MacArthur Center Norfolk, Virginia
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, MacArthur 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
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 4,800 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, G by Guess, Brighton Collectibles, Bebe, Chico s, Fossil, H&M, Loft, Lush, Johnston & Murphy, Fink s Jewelers and Regal Cinemas 18 THE CENTER THE MARKET STARWOOD
Norfolk is a millennial magnet USA Today, 2014 THE CENTER THE MARKET STARWOOD
The highway access of a suburban center, with the market density of a major city In the heart of a growing residential downtown Increasing tourism market Pro-business atmosphere 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 1,000 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
One of the best places to shop in the area VisitNorfolkToday.com
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 nearly 70% are collegeeducated and occupy white-collar positions Booming 44% increase in number of households in Downtown Norfolk between 2000 and 2014 More than 132,000 people live, and more than 112,000 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
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 $1,817 on apparel $657 on home furnishings $2,310 on food away from home $931 on personal care products and services $853 on sports and recreation THE CENTER THE MARKET STARWOOD
HAMPTON Distance to Competition 35 MILES Greenbrier Mall Driving 10 mi, 13 min Lynnhaven Mall Driving 15 mi, 21 min Norkfolk Premium Outlets Driving 9 mi, 18 min Pembroke Mall Driving 10 mi, 14 min Tidewater Drive Brambleton Avenue Norfolk Premium Outlets (Opening Spring 2017) 40,000 AADT Virginia Beach Town Center Driving 10 mi, 13 min NORFOLK INT L AIRPORT 31,000 AADT Church Street 24,000 AADT Waterside Drive 29,000 AADT Pembroke Mall PORTSMOUTH St. Pauls Blvd 28,000 AADT Virginia Beach Town Center Lynnhaven Mall I-264 Interstate 264 107,000 AADT Greenbrier Mall Legend Primary Trade Area Secondary Trade Area Competition Access Roads (AADT= annual average daily traffic) 3 MILES THE CENTER THE MARKET STA R WO O D
Area Attractions Sentara Healthcare 3 mi. 5 mi. 10 mi. 112,068 217,180 Daytime Employees 422,447 7,139 12,908 Businesses 31,954 Harbor Park Scope Arena Nauticus Maritime Museum Hampton Roads Naval Museum Chrysler Hall Chrysler Museum of Art NORVA Theater Carnival Cruise Lines Port The Main Norfolk new Hilton hotel and conference center (2017) USS Wisconsin Local Colleges I-264 132,608 277,193 Residential Population 749,202 U.S. Department of Defense I-264 Eastern Virginia Medical School Tidewater Community College Old Dominion University Norfolk Naval Shipyard $54,860 $58,401 Household Income $70,273 Norfolk State University Combined enrollment: 58,400 Legend Demographics Key Employers 3 MILES THE CENTER THE MARKET STARWOOD
Demographics PTA 1 STA 2 TTA 3 US Avg Population 2016 estimate 1,110,790 324,668 1,435,458 Population By Race 2021 projection 1,152,838 331,326 1,484,164 % growth 2016 2021 3.8% 2.1% 3.4% 3.7% White 57% 46% 55% 71% Black 31% 44% 34% 13% Asian 5% 3% 4% 5% Hispanic Ethnicity 7% 7% 7% 18% Median Age 35 35 35 38 % age 15-24 15% 15% 15% 14% % age 25 to 44 29% 28% 28% 26% % age 45 to 64 25% 25% 25% 26% Households 2016 estimate 413,424 130,191 543,615 Average Household Income 2021 projection 431,461 133,517 564,978 2016 households with kids under 18 36% 34% 35% 34% 2016 estimate $76,846 $62,022 $73,296 $77,135 % earning $75,000+ 38% 29% 36% 36% 2021 projection $81,164 $64,450 $77,214 $83,619 Education % college educated 65% 61% 64% 59% 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 A top 10 booming downtown due to decades-long housing, retail and financial growth USA Today 1-MILE 3-MILE 5-MILE 10-MILE Business & Employment business establishments 2,625 7,139 12,908 31,954 daytime employment 46,150 112,068 217,180 422,447 1 Primary Trade Area 2 Secondary Trade Area 3 Total Trade Area THE CENTER THE MARKET STARWOOD
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 Midlife Success 12% 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 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 Young Achievers 11% 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 THE CENTER THE MARKET STARWOOD
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 / 215.341.7520 / ccristella@starwoodretail.com Bryant Siragusa / National Director, Restaurants & Entertainment / 214.771.2003 / bsiragusa@starwoodretail.com Bill Cikalo / Director, Big Box Leasing & Development / 312.283.5121 / bcikalo@starwoodretail.com Michael Powers / Vice President, Leasing - East / 312.242.3208 / mpowers@starwoodretail.com Ed Coury / Senior Vice President, Leasing / 312.242.3217 / ecoury@starwoodretail.com Sources: The Nielsen Company; State Department of Transportation; State and Local Economic Development Resources 04/14/16 Starwood Retail Partners 1 East Wacker Drive Suite 3600 Chicago, IL 60601 www.starwoodretail.com THE CENTER THE MARKET STARWOOD