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FOR LEASE Anchor boxes, outparcels and small shop space in Hampton Roads premier new retail development Located near military, municipal, educational, medical, entertainment and sports venues as well as
FOR LEASE Anchor boxes, outparcels and small shop space in Hampton Roads premier new retail development Located near military, municipal, educational, medical, entertainment and sports venues as well as other existing retail centers. Part of a major new mixed-use development by one of the region s leading developers, The Dragas Companies. S. INDEPENDENCE BOULEVARD AND PRINCESS ANNE ROAD VIRGINIA BEACH, VIRGINIA FOR MORE INFORMATION: DEVELOPED BY: Chris Read Senior Vice President Ned Brooks Senior Vice President Scott Adams Regional President CBRE Hampton Roads 150 West Main Street Suite 1100 Norfolk, VA CBRE, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. :: EXECUTIVE SUMMARY PROPERTY DESCRIPTION: Shoppes at Spence Crossing is a proposed 26 acre regional shopping center which is part of a 130 acre new mixed use project located in Virginia Beach, Virginia. Spence Crossing will be a signature development in the city of Virginia Beach on one of the last large zoned tracts of land in this established retail and residential trade area. The population density and daytime population surrounding Spence Crossing are very strong and traffic drivers include many large regional employers, recreation and entertainment venues. ADDRESS: Signalized intersection of S. Independence Boulevard and Princess Anne Road, Virginia Beach, VA SHOPPING CENTER SIZE: Approximately 220,000 sq. ft. SITE SIZE: ±26 acres: retail ±107 acres: residential (includes a hotel site) INGRESS/EGRESS: Signalized access on S. Independence Boulevard. Right in access on Princess Anne Road. AVAILABILITY: Anchor boxes, small shop space, and outparcels available for lease ZONING: Conditional B-4 (Mixed Use District) TRAFFIC COUNTS (2012): 45,000 AAWDT: Princess Anne Road at S. Independence Boulevard 26,000 AAWDT: S. Independence Boulevard at Princess Anne Road 15,000 AAWDT: Salem Road at Lynnhaven Parkway SPENCE CROSSING RESIDENTIAL DEVELOPMENT: 160 Villas 160 Luxury Villas 138 Three Story Townhouses 184 Single Family Homes 288 Apartments - Approximately 115 leased :: EXECUTIVE SUMMARY AREA INFORMATION: The Princess Anne retail submarket contains approximately 1,724,500 sq. ft. of retail space and very low historic retail vacancy rate. Neighboring retailers include Target, Walmart, Home Depot, Best Buy, Ross, Kohl s, Bed Bath & Beyond, OfficeMax, Farm Fresh, Harris Teeter, Marshalls, Petco, PetSmart, AC Moore, Books a Million and many more. To the northeast is the region s #1 mall, Lynnhaven Mall, and Oceana Naval Air Station To the south are the highly desirable, high end neighborhoods of southern Virginia Beach To the southeast is the new, Sentara Princess Anne Hospital, Tidewater Community College, Virginia Beach Higher Education Center, Virginia Beach Courthouse and Municipal Center, Farm Bureau/Virginia Beach Amphitheatre, the Hampton Roads Soccer Complex, Virginia Beach Sportsplex and Landstown Commons. To the west is Regent University and the very densely populated Kempsville section of Virginia Beach. Demographics (2014) 1-Mile 3-Miles 5-Miles POPULATION 18, , ,778 AVERAGE HOUSEHOLD INCOME $74,472 $81,549 $81,364 DAYTIME POPULATION 5,603 30, ,755 :: SITE PLAN Residential Grocery Outparcel ac.± Stormwater Pond Residential Conceptual Development Plan Spence Crossing Centerville District Virginia Beach, Virginia Jr. Anchor Jr. Anchor Jr. Anchor Retail Shops 16,800 S.F. Restaurant PROPOSED SIGNAL Outparcel ac.± Restaurant Restaurant Outparcel ac.± Outparcel ac.± Outparcel ac.± RESTAURANT PADS 2.9 ac.± COMMERCIAL SITE SEE PARKING REQUIREMENTS FOR SHOPPING CENTERS BELOW CONCERNING RESTAURANT SPACE ac.± COMMERCIAL SITE COMMERCIAL PARCEL GROSS S.F. = 110,300 PARKING = 560 SPACES± OVERALL PARKING RATIO =5.07 / 1,000 S.F.