retail at midtown

RETAIL AT MIDTOWN
FAIRFAX COUNTY
RESTON RETAIL AT MIDTOWN
PROPERTY OVERVIEW
DEMOGRAPHICS
Fairfax County
Reston Retail at Midtown is
RADIUS
HH INCOME
POPULATION
11990 Market Street
strategically located in the heart of
1 mile:
$133,102
13,273
Reston Town Center, featuring a diverse
3 mile:
$145,438
127,956
mix of specialty and destination tenants
5 mile:
$159,689
221,988
that create customer draw throughout
TRAFFIC COUNT
the days, evenings and weekends.
24,000 vehicles daily on Reston Parkway at
Reston, VA
SPACE AVAILABLE
1,152 sq. ft.
Market Street
CONTACT
GROSS LEASABLE AREA
18,473 sq. ft.
RETAILERS INCLUDE
John Mitchell 301.657.7336
[email protected]
Il Fornaio
BB&T
Bob Schwenger 301.657.7331
Subway
Midtown Kabob
[email protected]
Midtown Jewelers
4445 WILLARD AVENUE, SUITE 400, CHEVY CHASE, MD 20815 | 240.333.3600 | JBG.COM
RETAIL AT MIDTOWN
FAIRFAX COUNTY
Residential
LAN/TENANT LIST
dtown
SITE PLAN
Freedom Drive
7
Residential
6
1
2
3
4
Condo Entrance
Market Street
Executive Summary
1
Il Fornaio
8,050 sf
2
Rooster’s (coming soon)
1,389 sf
3
Subway
1,453 sf
4
Coming Available
1,152 sf
5
Midtown Jewelers
917 sf
6
BB&T
3,668 sf
7
Midtown Kabob
1,844 sf
5
Explorer Street
St. Francis Street
Service
Entrance
RETAIL AT MIDTOWN
FAIRFAX COUNTY
AERIAL VIEW
AERIALS
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The Retail at Midtown
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The Retail at Midtown Executive Summary
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FAIRFAX COUNTY
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han
luxury residential development
Located directly above and adjacent to The Retail at Midtown is the Midtown
RETAIL AT MIDTOWN
FAIRFAX COUNTY
Reston Town Center residential development, consisting of two towers and one
mid-rise building. This ultra-luxury development consists of 293 units of one,
two and three-bedroom condominiums. Each unit boasts designer finishes
including hardwood floors, granite countertops, floor-to-ceiling windows and
high ceilings ranging from 11 to 13 feet. Each unit owner can also choose
from a number of luxurious upgrades including electronic lighting, stereo and
“Number of homes in Reston, VA will more than
controls to lighting options to Viking, Subzero and Miele appliances.
triple by security
2050”
These
high-rise
condominiums
have led
an an
influx
of young
professionals,
The population
within
a one-mile
radius is expected
to to
grow
additional
11%
GALLERY
over the next five years. Of the over 126,100 people who live within a threecreating a city-like downtown atmosphere to Reston Town Center.
THE RETAIL AT MIDTOWN
mile radius of The Retail at Midtown, an additional 5.9% growth is expected
over the next five years. This affluent population earns an average household
income of $140,155, which reflects the strong and growing spending power
expected to continue well into the future.
Strategically positioned approximately one-half mile from The Retail at Midtown
will be the highly anticipated Reston Town Center stop on the Washington Metro’s
Silver Line, anticipated to commence operations in 2018. The combination
of the Reston area residential development and the Reston Town Center stop
is instrumental in transforming this location into a transit–oriented urban
village hub of residential, commercial and retail activity. The combination of
shopping, and improved transportation options will afford the potential lenders
EXECUTIVE SUMMARY
and investors the opportunity to own or invest in a property with unparalleled
location and regional accessibility where residents can live, work and play.
CBRE is pleased to present the opportunity to purchase The Retail at Midtown,
Please visit our website at
Unique Specialty Destination Tenant Mix
an 18,473 square foot retail condominium located on the street level of the
The Retail at Midtown features a diverse mix of specialty and destination tenants
Except
Midtown Reston Town Center luxury residential condominium development.
that create customer draw throughout the days, evenings and weekends.The
TheRetai
ional 11%
The Retail at Midtown is strategically located in the heart of Reston Town Center
property is anchored by the 8,050 square foot Il Fornaio, an upscale Italian
n a three-
in one of the fastest growing, most affluent urban neighborhoods of Fairfax
restaurant and bakery that features changing regional menus and authentic
County, Virginia and the Washington DC Metropolitan Area.
Italian cuisine. With 21 locations nationwide, Il Fornaio has been featured in
www.cbre.com/igdcretail
s expected
mix, in a
as the un
at Midtow
The New Yorker, Wine Spectator, Wall Street Journal, USA Today, and Shopping
household
This is an exceptional investment opportunity that features a unique and attractive
ing power
combination of specialty destination retailers, setting the property apart in the
at Midtown
Centers Today, among other notable publications.
benefit fro
atmosphe
marketplace. The Retail at Midtown offers a highly predictable income stream,
Complementing this outstanding destination restaurant are a number of
long-term value appreciation and growth in a highly dense and affluent in-fill
specialty tenants. IceBerry is a dessert and frozen yogurt shop that captures
In additio
urban village trade area.
the latest trend of healthy yogurt desserts with a cool and sophisticated twist,
opportun
offering such favorites as green tea and
available
on Metro’s
honeydew melon flavors. In 2011 Midtown
mbination
Kabob joined this superior tenant lineup
enter stop
with a 1,844 square foot charcoal kabob
4
ed urban
The Retail at Midtown Executive Summary
restaurant offering the choicest Halal meats
bination of
and grilled to order platters accompanied
ial lenders
by fresh baked Tandoori breads. The newest
addition to the property is Subway which
paralleled
opened its doors to patrons in December
d play.
2012. Rounding out the tenant lineup at
Exceptional Investment Opportunity
The Retail at Midtown offers investors a first class asset with a specialty tenant
mix, in an ideal position to capture the growing demand for retail, as well
as the unprecedented population growth expected in Reston, VA. The Retail
at Midtown’s strategic location within Reston Town Center is ideal as tenant’s
benefit from the increased foot traffic as a result of the urban village town center
The Retail at Midtown is a 3,668 square
foot BB&T Bank and the 917 square foot
Midtown Jewelers.
There is one remaining available space at
the property totaling 1,389 square feet,
which provides additional upside for the
successful bidder.
atmosphere it provides.
2
The Retail at Midtown Executive Summary
In addition to the security provided by the strong tenant line up, there is an
opportunity to increase cash flow and add value by leasing the currently
Reston Town Center:
“a downtown for the 21 st century”
available 1,389 square feet in one in-line space.
etail at Midtown is the Midtown
Reston Town Center was developed in phases completed from 1988 through
onsisting of two towers and one
2009 to become an equally desirable location for both businesses and residences