PLANK PLAZA LAND 6532 WRIGHTS LANE FREDERICKSBURG, VA ACRE COMMERCIAL DEVELOPMENT OPPORTUNITY. Gordon Rd SITE EXCLUSIVE OFFERING

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1 PLANK PLAZA LAND 6532 WRIGHTS LANE FREDERICKSBURG, VA ACRE COMMERCIAL DEVELOPMENT OPPORTUNITY Plank Rd Gordon Rd SITE EXCLUSIVE OFFERING BY CPG REALTY East West Highway, Suite 200 Bethesda, Maryland All information is from sources deemed to be reliable, but not guaranteed by CPG Realty or its agents. Package is subject to price changes, omissions, corrections, prior sales or withdrawal.

2 TABLE OF CONTENTS DESCRIPTION... INVESTMENT HIGHLIGHTS 3 4 PROPERTY SPECIFICATIONS BUSINESS TERMS & FINANCIALS... 7 MARKET OVERVIEW.. RESIDENTIAL FUTURE LOT INVENTORY SURVEYS & PLANS OF PROJECT/AREA SALES COMPS. DEMOGRAPHICS. PROPERTY PICTURES... MAPS & SITE AERIAL CONTACT

3 PLANK PLAZA LAND DESCRIPTION: Plank Plaza Land is a 5.79-acre property with C-2 zoning that is conveniently located on the southeastern corner of Plank Road and Gordon Road approximately 2.5 miles west of I-95 in Fredericksburg, Spotsylvania County, Virginia. Plank Plaza Land represents an opportunity to create a commercial development in a sector of Fredericksburg, VA that is experiencing significant growth. Plank Plaza is site plan approved for 45,450 square feet of FAR for retail and office product within four planned buildings: Building 1 (Proposed Retail): 12,025 SF Building 2 (Proposed Retail): 11,825 SF Building 3 (Proposed Office): 10,800 SF Building 4 (Proposed Office): 10,800 SF 3

4 PLANK PLAZA LAND PROPERTY HIGHLIGHTS: Excellent Location: Spotsylvania County lies midway between two major employment hubs in Washington, DC to the north and Richmond, VA to the south. The property is located within the City of Fredericksburg, a major retail and entertainment hub in the area. Plank Plaza Land is more specifically located on the southeastern corridor of Plank and Gordon Road, which is 2.5 miles west of I-95. Superb Visibility and Access: Plank Plaza Land has great frontage on Plank Road and Gordon Road with two means of accessibility. Flexible Zoning: Plank Plaza Land benefits from the wide array of uses allowed under the C-2 zoning code. Permitted uses include retail uses, neighborhood markets, residential uses, industrial, office, and hotel. Bustling Spotsylvania County: Spotsylvania County is one of Virginia s fastest growing counties and experiencing rapid growth. There are 1,099 units in the Fredericksburg entitlement pipeline within a 3-mile radius and 2,372 units within a 5-mile radius. Additionally, several major retail projects located in close proximity to Plank Plaza Land have increased the traffic near this property such as Central Park, Spotsylvania Towne Center, Village Square Shopping Center, Harrison Crossing, Gateway Village Shopping Center, Greenbrier Shopping Center, and Westwood Shopping Center. Strong Demographics: The site boast solid demographics with a median household income of $74,639 within a 3-mile radius and a 2016 population of 96,058 within a 5-mile radius. 4

5 PROPERTY SPECIFICATIONS PROPOSED BUILDINGS: LAND: LOCATION: TAX MAP: ZONING: Building 1 (Proposed Retail): 12,025 SF Building 2 (Proposed Retail): 11,825 SF Building 3 (Proposed Office): 10,800 SF Building 4 (Proposed Office): 10,800 SF 5.79 acres or 252,212 SF 6532 Wrights Lane. The property is located on the Southeastern corridor of Plank and Gordon Road. Approximately 2.5 miles west of I A-((28))-1 Commercial 2 (C-2) The purpose of the commercial 2 (C-2) district is to provide for areas of general commercial activity in the county to meet local and regional commercial needs of the county at medium density. Lot size requirements: 1) Minimum lot area: 20,000 square feet 2) Minimum lot width: 100 feet Maximum Building Height: 55 feet Minimum Yard Requirements: Front yard: 30 feet Side Yard: No requirement Rear Yard: 20 feet Maximum FAR: 0.70 UTILITIES: TOPOGRAPHY: Public Water and Sewer Flat 5

