2001-2015 Village Park Drive, Knightdale, NC

For Sale
Investment
2001-2015 Village Park Drive,
Knightdale, NC
Table of
Contents
01
Executive Summary
02
Pricing & Financial Analysis
03
Property Information
04
Demographics
Prepared by
In conjunction with
Jake Plotkin, CCIM
Scott Hurst
Broker
[email protected]
Broker
Coldwell Banker Commercial
[email protected]
919-830-7184
NAI Carolantic Realty, Inc.
5121 Kingdom Way, Suite 200
Raleigh, NC 27607
919-832-0594
NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IS MADE AS TO THE ACCURACY OF THE INFORMATION CONTAINED HEREIN, AND THE SAME IS SUBMITTED SUBJECT TO ERRORS,
OMISSIONS, CHANGE OF PRICE, RENTAL OR OTHER CONDITIONS, PRIOR SALE, LEASE OR FINANCING, OR WITHDRAWAL WITHOUT NOTICE, AND OF ANY SPECIAL LISTING CONDITIONS IMPOSED BY
OUR PRINCIPALS NO WARRANTIES OR REPRESENTATIONS ARE MADE AS TO THE CONDITION OF THE PROPERTY OR ANY HAZARDS CONTAINED THEREIN ARE ANY TO BE IMPLIED.
Property
Overview
Property Overview
This building is located at 2001-2015 Village Park Dr in Knightdale. (Raleigh MSA) in North Carolina. The subject is approximately 10,080 square-foot, multi-tenant retail building on approximately 1.10 acres of land. The
lease is modified gross, with Tenants paying their own utilities.
This property is situated close to Walmart and immediately behind a Wendy’s. Surrounding tenants include
Walmart, Burger King, KFC, Taco Bell, Good Year, Home Depot, Target, Kohl’s, Dicks and many more. Just
east of the I-540 exit, this location has great access to Raleigh through Business 64 or I-540. The property
is surrounded by several large retail centers, including the Shoppes at Midway Plantation, a Lowe’s Grocery
Anchored Center and a Walmart. There are over 91,000 residents in a 5-mile radius and an average household
income of $71,000+ in a 3-mile radius. Rex Hospital has a satellite just up the street from this property, which
just traded to a Chicago based REIT for $25M.
Sales Price: $1,150,00 $1,125,000
Cap Rate: 9.75%
Location
Overview
Triangle Area Overview
Quality of Life
Centrally located between the majestic Blue Ridge Mountains to the west and the legendary Outer Banks and
Atlantic coast to the east, the Triangle enjoys favorable climate year-round. Tropical air in the summer and mild
temperatures in the winter keep the mean annual temperature at a comfortable 60 degrees.
While the Triangle is closely associated with a thriving economy or NCAA national championship basketball
teams, Raleigh, Durham, Cary, and Chapel Hill boast full and diverse menus of art, music, and other cultural
treasures. Theatrical performances grace stages throughout the areas, and a number of performing arts groups
showcase their talents in outdoor venues and amphitheaters. The area is also brimming with some of the finest
museums in the Southeast.
With two of the nation’s top medical teaching and research hospitals and a host of high quality community
hospitals, the region is also home to world-class medical care.
Prosperous Business Climate
Anchored by one of the nation’s largest research parks and three nationally renowned research universities, the
Research Triangle area consistently ranks among the nation’s best economies year after year. Industry giants
in pharmaceuticals, computer software, telecommunications, and biotechnology dot the landscape in spacious
campus-like environments, helping to fuel thriving retail sales and entrepreneurial success.
The metro area’s economic success is most evident in the rising incomes of its residents. The region’s per
capita income has long outstripped the state’s per capita income, and this strong economic performance is
projected to continue to increase over the next 15 years.
Growing Blend of People and Cultures
Approximately 57 new people per day make this area their home, positioning the Research Triangle region as
the fastest-growing metro area in North Carolina since 1990. At the heart of the region’s success lies a diverse
and growing blend of people and cultures from every corner of the globe. The region’s quality growth and
ability to mix native traditions and newcomer influences have shaped a population full of vitality, diversity, and
prosperity.
