Richmond Highway and Russell Road Alexandria, VA 22309 Richmond Highway and Russell Road
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RICHMOND HIGHWAY AND RUSSELL ROAD ALEXANDRIA, VA 22309 RICHMOND HIGHWAY AND RUSSELL ROAD OFFERING MEMORANDUM EXCLUSIVELY PRESENTED BY: Real Estate Services Since 1987 DEBRA ARNETT ED CAVE Direct: 703-537-3312 Mobile: 703-919-2149 [email protected] Direct: 703-537-3311 [email protected] CONFIDENTIALITY STATEMENT The material contained in the Offering Memorandum is confidential, furnished solely for the purpose of considering the opportunity to develop the Property described herein, and is not to be used for any other purposed or made available to any other person without the express written consent of McEnearney Commercial Inc. (“Broker”). The information contained herein has been obtained from sources that we deem to be reliable, and we have no reason to doubt its accuracy. However, no warranty or representation, expressed or implied, is made by the Seller or Broker or any related entity as to the accuracy or completeness of the information. Prospective purchasers should make their own investigation, projections, and conclusions. It is expected that prospective purchasers will conduct their own independent due diligence concerning the Property, including such engineering inspections as they deem necessary to determine the condition of the property and the existence or absence of any potentially hazardous materials. McEnearney Commercial Inc., represents the Seller in this transaction and makes no representations, expressed or implied, as to the foregoing matters. TABLE OF CONTENTS EXECUTIVE SUMMARY 4 PREMIER LOACATION 5 PROPERTY ANALYSIS 11 MARKET ANALYSIS 15 EXECUTIVE SUMMARY THE OPPOrtUNITY 8306, 08, 12 Richmond Hwy McEnearney Commercial Inc., as exclusive agent, is pleased to offer the opportunity Street Addresses 8226 Russell Road to acquire 2.05 acres on the Richmond Highway Corridor in Alexandria, Virginia. The Alexandria VA Project located at the signalized intersection of Richmond Highway and Russell Road, Map-Block-Lot # 1014 01 0005B offers a combined land area of 89,285 square feet with an approximately 2,679 square 1014 04 0014B foot Seven Eleven store currently occupied. An additional structure of approximately 5,151 square foot bank building with drive through which is currently vacant. Zoning C-8 / Highway Commercial District The Project, located in the Mount Vernon Planning District, Area IV of the Fairfax County Comprehensive Plan are recommended as Alternative Uses and currently Land Area 89,285 Total zoned C-8/Highway Commercial District. Road Frontage Richmond Hwy 186' The Fairfax County Comprehensive Plan envisions transportation improvements to Russell Road 194' include easy access by bus, Metrorail, pedestrian/bicyclist services to the City of FAR .50 (by right) Alexandria. The Mount Vernon District known for its recent and dramatic growth .70 (with approval) of commercial businesses is also the historic heart of Fairfax County which includes Fort Hunt Park, Huntley Meadows Park, George Washington’s Mount Vernon Estate Current Condition Retail, wooded lot and Gardens, the Frank Lloyd Wright designed Pope-Leighey House, River Farm and Woodlawn Plantation. Portions of the Richmond Highway corridor have been designated as one of the six Community Business Centers (CBC). The corridor Business Center areas are: Beacon/ Groveton, Hybla Valley, North Gateway, Penn Daw, South County and Woodlawn. The dramatic growth along the Richmond Highway Corridor in development of multi-family, hotel, retail and pharmacy projects make this site a prime location for development of convenience with gas, pharmacy store, major restaurant or retailer, child care or hotel. PAGE 4 PREMIER LOCATION RICHMOND HIGHWAY CORRIDOR Located in the southeastern portion of Fairfax County, the Richmond Highway corridor extends from the City of Alexandria boundary, south along Richmond Highway (U.S. Route 1) to Fort Belvoir. This corridor enjoys easy access to the Capitol Beltway (Interstates 95 and 495), Fairfax County Parkway and contains the terminus for the Metrorail Yellow Line at Huntington. The corridor is dominated by retail development--nearly 4 million square feet, more than 1 million square feet of office space and nine hotels with more than 1,000 rooms. In addition, the Department of the Army and its contractors at 8,700-acre Fort Belvoir occupy 10 million square feet of office space on-post. Fort Belvoir, one of the largest employers in Fairfax County and home to more than 40,000 civilian and military personnel in nearly 100 agencies, is the site of the second-largest action resulting from the national 2005 Base Realignment and Closure Act (BRAC), producing expansion of healthcare services and the Warrior Clinic. Major employers in the corridor include the Defense Contract Audit and Defense Logistics agencies, Inova Mount Vernon Hospital, the Department of the Army and USA Mobility. This market also contains numerous points of historical interest and natural beauty, including Fort Hunt Park, Huntley Meadows Park, George Washington’s Mount Vernon Estate and Gardens, the Frank Lloyd Wright