± CITY OF VIRGINIA BEACH PARKING REQUIREMENTS FOR SHOPPING CENTERS INCLUDING OUTPARCEL1 AND POTENTIALLY THE REMAINING OUTPARCELS SHOULD THEY FALL INTO THE CLASSIFICATION OF SHOPPING CENTER. SHOPPING CENTERS CONTAINING AT LEAST ONE (1) ACRE OR MORE THAN FOUR (4) TENANTS: ONE SPACE PER TWO HUNDRED FIFTY (250) SQUARE FEET OF FLOOR AREA, PROVIDED THAT IN SHOPPING CENTERS WHERE RESTAURANTS WITH SEATING FOR FIFTY (50) OR MORE PATRONS COMPRISE FIFTY PERCENT (50%) OR MORE OF THE TOTAL FLOOR AREA, PARKING SHALL BE ONE (1) SPACE PER ONE HUNDRED (100) SQUARE FEET OF FLOOR AREA; EXISTING SIGNAL Suite Independence Parkway Chesapeake, Virginia Tel: (757) Fax: (757) :: SITE PLAN Conceptual Development Plan Spence Crossing Centerville District Suite Independence Parkway Chesapeake, Virginia Virginia Beach, Virginia Tel: (757) Fax: (757) :: AERIAL VIEW EAST :: AERIAL VIEW NORTH :: AERIAL VIEW SOUTH :: AERIAL VIEW WEST :: AERIAL VIEW :: MAP VIEW VIRGINIA SITE :: MAP VIEW REGIONAL SITE 0 mi Copyright Microsoft Corp. and/or its suppliers. All rights reserved NAVTEQ. All rights reserved. This data includes information taken with permission from Canadian authorities Her Majesty the Queen in Right of Canada. Copyright 2004 by TeleAtlas North America, Inc. All rights reserved. :: MAP VIEW LOCAL SITE 0 mi Copyright Microsoft Corp. and/or its suppliers. All rights reserved NAVTEQ. All rights reserved. This data includes information taken with permission from Canadian authorities Her Majesty the Queen in Right of Canada. Copyright 2004 by TeleAtlas North America, Inc. All rights reserved. :: PRINCESS ANNE ROAD TRAFFIC GENERATORS Area Traffic Generators Courthouse Estates Salem High School Princess Anne Road Traffic Generators ~15 villages ~Over 1,100 single family homes ~1,931 annual enrollment Notes/Statistics Green Run High School Landstown High School Landstown Middle School Landstown Elementary School Tidewater Community College ~1,800 annual enrollment ~2,282 annual enrollment ~1,600 annual enrollment ~836 annual enrollment ~20,000 annual enrollment at the Virginia beach campus (largest TCC campus) Virginia Beach Higher Education Center ~10,000 annual enrolment ODU Credit Courses ~(Waiting on figure) annual enrollment NSU Credit Courses ~600 annual enrollment TCC Credit Courses ~3,000 annual enrollment for all non-credit operators ~Meeting & Training facilities or business, government, and community services special events Verizon Wireless VB Amphitheater ~237,041 attendees in 2010 Virginia Beach Municipal Center Complex LifeNet Health ~6,000 employees ~503 employees Sentara Princess Anne Hospital ~160 inpatient acute bed hospital opened 2011 Virginia Beach Sportsplex Virginia Beach Field House ~Multi-sport/multi-use facility featuring stadium and fields for games, camps and training ~Sports include football, rugby, field hockey, lacrosse, soccer and cycling ~ A multi-sport indoor complex serving thousands annually Hampton Roads Soccer Complex ~This is a 75 acre, 21 field soccer complex that sees over 7,500 soccer matches each year ~In attendance are 60,000 out-of-town visitors and 15,000 local residents and players Oceana Naval Air Station ~This base contains 5,916 acres, 250 aircraft and has a community of 20,000 people, making it the largest employer in Virginia Beach :: SUBMARKET HIGHLIGHTS Submarket Highlights OPERATION SMILE: An international non-profit charity that provides reconstructive surgery for children with facial deformities is constructing a $20 million dollar global headquarters within the Princess Anne corridor (1.2 miles from Spence Crossing). The building will be 72,300 square feet and will employ 95 people. LIFENET: A regenerative medicine company and the largest organ and tissue bank in the United States is constructing a 42,000 square foot renovation to their corporate headquarters (located 1.3 miles from Spence Crossing). SENTARA: In 2011, Sentara opened the third hospital on