Highly Educated and Diverse Workforce
With a diversified and prosperous business climate and an environment attractive to tomorrow’s technology,
the Triangle boasts one of the most highly educated and diverse workforces in the nation. With more than
46 percent of its 25-or-older population holding a bachelor’s degree or higher, it’s no wonder that Forbes
magazine ranked Raleigh as one of the best cities for new college grads.
The advanced manufacturing sector in the Triangle area, employing more than 87,000 individuals, is also very
diverse. Businesses in the area manufacture a vast array of products such as computers, medical devices,
Location
Overview
food products, communications and electrical equipment, precision fabricated metal products, and industrial
machinery.
The Triangle area has had consistently low unemployment rates accompanied by high rates of job growth. The
area’s unemployment rate is consistently below the statewide unemployment rate as well as the national rate.
Making the Grade
Since the formation of the University of North Carolina at Chapel Hill in 1793 as the nation’s first public
university, education has played an important role in the life of the region’s residents. Today the Triangle is
home to 10 quality colleges and universities, including a trio of the nation’s most prominent institutions: North
Carolina State University in Raleigh, Duke University in Durham and The University of North Carolina at Chapel
Hill.
In addition to universities and junior colleges, the region’s community colleges offer a variety of educational
opportunities tailored to meet the needs for those pursuing technical careers as well as businesses seeking a
specially-trained workforce.
Public schools in each of the area’s seven school districts also continue to earn high marks, outperforming
school districts across the state and nation in end-of-course and proficiency tests, SAT scores, and other
performance-measuring criteria.
All the Right Connections
Whether it’s Raleigh-Durham International Airport bringing the world to its doorstep, major highways and
interstates placing the region within two days’ trucking time of 60 percent of the nation’s industrial bases or
major sea ports less than three hours away, the Triangle is strategically located in the heart of it all.
The region is also home to some of the most innovative and recognized business parks and properties in the
world from Research Triangle Park, the first planned research park of its kind in the U.S., to North Carolina
State University’s Centennial Campus, a model partnership between business, government, and higher
education, the quality of properties and sites in the Research Triangle area is rarely equaled anywhere in the
country.
Raleigh-Durham International Airport
Located five miles east of Research Triangle Park in Wake County, the Raleigh-Durham International Airport
provides efficient and cost-effective travel options for the Triangle.
Location
Overview
Construction Costs
The Research Triangle area has relatively low building construction costs. Costs are more than 20 percent lower than the average for 30 major U.S. cities and compare favorably to other metropolitan areas. Construction
costs in the area are declining relative to the benchmark 30 major city average.
Research Triangle Construction Cost Index
Note: Index is for given year with average for 30 major cities for each year = 100.0
2011 Construction Cost Index
City
Atlanta, GA
Austin, TX
Baltimore, MD
Chicago, IL
Charlotte, NC
Columbia, SC
Durham, NC
Greensboro, NC
Jacksonville, FL
Nashville, TN
Raleigh, NC
Richmond, VA
San Francisco, CA
San Jose, CA
Washington, D.C.
United States
Cost Index
88.1
79.1
92.6
117.2
76.5
76.3
77.1
76.2
85.2
85.9
76.6
85.3
23.6
117.9
97.9
100.0
Source: R.S. Means, Co., 2011: Means Building Construction Cost Data
Research Triangle Park
Research Triangle Park is a planned research development, created in 1959 by leaders from business,
government, and academia to attract companies doing world-class research and development in growing
scientific and technological disciplines. RTP is centrally located between the three major Triangle research
universities: North Carolina State University in Raleigh, Duke University in Durham, and University of North
Carolina in Chapel Hill.
Close ties between university departments and RTP firms and access to university facilities are strong
advantages for area businesses. Also located in RTP is the NC Biotechnology Center, a state supported
initiative that provides grants and creative services to support biotech companies. The partially state
funded MCNC offers advanced resources in microfabrication and telecommunications and houses the NC
Supercomputing Center. Other strong drawing cards are the Research Triangle Institute (the nation’s fourth
largest nonprofit contract research organization), educated and talented students, a high quality labor supply,
and opportunities for interactive research. Raleigh-Durham International Airport is only five miles from RTP.
