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Macarthur Center Norfolk, Virginia an Historic City with a Young Population

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Macarthur Center Norfolk, Virginia an Historic City with a Young Population MacArthur Center MacArthur Center Norfolk, Virginia An historic city with a young population. The best suburban mall tenants in a revitalized urban NEWPORT NEWS, VA format. A hometown center that appeals to a growing residential base and visitors. MacArthur NORFOLK, VA Center is truly unique among retail projects. VIRGINIA BEACH, VA CHESAPEAKE, VA SUFFOLK, VA Boasting nearly two dozen unique-to-market retailers and a special vibe produced by a VIRGINIA NORTH CAROLINA 10 MILES significant customer base of city dwellers, MacArthur Center is reinventing itself to serve a young and energetic market. The resurgence of MacArthur Center parallels the resurgence of Norfolk itself. MacArthur Center Norfolk, Virginia • Three-story super-regional center in the heart of downtown Norfolk • Location in the commercial and cultural hub of Hampton Roads • Multiple unique-to-market stores, including Nordstrom and Dillard’s flagship • Accessible by light rail Property Description major roads I-264 and East City Hall center description Enclosed, three-level center Avenue anchors Nordstrom and Dillard’s total sf 1,000,000 key tenants Michael Kors, Apple, CPK, Texas de Brazil, Pottery Barn, Williams-Sonoma, White House Black Market, # of stores 140 J. Crew, Banana Republic, Sephora, Chico’s, Brighton Collectibles, Fossil, H&M, Loft, Lush, Johnston & # of parking 4,600 Murphy, Fink’s Jewelers and Regal Cinemas 18 THE CENTER THE MARKET STARWOOD MacArthur Center Norfolk ranked “America’s Favorite City” — Travel & Leisure, 2017 THE CENTER THE MARKET STARWOOD MacArthur Center • The highway access of a suburban center, with the market density of a major city • In the heart of a growing residential downtown • Strong tourism market • Pro-business atmosphere with another 6,000 new Norfolk jobs recently announced. City Style Urban center with regional mall draw Vibrant Space program incentivizes new business growth More than 100,000 cars daily on downtown Interstate 264 loop 60,000 annual cruise ship passengers two blocks from mall Mall is primary driver of resident visits to downtown Visitors account for 27% of center sales – and spend 50% more than residents More than 1,300 downtown residential units built recently or in the pipeline THE CENTER THE MARKET STARWOOD MacArthur Center “One of the best places to shop in the area” — VisitNorfolkToday.com • Millennials meet empty nesters in urban living • Educated, affluent professionals • New residential development within blocks of center • Multiple universities and colleges nearby Young and Young at Heart Within 1 mile -- Millennials ages More than 133,000 people live, and more 18 to 34 comprise 32% of residents than 116,000 work, within 3 miles (versus 23% of US) Eight universities and four community Within 1 mile – 65% are college-educated colleges with 100,000 students and occupy white-collar positions Tidewater Community College located Booming 44% increase in number one block from mall of households in Downtown Norfolk between 2000 and 2014 THE CENTER THE MARKET STARWOOD MacArthur Center • Solid base of employment, including military, Primary Trade Area healthcare and research Average Household Expenditures on Par With US • 4 million annual visitors, with expenditures of $1,934 on apparel $4.36 billion, 20% of total tourism spending in Virginia $640 on home furnishings $2,454 on food away from home • A top 10 booming downtown due to decades-long $984 on personal care housing, retail and financial growth (USA Today) products and services $910 on sports and recreation THE CENTER THE MARKET STARWOOD MacArthur Center HAMPTON 26 MILES Distance to Competition I-64 Greenbrier Mall Driving – 10 mi, 13 min Lynnhaven Mall Driving – 15 mi, 21 min 13 Norkfolk Premium Outlets Driving – 9 mi, 18 min Pembroke Mall Driving – 10 mi, 14 min Virginia Beach Town Tidewater Drive Center 31,000 AADT NORFOLK Driving – 10 mi, 13 min INT’L AIRPORT Brambleton Avenue Norfolk Premium Outlets 40,000 AADT MacArthur Center (Opening Spring 2017) Church Street 24,000 AADT Waterside Drive Pembroke Mall 29,000 AADT Virginia Beach Town Center PORTSMOUTH I-264 St. Pauls Blvd Legend 28,000 AADT Primary Trade Area Lynnhaven Mall Secondary Trade Area Interstate 264 107,000 AADT Competition Access Roads (AADT= annual average Greenbrier Mall daily traffic) 3 MILES CHESAPEAKE THE CENTER THE MARKET STARWOOD MacArthur Center NASA Langley Research Center Area Attractions (Hampton) Harbor Park 13 Scope Arena Huntington Ingalls Industries Nauticus Maritime Museum (Newport News) I-64 Hampton Roads Naval Museum Chrysler Hall Riverside Health (Newport News) Chrysler Museum of Art NORVA Theater NORFOLK INT’L AIRPORT Cruise