6 PROPERTY SPECIFICATIONS VISIBILITY & EXPOSURE: TRAFFIC COUNT: PARKING: The subject has strong visibility and exposure along Plank Road 35,913 vehicles per day on Plank Road and 13,165 on Gordon Road Under the approved plan, the total parking lot area is 87,786 square feet of land with parking requirements further specified below based on the square footage of proposed retail and office: PARKING REQUIREMENTS Required Office Buildings Required Retail Buildings Parking Stall Dimensions 9 X18 9 X18 9 X18 Number Parking Spaces Number Handicapped Spaces Loading Spaces (15 X25 ) Provided for Entire Site 6

7 BUSINESS TERMS & FINANCIALS SALES PRICE: $2,000,000 TERMS FEASIBILITY: SETTLEMENT: ALL CASH 60 DAYS 60 DAYS FROM FEASIBILITY 7

8 MARKET OVERVIEW (Spotsylvania County Market) Spotsylvania County s location midway between Washington, DC and Richmond allows for access to two major employment centers along with a growing business base within the Fredericksburg Region. These top employers include GEICO, Mary Washington Hospital and the University of Mary Washington. Just north of Spotsylvania County is the US Military installation of Marine Corps Base Quantico. The base is one of the largest US Marine Corp bases and is also home to the United States Drug Enforcement Administration s training academy, the FBI Academy, the FBI Laboratory, the Naval Criminal Investigative Service (NCIS) and the Air Force Office of Special Investigations. Known as the Crossroads of the Civil War, Spotsylvania County is especially rich in history. The County welcomes visitors to Civil War Historic Sites and Battlefields, including Chancellorsville, Fredericksburg, Spotsylvania Court House and Wilderness. In the Spotsylvania Courthouse Historic District, the Historic Courthouse, Old Jail and Spotsylvania Museum are among the many scenic attractions. Lake Anna offers 13,000 acres of swimming, sailing, water-skiing and sport fishing. At the Lake Anna State Park, visitors and the community enjoy picnicking, horseback riding, bicycling, hiking/walking trails and camping. There are additional nature and outdoors sites, like the Ni River Reservoir and the Hunting Run Reservoir. Community gathering places for sports, music, and other outdoor activities include the County s award-winning Patriot Park and the popular Loriella Park, with its lighted sports fields and swimming pool. Spotsylvania County blends beautiful rural landscapes with an energetic, growing community. It is one of Virginias fastest-growing counties, largely because of its desirable location along I-95, midway between Washington D.C., and Richmond. The growing Spotsylvania community has attracted many dynamic commercial and retail businesses that serve area residents and visitors. 8

9 MARKET OVERVIEW (Fredericksburg Overall Market) The Fredericksburg Region is ideally located for accessibility to major cities and markets along the East Coast. The region has been one Virginia s fastest growing for five consecutive years, with a population of ~338,000 including a highly skilled and expanding labor force of more than 1 million residences within a 40-mile commute. Over 47 miles of I-95 serve the region, carrying 120,000 cars per day. Tourism is a major draw to Fredericksburg with its historic sites, museums, and local events along the Rappahannock River. The historic district includes more than 350 buildings dating back to the 18 th and 19 th centuries. Fredericksburg is home to the University of Mary Washington, a public institution with an undergraduate enrollment of 4,383 students. The University offers degrees in science, arts, and liberal studies as well as master s degrees in elementary education. Founded in 1908, the University of Mary Washington is recognized as one of the country s premier, selective public liberal arts and sciences universities. U.S. News and World Report ranked the school as the 4 th best public regional university in the South. Mary Washington Hospital located within Fredericksburg, is a general medical and surgical hospital with 437 beds and a trauma center. The hospital is well recognized with high-performing rankings in regards to a multitude of specialties includes neurology and neurosurgery, pulmonology, orthopedics, geriatrics, and diabetes and endocrinology. In fact, U.S. News and World Report ranked the hospital 5 th of all Washington, DC area hospitals; ahead of Inova Alexandria, George Washington University Hospital, and MedStar Georgetown University Hospital. Excellent rail service is easily accessible, including Virginia Railway Express s commuter service and Amtrak. CSX Railroad provides the region with a wide range of reliable and efficient shipping options. Washington Dulles International, Washington Reagan National, and Richmond International Airports are within one hour of the region, and are served by 60 commercial airlines providing 815 flights per day. The Stafford Regional Airport opened in the Fall of 2001, with 15,000 takeoffs and landings anticipated during the first year of operation. Shannon Airport, located in Spotsylvania County, provides general aviation and recreational access within 5 minutes of downtown Fredericksburg. Fredericksburg is within a short drive to ports in Baltimore, Hampton Roads and Richmond and an inland port in Front Royal. Fredericksburg is home to 3 Technology-driven Military Bases and FBI Academy. Historic Fredericksburg has been labeled as one of America s best small cities. 9

