Update 11/17/2009 REAL ESTATE JET TRIP CHECKLIST – Lynnhaven Mall, NEQ Lynnhaven Parkway & S Lynnhaven Road, Virginia Beach, VA – Date: November 17, 2009 1. Reasons that this site is being shown: a. Potential build-back location in a regional enclosed mall in Virginia Beach. General Growth Properties reports Lynnhaven Mall non-anchor sales for rolling 2009 of approximately $485 per square foot, down from $500 per square foot in 2008. b. Co-Tenancy: J.C.Penney, AMC Theatres, Macy’s, Dick’s Sporting Goods, Barnes & Noble. The former 2 leevl Lord & Taylor is 120,000 sf on two levels and still available for lease. c. The subject property is conveniently located at the NEQ of Lynnhaven Parkway and S Lynnhaven Road, approximately 1.6 mile south of interchange 19 off Interstate 264 in Virginia Beach. d. Traffic Counts are 39,000 AADT (2008) on Lynnhaven Pkwy South of International Pkwy, 45,000 AADT (2008) on Lynnhaven Pkwy North of International Pkwy 2. Comments –Virginia Beach, VA (3 miles): a. Prime Target Market: The City of Virginia Beach (population 436,270, 2.0% growth rate) is located within the Virginia Beach-Norfolk-Newport News MSA (population 1,649,457), 105 miles southeast of Richmond. Virginia Beach has a civilian workforce of 200,000 while the MSA maintains a workforce of 707,000. Additionally, the region is home to 12 military bases, with an active duty population of 95,000. Located in Virginia Beach alone are Naval Air Station Oceana, Naval Surface Warfare Center Dam Neck, Naval Amphibious Base Little Creek, and Fort Story, totaling 32,000 military and civilian employees. Other than military, the occupational mix in Virginia Beach consists of retail and wholesale trade (25%) as well as agribusiness and tourism related occupations. Other contributions to the workforce and additional high quality labor not included in the unemployment rate include the 40,000 – 50,000 military spouses in the Virginia Beach MSA, the 13,000 military personnel that exit service each year, 8,500 college graduates each year from area schools, and the 13,500 commuters from northeastern North Carolina. b. Typical Housing Prices: The median home sales price for single family new construction homes in Virginia Beach in 2009 is $262,822. The median home sales price for existing single family homes is $219,801. c. Median Income: The current 3 mile Median HH Income is $55,279. The Median HH Income for the City of Virginia Beach is $62,948. d. Top employers in Virginia Beach, VA: 1. United States Department of Defense 32,000 2. Virginia Beach City Public Schools 10,000 3. Virginia Beach City 6,000 4. Sentara Medical Group 4,646 5. SAIC/AMSEC 2,500 6. GEICO 2,200 7. AMERIGROUP 2,100 8. Navy Exchange Service Command 1,800 e. Daytime Employment: 56,795 within 3 miles
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Lynnhaven Mall Virginia Beach VA - Jet Trip Checklist 4 · Updated 11/17/2009 3. Site Location: Existing Dillard’s site totals 200,000 square feet on two levels.The entire Lynnhaven
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Update 11/17/2009
REAL ESTATE JET TRIP CHECKLIST – Lynnhaven Mall, NEQ Lynnhaven Parkway & S Lynnhaven Road, Virginia Beach, VA – Date: November 17, 2009
1. Reasons that this site is being shown:
a. Potential build-back location in a regional enclosed mall in Virginia Beach. General Growth Properties reports Lynnhaven Mall non-anchor sales for rolling 2009 of approximately $485 per square foot, down from $500 per square foot in 2008.
b. Co-Tenancy: J.C.Penney, AMC Theatres, Macy’s, Dick’s Sporting Goods, Barnes & Noble. The former 2 leevl Lord & Taylor is 120,000 sf on two levels and still available for lease.
c. The subject property is conveniently located at the NEQ of Lynnhaven Parkway and S Lynnhaven Road, approximately 1.6 mile south of interchange 19 off Interstate 264 in Virginia Beach.
