Pre-Leasing New Retail Development
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1 Pre-Leasing New Retail Development Commons on Regal - Retail Shopping Center 5415 South Regal Road Spokane, WA Lease Overview Available SF: Larger Users Lease Rate: Lot Size: Building Pads: 1,500 SF - 25,000 SF 6,000 SF to 80,000 SF $ $30.00 SF/ YR/(NNN) 8.73 Acres Available Year Built: 2015/2016 Property Overview Zoning: Market: Sub Market: Cross Streets: Neighborhood Commercial Spokane/South Hill Regal Retail Corridor South Regal Street & East 53rd/55th Avenues Build to Suit Retail New Retail Development 2015/2016 Pre-Leasing - Inline Space, Free Standing and Pads Proposed Tenants - Grocer, Drug Store, Home Goods, Restaurants Banks and Coffee Location Regal Retail Corridor Spokane's South Hill - Spokane's fastest developing retail corridor On Regal between 40th Avenue to 57th Avenue represents the new commercial growth area for South Spokane. This corridor will grow from 380,000 SF of existing retail to over 550,000 SF of retail space within the next 1 to 5 years. Regal at 55th Avenue carries just over 26,000 cars per day with expected increases Lighted intersection at Regal Street and 53rd Avenue will be installed Presented by GUY BYRD guy.byrd@svn.com WA #17968 ID #DB35767 TAYLOR GIBBONS taylor.gibbons@svn.com WA #
2 Project Elevations 2
3 Project Add Site title Map here 3
4 Property Description Offering Description Spokane's South Hill Retailers (Target and Trader Joe s) serve areas of Spokane well beyond the South Hill including the Central Business District, near North Side, near Spokane Valley, and West Spokane areas. Build to suit retail opportunities are available to various users and increments. The total square footage of space to be built out in the Commons on Regal will be 70,000-75,000 SF of retail space. Property Description The subject property provides 606 of frontage on Regal Street and 636 of depth on both 55th and 53rd Avenues. The site consists of 8.73 Acres of land or 380,278 Square Feet of Neighborhood Commercial Zoned property. New traffic light to be installed at the corner of 53rd Avenue and Regal Street. Current traffic or cars per day at this site are just over 26,000 cars per day and will increase as surrounding development continues to occur. The Commons on Regal development has more Regal Street retail frontage than the new Target Center (Regal Plaza) two blocks away. Market Overview The Regal Retail corridor from 40th Avenue to 57th Avenue represents the new growth area for retailers in South Spokane. This particular corridor will grow from 380,000 SF of existing retail to over 550,000 SF of retail space within the next 1 to 5 years, becoming the central focus for retail on the Spokane South Hill market. Within 3 Miles: 51,246 population $71,597 Avg HH Income $59,649 Med HH Income 25% higher than Spokane average 4
5 Add title here South Gate Neighborhood Retail 5
6 Demographics Map 5415 South Regal Road Spokane, WA Radius Map 1 Mile 5 Miles 10 Miles Total Population 3, , ,258 Total Number of Households 1,781 43, ,554 Average Household Income $89,041 $74,871 $56,337 Median Age * Demographic information provided by BuildOut, LLC 6
7 Demographics Report 5415 South Regal Road Spokane, WA For Lease Retail 1 Mile 5 Miles 10 Miles Total Population 3, , ,258 Total Number of Households Total Number of Persons per Household Average House Value Average Household Income 1,781 43, , $306,696 $248,752 $206,885 $89,041 $74,871 $56,337 Median Age Median Age - Male Median Age - Female Total Population - White Total Percent - White 3,548 92, , % 89.2% 88.6% Total Population - Black Total Percent - Black 48 2,597 7, % 2.5% 2.1% Total Population - Asian Total Percent - Asian 119 3,161 8, % 3.1% 2.4% Total Population - Hawaiian Total Percent - Hawaiian , % 0.0% 0.5% Total Population - Indian Total Percent - Indian , % 0.8% 1.3% Total Population - Other Total Percent - Other , % 0.8% 1.1% Total Population - Hispanic Total Percent - Hispanic 192 4,137 17, % 4.0% 4.7% * Demographic information provided by BuildOut, Inc. 7
8 City Information Spokane, WA City of Spokane The City of Spokane is located on the east side of Washington state, 18 miles west of the Idaho state line and 110 miles south of the Canadian border. As the largest city between Seattle and Minneapolis, Spokane serves as the hub of the Inland Northwest, a region encompassing Eastern Washington, Northern Idaho, Western Montana, Northeastern Oregon and parts of Alberta and British Columbia, Canada. Spokane is the second largest city in the state, with over two million people in a 36-county area. Southgate Neighborhood The Moran Prairie (Southgate) neighborhood experiences growth in terms of both population and retail services due to its location. Development continues to extend beyond the city limits mandating the city annex the new growth areas. Annexations expanding this neighborhood