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Shirlington Development Site
Shirlington Development Site 2700 Shirley Highway Arlington, Virginia SHIRLINGTON DEVELOPMENT SITE 2700 SHIRLEY HIGHWAY, ARLINGTON, VIRGINIA Confidential Offering Memorandum PENTAGON ROW & FASHION CENTER AT PENTAGON CITY CRYSTAL CITY SHOPS HE NR YG SH IRL EY ME MO RIA LH IGH WA Y 395 SHIRLINGTON DEVELOPMENT SITE 2700 SHIRLEY HIGHWAY, ARLINGTON, VIRGINIA THE VILLAGE AT SHIRLINGTON & SHIRLINGTON TRANSIT CENTER Shirlington Development Site 1 Mixed-Use Development Opportunity – Shirlington, VA SHIRLINGTON DEVELOPMENT SITE 2700 SHIRLEY HIGHWAY, ARLINGTON, VIRGINIA HE NR YG SH IRL EY ME MO RIA LH IG HW AY 395 Cushman & Wakefield of Washington, D.C. Inc., as exclusive advisor to the Owner, is pleased to present the opportunity to acquire 2700 Shirley Highway, a premier 4.64 acre development site located in the amenity-rich Shirlington neighborhood of Arlington, VA. This property is located approximately 3 miles from downtown Washington, DC with phenomenal visibility and approximately 800 feet of frontage on I-395, where current traffic counts average approximately 185,000 cars per day. The property is easily accessible from both the Shirlington and Glebe Road exits off of I-395 and offers unparalleled access to all points in the Washington, DC metropolitan area. N RD NG TO Site Plan S HI R LI R MI S2 7T HR D HE FOU NR YG SH IR L EY ME MO RIA LH WY 395 L E R UN TR A I L SITEPLAN©2011 SPIRECREATIVEGROUP.COM ILE RM U O F RAIL T N RU 2700 SHIRLEY HIGHWAY DEVELOPMENT SITE SPECIFICATIONS Address 2700 Shirley Highway Arlington, VA Location West side of I-395 between Glebe Road and Four Mile Run Tax Account Number 31034041 Property Description The site consists of approximately 202,094 square feet and fronts on the west side of I-395. An existing building measuring 32,349 square feet is currently on the site. Zoning The property is currently zoned M-1; Light Industrial, with a maximum FAR of 1.5. Re-zoning the property could potentially increase the density to 2.5 FAR or greater. The offered property is currently zoned M-1; Light Industrial, which supports a maximum FAR of 1.5. However, according to the Arlington County Department of Community Planning, Housing and Development (“DCPHD”), the site may be a candidate for a revision under the General Land Use Plan. Although the current “by right” density is 1.5 FAR, upon a potential re-zoning, the site may be awarded increased density of 2.5 FAR or greater through a public approval process. 2 Shirlington Development Site Shirlington Development Site 3 Arlington County Demographics (2011 Estimates) Arlington County is among the most densely populated jurisdictions in the country with a population density of 8,150 persons per square mile. Arlington County boasts the highest concentration of 25-34 year olds in the region. Additionally, Arlington is the most highly educated community in the Washington, DC region: nearly 70% of Arlingtonians hold bachelor degrees and over 34% hold advanced degrees. Population 210,280 At 4.1% Arlington County boasts the lowest unemployment Population Growth (2000-2010) 11.0% rate of any county in Virginia & the DC Metro area. Households 99,480 Traffic Count at I-395 and Glebe Road: 185,000+ per day. Average Household Income $123,552 This premier 4.64 acre development site, currently zoned M-1; Light Industrial, is located in the Shirlington neighborhood of Arlington, VA and could potentially yield over 500,000 square feet of mixed-use development through a rezoning with Arlington County. This site offers excellent access and visibility and is located at I-395 and Glebe Road (with over 800 feet of frontage on I-395). 