Exclusive Investment Offering: Condominium Interest - Transwestern
Exclusive Investment Offering: Condominium Interest - Transwestern Exclusive Investment Offering: Condominium Interest - Transwestern
6 Offering Highlights 100% Leased, Award-Winning, Upscale Retail Condominium Interests The Shops at the Broadway and The Shops at the Palladium is a 100% leased, 24,074 square foot retail portfolio, each part of an award-winning, mixeduse complex developed by renowned Waterford Development LLC. The retail components are the focal point for these highly successful mixed-use residential developments. The Shops at the Broadway, recently built in 2004, features 14,583 square feet of ground level upscale boutique and national retailers. Patrons enjoy pristine brick walkways and 145 feet of attractive streetscape on the highly traveled Route 7. The Shops at the Palladium consists of 9,491 square feet of ground level upscale boutique retailers and a bank. The property features a spectacular water sculpture in the center of a tranquil, public Civic Green where residents, patrons, and citizens of McLean can gather for community events. The entire project was awarded the Best Mid-Atlantic Condominium Project of the year by Delta Associates in 2005. WEST BROAD STREET Unparalleled Infill Locations with Significant Neighborhood Revitalization Both The Broadway and The Palladium enjoy unparalleled locations within the Capital Beltway, just miles from Washington D.C. in Northern Virginia. The Broadway, in Falls Church, is conveniently positioned in the epicenter of the bustling Route 7 corridor between Tysons Corner and Seven Corners with over 27,000 cars passing daily. The Falls Church Comprehensive Aerial view of The Shops at The Broadway Plan is transforming the landscape; since 2004 over 1,200 residential units, 146,000 square feet of retail, and 280,000 square feet of office space has been approved. The Broadway serves as the eastern anchor of what is rapidly becoming a vibrant live, work, and play community. Likewise, The Palladium, set in the heart of McLean’s Central Business Revitalization District, is the cornerstone of the “Main Street” vision which bridges private spaces with public spaces. The Property sits strategically at the intersection of Chain Bridge Road and Old Dominion Drive with a
7 combined traffic count of over 50,000 cars passing daily. With the utmost commitment from both communities to neighborhood revitalization, the Subject Properties should enjoy significant future gains in patronage. Premier Demographics; Rapid Population Growth with High Disposable Income The success of these dynamic developments is bolstered by superior demographics in both Falls Church and McLean. The population in Falls Church is anticipated to grow 41% by 2025. As of the 2000 Census, the City ranked 3rd in the state for median household income and 12th in proportion of households with incomes of $150,000 or more. Similarly, residents within a one mile radius of The Palladium boast an average household income of $158,000, one of the highest in the nation and nearly triple the state average. Housing values in McLean have benefited from its affluent residential base; the average home is valued at $865,000 which has grown 120% since 2000. Retail tenants at these premier Properties are both entrenched in neighborhoods with some of the highest disposable incomes in the country. Supply Constrained Retail Markets with High Barriers to Entry Retail under-supply is even more profound in McLean, which records a negligible 0.3% retail vacancy rate. Despite rampant efforts to consolidate parcels for redevelopment, retail infill sites are extremely rare and therefore command above average rents for Washington D.C. suburban cores. The Shops at the Palladium are leased well below market with market rents averaging $48 psf triple net. Market rents have experienced 4.3% annual growth since 2004. Given the infill nature of these markets, rent growth is anticipated to continue to increase at above inflation. Both the Subject Properties are located within consistently strong retail submarkets. Each submarket registers low vacancy rates which perpetuates high demand and corresponding rent growth. The City of Falls Church, occupying just 2.0 square miles, has a retail inventory of 683,000 square feet at a low 1.3% vacancy. Current rental rates are well below market as market rents range from $40.00 to $60.00 psf triple net in the City. Significant revitalization of this affluent neighborhood has encouraged 7% average annual rent growth over the past four years. Aerial view of The Shops at The Palladium LAUGHLIN AVENUE Sold Separately or as a Portfolio ASSET INVESTMENT SALES GROUP