designed Pope-Leighey House, River Farm and Woodlawn Plantation. As one of the first commercial districts in Fairfax County, the Richmond Highway corridor has its own economic development agency, Southeast Fairfax Development Corp (SFDC). Portions of the Richmond Highway corridor have been designated as one of the six Community Business Centers. The corridor Business Centers are comprised of Beacon/Groveton, Hybla Valley, North Gateway, Penn Daw, South County and Woodlawn. Richmond Highway’s close proximity both to leading visitor attractions like Old Town Alexandria, George Washington’s Mount Vernon Estate, Woodlawn Plantation, and Gunston Hall, along with the expansion of Fort Belvoir, have combined to make the corridor an attractive investment for hospitality developers. Since 2009, six new hotels have been built, representing more than 27 percent of all hotel rooms on the corridor. The corridor in addition to the growth in hospitality has experienced substantial development in multi-family with three projects completed totaling 943 units, one under construction with 400 planned units and two in final planning totaling 559 units. The corridor is also home to three new pharmacy sites and three new financial institutions. PAGE 5 PREMIER LOCATION SOUTH COUNTY COMMUNITY BUSINESS CENTER (CBC) Statement of Copyright Copyright© by the Government of Fairfax County, Virginia (“Fairfax County”). Except as provided herein, all rights are reserved. This material may be used in the conduct of business with Fairfax County by any purchaser of this information. Authorization to reproduce material for internal or personal use by any purchaser of this information is granted by Fairfax County. However, no part of this material may be published or reproduced by ay means for commercial sale or use without prior written permission of Fairfax County. For further information, please contact the Fairfax County Department of Information Technology, Enterprises Services Division, eographic Information Systems and Mapping Services Branch, 12000 Government Center Parkway, Suite 117, Fairfax, Virginia 22035-0010. Phone (703) 324-2712. Map Disclaimer The maps contained herein are NOT to be construed or used as a “legal description”. It is not a survey product and not to be used for the design, modification or construction of improvements to real property or for flood plain determination. Fairfax County does not provide any guaranty of accuracy or completeness regarding the map information. Any errors or omissions should be reported to the Fairfax County Geographic Information Services Brach of the Department of Information Technology. In no event will Fairfax County be liable for any damages, including but not limited to loss of data, lost profits, business interruption, loss of business information or any other pecuniary loss that might arise from the use of this map or information it contains. PAGE 6 PREMIER LOCATION SOUTH COUNTRY COMMUNITY BUSINESS CENTER (CBC) PAGE 7 PREMIER LOCATION PAGE 8 Page 8 PREMIER LOCATION 1. Aldi 2. Safeway 3. Mt Vernon Plaza Shoppers Home Depot Bed Bath and Beyond Pier 1 Michael’s Crafts 4. Lowes 5. Costco 4 6. Walmart 3 3 5 5 1. McDonald’s 2. Taco Bell 3. Roy Rogers 4. SubWay 5. Wendy’s 6. Five Guys 4 7. Popeye’s 2 1. Candlewood Marriott 1 2. Hampton Inn and Suites 6 3. Spring Hill Marriott 3 4. Towne Place Suites Marriott 5. Fairfield Inn and Suites Marriott 6 5 1 7 1 1. Belvoir Square Project Site 2. Beacon at Groveton 3. The Shelby Apartments Engleside 4. Towns of South Alexandria Center 5 5. Novus Kings Crossing 2 2 1 4 3 4 2 1 1 PAGE 9 PREMIER LOCATION EMBARK RICHMOND HIGHWAY Embark Richmond Highway (Embark) is a multi-year effort involving land use, transportation planning, design and construction, which will result in a bus rapid transit system to operate primarily on dedicated lanes along Richmond Highway. The stations will run initially from the Huntington Metrorail Station to Fort Belvoir and will include a possible future extension of the Metrorail Yellow Line to Hybla Valley. Embark is focused on creating a multimodal future for Richmond Highway Corridor where residents, workers, and visitors can walk, bike, or drive to the places they want to go. This effort responds to recommendations from the Route 1 Multimodal Alternatives Analysis, conducted by the Virginia Department of Rail and Public Transportation (DRPT) and intends to assess and refine the recommendations from the study by providing more detailed guidance in the Comprehensive Plan for the implementation of transit in the corridor. Embark Richmond Highway also includes coordination with the Virginia Department of Transportation (VDOT) and federal agencies to conduct Environmental Assessments (EAs). THE COMPONENTS OF THE EMBARK RICHMOND HIGHWAY PROJECT INCLUDE: COMPREHENSIVE PLAN AMENDMENT The Comprehensive Plan Amendment process is considering planning goals and objectives for the corridor, land use density and mix for the areas in the vicinity of the proposed BRT stations between Huntington and Fort Belvoir. Corridor-wide transportation systems, urban design, public facilities. ROAD WIDENING Richmond Highway is planned to be widened from four to six lanes.