Cranberry Township is one of the fastest-growing and most vibrant suburban
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3 THE VILLAGE CRANBERRY WOODS THE PROPERTY Cranberry Township is one of the fastest-growing and most vibrant suburban neighborhoods in western Pennsylvania. New residential communities cover the rolling hills of Cranberry Township while new office and retail developments are growing along its main thoroughfares. The Village of Cranberry Woods, located along Rt. 228, is the epicenter of Cranberry Township s new growth. This planned mixed-use development benefits from a unique blend of surrounding offices, retail developments and residential communities. Directly adjacent to the site is Cranberry Woods Office Park - home to the planned 800,000 square foot Westinghouse Headquarters facility. To the north of the site along Rt. 228 is Cranberry Commons, a big box power center anchored by Target and Lowe s. And a short distance to the east is the community of Seven Fields, one of the Pittsburgh area s most exclusive neighborhoods. Approximately 200,000 square feet of retail within The Village of Cranberry Woods will be available for lease in a main street style retail lifestyle center. Additionally, two hotels and four freestanding restaurant pads settled among other mixed-use opportunities will complement this highly sought after location.
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5 THE VILLAGE CRANBERRY WOODS PROJECT PLAN Restaurant (5,000 SF) Restaurant (5,500 SF) Restaurant (3,500 SF) 519 Spaces Outparcel Restaurant (4,000 SF) 122 Spaces Fitness Hotel/Retail (HGI 124 Rooms) Restaurant (7,000 SF) 48 Spaces Bank (3,500 SF) Hotel HHS 107 Rooms 144 Spaces Fountain Parking Structure Parking Structure Mixed-use (3-story office 25,350 SF above) 129 Spaces Parking Structure Mixed-use (24,200 SF) Mixed-use (24,200 SF) Cinema/Retail Parking Structure 248 Spaces Residential
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7 THE VILLAGE CRANBERRY WOODS LOCATION Located approximately 18 miles north of the Pittsburgh central business district, Cranberry Township is western Pennsylvania s most accessible suburban community. Situated at the juncture of I-76 (PA Turnpike), I-79, Rt. 19 and Rt. 228, Cranbery Township is accessible to local communities in all directions. This accessibility has made Cranberry Township a prime location for office parks, residential communities, hotels and retail developments Mile 5 Mile Cranberry 1 Mile Mars Warrendale wexford 76 Cranberry Woods Village of Cranberry Woods 76 Monaca Pittsburgh 79 Greensburg 76 Washington
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9 THE VILLAGE CRANBERRY WOODS RETAIL MARKET Retail development in Cranberry Township is on the rise. The trade area s wellestablished traditional big-box retailers are quickly being joined by upscale and lifestyle retailers. Due to Cranberry Township s location at the juncture of three major Pennsylvania highways (I-79, Rt. 19 and I-76 - the PA Turnpike), Cranberry Township s retail developments are a regional draw for shoppers from the surrounding communities. A recent study performed by the Township estimates that more than half its retail sales are from shoppers who live outside the Township, attracted by Cranberry s easy highway access from anywhere in the tri-state area. Retailers currently in the Cranberry Township trade area include: Ann Taylor Houlihan s Petco Babies R Us Kohl s Pier 1 Barnes & Noble Linens n Things Smokey Bones Bed, Bath and Beyond Longhorn Steakhouse Staples Best Buy Lowe s Starbucks Bob Evans Marshall s Talbot s Bravo! Max & Erma s Target Chico s Michael s TJ Maxx Costco Office Max Toys R Us Dick s Sporting Goods Olive Garden Wal-Mart Jo-Ann Fabrics On the Border White House/Black Home Depot Panera Bread Market Cranberry Township Estimated Retail Sales by Store Type Retail Category Sales (in Millions) Estimate Furniture and Home Furnishings $16.5 Electronics and Appliances $13.7 Building and Garden Supplies $67.0 Food and Beverage (in home) $58.5 Health and Personal Care $20.7 Clothing and Accessories $28.7 Sporting Goods and Hobbies $11.7 General Merchandise Stores $65.6 Food and Beverage (outside the home) $49.9