the Princess Anne medical site (located 1.2 miles from Spence Crossing). The total cost of construction for the 160 bed facility was $180 million. All Virginia Beach labor and delivery services take place in the facility. VB JOINT USE LIBRARY: Tidewater Community College and the City of Virginia Beach are partnering together to construct a joint use library which will serve TCC students as well as the residents of Virginia Beach (located 0.45 miles from Spence Crossing). The library will be approximately 120,000 square feet and is slated for completion during the spring of In total, it is a $53 million investment. PRINCESS ANNE ROAD AND NIMMO PARKWAY EXPANSIONS AND CONNECTIONS: The Virginia Department of Transportation is currently underway with a $120 million road expansion/connection plan, which will ultimately result in a four lane, divided highway connection of Princess Anne Road and Nimmo Parkway, from Dam Neck Road to General Booth Boulevard. This will create a direct four and six lane connection from the Red Mill section of the City to Spence Crossing and will increase traffic levels on Princess Anne Road. Construction is expected to be completed in LYNNHAVEN PARKWAY CONNECTION: The Virginia Department of Transportation will begin construction next year on a road expansion/connection plan, which will improve and connect Lynnhaven Parkway from Indian River Road to Centerville Turnpike. This will create a four lane connection between central Virginia Beach and the Greenbrier section of Chesapeake. It will allow for direct access from Greenbrier to our site. Construction is expected to be completed in YMCA: The YMCA is scheduled to begin construction by the end of 2012 on a recreational facility with a 25 meter indoor pool and outdoor recreational pool. A 50 meter indoor competition pool is also proposed on the site. The competition pool facility will be run in partnership with the YMCA and Tide Swim Team. :: VIRGINIA BEACH FACT SHEET FOR MORE INFORMATION: Ron Kuhlman Virginia Beach Convention & Visitors Bureau Danya Bushéy BCF Destination Overview 2012 Virginia Beach Fact Sheet As the state s largest city with nearly 450,000 residents, Virginia Beach invites visitors to Live the Beach Life like the locals do. Offering the classic beach vacation, Virginia Beach maintains a long-standing reputation as a family-friendly oceanfront resort with a mild climate yearround. Visitors are greeted by a 300-foot wide beach lined by Virginia Beach s renowned three-mile paved oceanfront Boardwalk. After spending lazy days on the beach, the state parks and national wildlife refuge beckon, enticing visitors to embark on hiking, kayaking, and biking adventures. Fishing, golfing, whale- and dolphin-watching boat tours, historic landmarks, the Virginia Aquarium and exciting events complete the famed resort city s vacation experience. Unique coastal cuisine comprised of fresh seafood and locally harvested produce makes for mouthwatering meals while a variety of seaside lodging options with spectacular views let you rest easy at night. Virginia Beach Convention & Visitors Bureau and the Virginia Beach Convention Center The resort city is one of the nation s premier year-round leisure and meeting destinations. The Virginia Beach Convention & Visitors Bureau (CVB) is a city department that plans and implements marketing strategies to attract domestic and international consumer travelers, conventions, meetings and sporting events, as well as small, medium and large size motorcoach groups. The Virginia Beach Convention Center, boasting more than 500,000 sq. ft. of flexible space, is the first convention center in the country to achieve LEED Gold certification for Existing Buildings. This achievement also signifies the facility as the Commonwealth of Virginia s largest building to achieve the LEED Gold certified project for Existing Buildings. The LEED (Leadership in Energy and Environmental Design) Green Building Rating System