EXCEPTIONAL DEVELOPMENT OPPORTUNITY Investment Offering Summar y Exclusively Offered By:
I. EXECUTIVE SUMMARY NKF Capital Markets has been exclusively retained to market for sale an approximately 43.5 acre parcel of unimproved land located in the Churchman s Crossing area of Northern Delaware. The Property s optionality regarding the multitude of by-right uses due to favorable zoning is unmatched, giving potential buyers great optionality to plan the most successful development possible. This Property offers potential buyers a rare opportunity to acquire, or long term ground lease one of the last remaining parcels of unimproved land located in Northern Delaware s most concentrated commercial corridors, Churchman s Crossing. The site can be accessed from either the I-95/Route 1/7 interchange or the I-95/Route 273 Interchange and is situated at the southeasterly intersection of Interstate 95 and Routes 1 and 7. The Property benefits from extremely high visibility and an 180,000+ ADT count along Interstate 95 as well as an 84,000+ ADT count along Route 1. The Immediate area comprises a successful super-regional mall, retail centers, a 906-bed nationally ranked hospital, hotels, restaurants, and residential communities. The Property s ease of access to regional thoroughfares, favorable zoning, prior and current successful development in the immediate area, Delaware s favorable sales tax structure, amongst other reasons are all critical factors which will ensure a successful development. 2
Property Snapshot ADDRESS: 205 Stanton Christiana Road Newark, DE 19702 PROPERTY SIZE: ~43.5 Acres FRONTAGE: 1,000 feet on the Northbound lanes of I-95 ZONING: CR (Commercial Regional) EXECUTIVE SUMMARY 3
IN V E S T M E N T HIGHLIGHTS 4
PRIME DEVELOPMENT LOCATION The Property is situated at the confluence of Interstate 95 and Routes 1 and 7 in the Northern Delaware area known as Churchman s Crossing. The Property s proximity to major highway access including I-95, I-495, I-295 and the New Jersey Turnpike is unmatched. Additionally, the Property is 2.6 miles from SEPTA s Churchman s Crossing Regional Rail Station and a 30 minute drive from Philadelphia International Airport. 40 95 295 495 202 13 80 81 burg 0 76 wn A 15 220 30 15 22 322 15 Williamsport tilly 270 66 522 Potomac R 15 70 30 Milton 83 81 95 29 Rockville 83 80 220 PENNSYLVANIA Harrisburg Westminster Alexandria 495 York 695 322 76 97 Washington 495 301 DC Frackville 1 40 11 Reading 422 322 Baltimore 81 78 95 209 222 176 30 Lancaster 205 Stanton Christiana 222 Road MD 22 301 Queenstown 50 301 Easton Wilkes- Barre 80 380 Wayne Chester 95 202 Wilmington 295 Middletown 13 ALT 113 113 6 84 209 Stroudsburg Bethlehem 78 Delaware River 322 40 9 46 206 476 202 Norristown 422 276 Bensalem 1 295 Newark Allentown DE Philadelphia Dover Milford 6 202 Parsippany 80 Morristown 202 206 22 Elizabeth 78 Woodbridge 278 287 Somerset 206 1 30 322 Vineland Rehoboth 130 9 Cape May 95 Trenton 195 NJ NY Newark 9 9 Lakewood Garden State Parkway 9 Atlantic City ver Rumson Atlantic Ocean 202 New York City Due to its extreme ease of access to the entire region, Churchman s Crossing has been the focus of intensive development activity since the mid 1970s. The abundance and variety of retail, office, medical, hotel, and residential developments in the immediate area surrounding the Property draws regional residents, tourists and shoppers year round. The Property also benefits from 1,000 linear feet of frontage on the Northbound lanes of Interstate 95 (180,000+ ADT) near exit 4. EXECUTIVE SUMMARY 5
DISTANCES FROM 205 CHRISTIANA ROAD Christiana Chrsitiana Location Mall Fashion Center Distance 0.8 Miles 0.9 Miles Drive Time 2 Minutes 2 Minutes 6