have occurred in 1991, 2001 and City Highlights CBD Spokane s central business core boasts recently revitalized shopping, housing and entertainment, with major projects recently completed and more underway. As with most river cities, Spokane s history revolves around its river, which tumbles through downtown in a series of rapids and falls known as Spokane Falls. Along the river is Riverfront Park (site of the 1974 World s Fair), the Inland Northwest Bank Performing Arts Center, the newly remodeled and expanded Convention Center, and the River Park Square shopping mall. Nearby one finds the Davenport Hotel, the growing Davenport Arts District, numerous shops, pubs and restaurants, and much new urban housing on the way, displacing many of the low-income residents and businesses that dominated downtown during the 1980s and 90s. South Hill Just south of downtown, a cluster of neighborhoods known as the South Hill beckons. You can leave Urbana behind in a short few minutes, where tall evergreens dominate the skyline rather than brick and mortar edifices. A short drive offers a view of stately homes and lush, green parks. The largest of which, Manito Park, covers 90-acres of green space offering running trails, playgrounds, picnic areas, event spaces, and sled hills. The park, designed by the famous Olmstead brothers of Central Park fame, combines both the best of man s landscaping ideas with Mother Nature s unspoiled beauty. Manito contains six gardens including a Japanese Garden and Duncan Garden which plants some 70,000 annuals each year; making for a colorful scene of begonias, geraniums, marigolds, etc., that serve up those special backdrops for senior pictures and weddings. Manito Park is just one of the beautiful neighborhoods of the South Hill; Lincoln Heights, Cannon s Addition, South Perry, Comstock, Moran Prairie, and Browne s Addition. The leafy west end of South Hill is one of Spokane s oldest residential areas. From Downtown, the view of the South Hill is dominated by evergreen trees and two large features: Sacred Heart Medical Center, which is Spokane s largest hospital, and the Cathedral of St. John the Evangelist, a magnificent example of modern English Gothic architecture. 8
9 County Information Spokane County Economic & Business Climate At a Glance Metro Population: 481,000 - up over 12.5% since 2000 Major Industries: Telecommunications, Financial Services, Transportation Gross Metro Product: $24.5 B Spokane County serves as the business, transportation, media, medical, educational and entertainment hub of the Inland Northwest, an area population of more than 1.4 million people. Affordable real estate, skilled workforce, and excellent quality of life combined with low operation costs, a world-class telecommunications infrastructure, and a progressive business climate makes Spokane County an ideal place to do business. Spokane County is the fourth most populated county in Washington, serving over 436,000 residents with four full-service hospitals, two of which are the second and third largest in the state. The regional economy is diverse, thriving on the emergence of new technologies in research, education and health and bio-sciences, while embracing new developments in traditional industries including agriculture, manufacturing and forestry. Over the past few years, population and job growth in the Spokane region continue to outperform national trends. In partnership with industry, the economy relies on the region s continued investments in human capital and infrastructure to create an environment for success. Our award-winning K-12 schools and world-class colleges and universities reflect the region s solid commitment to education. Significant transportation and communication assets position the region for sustained growth and development. Areas Served & Neighborhood Details Unemployment: 6.8% Job Growth (2013): 1.5% Cost of Living: 1.9% below national average College Attainment: 27.4% Net Migration (2013): 510 Data is for the metro area Sources: Moody's Analytics; Sperling's BestPlaces; U.S. Census. Microsoft Bing Terms Of Service [ Numbers as of July 2014 The Spokane regional economy is diverse and has opportunities for a number of industries. From the aerospace companies on the West Plains, to the tech and health sciences companies in Spokane, to the manufacturing companies in Spokane Valley and Liberty Lake, to the agribusiness companies throughout the region, there s a place for businesses large and small in the area. The region s Certified Sites program allows land to be certified and ready for any company looking to break ground on new development in a timely manner. Spokane was recently named a Best Town by Outside Magazine and a top place to live after college. Washington was recently named the 9th-best state to do business and the 4th-fastest growing state. 9
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