square feet of commercial development as well as 86 townhome units, which is shown in the concept plan below. (99) 7 02 (99) 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. 230 Sugar Bush Road, Suite 520 Raleigh, NC 2762 foundrycommercial.com

4 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, 202. The property is currently being rezoned to high density mixed use zoning designations, Residential Mixed-Use (RMX) and Neighborhood Mixed-Use (NMX) which will allow for a broad range of commercial, townhome and apartment development up to 24 dwelling units per acre. The rezoning is expected to be completed by Q of 208 and is being overseen by Kimley-Horn. (99) 7 02 (99)

5 LOCATION & NEARBY AMENITIES JENKINS ROAD 40,000 VPD SITE KEARNEY ROAD WAKE FOREST CROSSING MARKET OF WAKE FOREST CAPITAL BOULEVARD DURHAM ROAD Smithfield s CHICKEN N BAR-B-Q 8,000 VPD DR. CALVIN JONES HIGHWAY 24,000 VPD (99) 7 02 (99)

6 LOCATION & NEARBY AMENITIES Hasentree Club & Golf Course Harris Teeter NC Highway / Dr. Calvin Highway 24,000 VPD WAKE UNION PLACE Wake Forest Crossing Kohl s, Michael s, Lowes Foods Downtown Wake Forest Capital Plaza Target, Wal-Mart, Home Depot, Lowe s Home Improvement, Petsmart Falls Lake State Park Heritage $300,000 to $800,000 single-family homes Wakefield Plantation $300,000 to 2.5M single-family homes Falls of Neuse Road: 25,000 VPD Bedford $ 250,000 to $600,000 single-family homes U.S. /Capital Boulevard: 56,000 VPD I-540: 93,000 VPD 40 (99) 7 02 (99)

7 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 U.S. Highway / 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 0.4 million square feet of retail space in the U.S. Highway / Capital Boulevard submarket and an existing vacancy rate of nearly 2.8% which shows the health and demand of the surrounding area. With numerous anchor and junior anchor retailers seeking locations in close proximity to Wake Union Place, they 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. That said, Wake Union should be well positioned to accommodate this demand. (99) 7 02 (99)

8 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 # Fastest Growing Metro from according to CityLab (April 205). 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 pipleine. Average square footages in the Wake County North-2 submarket are approximately,045 square feet with average monthly rents north of $,200 or $.6 per square foot for new-built garden product. Though there are approximately 308 units under construction and approximately 2 units expected to be delivered in the next 2 months units, the pace of growth and demand in the immediate area indicates that Wake Union Place can support additional apartment development. NO. 2 FASTEST GROWING LARGE US CITY FROM United Nations Population Division (99) 7 02 (99)

9 AN ENVIABLE QUALITY OF LIFE Established, high-amenity crossroads located at the center of one of the nation s most high-growth metros with an enviable quality of life. The Triangle region has added an average of 25 new residents per day between 200 and 204. 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, great schools and economic growth are fully expected to continue to rank highly amongst other U.S. cities for the long-term. #4 207 BEST PLACES TO LIVE U.S. NEWS & WORLD REPORT AMONG TOP 0 TASTIEST TOWNS IN THE SOUTH SOUTHERN LIVING #3 BEST CITY FOR HEALTH AND HAPPINESS ECOSALON N o. BEST CITY FOR YOUNG ENTREPRENEURS MONEYRATES, JUNE 207 N o. BEST BIG CITY TO LIVE IN IN THE SOUTHEAST MONEY MAGAZINE, SEPTEMBER 206 N o. HEALTHIEST IN NORTH CAROLINA HEALTH RANKINGS, 206 AND 207 N o. 2 AREA WITH THE HIGHEST NUMBER OF TECH JOBS NEW YORK TIMES, AUGUST 206 N o. 2 MOST POPULAR METRO FOR RELOCATING RENTERS FORBES, MARCH 207 N o. 3 BEST PLACE FOR BUSINESS AND CAREER FORBES, OCTOBER 206 N o. 5 BEST CITY TO LIVE AND WORK ROBERT HALF CAREER CITY INDEX, FEBRUARY 206 N o. 7 U.S. MARKETS TO WATCH: OVERALL REAL ESTATE MARKET ULI, NOVEMBER 206 (99) 7 02 (99)