Line Terminal Old Dominion University The Main Norfolk—new Hilton hotel and conference center Sentara Healthcare Children’s Hospital of the King’s Daughters USS Wisconsin Eastern Virginia Medical School MacArthur Center Local Colleges Tidewater Community College Norfolk State University Eastern Virginia Medical School U.S. Department of Defense Tidewater Community I-264 College I-264 Old Dominion University Norfolk State University Norfolk Naval Shipyard Combined enrollment: 58,400 Legend I-64 Primary Trade Area Colleges Key Employers 3 MILES CHESAPEAKE THE CENTER THE MARKET STARWOOD MacArthur Center Demographics PTA1 STA2 TTA3 US Avg Population 2017 estimate 1,116,810 323,674 1,440,484 Top 10 Emerging Cities for 2022 projection 1,158,178 329,576 1,487,754 Global Trade % growth 2017–2022 3.7% 1.8% 3.3% 3.8% — Global Trade Magazine Population White 57% 46% 54% 70% By Race Black 31% 44% 34% 13% Norfolk named one of top 5 Asian 5% 3% 4% 6% cities for entrepreneurs Hispanic Ethnicity 7% 8% 7% 18% — Entrepreneur.com Median Age 35 35 35 38 % age 15-24 15% 15% 15% 14% One of the top 10 markets % age 25 to 44 29% 28% 29% 26% for business relocation and % age 45 to 64 24% 24% 24% 26% expansion Households 2017 estimate 415,980 129,661 545,641 — Expansion Management Magazine 2022 projection 433,528 132,698 566,226 2017 households with kids under 18 36% 34% 35% 34% “Norfolk named Virginia’s 2015 Average 2017 estimate $79,036 $65,632 $75,851 $80,853 Household eCity” % earning $75,000+ 40% 31% 38% 38% Income — Google 2022 projection $82,489 $68,980 $79,323 $87,464 Education % college educated 65% 61% 64% 59% 1-MILE 3-MILE 5-MILE 10-MILE Business & business establishments 2,496 6,994 12,464 31,043 Employment daytime employment 53,182 116,576 221,429 428,855 1 Primary Trade Area 2 Secondary Trade Area 3 Total Trade Area THE CENTER THE MARKET STARWOOD MacArthur Center Predominant Market Lifestyle Segments Accumulated Wealth—14% Young Achievers —12% • Families & couples age 50+ • Urban and metro • Upscale, college-educated neighborhoods baby boomers • Ethnically diverse and • Sprawling suburban homes blend of family types • Disposable cash and • Establishing or mid-career sophisticated tastes • Enjoy sports and • Enjoy top-of-the-line entertainment activities electronics, sporting • Some of the most tech equipment, cars and savvy consumers vacations Cautious Traditionalists—12% Midlife Success —11% • Over 55 year-old mix of • Singles & couples in their singles and couples 30’s and 40’s • High rate of home ownership • Wealthiest of the Younger • Fans of reading, home-based Years class hobbies and travel • College-educated with • Enjoy eating out at family six-figure incomes restaurants • Executive and professional • Pursue social activities jobs and entertainment outside • Fans of technology, financial the home products, and travel THE CENTER THE MARKET STARWOOD MacArthur Center Starwood Retail Partners: A New Kind Of Owner For A New Generation Of Retail Starwood Retail Partners is not your father’s — or your grandfather’s — landlord. We’re acquiring, redeveloping, managing, leasing and operating the next generation of shopping centers for a new generation of shoppers: active, exciting community cores for an increasingly interconnected consumer. Owned by Starwood Capital Group, we’ve grown our portfolio to 30 centers in 16 states across the United States since our founding in 2012, working with top-tier investment firms to help finance our properties, and employing the talents and skills of the most creative professionals in the business to maximize their value. We build solid relationships and partner with our retailers to ensure that they are in the right property at the right time, with the right deal to support their success now and in the future. We invest in innovative technologies that help our properties become more productive, our stores more exciting and our shoppers more engaged. We understand that ultimately, as an owner, as an employer and as a citizen of our communities, it’s not about property, it’s about people. California Illinois North Carolina Metreon The Arboretum of South Barrington Northlake Mall Charles Cristella / Director, Leasing / 215.341.7520 / Northridge Mall Chicago Ridge Mall [email protected] Parkway Plaza Louis Joliet Mall Ohio Belden Village Mall Plaza West Covina The Promenade Bolingbrook / Director, Big Box Leasing & Development / 312.283.5121 / Solano Town Center Franklin Park Mall Bill Cikalo Indiana Great Northern Mall [email protected] Colorado Southlake Mall SouthPark Mall Belmar Kentucky Texas Tim Martin / Director, National Restaurant and Entertainment Leasing – Connecticut Hamburg Pavilion The Shops at Willow Bend East / 813.455.0651 / [email protected] Blue Back Square Michigan Virginia Florida Fairlane Town Center MacArthur Center Bryant Siragusa / Vice President, National
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