2700 Shirley Highway is 3 miles from downtown Washington, DC and just 1.5 miles from Ronald Reagan Washington National Airport. In recent years, Shirlington has been re-developed into a vibrant 24-7 live-workplay environment with a successful mix of office, multi-family and retail product. The Village at Shirlington is located just one-half mile from 2700 Shirley Highway and is home to Harris Teeter, a Hilton Garden Inn hotel, 20 restaurants, great boutique shopping and the nationally acclaimed Signature Theater. The Village at Shirlington also contains over 650 apartment and condo units and several hundred thousand square feet of office space, making this a true 24-7 environment. This urban village is also home to the Shirlington Transit Center which is served by several Metrobus routes, all connecting to the nearby Pentagon City and Crystal City Metrorail stations, each located approximately 1.5 miles away. The 2700 Shirley Highway development site will become the natural extension of the Village at Shirlington. This presents an investor with the unique opportunity to capitalize on the 24-7 environment that exists within the Village at Shirlington today, while creating synergies with and expanding upon this highly successful urban-infill concept. Village at Shirlington, ½ mile from Shirlington Development Site 123 123 193 267 Tysons Corner 495 Potomac 66 VIRGINIA 7 McLean 270 Bethesda 495 Springfield 495 95 Annandale Franconia Ft. Belvoir Military Reservation 395 Arlington National Cemetary Arlington Silver Spring Station 185 Kensington Station 185 T O M 1 Rock Creek Park Silver Spring Union Station Fort Hunt 1 Reagan Nat'l Airport PENTAGON Alexandria A C 390 97 193 395 210 Murray Hill 5 Greenbelt Station Beltsville Calverton 95 Suitland 295 Piscataway Louise F Cosca Regional Park 218 Anacostia River Park Riverdale Station 1 University of Maryland-College Park 208 Hyattsville National Arboretum 650 495 FDA Headquarters 29 Branch Park WASHINGTON, DC US DEPARTMENT OF THE ARMY HEADQUARTERS VILLAGE AT SHIRLINGTON/ SHIRLINGTON TRANSIT CENTER MAPS©2011 SPIRECREATIVEGROUP.COM 236 2700 SHIRLEY HIGHWAY, ARLINGTON, VIRGINIA 586 Garrett Park Station SHIRLINGTON DEVELOPMENT SITE Vienna Fairview Regional Map 190 Lakewood Estates R I V E R P O T O M A C 4 Shirlington Development Site 5 301 495 95 Lanham 193 Andrews Air Force Base Carmondy Hills 704 Greenbelt MARYLAND Muirkirk Station 214 Robert M. Watkins Regional Park Rosaryville State Park 202 Country Club Enterprise at Woodmore Golf Course 50 450 Research Refuge eR leb S Mo S Sh noroe St irlington Rd MO E St S MAPS©2011 SPIRECREATIVEGROUP.COM N Overlook Dr be Rd W Gle 2700 SHIRLEY HIGHWAY, ARLINGTON, VIRGINIA 28th 16th St S 17th St S Blvd Was hing ton 18th St S 21st St S 22nd St S 19th St S 20th St S 1 Luna Park Dr E Reed Ave d 1 CRYSTAL CITY SHOPS 15th St S eR leb Four Mile Run Park 26th St S SG PENTAGON ROW Virginia Highlands Park 23rd St S SHIRLINGTONS GleDEVELOPMENT SITE be Rd VILLAGE AT SHIRLINGTON/ G u n st o n SHIRLINGTON TRANSIT RCENTER d d S Arlington Ridge Rd R u n Dr SG Army and Navy Country Club 395 27 244 Fort Myer y r Mile St S St S 20th Rd S d PENTAGON Jefferson