WAKE UNION PLACE...market of wake forest wake forest presbyterian church c a p i t a l o b o u l e v a r d k e r n e y r d 1 wake forest crossing d u r h a m r o a d smithfield’s

For more information, please contact:

JUSTIN GOODManaging Director(704) 526 [email protected]

KARL HUDSON IV, CCIMVice President(919) 987 [email protected]

SARAH GODWINAssociate(919) 573 [email protected]

WA K E U N I O N P L A C EWAKE FOREST, NORTH CAROLINA

LAND FOR SALE

±58.43 ACRES

SITE

MARKET OF WAKE FOREST

WAKE FOREST PRESBYTERIAN CHURCH

CAPI

TAL B

OULEVARD

KEARNEY ROAD

1

WAKE FOREST CROSSING

DURHAM ROAD

Smithfield’sCHICKEN ‘N BAR-B-Q

UNDER AGREEMENT- FUTURE RETAIL DEVELOPMENT

WA K E U N I O N P L A C ELAND FOR SALE






SITE FEATURESLAND SIZE 58.43 acres

REAL ESTATE IDS 0250800, 0034604, 0122581, 0032019

EXISTING ZONING CU HB (Conditional Use Highway Business)

FUTURE ZONING RMX (Residential Mixed-Use)

NMX (Neighborhood Mixed-Use)

UTILITIES Water and sewer adjacent to site

LIST PRICE Call for details

PROPERTY OVERVIEWFoundry Commercial and HFF are pleased to present a highly desirable 58.43 acre mixed-use development opportunity positioned at the intersection of U.S. Highway 1/Capital Boulevard and Wake Union Church Road in Wake Forest. The property is currently being rezoned to allow for up to 288 multifamily dwelling units, roughly 200,000 square feet of commercial development as well as 86 townhome units, which is expected to be finalized in December of 2017. Wake Union Place features strong demographics and is located across Kohl’s and Lowes Food anchored Wake Forest Crossing Shopping Center, approximately one mile north of the NC Highway 98/Dr. Calvin Jones Highway and less than 30 minutes from Downtown Raleigh. The property is bordered by single-family residential housing to the north and west and commercial properties to the south and east.

Wake Union Place was formally a manufacturing facility which was at one time was encumbered by environmental problems. The environmental impacts encumber roughly 33 acres which are in process of being remediated and are currently being monitored by NCDEQ through the Brownfields Program. Due to these environmental impacts, residential uses are not currently permitted on the 33 acre portion of the property though they will be allowed on the residual 25 acres of the development.

DEMOGRAPHICS 3 MILE 5 MILES 7 MILES2017 ESTIMATED POPULATION

3,133 38,880 76,937

2022 PROJECTED POPULATION

3,518 43,648 85,806

EST. HOUSEHOLD INCOME

$98,634 $100,874 $105,293

TRAFFIC COUNTSUS HWY 1 / CAPITAL BOULEVARD 40,000 VPD

NC HWY 98 / DR CALVIN JONES HWY

24,000 VPD

540

540

495

495

540

540

440

440

540

40

40

40

40

40

85 85

86

86

54

55

55

98 98

98

98

96

96

96

50

54751

751147

751

70

1

70

70

70

64 264

64

64

264 264

401

401

401

401

401

401

70

70

501

15

1

64

64

1

1

1

75 55

50

50

ORANGECOUNTY

CHATHAMCOUNTY

WAKECOUNTY

WAKECOUNTY

JOHNSTONCOUNTY

NASHCOUNTY

FRANKLINCOUNTY

GRANVILLECOUNTY

DURHAMCOUNTY

FallsLake

JordanLake

RDUAirport

Carrboro

Pittsboro

Holly Springs

Apex

Morrisville

Garner

Clayton

Knightdale

Wendell

Zebulon

Rolesville

WakeForest

Bunn

Youngsville

FranklintonCreedmoor

Hillsborough

CHAPELHILL

Cary

RALEIGH

DURHAM

ResearchTriangle Park

SITE


Although the information contained herein was provided by sources believed to be reliable, Foundry Commercial makes no representation, expressed or implied, as to its accuracy and said information is subject to errors, omissions or changes.

2301 Sugar Bush Road, Suite 520Raleigh, NC 27612

foundrycommercial.com

WA K E U N I O N P L A C ELAND FOR SALE




OFF-SITE EXPENSESIn estimating the off-site exposure, the signalized intersection on U.S. Highway 1/Capital Boulevard will have to

be improved with the addition of a super street. In adding this to the onsite improvements necessary to facilitate outparcel sales, our team feels the maximum exposure is approximately $4 million. In order to drill that number down, our team would recommend discussing this item further with the Town of Wake Forest and NC DOT.

The property is currently being rezoned to allow for up to 288 multifamily dwelling units, roughly 200,000 square feet of commercial development as well as 86 townhome units, which is shown in the concept plan below.


WA K E U N I O N P L A C EMIXED-USE DEVELOPMENT OPPORTUNITY





ZONINGThe property is zoned Conditional Use Highway Business (CUHB) within the Town of Wake Forest and was previously part of a master plan featuring a 350,000 square foot retail center, which expired on January 1, 2012. The property is currently being rezoned to high density mixed use zoning designations, Residential Mixed-Use (RMX) and Neighborhood Mixed-Use (NMX) which will allow for a broad range of commercial, townhome and apartment development up to 24 dwelling units per acre. The rezoning is expected to be completed by December of 2017 and is being overseen by Kimley-Horn.