d. Traffic Counts are 39,000 AADT (2008) on Lynnhaven Pkwy South of International Pkwy, 45,000 AADT (2008) on Lynnhaven Pkwy North of International Pkwy
2. Comments –Virginia Beach, VA (3 miles):
a. Prime Target Market: The City of Virginia Beach (population 436,270, 2.0% growth rate) is located within the Virginia Beach-Norfolk-Newport News MSA (population 1,649,457), 105 miles southeast of Richmond. Virginia Beach has a civilian workforce of 200,000 while the MSA maintains a workforce of 707,000. Additionally, the region is home to 12 military bases, with an active duty population of 95,000. Located in Virginia Beach alone are Naval Air Station Oceana, Naval Surface Warfare Center Dam Neck, Naval Amphibious Base Little Creek, and Fort Story, totaling 32,000 military and civilian employees. Other than military, the occupational mix in Virginia Beach consists of retail and wholesale trade (25%) as well as agribusiness and tourism related occupations. Other contributions to the workforce and additional high quality labor not included in the unemployment rate include the 40,000 – 50,000 military spouses in the Virginia Beach MSA, the 13,000 military personnel that exit service each year, 8,500 college graduates each year from area schools, and the 13,500 commuters from northeastern North Carolina.
b. Typical Housing Prices: The median home sales price for single family new construction homes in Virginia Beach in 2009 is $262,822. The median home sales price for existing single family homes is $219,801.
c. Median Income: The current 3 mile Median HH Income is $55,279. The Median HH Income for the City of Virginia Beach is $62,948.
d. Top employers in Virginia Beach, VA: 1. United States Department of Defense 32,000 2. Virginia Beach City Public Schools 10,000 3. Virginia Beach City 6,000 4. Sentara Medical Group 4,646 5. SAIC/AMSEC 2,500 6. GEICO 2,200 7. AMERIGROUP 2,100 8. Navy Exchange Service Command 1,800
e. Daytime Employment: 56,795 within 3 miles
Updated 11/17/2009
f. Unemployment Rate: 5.3% within 3 miles compared to 6.6 % for the state of Virginia g. Female Median Age: 33.8 years h. 60.5 % white collar i. Universities – 1. Tidewater Community College-Virginia Beach Campus (4.0 miles from site):
Founded in 1968 as a part of the Virginia Community College, Tidewater Community College is the largest provider of higher education and workforce development services in Hampton Roads, enrolling nearly 40,000 students annually. The 35th largest community college in the nation, TCC is among the 50 fastest-growing large two-year institutions in the United States. The college’s economic impact on the South Hampton Roads region approaches half a billion dollars annually; it generates some 3100 jobs in the local economy. For each $1 in public support provided to it, TCC generates $3.54 in revenue for the region.
2. Regent University (10.0 miles from site): Established in 1978 by Dr. M.G. “Pat” Robertson, Regent University is the nation’s academic center for Christian thought and action. There are 2,134 full-time students and 2,806 part-time students enrolled at Regent. Regent University offers 70+ graduate and undergraduate degrees available on campus and online.
3. Norfolk State University (13.5 miles from site): A four-year, state-supported, coed, liberal arts, historically black university located in Norfolk, VA with over 6,000 students. Norfolk State offers 2 Doctorate and 15 Master's degrees, including Master's degree programs in Optical Engineering, Computer Science, and Criminal Justice. The school also offers 36 undergraduate degrees, with a new degree being offered in Optical Engineering.
4. Old Dominion University (17.8 miles from site): Located in historic Norfolk, VA on over 180 acres. Initially founded in 1930 as a division of the College of William and Mary, Old Dominion University, with over 21,000 students, has recently grown into its own over the past several years focusing on commerce, international affairs and culture due to the University’s close proximity to a major international maritime commerce center. With marine and aerospace activities of VA concentrated in Hampton Roads, the university has a significant commitment to science, engineering and technology, specifically in marine science, aerospace and other fields of major importance to the region.
5. Hampton University (26.0 miles from site): Hampton University, with over 6,000 students, is a privately-endowed, non-profit, non-sectarian, co-educational, historically black university. Located in southeastern Virginia, Hampton University has grown into a comprehensive university providing a broad range of technical, liberal arts, pre-professional, professional, and graduate degree programs.
j. Points of Interest:
• Naval Air Station Oceana—Commissioned in 1943, Naval Air Station Oceana has an annual payroll exceeding $761 million. An additional $400 million of goods and services is provided, with a total economic impact on the Hampton Roads area of approximately $1.5 billion. The station is located on 5,916 acres, has 300 total aircraft and has buildings valued at $823 million in plant replacement value. The total Navy community, including family members, numbers approximately 20,000 people. NAS Oceana is the largest employer in Virginia Beach.
Updated 11/17/2009
3. Site Location: Existing Dillard’s site totals 200,000 square feet on two levels. The entire
Lynnhaven Mall has a GLA of over 1,170,000 square feet located at the NEC of Lynnhaven Parkway and Lynnhaven Road in Virginia Beach, VA.