Pricing & Financial
Analysis
Notes:
Suite 2001 - Yaquelin Milla (Fashion Store): Paying $1,000/month for first 6 months, then $1,200/month
Suite 2003 - Diva Doos (Beauty Salon): Increases to $1,300/month on July 1, 2015
Suites 2015 & 2017 - Convenience Store: Lease calls for payments of $2,000/month but tenant currently paying $1,200/month
Property
Information
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Raleigh/Wake County Rankings
2015
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October 2014
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Milken Institute | January 2015
2014
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Watch in 2015
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Movoto | December 2014
~ #5 U.S. City with the Largest Homes
(Raleigh, NC)
24/7 Wall St. | December 2014
~ #10 Best City for Singles
(Raleigh, NC)
WalletHub | December 2014
~ #3 City for Minorities in Computing
(Raleigh, NC)
Change the Equation
December 2014
~ #1 School System with the Most
National Board Certified Teachers
(Wake County Public Schools)
National Board for Professional
Teaching Standards
December 2014
~ #9 Best Place for Veterans
(Raleigh, NC)
WalletHub | November 2014
~ #2 Most Affordable Market with
Good Schools
(Raleigh, NC)
RealtyTrac | November 2014
Wake County
Economic Development
800 South Salisbury Street
PO Box 2978
Raleigh, NC 27602-2978
T
F
919.664.7048
919.664.7099
~ #2 Easiest Place to Find a Job
(Raleigh, NC)
Forbes | November 2014
~ #7 Smartest City in America
(Raleigh, NC)
Forbes | November 2014
~ #5 Digital City in America
(Raleigh, NC)
Center for Digital Government
November 2014
~ #9 Best Place for Jobs Requiring
Post-Secondary Education
(Raleigh-Cary, NC)
CityLab | September 2014
~ #3 Best Up-and-Coming City
for Art and Culture
(Raleigh, NC)
Women’s Health Magazine
September 2014
~ #10 Metro Area Where Seniors
are on the Rise
(Raleigh, NC)
Realtor.com | September 2014
~ #1 U.S. City Attracting
the Most Families
(Raleigh, NC)
Forbes | September 2014
~ #2 Most Educated City in the U.S.
(Raleigh, NC)
WalletHub | September 2014
~ #4 Metro for Economic Growth
(Raleigh, NC)
CityLab | September 2014
~ #8 Best City to Live in
(Cary, NC)
24/7 Wall Street | September 2014
~ #1 Least Expensive Commercial
Real Estate Market
(Raleigh, NC)
BOMA International | August 2014
~ #2 Fastest Growing Large U.S. City
from 2010 to 2030
(Raleigh, NC)
United Nations Population Division
August 2014
~ #8 Market in High-Tech Job Growth
(Raleigh-Durham, NC)
CBRE | August 2014
~ #4 Best Midsize City
to Raise Children
(Cary, NC)
MyLife | August 2014
~ #3 Best Place for Entrepreneurs
to Start a Business
(Raleigh, NC)
U.S. Chamber of Commerce
August 2014
(as of 1.14.15)
~ #9 Fastest Growing U.S. Airport
(Raleigh-Durham
International Airport)
Business Facilities | August 2014
~ #2 Fastest Growing City
(Raleigh, NC)
Business Facilities | August 2014
~ #10 Best City for Women in Business
(Raleigh-Cary, NC)
Bizjournals.com | July 2014
~ #10 Most Recession- Recovered City
(Raleigh, NC)
Wallet Hub | July 2014
~ #4 Happiest Metro with a Population
Greater than 1 Million
(Raleigh, NC)
University of British Columbia
July 2014
~ #1 Best Place for Business in 2014
(Raleigh-Cary, NC)
Forbes | July 2014
~ #7 Best City for Future Job Growth
in 2014
(Raleigh-Cary, NC)
Forbes | July 2014
~ #8 Best Place for STEM Graduates
(Raleigh-Cary, NC)
Nerd Wallet | July 2014
~ Top 10 Best Town for Families
(Apex, NC)
Family Circle | July 2014
~ #4 City for Finding a Great Tech Job
(Raleigh, NC)
TechRepublic | July 2014
~ #5 Most Stable Housing Market
(Raleigh, NC)
Zillow and Bloomberg | July 2014
~ #2 Fastest Growth in U.S.