is the nationally accepted benchmark for the design, construction, and operation of high performance green buildings, which was developed by the U.S. Green Building Council (USGBC). As a destination marketing organization, the Virginia Beach Convention & Visitors Bureau (CVB) manages the Convention Center which hosts regional and national trade shows, conventions, sports tournaments and special events, and sponsors some of the city's major festivals and special events. :: VIRGINIA BEACH FACT SHEET Ocean and Bay Beaches Virginia Beach boasts 35 miles of waterfront property, with a total of 14 miles of beach that are free and open to the public. In the Virginia Beach resort area from 1 st to 40 th Streets, beautifully-landscaped pedestrian beach entrances are easy to find, and parking is ample. If you seek a more relaxed day at the beach, visit Chesapeake Beach (known to the locals as Chick s Beach ) for its tranquility along the scenic Chesapeake Bay. Swimmers will enjoy the bay's protected shallow, calm waters. For a secluded environment, the Sandbridge area on Virginia Beach's southern shore is quiet and just 20 minutes from the main resort area. Without hotels, only breathtaking oceanview rental homes, condominiums and peacefulness fill the pristine Sandbridge neighborhood. Sand sweeps from the shore to the streets where traffic is minimal and seagulls leave long-lasting footprints. Parks & National Wildlife Refuge With more than 18,600 acres of nature in two state parks and a national wildlife refuge, certain areas in Virginia Beach look almost identical to what the English settlers viewed when they first landed in North America. First Landing State Park, the most visited state park in Virginia, contains 2,700 acres of protected salt marsh habitat, bay and dune maritime forests and freshwater ponds. A registered Natural Landmark, it fronts the Chesapeake Bay. Back Bay National Wildlife Refuge, an 8,500-acre plot is made up of barrier islands, dunes, freshwater marshes, maritime forests, ponds and ocean beaches. Sharing a border is the 4,321-acre False Cape State Park, featuring six miles of unspoiled beaches in an ocean-to-freshwater bay habitat. Both Back Bay and False Cape are home to wild horses, feral pigs, loggerhead turtles, American bald eagles and a large variety of migratory birds and endangered species. All three nature areas offer numerous opportunities for exercise and adventure with a mix of hiking and biking trails and waterways perfect for kayaking and canoeing. Accessibility More than 94% of Virginia Beach s visitors arrive by auto. When approaching from the west, the easiest routes are Interstate 64, U.S. Route 460 or U.S. Route 58. From the north and south, convenient routes are Interstates 85 or 95, U.S. Route 17 and U.S. Route 13 (crossing the world-famous 17-mile Chesapeake Bay Bridge-Tunnel, connecting Virginia s Eastern Shore with Virginia Beach). These options intersect with Interstate 64, which connects with Interstate 264, leading directly to the Virginia Beach oceanfront. An Amtrak train connection is available in Newport News, with continued bus service to Norfolk and Virginia Beach. Greyhound and Trailways Bus Lines also operate in the area. With mile-marker zero in neighboring Portsmouth, recreational boaters can follow the Intracoastal Waterway into the area from as far north as Boston, as far south as Key West and as far southwest as Brownsville, Texas. :: VIRGINIA BEACH FACT SHEET Oceanfront Boardwalk The Virginia Beach boardwalk dates back to 1888, and has been ranked among the best American boardwalks by Discovery Channel, Dr. Beach, Southern Living, Coastal Living and Travel+Leisure. The paved thoroughfare is an impressive 28 feet wide and three miles long with a separate bike path, making it ideal for strolling, rollerblading and biking. Entertainment is offered nightly during the summer months and four oceanfront stages at 7 th, 17 th, 24 th and 31 st Streets