10 MARKET OVERVIEW (Fredericksburg Q Retail Market) The Fredericksburg retail leasing market has improved over recent quarters. Fourth quarter leasing activity totaled 90,286 square feet (SF) compared to 61,437 SF leased in Q3. The Q4 figure is up significantly from the 59,000 SF of retail spaced leased in Q Independent contractors are snagging vacant spaces up more so than institutional guys. A majority of the activity was with spaces under 5,000 SF. Some notable transactions for the region include the sale of a 26,036- SF building at 1010 Caroline Street to Lifecycle Construction. The company announced plans for a mixed-use retail development in downtown Fredericksburg with residential condos on the upper floors. Also of note was the 20,388-SF lease at 9723 Jefferson Davis Highway in Cosner s Corner to Planet Fitness. Crossroads Vineyard Church of Fredericksburg leased 16,003 SF at 952 Bragg Road. 10

11 MARKET OVERVIEW (Fredericksburg Q Industrial Market) Leasing activity in the Fredericksburg industrial market started very strong in 2016 and finished with a year-to-date (YTD) total of 613,792 square feet (SF), almost doubling the square footage leased in A majority of the transactions were signed in Q2 2016, then slowing considerably in Q3. The overall vacancy rate fell to 7.6% in Q4 from 8.1% in Q3. This year-end rate is a drastic decline from 12.8% vacancy rate reported Q The overall vacancy rate has steadily declined to single digits while rental rates have remained around the $5 per square foot mark. This trend is in line with the national trend of a multi-year decrease in warehouse vacancy. Landlords are finding they are able to sign stronger tenants for longer-term leases. The region s largest transaction for this quarter was for a 74,430-SF office/warehouse space leased to BMC WEST at 8520 Jamison Ln. Other notable transactions include 39,800 SF leased to Specialty Coating and Laminating at Kings Dominion Blvd, 28,800 SF leased to Kaeser Compressors at 3010 Mine Rd., and 22,000 SF leased to The Milby Company at 62 Debruen Ln. Also, New Home Media expanded their space at Main St., adding 8,167 SF. With new buildings now in the planning stages but awaiting deals to move forward, rents are stabilized and will most likely increase due to higher construction costs. 11

12 MARKET OVERVIEW (Fredericksburg Q Office Market) The local economy has continued to make steady improvements throughout the year, and overall office leasing remained strong in the fourth quarter with 74,820 square feet (SF) leased, compared to 53,175 SF during the same quarter last year. The majority of the region s office leases were less than 5,000 SF in size. Some notable transactions include 3,860 SF leased to Abdelkrim Elmouhib at 151 Chatham Heights Road; 3,531 SF leased to Sonalysts, Inc. at 125 Woodstream Boulevard; and 3,410 SF leased to Dominion Youth Services Residential, LLC at 1931 Plank Rd. In mid-december, The Free Lance-Star s move to a 18,700- SF office space in Central Park Corporate Center was completed. In addition to this new tenant, Central Park Corporate Center experienced strong improvement in overall leasing for The project reported tenant expansions, including Samson Companies adding 4,331 SF. Another new tenant joining the center is McLean Mortgage, which leased 4,060 SF. For this center alone over 30,000 SF was leased during 2016 and, as a result, vacancy fell from over 30% to under 20%. Because of the area s proximity to several military bases and the nation s capital, government contracting continues to be a strong driver of office leasing. A considerable uptick in new spaces and expansions were reported Q4 in this sector: AECOM leased 6,627 SF at 1671 Jefferson Davis Highway, Stafford Technology & Research Center leased 5,768 SF at 1000 Corporate Dr., JR Integrated Systems leased 5,000 SF at Combs Dr. and IOMAXIS leased 4,854 SF at Ballantraye Rd. 12

13 RESIDENTIAL FUTURE LOT INVENTORY (3-Mile Radius) 13

14 RESIDENTIAL FUTURE LOT INVENTORY (3-Mile Radius) 14

15 RESIDENTIAL FUTURE LOT INVENTORY (5-Mile Radius) 15

16 RESIDENTIAL FUTURE LOT INVENTORY (5-Mile Radius) 16

17 RESIDENTIAL FUTURE LOT INVENTORY (5-Mile Radius) 17

18 SANITARY SURVEY 18

19 SITE PLAN 19

20 GRADING & EASEMENT PLAN 20

21 STORM DRAINAGE & FIRELANE PLAN 21

22 SALES COMPS 22

23 DEMOGRAPHICS 3-Mile Radius to Plank Road 23

24 PROPERTY PICTURES 24

25 PROPERTY PICTURES 25

26 AREA MAP 26

27 LOCAL MAP Park Plaza Land 27

28 SITE AERIAL Plank Rd Gordon Rd 28

29 THANK YOU Thank you for taking the time to review Plank Plaza Land. For inquiries, please contact CPG Realty at (240) or at Sincerely, Mychael D. Cohn 29