MacArthur Center. MacArthur Center. Norfolk, Virginia

Transcription

1 MacArthur Center Norfolk, Virginia

2 An historic city with a young population. The best suburban mall tenants in a revitalized urban NEWPORT NEWS, VA format. A hometown center that appeals to a growing residential base and visitors. MacArthur NORFOLK, VA Center is truly unique among retail projects. VIRGINIA BEACH, VA CHESAPEAKE, VA Boasting nearly two dozen unique-to-market SUFFOLK, VA retailers and a special vibe produced by a significant customer base of city dwellers, is reinventing itself to serve a young and energetic market. VIRGINIA NORTH CAROLINA 10 MILES The resurgence of parallels the resurgence of Norfolk itself. Norfolk, Virginia

3 Three-story super-regional center in the heart of downtown Norfolk Location in the commercial and cultural hub of Hampton Roads Multiple unique-to-market stores, including Nordstrom and Dillard s flagship Accessible by light rail Property Description major roads I-264 and East City Hall Avenue total sf 1,000,000 # of stores 140 # of parking 4,600 center description anchors key tenants Enclosed, three-level center Nordstrom and Dillard s Michael Kors, Apple, CPK, Texas de Brazil, Pottery Barn, Williams-Sonoma, White House Black Market, J. Crew, Banana Republic, Sephora, Chico s, Brighton Collectibles, Fossil, H&M, Loft, Lush, Johnston & Murphy, Fink s Jewelers and Regal Cinemas 18 THE CENTER THE MARKET STARWOOD

4 Norfolk ranked America s Favorite City Travel & Leisure, 2017 THE CENTER THE MARKET STARWOOD

5 The highway access of a suburban center, with the market density of a major city In the heart of a growing residential downtown Strong tourism market Pro-business atmosphere with another 6,000 new Norfolk jobs recently announced. City Style Urban center with regional mall draw More than 100,000 cars daily on downtown Interstate 264 loop Mall is primary driver of resident visits to downtown More than 1,300 downtown residential units built recently or in the pipeline Vibrant Space program incentivizes new business growth 60,000 annual cruise ship passengers two blocks from mall Visitors account for 27% of center sales and spend 50% more than residents THE CENTER THE MARKET STARWOOD

6 One of the best places to shop in the area VisitNorfolkToday.com

7 Millennials meet empty nesters in urban living Educated, affluent professionals New residential development within blocks of center Multiple universities and colleges nearby Young and Young at Heart Within 1 mile -- Millennials ages 18 to 34 comprise 32% of residents (versus 23% of US) Within 1 mile 65% are college-educated and occupy white-collar positions Booming 44% increase in number of households in Downtown Norfolk between 2000 and 2014 More than 133,000 people live, and more than 116,000 work, within 3 miles Eight universities and four community colleges with 100,000 students Tidewater Community College located one block from mall THE CENTER THE MARKET STARWOOD

8 Solid base of employment, including military, healthcare and research 4 million annual visitors, with expenditures of $4.36 billion, 20% of total tourism spending in Virginia A top 10 booming downtown due to decades-long housing, retail and financial growth (USA Today) Primary Trade Area Average Household Expenditures on Par With US $1,934 on apparel $640 on home furnishings $2,454 on food away from home $984 on personal care products and services $910 on sports and recreation THE CENTER THE MARKET STARWOOD

9 HAMPTON 26 MILES Distance to Competition I-64 Greenbrier Mall Driving 10 mi, 13 min Lynnhaven Mall Driving 15 mi, 21 min 13 Norkfolk Premium Outlets Driving 9 mi, 18 min Pembroke Mall Driving 10 mi, 14 min Virginia Beach Town Center Driving 10 mi, 13 min Tidewater Drive 31,000 AADT NORFOLK INT L AIRPORT Brambleton Avenue 40,000 AADT Norfolk Premium Outlets (Opening Spring 2017) Waterside Drive Church Street 24,000 AADT Pembroke Mall 29,000 AADT PORTSMOUTH Virginia Beach Town Center St. Pauls Blvd 28,000 AADT I-264 Legend Lynnhaven Mall Interstate 264 Primary Trade Area Secondary Trade Area Competition 107,000 AADT Access Roads Greenbrier Mall 3 MILES THE CENTER CHESAPEAKE THE MARKET STA R WO O D (AADT= annual average daily traffic)

10 NASA Langley Research Center (Hampton) Huntington Ingalls Industries (Newport News) Riverside Health (Newport News) Sentara Healthcare Eastern Virginia Medical School Tidewater Community College I-264 Norfolk Naval Shipyard I-64 Old Dominion University Children s Hospital of the King s Daughters Norfolk State University NORFOLK INT L AIRPORT I U.S. Department of Defense I-264 Area Attractions Harbor Park Scope Arena Nauticus Maritime Museum Hampton Roads Naval Museum Chrysler Hall Chrysler Museum of Art NORVA Theater Cruise Line Terminal The Main Norfolk new Hilton hotel and conference center USS Wisconsin Local Colleges Eastern Virginia Medical School Tidewater Community College Old Dominion University Norfolk State University Combined enrollment: 58,400 Legend Primary Trade Area Colleges Key Employers 3 MILES CHESAPEAKE THE CENTER THE MARKET STARWOOD