- Page 1 and 2: and Exclusive Investment Offering:
- Page 3 and 4: and 4 Executive Summary • Offerin
- Page 5: The Shops at The Palladium
- Page 10 and 11: 10 Driving Directions From Ronald R
- Page 13: 13 x Offering Highlights Title of P
- Page 16 and 17: 16 TRANSWESTERN ASSET INVESTMENT SA
- Page 18 and 19: 18 Retail Site Plan Hoang’s Stora
- Page 20 and 21: 20 Parking Plans Surface Parking
- Page 22 and 23: Hoang’s Grill and Sushi Bar at Th
- Page 25 and 26: 25 Falls Church Overview Falls Chur
- Page 27 and 28: uide A Guide to the to the City Cit
- Page 29 and 30: 29 4 THE READ BUILDING 5 NORTHGATE
- Page 31: 31 Transportation Overview Resident
- Page 34: 34 Market Overview The Falls Church
- Page 37 and 38: Little River Tpke 37 Map of Retail
- Page 39 and 40: 39 Tenant Profiles Hollywood Video
- Page 42 and 43: 42 TRANSWESTERN ASSET INVESTMENT SA
- Page 44 and 45: 44 Rent Roll Tenant Name Type & Sui
- Page 46: 46 Cash Flow Model Cash Flow Model
- Page 50 and 51: 50 TRANSWESTERN ASSET INVESTMENT SA
- Page 52 and 53: 52 Retail Site Plan StarNut Gourmet
- Page 54 and 55: 54 Parking Plans Surface Parking Bu
6<br />
<strong>Offering</strong> Highlights<br />
100% Leased, Award-Winning, Upscale Retail<br />
<strong>Condominium</strong> <strong>Interest</strong>s<br />
The Shops at the Broadway and The Shops at the<br />
Palladium is a 100% leased, 24,074 square foot retail<br />
portfolio, each part of an award-winning, mixeduse<br />
complex developed by renowned Waterford<br />
Development LLC. The retail components are the focal<br />
point for these highly successful mixed-use residential<br />
developments.<br />
The Shops at the Broadway, recently built in 2004,<br />
features 14,583 square feet of ground level upscale<br />
boutique and national retailers. Patrons enjoy pristine<br />
brick walkways and 145 feet of attractive streetscape<br />
on the highly traveled Route 7.<br />
The Shops at the Palladium consists of 9,491 square<br />
feet of ground level upscale boutique retailers and<br />
a bank. The property features a spectacular water<br />
sculpture in the center of a tranquil, public Civic Green<br />
where residents, patrons, and citizens of McLean can<br />
gather for community events. The entire project was<br />
awarded the Best Mid-Atlantic <strong>Condominium</strong> Project<br />
of the year by Delta Associates in 2005.<br />
WEST BROAD STREET<br />
Unparalleled Infill Locations with Significant<br />
Neighborhood Revitalization<br />
Both The Broadway and The Palladium enjoy<br />
unparalleled locations within the Capital Beltway, just<br />
miles from Washington D.C. in Northern Virginia. The<br />
Broadway, in Falls Church, is conveniently positioned in<br />
the epicenter of the bustling Route 7 corridor between<br />
Tysons Corner and Seven Corners with over 27,000<br />
cars passing daily. The Falls Church Comprehensive<br />
Aerial view of The Shops at The Broadway<br />
Plan is transforming the landscape; since 2004 over<br />
1,200 residential units, 146,000 square feet of retail,<br />
and 280,000 square feet of office space has been<br />
approved. The Broadway serves as the eastern anchor<br />
of what is rapidly becoming a vibrant live, work, and<br />
play community.<br />
Likewise, The Palladium, set in the heart of<br />
McLean’s Central Business Revitalization District,<br />
is the cornerstone of the “Main Street” vision<br />
which bridges private spaces with public spaces.<br />
The Property sits strategically at the intersection of<br />
Chain Bridge Road and Old Dominion Drive with a
Change language