MULTITUDE OF PERMITTED USE DEVELOPMENT OPTIONS The Property is zoned CR (Commercial Regional) which allows for a variety of permitted uses. Retail, hospitality, hospitals, offices, colleges and a variety of other uses are permitted per the Property s current zoning. EXECUTIVE SUMMARY 7
Access to Property via I-95 Northbound Access to Property via I-95 Southbound Access to I-95 Northbound via the Property Access to I-95 Southbound via the Property Christiana Mall comprises 177 stores, is 100% occupied and draws over 20 million visitors per year. 8
SUCCESSFUL NEIGHBORING DEVELOPMENTS The Property is one of the last remaining parcels of unimproved land in an area that has experienced a wide range of successful developments over the past 30+ years. The Christiana Mall, just East of the Property, is one of America s most successful malls producing a gross sales metric over $500/SF. In a market where the majority of retail is said to be failing, the Christiana Mall comprises 177 stores, is 100% occupied and draws over 20 million visitors per year. To the South of the Property, the recently developed Emblem at Christiana is a 244-unit garden style apartment community that has experience extreme success, and is currently 97% leased. Additionally in the immediate area is an abundance of retail, the University of Delaware and its 22,000+ Students, a 906-bed nationally ranked hospital, multiple corporate headquarters and campuses, hotels, a well-leased office park, and a community college. Christiana Mall Eblem at Christiana Bank of America Newark Campus Hilton Hotel EXECUTIVE SUMMARY 9
ZONING OVERVIEW CR: Commercial Regional Permitted Uses Offices Retail Commercial Lodging Mixed Uses Other Permitted Uses Residential Minimum OSR/LSR.35.20.35.20.25 N/A Max Gross FAR.50.37.50 1.00.39 N/A Minimum Site Area 5/10 AC 5 AC 5/10 AC 10 AC 5 AC N/A Minimum Lot Area 1 AC 1 AC 3 AC 1 AC 1 AC N/A Parking 25/5 25/5 25/5 25/5 25/5 N/A Maximum Height 50/140 Feet 50 Feet 50/140 Feet 50/180 Feet 60 Feet N/A Zoning Description This district is intended to provide for community and regional commercial services, with a suburban transition character. Design controls shall promote circulation by foot and automobile within contiguous commercial or office areas. These design features are intended to lessen congestion on roads and create large commercial complexes rather than strip development. Mixed uses are permitted to provide residential customers within the development and transit facilities are required. 10
Sample Plan New Castle County Record Plan Building 1-205 Stanton Christiana Road Building 2-235 Stanton Christiana Road Building 3-255 Stanton Christiana Road Building 4-275 Stanton Christiana Road Building 5-285 Stanton Christiana Road Total Square Footage:299,755 SF Building 3 20,000 SF Building 2 57,200 SF Building 1 139,555 SF Building 5 78,000 SF Building 4 5,000 SF PROPERTY OVERVIEW 11
Sample Plan Retail A 100,360 SF Retail B 30,038 SF Retail C 19,333 SF Retail D 30,038 SF Retail E 19,800 SF FUTURE DEVELOPMENT AREA Restaurant A 6,157 SF Restaurant B 8,023 SF 30 South 17th Street, Suite 1300 Philadelphia, PA 19103 P: 215.864.0640 F: 215.864.0671 www.langan.com NEW JERSEY PENNSYLVANIA NEW YORK CONNECTICUT NEVADA VIRGINIA CALIFORNIA FLORIDA 12 2011 Langan Engineering and Environmental Services Inc. NF Y M
Sample Plan Restaurant 6,500 SF Retail 11,000 SF Retail 140,000 SF PROPERTY OVERVIEW 13
For Further Information CAPITAL MARKETS: MICHAEL MARGOLIS DAVID DOLAN DAVE GARONZIK Senior Managing Director Senior Managing Director Managing Director (610) 879-4503 (215) 246-2738 (215) 246-2776 mmargolis@ngkf.com ddolan@ngkf.com dave.garonzik@ngkf.com LOCAL MARKET EXPERTS: NEAL DANGELLO WILLS ELLIMAN BRETT DICLEMENTE Senior Managing Director Senior Managing Director Associate Director (302) 655-2082 (302) 275-4297 (302) 472-8035 ndangello@ngkf.com welliman@ngkf.com bdiclemente@ngkf.com