11 Demographics PTA 1 STA 2 TTA 3 US Avg Population 2017 estimate 1,116, ,674 1,440,484 Population By Race 2022 projection 1,158, ,576 1,487,754 % growth % 1.8% 3.3% 3.8% White 57% 46% 54% 70% Black 31% 44% 34% 13% Asian 5% 3% 4% 6% Hispanic Ethnicity 7% 8% 7% 18% Median Age % age % 15% 15% 14% % age 25 to 44 29% 28% 29% 26% % age 45 to 64 24% 24% 24% 26% Households 2017 estimate 415, , , projection 433, , ,226 Top 10 Emerging Cities for Global Trade Global Trade Magazine Norfolk named one of top 5 cities for entrepreneurs Entrepreneur.com One of the top 10 markets for business relocation and expansion Expansion Management Magazine Average Household Income 2017 households with kids under 18 36% 34% 35% 34% 2017 estimate $79,036 $65,632 $75,851 $80,853 % earning $75, % 31% 38% 38% 2022 projection $82,489 $68,980 $79,323 $87,464 Norfolk named Virginia s 2015 ecity Google Education % college educated 65% 61% 64% 59% 1-MILE 3-MILE 5-MILE 10-MILE Business & Employment business establishments 2,496 6,994 12,464 31,043 daytime employment 53, , , ,855 1 Primary Trade Area 2 Secondary Trade Area 3 Total Trade Area THE CENTER THE MARKET STARWOOD

12 Predominant Market Lifestyle Segments Accumulated Wealth 14% Families & couples age 50+ Upscale, college-educated baby boomers Sprawling suburban homes Disposable cash and sophisticated tastes Enjoy top-of-the-line electronics, sporting equipment, cars and vacations Young Achievers 12% Urban and metro neighborhoods Ethnically diverse and blend of family types Establishing or mid-career Enjoy sports and entertainment activities Some of the most tech savvy consumers Cautious Traditionalists 12% Over 55 year-old mix of singles and couples High rate of home ownership Fans of reading, home-based hobbies and travel Enjoy eating out at family restaurants Pursue social activities and entertainment outside the home Midlife Success 11% Singles & couples in their 30 s and 40 s Wealthiest of the Younger Years class College-educated with six-figure incomes Executive and professional jobs Fans of technology, financial products, and travel THE CENTER THE MARKET STARWOOD

13 Starwood Retail Partners: A New Kind Of Owner For A New Generation Of Retail Starwood Retail Partners is not your father s or your grandfather s landlord. We re acquiring, redeveloping, managing, leasing and operating the next generation of shopping centers for a new generation of shoppers: active, exciting community cores for an increasingly interconnected consumer. Owned by Starwood Capital Group, we ve grown our portfolio to 30 centers in 16 states across the United States since our founding in 2012, working with top-tier investment firms to help finance our properties, and employing the talents and skills of the most creative professionals in the business to maximize their value. We build solid relationships and partner with our retailers to ensure that they are in the right property at the right time, with the right deal to support their success now and in the future. We invest in innovative technologies that help our properties become more productive, our stores more exciting and our shoppers more engaged. We understand that ultimately, as an owner, as an employer and as a citizen of our communities, it s not about property, it s about people. California Metreon Northridge Mall Parkway Plaza Plaza West Covina Solano Town Center Colorado Belmar Connecticut Blue Back Square Florida The Mall at Wellington Green Westland Mall Georgia The Collection at Forsyth Illinois The Arboretum of South Barrington Chicago Ridge Mall Louis Joliet Mall The Promenade Bolingbrook Indiana Southlake Mall Kentucky Hamburg Pavilion Michigan Fairlane Town Center The Mall at Partridge Creek Montana Rimrock Mall Nebraska Gateway Mall North Carolina Northlake Mall Ohio Belden Village Mall Franklin Park Mall Great Northern Mall SouthPark Mall Texas The Shops at Willow Bend Virginia Stony Point Fashion Park Washington Capital Mall Kitsap Mall Charles Cristella / Director, Leasing / / ccristella@starwoodretail.com Bill Cikalo / Director, Big Box Leasing & Development / / bcikalo@starwoodretail.com Tim Martin / Director, National Restaurant and Entertainment Leasing East / / tmartin@starwoodretail.com Bryant Siragusa / Vice President, National Restaurant and Entertainment Leasing / / bsiragusa@starwoodretail.com Joe Nicchetta / Vice President, Leasing - East / / jnicchetta@starwoodretail.com Michael Powers / Senior Vice President, Leasing / / mpowers@starwoodretail.com Sources: The Nielsen Company; State Department of Transportation; State and Local Economic Development Resources 11/29/17 Starwood Retail Partners 1 East Wacker Drive Suite 3600 Chicago, IL THE CENTER THE MARKET STARWOOD