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11 THE VILLAGE CRANBERRY WOODS RESIDENTIAL MARKET In recent years, Cranberry Township has been characterized by rapid residential growth and suburban development. The Township is one of the fastest-growing and most affluent suburban neighborhoods in the Pittsburgh MSA. Since 1990 the residential population has grown by 106%. Household incomes for Cranberry Township are also above average for the region. The average household income for the Pittsburgh MSA as a whole is $59,000 - Cranberry Township s average household income is $96,000. This combination of a growing and affluent residential community makes Cranberry Township the ideal location for new and innovative retail development. Housing Starts in Cranberry Township and Surrounding Communities Community 2006 Housing Starts 2007 Housing Starts Approx. Total Construction Value (Millions) Cranberry Township $58 Adams Township $83 Pine Township $90 Marshall Township $28 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 Cranberry Township Historical Population Growth % % % +8.84% Area Demographics 10 Minute Drive 15 Minute Drive Population 53, ,012 Households 18,830 39,470 Avg. HH Income Avg. Housing Value % College Educated Daytime Population $110,872 $101,174 $259,155 $240, % 66.6% 50,322 79,671
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13 THE VILLAGE CRANBERRY WOODS GLOBAL OFFICE MARKET Verizon Wireless, McKesson Automation, Westinghouse Electric Company, Conair, Mitsubishi, Heinz, Siemens, Marconi, and Guardian Protection Services, these are just a few of the major corporations who maintain corporate offices in Cranberry Township. Cranberry Township is home to nearly 20 Class A office buildings totalling over two million square feet. Major office parks are a staple of Cranberry Township s office development. and include Cranberry Woods, Thorn Hill Industrial Park, Cranberry Business Park. One of the most recent developments in the Cranberry Township office market is the decision of Westinghouse Electric Company to build a new Headquarters and Global Engineering facility at Cranberry Woods. This major office development will be located directly adjacent to the Village of Cranberry Woods. When completed, Westinghouse Headquarters will occupy 800,000 square feet on an 82-acre campus - with future expansion plans set to increase the facility size to 1.2 million square feet. Occupancy for this new development is anticipated for and will employ over 5,000. Rendering of the 82-acre, 800,000 square foot Westinghouse Headquarters facility to be constructed directly adjacent to the Village of Cranberry Woods.
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15 THE VILLAGE CRANBERRY WOODS MARKET AERIAL Planned Westinghouse Development Streets of Cranberry 79 Proposed Class A Office Park Phase II - 400,000 SF Proposed Class A Office Park Phase I - 750,000 SF Proposed Simon Development Cranberry Square Cranberry Commons Cranberry Mall Cranberry Woods Planned Westinghouse Development Thorn Hill Industrial Park 76 79
16 THE VILLAGE CRANBERRY WOODS RECENT CRANBERRY AREA HOUSING DEVELOPMENTS KEY 1. Glade Run Estates - 18 Units 2. Ehrman Farms - 29 Units - From $500, Marshall Woods - From $220, The Preserve - East - 57 Units - From $350, Brookstone - From $220, Belle Vue Park - From $210, Walden Pond - 21 Units - From $700, Kaufmann Run - From $180, Winfield Manor - 14 Units - From $300, Seaton Crest - 40 Units - From $345, Carriage Manor - 65 Units - From $600, Estates at Seven Fields - Rental Townhomes 13. Orchard Park - 56 Units - From $290, Southridge Estates - 90 Units - From $330, Morning Grove - 42 Units - From $250, Adams Crossing - 60 Units - From $265, Providence Point - 40 Units - From $280, Rabold Fields - 69 Units - From $400, Stonecrest - 49 Units - From $360, Cambridge Manor - 46 Units - From $260, Marshall Heights Units - From 180, Brandtview Place - From $180,
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18 For more information, contact: Herky Pollock T F herky.pollock@cbre.com Jason Cannon T F jason.cannon@cbre.com Jennifer Houghton T F jennifer.houghton@cbre.com US Steel Tower 600 Grant Street, Suite 1400 Pittsburgh, PA T F , CB Richard Ellis, Inc. We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction.
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