Patents Received
(Raleigh-Cary, NC)
U.S. Patents and Trademark Office |
June 2014
~ #2 Metro for Boomer
Population Growth
(Raleigh-Cary, NC)
Trulia.com | June 2014
~ #4 Life Science Cluster in the U.S.
(Raleigh-Durham, NC)
Jones Lang LaSalle | June 2014
~ #3 Least Stressed Out City
(Raleigh, NC)
CNN Money | June 2014
~ #2 Fastest Growing Large Metro
through 2020
(Raleigh, NC)
The U.S. Conference of Mayors
June 2014
~ #5 Best City to Raise Children
(Raleigh, NC)
MyLife.com | June 2014
~ #2 Best City for a Job This Summer
(Raleigh, NC)
Forbes | June 2014
- over www.raleigh-wake.org
~ #8 City for Technology Careers
(Raleigh, NC)
CIO.com | June 2014
~ #3 Fastest Growing City
(Raleigh-Cary, NC)
CNN Money | March 2014
~ #10 New Opportunity City
(Raleigh, NC)
Yahoo Finance | January 2014
~ #8 City for Female Entrepreneurs
(Raleigh, NC)
Intuit | May 2014
~ #8 Up-and-Coming School
(North Carolina State University)
U.S. News & World Report
March 2014
~ #3 U.S. City for Business
Prosperity in 2014
(Raleigh, NC)
Business Review USA | January 2014
~ #1 City for Online Customer
Satisfaction in the
Apartment Industry
(Raleigh, NC)
J Turner Research | March 2014
~ #6 Best City for Job Seekers in 2014
(Raleigh, NC)
Nerd Wallet | January 2014
~ #7 American Dream City
(Raleigh-Cary, NC)
The Burghard Group | May 2014
~ #8 City Creating the Most
Information Jobs
(Raleigh, NC)
Forbes | May 2014
~ #4 Fastest Growing City for Renters
(Raleigh, NC)
Rent.com | May 2014
~ #3 Best Regulatory Climate
(Raleigh, NC)
U.S. Chamber of Commerce
May 2014
~ Top 10 Up-and-Coming
Neighborhood
(Raleigh, NC)
USA Today | May 2014
~ Top 10 Best City Art District
(Raleigh, NC)
USA Today | May 2014
~ #4 Best City to Start a Business
(Raleigh, NC)
Nerd Wallet | May 2014
~ #9 Best City for Employee
Recognition
(Raleigh, NC)
Quantum Workplace | May 2014
~ #1 Best City for Raising a Family
(Raleigh, NC)
Forbes | April 2014
~ #7 Best City for Recent
College Graduates
(Raleigh, NC)
Nerd Wallet | April 2014
~ #4 Best Big City for Jobs in 2014
(Raleigh, NC)
Forbes | April 2014
~ #1 Fastest Growing Metro from
2000-2013
(Raleigh-Cary, NC)
CityLab | April 2014
~ #10 Most Optimistic Community
(Raleigh-Cary, NC)
Gallup | April 2014
~ #6 Most Affordable Housing
Market for 2014
(Raleigh, NC)
ZipRealty | April 2014
~ #10 City Gaining the Most
College Graduates
(Raleigh, NC)
Forbes | April 2014
~ #10 Best Metro for Small Business
(Raleigh-Cary, NC)
Bizjournals.com | April 2014
~ #4 Most Cost-Attractive Mid-Sized
City for Business
(Raleigh, NC)
KPMG | April 2014
~ #7 Best Regional Airport
in North America
(Raleigh-Durham
International Airport)
Skytrax | March 2014
~ #9 Market for First-Time Home
Buyers
(Raleigh, NC)
Realtor.com | March 2014
~ #5 Fastest Growing
Retirement Place
(Raleigh-Cary, NC)
Nerd Wallet | March 2014
~ #10 Best Run City in America
(Raleigh, NC)