4. Site Details:
a. Developer: General Growth Properties b. Site: Existing Dillard’s totals 200,000 square feet on two levels. The entire Lynnhaven
Mall has a GLA of over 1,170,000 square feet of retail located at the NEC of Lynnhaven Parkway and Lynnhaven Road in Virginia Beach, VA. The site includes Macy’s (199,863 square feet), J.C.Penney (150,434 square feet), AMC (75,044 square feet), Dick’s Sporting Goods (52,071 square feet), 480,128 square feet of small shop space, and 6,300 parking spaces.
d. Other Retail: Toys ‘R Us, The Sports Authority, Marshall’s, Value City Furniture 5. Transaction Status:
a. The economics for a P09: $______ million NPV with ____% store IRR b. Costs: c. Challenges: Operating a 200,000 square foot store on two levels. Attached to an
enclosed, regional mall. 6. Costs:
• Total land and site-work costs: 7. Comps:
• Lowe’s Home Improvement, 149,000 square feet of existing buildings, 717-745 Independence Blvd, Virginia Beach, VA, purchased 12.15 acres on 12/28/2007: Land: $13,500,000 ($1,111,111.11 per acre, $90.64 per square foot of building, and $25.51 per square foot of land)
• Michael Sifen Inc., 126,850 square feet of existing building, 4725 Virginia Beach Blvd, Virginia Beach, VA, purchased 12.35 acres on 7/22/2008: Land: $13,000,000 ($1,093,117.41 per acre, $102.48 per square foot of building, and $24.17 per square foot of land)
• McLeskey & Associates, 103,000 square feet, 2866 Virginia Beach Blvd, Virginia Beach, VA, Available for Lease, $12.00 per square foot, $2.50 NNN
8. Site Work and Planned Infrastructure:
a. Primary access: One (1) traffic signal with full movement at Lynnhaven Parkway and International Parkway, one (1) traffic signal with full movement at Lynnhaven Parkway and Water Spout Way, and one (1) traffic signal with full movement at Lynnhaven Parkway and Lishelle Place.
b. Secondary access points: Two (2) traffic signals with full movement on S Lynnhaven Road. Two (2) access points to Lynnhaven Mall Loop at the north end of the mall at Braves Trail and Lynnhaven Mall Loop and N Mall Road and Lynnhaven Mall Loop.
c. Pylon sign: None d. Highway improvements:
Updated 11/17/2009
• Widening of Lynnhaven Parkway from Holland Road to Lishelle Place to six lanes (currently four lanes). Construction began in January 2008, and completion is slated for May 2011. Total cost at $24.9 million.
Average Household IncomeEst. Average Household Income (2009) $57,459 $59,684 $68,588 $74,067 Census Average Hhld Income (1990) $34,891 $35,989 $40,415 $43,451 Census Average Hhld Income (2000) $45,459 $49,305 $56,857 $60,669 Proj. Average Household Income (2014) $54,550 $57,337 $65,691 $71,065 Historical Annual Change (1990-2000) $10,567 3.0% $13,316 3.7% $16,441 4.1% $17,218 4.0%Projected Annual Change (2000-2014) $9,091 1.4% $8,032 1.2% $8,834 1.1% $10,396 1.2%
Median Household IncomeEst. Median Household Income (2009) $50,132 $55,279 $62,629 $65,579 Census Median Hhld Income (1990) $31,864 $32,720 $36,169 $38,069 Census Median Hhld Income (2000) $40,525 $44,447 $50,153 $52,209 Proj. Median Household Income (2014) $53,644 $59,676 $67,464 $70,839 Historical Annual Change (1990-2000) $8,662 2.7% $11,726 3.6% $13,984 3.9% $14,140 3.7%Projected Annual Change (2000-2014) $13,118 2.3% $15,229 2.4% $17,311 2.5% $18,630 2.5%