Davis Hw S Fou d 22n 17th e ia Pik b Colum 6th St S Arlington National Cemetery Y S 2nd St NR Y S Barton St HE S Wayne St GS H HW Local Map Rd IRL S Ct House YM E Blv ton g n shi Wa RIA L 395 1 EM OR M GE Reagan National Airport T A OM th Av e PO GEORGE WASHING TON M E MO RIA L P KW Y 50 Shirlington Development Site 5 ER C RIV Hwy Jefferson Davis ve rnon A Mt Ve Village at Shirlington Retail RESTAURANTS SIGNATURE THEATRE SIGNATURE LIBRARY AR LIN GT ON M ILL DR IVE HARRIS TEETER CAMPBELL AVENUE CAKELOVE PERRIWINKLE HAIR CUTTERY JOHNNY ROCKETS DIANA NAILS BUSBOYS & POETS LE VILLAGE MARCHE MILL END SHOPS THRIVE PILATES & YOGA BECKETT’S IRISH GASTRO PUB BEAR ROCK CAFÉ HILTON GARDEN INN SERVICES ROBEKS BB&T Diana Nails Edge Health & Fitness Enterprise Rent A Car Hair Cuttery Harris Teeter Harvard Men’s Wear Illusions Hair Salon Jeffery A. Sisel, DDS Studio Salon & Spa Shirlington Library INSIGHT Imaging Center of Arlington Shirlington Valet Cleaners Thrive Pilates & Yoga The UPS Store U.S. Postal Services AMC LOEWS SHIRLINGTON 7 VERBENA CARIBOU COFFEE STUDIO SALAON & SPA CURIOUS GRAPE AROMA ALADDIN’S EATERY BONSAI CAMPBELL AVENUE SOUTH RANDOLPH STREET PING RESTAURANT EXTRA VIRGIN MODERN ITALIAN CUISINE CLASSIKA THEATRE ILLUSTIONS OF SHIRLINGTON GUAPO’S THAI IN SHIRLINGTON THE BUNGALOW BISTRO BISTRO SPECIALTY LUNA GRILL & DINER ONE, TWO KANGAROO TOYS VISUAL EYES YOGIBERRY BEST BUNS BREAD CO. CARLYLE USPS SOUTH QU Aladdins Eatery Aroma Restaurant Best Buns Bread Company Bistro Bistro Bonsai Restaurant The Bungalow Busboys & Poets Cake Love Capital City Brewing Company Caribou Coffee Carlyle Grand Café Extra Virgin Italian Cuisine Guapo’s Johnny Rockets Luna Grill & Diner PING Robek’s Fruit Smoothies & Healthy Eats Subway T.H.A.I Shirlington Yogi Berry Curious George DOGMA BAKERY Dogma Boutique & Bakery SUBWAY Le Village Marche THE UPS STORE Mill End Shops ENTERPRISE RENT-A-CAR SHIRLINGTON VALET CLEANERS Periwinkle One, Two Kangaroo Toys! Synetic Theater INSIGHT IMAGING CENTER OF ARLINGTON Verbana Paper & Gifts Theater/Cinema AMC Loews Cineplex Classika Theater Signature Theater JEFFERY A. SISEL, DDS CAPITOL CITY BREWING COMPANY BB&T INCY STREE T CAPITOL CITY BREWING COMPANY EDGE HEALTH & FITNESS 6 Shirlington Development Site Shirlington Development Site 7 In addition to the highly successful Village of Shirlington development, 2700 Shirley Highway is within several miles of world-class retail and restaurants, as well as the highest concentration of government employees in all of Northern Virginia, highlighted by the following: Pentagon City is home to some of the best shopping in the DC Metro area and includes the upscale Pentagon Row development which houses over 45 restaurants and retail shops. Right next door is Fashion Center at Pentagon Row with big box retailers such as Best Buy and Costco, which is this retailer’s #1 location in the U.S. based on sales per square foot. Just a half mile further down the road is Crystal City, which is Arlington’s largest downtown and features an abundance of fine restaurants, cafes, specialty stores, outdoor movie nights, bike trails and two award winning theaters with Arena Stage and the Washington Shakespeare Company. 