24/7 Wall Street | January 2014
2013
~ Top 8 Region On the Rise
(Raleigh, NC)
Time | March 2014
~ #9 U.S. Region To Watch in 2014
(Raleigh, NC)
Forbes | December 2013
~ #8 Top U.S. Biopharma Cluster
(Raleigh-Durham, NC)
Genetic Engineering &
Biotechnology News | March 2014
~ #4 City Where Working-Age
Americans Are Moving
(Raleigh, NC)
Forbes | December 2013
~ #10 City for Biotech Investing
(Raleigh-Durham, NC)
Fierce Biotech | March 2014
~ #6 Best City in America for 2013
(Raleigh, NC)
Movoto | December 2013
~ #10 Least Expensive City
for Beer Drinkers
(Raleigh, NC)
Nerd Wallet | March 2014
~ #3 Baby Boomer Boom Town
(Raleigh, NC)
SpareFoot | December 2013
~ #11 Best City to Find a Job
(Raleigh, NC)
Wallet Hub | March 2014
~ #6 Safest Suburb in America
(Cary, NC)
Movoto | February 2014
~ #7 Safest Suburb in America
(Apex, NC)
Movoto | February 2014
~ #8 Major Market for Brainpower
(Raleigh, NC)
Bizjournals.com | February 2014
~ #3 Best City for Young
Entrepreneurs
(Raleigh, NC)
Credit Donkey | February 2014
~ #6 Hottest Housing Market in 2014
(Raleigh, NC)
Zillow | December 2013
~ #3 Best Mid-Sized City To Move To
(Cary, NC)
Movoto | December 2013
~ #5 Top Mid-Sized College City
(Raleigh-Cary, NC)
American Institute for
Economic Research
November 2013
~ #2 City Creating the Most
Technology Jobs
(Raleigh-Cary, NC)
Forbes | November 2013
~ #5 Emerging Tech Hub in the World
(Raleigh, NC)
TransferWise | February 2014
~ #3 Highest Percentage Growth in
Population with a Bachelor’s Degree
or Higher since 1980
(Raleigh-Cary, NC)
The Atlantic and National Journal
November 2013
~ #11 Best City for Female
Entrepreneurs
(Raleigh, NC)
Nerd Wallet | February 2014
~ #10 Large Digital City
(Raleigh, NC)
Center for Digital Government
November 2013
~ #2 Fastest-Growing City in 2014
(Raleigh, NC)
Forbes | February 2014
~ #1 Top Dog Friendly City in America
(Raleigh, NC)
PetCareRx | October 2013
~ #6 Most Affordable and Growing
City in the U.S.
(Raleigh, NC)
Cheapism.com | January 2014
~ #2 Best City for Early Retirement
(Cary, NC)
Kiplinger’s Personal Finance
October 2013
~ #1 Best Value Public College
(University of North Carolina at
Chapel Hill)
Princeton Review/USA Today
January 2014
~ #4 Best City for a Tech Job
(Raleigh, NC)
Forbes | October 2013
~ #4 Best Value Public College
(North Carolina State University)
Princeton Review/USA Today
January 2014
~ #8 Best City for Broke Millennials
(Raleigh, NC)
Estately | January 2014
~ #8 High-Tech Hotspot
(Wake County, NC)
CityLab | October 2013
~ #7 City for High-Paying Jobs
(Raleigh-Cary, NC)
Payscale.com | October 2013
~ Top 5 Best Place to Retire
(Raleigh, NC)
Money Magazine | October 2013
~ #1 Best Large Metro for
Homeownership
(Raleigh-Cary, NC)
Nerd Wallet | January 2014
For additional rankings,
please call 919.664.7066.
www.raleigh-wake.org
Smarter
Sma
a te a
all around.
