WENDOVER COMMONS - LoopNet · Year Built 2017/2018,000 VPD WENDOVER COMMONS. WENDOVER COMMONS | 3...
Transcript of WENDOVER COMMONS - LoopNet · Year Built 2017/2018,000 VPD WENDOVER COMMONS. WENDOVER COMMONS | 3...
WENDOVER COMMONS
4526 W WENDOVER AVE, GREENSBORO, NC, 27409
2 | EXECUTIVE SUMMARY
THE INVESTMENT OPPORTUNITYHolliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp. a North Carolina licensed real estate broker (“HFF”) has been retained as the exclusive sales representative for Wendover Commons, a 100% leased super-regional power center with a strong mix of restaurant, service and merchandise retailers. The property is located between Interstate Highways I-73 & I-40, along the highly trafficked Wendover Avenue (30,000 VPD), which is the main retail node in Greensboro, NC. It is proximate to numerous other shopping centers, and has exceptional access to the aforementioned Interstate Highways. The quality of construction is evident; this asset has, by far, the best curb appeal in the trade area. Wendover Commons presents an exciting opportunity to acquire a brand-new shopping center with long-term leases, outparcel flexibility, and a diversified income stream.
E XECUTIVE SU M M A RY
GREENSBORO
PIEDMONT TRIAD INTERNATIONAL AIRPORT
£¤421
£¤29
£¤220
£¤70
£¤29A
£¤421
£¤29
40
7374
73
40
85
85
85
W E N D O V E R C O M M O N S
2 | EXECUTIVE SUMMARY
PROPERTY SUMMARY
Site Wendover Commons
Address 4526 W Wendover AveGreensboro, NC, 27409
Occupancy 100%
Net Rentable Area 151,016 RSF
Site Size 20+ acres
Parking 816 spaces (5.4 per 1,000 SF)
Traffic Count 30,000 VPD on Wendover Avenue
Year Built 2017/2018 WEST WENDOVER AVENUE - 30,000 VPD
W E N D O V E R C O M M O N S
WENDOVER COMMONS | 3
LANDMARK CROSSING
LANDMARK STATION
WENDOVER PLACE
WENDOVER VILLAGE
W E N D OV E R C O M M O N S
73
73
40
40
WEST WENDOVER AVENUE - 30,000 VPD
WENDOVER COMMONS | 3
SQUARE FEET OF RETAIL
RESIDENTS
D E M O G R A P H I C S(WITHIN 5-MILE RADIUS)
42.9% BACHELOR’S DEGREE OR HIGHER
3%2018 - 2023 PROJECTED AVERAGE HOUSEHOLD INCOME GROWTH
136,695
$79,869 AVERAGE HH INCOME
T R A D E -A R E A O V E R V I E W(WITHIN 3-MILE RADIUS)
3,498,296
95.7% 5-YR AVG. OCCUPANCY RATE ALL RETAIL
W E N D O V E R AV E O V E R V I E W
99.5%5-YR AVG. OCCUPANCY RATE ALL RETAIL ALONG W WENDOVER AVE
4 | EXECUTIVE SUMMARY
HIGHLY SOUGHT-AFTER RETAIL CORRIDOR
While overall Triad vacancy rates for retail have averaged less than 5% the past five years, retail on
W Wendover Ave has averaged below 1% during that same time frame. As the overall migration to the Carolinas continues (97.5% of NC population
growth for the next 10 years is expected to be from migration), this only serves to add to the working/
spending population. Near Raleigh/Durham and Charlotte, and with its location along two
of NC’s main interstates (I-85 & I-40), Wendover Commons will benefit from long-term population
growth and beneficial market fundamentals.
THOUGHTFUL DEVELOPMENT APPROACH
The site layout, with multi-tenant buildings set back to improve access and visibility, paired
with superior signage at multiple access points makes this property readily visible and accessible. The developer spent four years with this project
to ensure the right tenants were chosen for this submarket. All this has resulted in highly
productive stores, including stores like Academy Sports, performing above chain average volumes.
BRAND NEW CONSTRUCTIONAs a newly constructed center in an already
established retail corridor, Wendover Commons is a unique offering. This center will benefit from customers who frequent nearby
stores and look to expand their shopping options. Wendover Commons also offers a sound investment with no large additional
expenses for the foreseeable future.
EXCEPTIONAL DEMOGRAPHICS AND
DIVERSIFIED LOCAL ECONOMYWith an average household income for
the surrounding area around $80,000, this stands about 30% higher than the national
average. This healthy disposable income yields more spending in nearby stores within this
concentrated retail corridor.
Guilford County features a diversified economy dominated by stable sectors including education, health services, government and manufacturing.
CURATED TENANT MIX WITH HIGH- QUALITY, DESTINATION-
BASED TENANCYWendover Commons’s tenant mix features an ideal collection of retail shopping experiences.
The Property benefits from a mix of national and regional restaurants, popular discount
merchandisers, service retailers, and medical tenants. The format of this center generates a lot
of cross-shopping opportunities.
HEAV Y TRAFFIC COUNTOver 30,000 vehicles pass the property daily via West Wendover Avenue. In addition, the Property is adjacent to both Interstates I-73 and I-40 (164,000 VPD combined), which
increases the number of potential visitors to Wendover Commons.
WENDOVER COMMONS | 5
Suite Tenant SFOutback 6,609
B-101 First Watch 3,327B-107 Total Nutrition 1,360B-110 Viva Chicken 3,553C-101 Bad Daddy’s Burger 3,800C-110 Blaze Pizza 2,360D-10 Elife Nails 2,973D-50 A Way To Go Travel 2,340D-100 SuperCuts 1,200E-102 Cost Plus World Market 17,868F-103 Academy Sports 64,264H-101 Zoe’s Kitchen 2,800H-110 MedFirst 3,200
Haverty’s Furniture 35,362Total 151,016
TENANT ROSTER
WEST WENDOVER AVENUE - 30,000 VPD
SAPP ROAD
WENDOVER COMMONS | 5
B-101
B-107
B-110
C-101
C-110D
-10
D-50
D-100E-102F-103
H-101H-110
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LONDON201 NORTH TRYON STREET | SUITE 1400 | CHARLOTTE, NORTH CAROLINA | 28202
4242 SIX FORKS ROAD | SUITE 876 | RALEIGH, NORTH CAROLINA | 27609
Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp a North Carolina licensed real estate broker (“HFF”).
© 2019 Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 27 offices and are a leading provider of
commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A
and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
TRAVIS ANDERSON Senior Managing Director
704.526.2806 [email protected]
CORY FOWLER Senior Director 704.526.2807
debt + structured finance
JOHN OGRENReal Estate Analyst
704.526.2841 [email protected]
WARREN JOHNSON Real Estate Analyst
704.526.2839 [email protected]
analysts
investment advisors
TOM KOLARCZYK Director
704.526.2813 [email protected]
RYAN EKLUND Director - NNN Advisor
704.526.2811 [email protected]