provide free live musical acts. For handicapped accessibility, ramps from the boardwalk to the beach are available at every block while 8-foot wooden walkways span the beach from the boardwalk to the water s edge at 8 th, 17 th, 24 th and 30 th Streets, perfect for visitors who may have trouble maneuvering through the sand. The new JT s Grommet Island Beach Park & Playground for EveryBODY is located right off the boardwalk at 2 nd Street and is the first 100% disability-accessible beach playground in the country. Public restrooms are located at 2 nd, 17 th, 24 th and 30 th Streets. Dining Enjoy the taste of Virginia Beach s unique coastal cuisine as you savor mouthwatering combinations of freshly caught seafood, local, sustainably raised pork, chicken and turkey, and homegrown fruits, vegetables and herbs. Agriculture is one of the top three industries in Virginia Beach, with miles of green space in the southern end of the city harvesting a long list of produce including strawberries, blueberries, blackberries, peaches, kiwis, apples, pears, cantaloupes, tomatoes, corn, beets, onions, broccoli, cabbage, white and sweet potatoes, green beans, eggplant, peppers, a variety of squash and leafy greens and more. Fresh catches include Chesapeake Bay blue crabs, shrimp, scallops, oysters, clams and a large number of fish such as striped bass (also known as rockfish ), tuna, tautog, mahi-mah, flounder, trout and drum. With all this goodness, local chefs are tantalizing taste buds with unique pairings in nearly 300 restaurants across the city. Local favorites include Chesapeake Bay crab cakes, she-crab soup, raw oysters and Oysters Rockefeller, rockfish prepared in an infinite number of ways, BBQ and all types of strawberry-based desserts. Virginia Beach also celebrates a diverse spectrum of cultures through its dining offerings, with choices ranging from Chinese, Japanese, Vietnamese and Thai to Italian, Mexican, Cuban, Greek and Indian. Arts & Culture Each year, more than 400 artists travel to Virginia Beach for one of the nation's most prestigious events, the Boardwalk Art Show and Festival, ranked as one of the Top 15 fine art shows in the U.S. by Sunshine Artist Magazine. The Virginia Museum of Contemporary Art s (MOCA) changing exhibits feature painting, sculpture, photography, glass, video and other visual media from internationally-acclaimed artists as well as artists of national and regional renown. Additionally, visitors can experience opera, dance and musical performances at venues throughout the region, including the city s jewel, the Sandler Center for the Performing Arts. The Town Center of Virginia Beach hosts an annual art and wine festival every May, and additionally features the First Fridays ArtWalk series on the first Friday of the month, May October. Each spring, Virginia Beach also participates as a regional venue in the annual Virginia Arts Festival, which brings some of the world s finest performers of classical music, dance, theater, world beat and more to the Hampton Roads region. :: VIRGINIA BEACH FACT SHEET Shopping Virginia Beach s new downtown area, The Town Center, is located ten miles from the oceanfront, spans 17 city blocks and features outdoor cafes, restaurants, upscale retail and nightlife, along with business-class and deluxe hotels. Stores are a mix of national chains such as Brooks Brothers and Ann Taylor Loft, alongside small local clothing and gift boutiques. Virginia Beach also is home to Lynnhaven Mall and the Hilltop Shopping area. Lynnhaven Mall is 10-minute drive from the oceanfront and the largest shopping center in the area. Anchors include Macy s, Dillard s and JCPenney, while smaller national stores such as Banana Republic, Gap, The Limited, Buckle, NineWest, H&M, Hollister, Vans, Barnes & Noble, Brookstone and Dick s Sporting Goods round out the mix. Approximately five minutes from the oceanfront, the Hilltop are
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