a ou d ™
North Carolina Rankings
2014
~ #3 Best State Business Climate
Site Selection Magazine
November 2014
~ #5 State for Clean Sector Job
Creation in Q3 2014
Environmental Entrepreneurs
November 2014
~ #3 Fastest-Growing State
for Tech Jobs
Dice | August 2014
~ #4 Best State for Biotechnology
Business Facilities | August 2014
~ #4 Best State for Biofuels
Business Facilities | August 2014
~ #4 Best State for Installed Solar
Power Capacity
Business Facilities | August 2014
~ #5 Best State for Academic
Research & Development Intensity
U.S. Chamber of Commerce
June 2014
~ #6 Best State for Stem Job Growth
U.S. Chamber of Commerce
June 2014
~ #6 Best State Legal Environment
U.S. Chamber of Commerce
June 2014
~ #5 Top State for Business
CNBC | June 2014
~ #4 Best State for Business 2014
Chief Executive | May 2014
~ #5 Competitive State of 2013
Site Selection Magazine | May 2014
~ #5 State for Venture Capital
Committed in 2012
National Venture Capital Association
March 2014
~ #3 Fastest Growing State for
Women-owned Businesses
American Express OPEN
March 2014
~ #8 State for Number of WomenOwned Businesses
American Express OPEN
March 2014
~ #7 State for New Facilities
and Expansions
Site Selection Magazine | March 2014
~ #2 State in Net Inward Migration
Atlas Vans | January 2014
2013
Wake County
Economic Development
800 South Salisbury Street
PO Box 2978
Raleigh, NC 27602-2978
T
F
919.664.7048
919.664.7099
~ #2 Best State Business Climate
Site Selection Magazine
November 2013
~ #3 Best State for Overall Cost
of Doing Business
Area Development Magazine
September 2013
(as of 1.14.15)
~ #4 Best State Incentive Program
Area Development Magazine
September 2013
~ #10 Best State for Road Quality
U.S. Chamber of Commerce
May 2013
~ #3 Best State for Access to Capital &
Project Funding
Area Development Magazine
September 2013
~ #6 Best State Legal Environment
U.S. Chamber of Commerce
May 2013
~ #3 Best State for Overall
Labor Climate
Area Development Magazine
September 2013
~ #2 Best State for Availability
of Skilled Labor
Area Development Magazine
September 2013
~ #5 Best State for Competitive
Labor Costs
Area Development Magazine
September 2013
~ #3 Best State Work Force
Development Program
Area Development Magazine
September 2013
~ #3 Best State Right-to-Work
Environment
Area Development Magazine
September 2013
~ #5 Best State for Overall
Infrastructure & Global Access
Area Development Magazine
September 2013
~ #4 Best State for Competitive
Utility Rates
Area Development Magazine
September 2013
~ #4 Best State for Academic
Research & Development Intensity
U.S. Chamber of Commerce
May 2013
~ #8 Lowest Tax Burden in the U.S.
Site Selection Magazine
May 2013
~ #5 Competitive State of 2012
Site Selection Magazine | May 2013
~ Silver Shovel Award for Economic
Development and Job Creation
Area Development | April 2013
~ #3 in Growth of Women-Owned
Businesses
American Express | April 2013
~ #2 State for Clean Energy
Job Announcements
Environmental Entrepreneurs
March 2013~
#7 State for Number of New
Facilities and Expansions
Site Selection Magazine
March 2013
~ #1 Lowest Rate of Unionization
24/7 Wall Street | February 2013
~ #1 State for Job Growth
Staffing Industry Analysts
February 2013
~ #4 Best State for Certified Sites/
Shovel-Ready Program
Area Development Magazine
September 2013
~ #1 Fastest Growing State for Job
Growth in Biosciences since 2001
Battelle Technology Partnership
Practice | January 2013
~ #4 Best State for Business
Forbes | September 2013
~ #4 Highest Inbound Migration
Rate in 2012
United Van Lines | January 2013
~ #5 State for Doing Business
Area Development Magazine
September 2013
~ #10 Best State Business Climate
Business Facilities | August 2013
~ #5 State for Installed Solar
Power Capacity
Business Facilities | August 2013
~ #6 State for Nuclear
Power Generation
Business Facilities | August 2013
~ #6 State with Highest Population
Growth Over the Past 10 Years
U.S. Census Bureau | February 2013
~ #2 State in Jobs from
Foreign Investments
IBM Institute of Business Value
January 2013
~ #3 Fastest Growing State
from 2010 – 2012
U.S. Census | January 2013
~ #4 State for Biofuels
Business Facilities | August 2013
~ #6 Increase in Clean Economy
Jobs 2003 – 2010
Brookings Institution | January 2013
~ #9 State for Biotechnology
Employment
Business Facilities | August 2013
~ #2 State in Net Inward Migration
Atlas Vans | January 2013
~ #4 State for Biotechnology
(Drugs & Pharmaceuticals)
Business Facilities | August 2013
~ #3 Best State for Business
Chief Executive | May 2013
- over www.raleigh-wake.org
Demographic
Information
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