Per Capita IncomeEst. Per Capita Income (2009) $19,445 $22,239 $25,792 $28,246 Census Per Capita Income (1990) $10,726 $12,011 $13,796 $15,064 Census Per Capita Income (2000) $14,808 $17,308 $20,155 $21,984 Proj. Per Capita Income (2014) $19,179 $22,164 $25,662 $28,087 Historical Annual Change (1990-2000) $4,081 3.8% $5,297 4.4% $6,358 4.6% $6,921 4.6%Projected Annual Change (2000-2014) $4,372 2.1% $4,856 2.0% $5,507 2.0% $6,102 2.0%
Other IncomeEst. Median Disposable Income (2009) $42,726 $46,294 $51,467 $53,582 Proj. Median Disposable Income (2014) $45,284 $49,481 $54,965 $57,355 Est. Average Household Net Worth (2009) $397,339 $405,266 $478,027 $518,910
Travel Time (2000)Worker Base (16 Years or Older) 6,088 52,555 123,563 195,747 Travel to Work in 14 Minutes or Less 1,631 26.8% 12,840 24.4% 28,711 23.2% 43,875 22.4%Travel to Work in 15 to 29 Minutes 2,496 41.0% 23,875 45.4% 56,273 45.5% 89,143 45.5%Travel to Work in 30 to 59 Minutes 1,552 25.5% 12,986 24.7% 31,549 25.5% 50,487 25.8%Travel to Work in 60 Minutes or More 223 3.7% 1,826 3.5% 4,294 3.5% 7,207 3.7%Work at Home 187 3.1% 1,027 2.0% 2,736 2.2% 5,035 2.6%Average Travel Time to Work 21.4 mins 22.3 mins 22.6 mins 22.9 mins
Transportation To Work (2000)Work Base 6,088 52,555 123,563 195,747 Drive to Work Alone 4,770 78.4% 42,164 80.2% 100,833 81.6% 161,129 82.3%Drive to Work in Carpool 892 14.6% 6,925 13.2% 14,760 11.9% 21,370 10.9%Travel to Work - Public Transportation 11 0.2% 445 0.8% 1,047 0.8% 1,469 0.8%Drive to Work on Motorcycle 3 0.1% 58 0.1% 134 0.1% 233 0.1%Bicycle to Work 18 0.3% 164 0.3% 426 0.3% 683 0.3%Walk to Work 140 2.3% 1,167 2.2% 2,222 1.8% 3,604 1.8%Other Means 67 1.1% 605 1.2% 1,405 1.1% 2,223 1.1%Work at Home 187 3.1% 1,027 2.0% 2,736 2.2% 5,035 2.6%
Daytime Demos (2009)Total Number of Businesses 759 3,815 8,453 13,835 Total Number of Employees 12,911 56,795 119,106 178,241 Company Headqtrs: Businesses 7 1.0% 20 0.5% 30 0.4% 37 0.3%Company Headqtrs: Employees 927 7.2% 2,292 4.0% 3,902 3.3% 4,397 2.5%Employee Population per BusinessResidential Population per BusinessEst. Adj. Daytime Demographics (Age16+) 15,729 79,533 176,370 274,925
Labor Force (2009)Labor: Population Age 16+ 8,503 74,836 180,102 294,930 Unemployment Rate 7.1% 5.3% 4.4% 4.3% Labor Force Total: Males 4,128 48.5% 36,460 48.7% 87,470 48.6% 142,628 48.4% Male civilian employed 2,594 62.9% 22,795 62.5% 54,190 62.0% 89,013 62.4% Male civilian unemployed 335 8.1% 1,859 5.1% 3,847 4.4% 6,106 4.3% Males in Armed Forces 395 9.6% 4,858 13.3% 11,004 12.6% 16,518 11.6% Males not in labor force 803 19.5% 6,948 19.1% 18,429 21.1% 30,991 21.7% Labor Force Total: Females 4,375 51.5% 38,376 51.3% 92,631 51.4% 152,302 51.6% Female civilian employed 2,607 59.6% 23,574 61.4% 55,886 60.3% 89,931 59.0% Female civilian unemployed 270 6.2% 2,095 5.5% 4,142 4.5% 6,455 4.2% Females in Armed Forces 89 2.0% 871 2.3% 1,757 1.9% 2,783 1.8% Females not in labor force 1,410 32.2% 11,836 30.8% 30,846 33.3% 53,133 34.9%Employment Force Change (2000-2009) -204 -3.8% 1,132 2.5% 3,196 3.0% 8,309 4.9% Male Change (2000-2009) -125 -4.6% 673 3.0% 1,801 3.4% 4,286 5.1% Female Change (2000-2009) -79 -2.9% 458 2.0% 1,395 2.6% 4,023 4.7%