LOCATION & NEARBY AMENIT IES

SITE

JENKINS ROAD

CAPI

TAL

BOUL

EVAR

D

DR. CALVIN JONES HIGHWAY

KEARNEY ROAD

98

DURHAM ROAD

WAKE FOREST CROSSING

Smithfield’sCHICKEN ‘N BAR-B-Q

MARKET OF WAKE FOREST

UNDER AGREEMENT- FUTURE RETAIL DEVELOPMENT 40

,000 V

PD

24,000 VPD

18,000 VPD






LOCATION & NEARBY AMENIT IES

1

401

1

Harris Teeter

Wake Forest Crossing Kohl’s, Michael’s, Lowes Foods

Wakefield Plantation$300,000 to 2.5M single-family homes

U.S. 1/Capital Boulevard: 56,000 VPD

Falls of Neuse Road: 25,000 VPD

Bedford$ 250,000 to $600,000

single-family homes

NC Highway 98/ Dr. Calvin Highway

24,000 VPD

Downtown Wake Forest

Heritage$300,000 to $800,000 single-family homes

I-540: 93,000 VPD

Falls Lake State Park

Hasentree Club & Golf Course

WAKE UNION PLACE

Capital Plaza Target, Wal-Mart, Home Depot, Lowe’s Home Improvement, Petsmart






MARKET OVERVIEW - RETAILWake Union Place offers a tremendous opportunity for retailers, restaurants, hotels, among other users to capitalize on the surge of demand in tone of the largest retail trade areas in the Raleigh-Durham market.

With the road infrastructure of U.S. Highway 1 / Capital Boulevard, strong retail demand, and continuing residential growth in Wake Forest, Rolesville, North and Northeast Raleigh, Wake Union Place is ripe for the next wave of demand that has become apparent in the marketplace.

Per CoStar, there is over 10 million square feet of retail space in the U.S. Highway 1 / Capital Boulevard submarket and an existing vacancy rate of nearly 1.9% which shows the health and demand of the surrounding area.

With numerous anchor and junior anchor retailers seeking locations in close proximity to Wake Union Place, they can’t find the space or location that meets their requirements. With a large cluster of these retailers seeking opportunities, there is meaningful demand and a real need for land. That said, Wake Union should be well positioned to accommodate this demand.






MARKET OVERVIEW - MULTIFAMILYThe Raleigh-Durham metro area continues to be one of the hottest multifamily development markets in the country due to a red-hot economic recovery with nearly 50,000 jobs created in the past two years and the #1 Fastest Growing Metro from 2000-2013 according to CityLab (April 2015).

Drilling down to the Wake County North-2 submarket, per Real Data, there are 4,843 existing multifamily dwelling units which constitute approximately 3.9% of the total Triangle market. Located in a substantial path of growth due to the fast-growing Wake Forest area, the submarket has a 4.0% vacancy rate with a low amount of new supply in the pipleine. Average square footages in the Wake County North-2 submarket are approximately 1,045 square feet with average monthly rents north of $1,200 or $1.16 per square foot for new-built garden product. Though there are approximately 308 units under construction and approximately 298 units expected to be delivered in the next 12 months units, the pace of growth and demand in the immediate area indicates that Wake Union Place can support additional apartment development.

FASTEST GROWING LARGE US CITY

FROM 2016 - 2030United Nations Population Division

NO. 2






No. 3 BEST PLACE FOR BUSINESS AND CAREERFORBES, OCTOBER 2016

No. 1 HEALTHIEST COUNTY IN NORTH CAROLINACOUNTY HEALTH RANKINGS, 2016 AND 2017

No. 7 U.S. MARKETS TO WATCH: OVERALL REAL ESTATE MARKETULI, NOVEMBER 2016

No. 2 MOST POPULAR METRO FOR RELOCATING RENTERSFORBES, MARCH 2017

No. 1 BEST BIG CITY TO L IVE ININ THE SOUTHEASTMONEY MAGAZINE, SEPTEMBER 2016

No. 2 AREA WITH THE HIGHEST NUMBER OF TECH JOBSNEW YORK TIMES, AUGUST 2016

No. 5 BEST CITY TO L IVE AND WORKROBERT HALF CAREER CITY INDEX, FEBRUARY 2016

AN ENVIABLE QUALITY OF L IFE

The Triangle region has added an average of 125 new residents per day between 2010 and 2014.

The region continues to attract a steady stream of new residents from all over the world. With the right pieces in place for a thriving economy and a rising quality of life, population, great schools and economic growth are fully expected to continue to rank highly amongst other U.S. cities for the long-term.

Established, high-amenity crossroads located at the center of one of the nation’s most high-growth metros with an enviable quality of life.

#4 2017 BEST PLACES

TO LIVE

SOUTHERN LIVING

AMONG TOP 10 TASTIEST

TOWNS IN THE SOUTH

No. 1 BEST CITY FOR YOUNG ENTREPRENEURSMONEYRATES, JUNE 2017

ECOSALON

#3 BEST CITY FOR HEALTH

AND HAPPINESS

U.S. NEWS & WORLD REPORT

Documents

WAKE UNION PLACE...market of wake forest wake forest presbyterian church c a p i t a l o b o u l e v a r d k e r n e y r d 1 wake forest crossing d u r h a m r o a d smithfield’s