2700 Shirley Highway is located just 2.5 miles from the Pentagon, headquarters of the United States Department of Defense. Approximately 23,000 military and civilian employees and about 3,000 non-defense support personnel work at the Pentagon. In addition, approximately 2.5 miles south of 2700 Shirley Highway, a 1.7 million square foot office development recently delivered that houses the headquarters for the U.S. Department of the Army. This brings approximately 6,400 predominantly Army personnel to this office project located off I-395 and Seminary Road. Crystal City also houses one of the largest concentrations of government jobs of any submarket in Northern Virginia, with approximately 2 million square feet of GSA leases. Shirlington Station In short, 2700 Shirley Highway is located directly in the center of the largest concentration of government employees in all of Northern Virginia. In addition to this large government presence, Arlington County is host to a number of major private sector employers including Verizon, SAIC, CACI, Lockheed Martin, Booz Allen Hamilton and US Airways, to name a few. Office vacancy in Arlington County as of third quarter 2011 stands at just 7.8%, the lowest of any submarket in the Washington, DC region, and down from 8.3% one year ago. In line with declining vacancy, office rents have risen approximately 5.2% over the last 18 months in Arlington County and currently stand at $40.12 per square foot, the highest in Northern Virginia. As of third quarter 2011, the vacancy rate for investmentgrade apartments in Arlington County was just 3.4%, down from approximately 4.2% one year ago and well below the national average of 6.5%; evidence that Arlington County is one of the most desirable places to live in the Washington metro area and the entire country. With unparalleled proximity to major employers, both within Arlington County and in downtown Washington, DC, excellent access to major road networks and public transportation, and minutes from several million square feet of restaurants and shopping, 2700 Shirley Highway is the premier development site in the Washington metropolitan area. AD RO RY NA MI SE US DEPARTMENT OF THE ARMY HEADQUARTERS n gto rlin i h S nt me lop e v De Site y atel xim o r App iles 2M 395 SHIRLINGTON DEVELOPMENT SITE 2700 SHIRLEY HIGHWAY, ARLINGTON, VIRGINIA THE VILLAGE AT SHIRLINGTON & SHIRLINGTON TRANSIT CENTER H GS Y R EN H EY IRL M O EM R H IAL IG AY HW S 1 ER C RIV PK W Y PENTAGON ROW Colum 1 395 WY LH RIA MO ME EY 19th St S 20th St S 21st St S 22nd St S 23rd St S noroe leb Reagan National Airport 26th St S irlington Rd 1 28th be Rd SHIRLINGTONS GleDEVELOPMENT SITE SG leb G u n st o n ve rnon A be Rd d Mt Ve W Gle eR Hwy 2700 SHIRLEY HIGHWAY, ARLINGTON, VIRGINIA Rd Four Mile Run Park N Overlook Dr Luna Park Dr E Reed Ave alth A ve MAPS©2011 SPIRECREATIVEGROUP.COM onwe Ma rtha Custis Dr Eric Berkman Steve Gichner Executive Director 202-776-7170 [email protected] Executive Director 202-776-7171 [email protected] Landover St For more information please contact: Comm r St S Jefferson Davis ur Mil e R un D S d S Sh St d St 22n eR HE S Mo SG NR YG SH IRL 18th St S y St S CRYSTAL SHOPS Jefferson Davis Hw 20th 15th St S Virginia Highlands Park 16th St S 17th St S S Arlington Ridge Rd Army and Navy Country Club Rd S MA 27 Rd S Barton St S Wayne St S Ct House 395 244 ike bia P 17th TO Fort Myer d PO lv nB gto shin Wa 6th St S PENTAGON Arlington National Cemetery GEORGE WASHING TON M EMO RIA L 2nd St A GE EM M OR IA L BR I GE OR M Blvd Was hing ton 50 T.J. Liberto Andrew Asbill Director 703-286-30077 [email protected] Financial Associate 202-776-7165 [email protected]