Units In Structure (2000)Total Units 4,054 35,532 85,366 140,258 1 Detached Unit 2,013 49.7% 18,272 51.4% 47,462 55.6% 79,892 57.0% 1 Attached Unit 1,188 29.3% 7,971 22.4% 16,232 19.0% 24,901 17.8% 2 Units 42 1.0% 325 0.9% 1,159 1.4% 2,476 1.8% 3 to 4 Units 62 1.5% 2,124 6.0% 5,039 5.9% 7,696 5.5% 5 to 9 Units 350 8.6% 3,283 9.2% 7,142 8.4% 10,905 7.8% 10 to 19 Units 148 3.7% 1,495 4.2% 3,258 3.8% 5,465 3.9% 20 to 49 Units 116 2.9% 787 2.2% 1,340 1.6% 2,271 1.6% 50 or more Units 41 1.0% 783 2.2% 2,068 2.4% 4,555 3.2% Mobile Home or Trailer 92 2.3% 484 1.4% 1,640 1.9% 2,058 1.5% Other Structure 0 - 7 0.0% 24 0.0% 39 0.0%
Homes Built By Year (2000)Homes Built 1999 to 2000 34 0.8% 745 2.1% 1,459 1.7% 2,435 1.7%Homes Built 1995 to 1998 150 3.7% 1,566 4.4% 4,332 5.1% 8,058 5.7%Homes Built 1990 to 1994 130 3.2% 2,821 7.9% 8,278 9.7% 13,776 9.8%Homes Built 1980 to 1989 751 18.5% 11,386 32.0% 31,333 36.7% 47,053 33.5%Homes Built 1970 to 1979 1,613 39.8% 10,846 30.5% 21,542 25.2% 35,012 25.0%Homes Built 1960 to 1969 1,229 30.3% 6,271 17.7% 12,730 14.9% 20,388 14.5%Homes Built 1950 to 1959 111 2.7% 1,576 4.4% 4,349 5.1% 9,713 6.9%Homes Built 1940 to 1949 19 0.5% 196 0.6% 827 1.0% 2,293 1.6%Homes Built Before 1939 16 0.4% 125 0.4% 515 0.6% 1,529 1.1%Median Age of Homes 25.2 yrs 21.5 yrs 20.2 yrs 21.2 yrs
Home Values (2000)Owner Specified Housing Units 2,254 19,263 49,131 81,152 Home Values $1,000,000 or More 0 - 12 0.1% 89 0.2% 254 0.3% Home Values $750,000 or $999,999 0 - 0 - 179 0.4% 508 0.6% Home Values $500,000 or $749,999 0 - 29 0.1% 308 0.6% 947 1.2% Home Values $400,000 to $499,999 0 - 35 0.2% 503 1.0% 1,465 1.8% Home Values $300,000 to $399,999 0 - 81 0.4% 1,072 2.2% 2,908 3.6% Home Values $250,000 to $299,999 7 0.3% 114 0.6% 914 1.9% 2,324 2.9% Home Values $200,000 to $249,999 1 0.1% 245 1.3% 2,575 5.2% 5,111 6.3% Home Values $175,000 to $199,999 20 0.9% 478 2.5% 3,221 6.6% 5,649 7.0% Home Values $150,000 to $174,999 22 1.0% 885 4.6% 4,468 9.1% 7,745 9.5% Home Values $125,000 to $149,999 92 4.1% 1,916 9.9% 7,017 14.3% 11,937 14.7% Home Values $100,000 to $124,999 337 14.9% 4,866 25.3% 10,151 20.7% 16,254 20.0% Home Values $90,000 to $99,999 499 22.1% 3,709 19.3% 6,676 13.6% 9,075 11.2% Home Values $80,000 to $89,999 591 26.2% 2,745 14.2% 4,971 10.1% 6,966 8.6% Home Values $70,000 to $79,999 273 12.1% 1,809 9.4% 3,350 6.8% 4,810 5.9% Home Values $60,000 to $69,999 196 8.7% 1,221 6.3% 2,005 4.1% 2,911 3.6% Home Values $50,000 to $59,999 148 6.6% 815 4.2% 1,160 2.4% 1,579 1.9% Home Values $35,000 to $49,999 53 2.3% 277 1.4% 367 0.7% 548 0.7% Home Values $25,000 to $34,999 0 - 10 0.1% 59 0.1% 85 0.1% Home Values $10,000 to $24,999 0 - 0 - 30 0.1% 58 0.1% Home Values $0 to $9,999 16 0.7% 16 0.1% 16 0.0% 17 0.0%Owner Occupied Median Home Value $86,520 $103,005 $130,235 $144,282 Renter Occupied Median Rent $605 $623 $645 $648