Shirlington Development Site

Shirlington Development Site
2700 Shirley Highway Arlington, Virginia
SHIRLINGTON DEVELOPMENT SITE
2700 SHIRLEY HIGHWAY, ARLINGTON, VIRGINIA
Confidential Offering Memorandum
PENTAGON ROW &
FASHION CENTER AT
PENTAGON CITY
CRYSTAL CITY SHOPS
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SHIRLINGTON DEVELOPMENT SITE
2700 SHIRLEY HIGHWAY, ARLINGTON, VIRGINIA
THE VILLAGE AT SHIRLINGTON &
SHIRLINGTON TRANSIT CENTER
Shirlington Development Site 1
Mixed-Use Development Opportunity – Shirlington, VA
SHIRLINGTON DEVELOPMENT SITE
2700 SHIRLEY HIGHWAY, ARLINGTON, VIRGINIA
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Cushman & Wakefield of Washington, D.C. Inc., as exclusive advisor to the Owner, is
pleased to present the opportunity to acquire 2700 Shirley Highway, a premier 4.64 acre
development site located in the amenity-rich Shirlington neighborhood of Arlington, VA.
This property is located approximately 3 miles from downtown Washington, DC with
phenomenal visibility and approximately 800 feet of frontage on I-395, where current traffic
counts average approximately 185,000 cars per day. The property is easily accessible from
both the Shirlington and Glebe Road exits off of I-395 and offers unparalleled access to all
points in the Washington, DC metropolitan area.
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2700 SHIRLEY HIGHWAY DEVELOPMENT SITE SPECIFICATIONS
Address
2700 Shirley Highway
Arlington, VA
Location
West side of I-395 between Glebe Road and Four Mile Run
Tax Account Number
31034041
Property Description
The site consists of approximately 202,094 square feet and fronts on the west side of I-395. An existing
building measuring 32,349 square feet is currently on the site.
Zoning
The property is currently zoned M-1; Light Industrial, with a maximum FAR of 1.5. Re-zoning the property
could potentially increase the density to 2.5 FAR or greater.
The offered property is currently zoned M-1; Light
Industrial, which supports a maximum FAR of 1.5.
However, according to the Arlington County Department
of Community Planning, Housing and Development
(“DCPHD”), the site may be a candidate for a revision
under the General Land Use Plan. Although the current
“by right” density is 1.5 FAR, upon a potential re-zoning,
the site may be awarded increased density of 2.5 FAR or
greater through a public approval process.
2 Shirlington Development Site
Shirlington Development Site 3
Arlington County Demographics (2011 Estimates)
Arlington County is among the most densely populated jurisdictions in the country with a population density of 8,150
persons per square mile.
Arlington County boasts the highest concentration of 25-34 year olds in the region. Additionally, Arlington is the most
highly educated community in the Washington, DC region: nearly 70% of Arlingtonians hold bachelor degrees and
over 34% hold advanced degrees.
Population
210,280
At 4.1% Arlington County boasts the lowest unemployment
Population Growth (2000-2010)
11.0%
rate of any county in Virginia & the DC Metro area.
Households
99,480
Traffic Count at I-395 and Glebe Road: 185,000+ per day.
Average Household Income
$123,552
This premier 4.64 acre development site, currently zoned M-1; Light Industrial, is located in the Shirlington neighborhood
of Arlington, VA and could potentially yield over 500,000 square feet of mixed-use development through a rezoning with
Arlington County. This site offers excellent access and visibility and is located at I-395 and Glebe Road (with over 800 feet
of frontage on I-395). 2700 Shirley Highway is 3 miles from downtown Washington, DC and just 1.5 miles from Ronald
Reagan Washington National Airport. In recent years, Shirlington has been re-developed into a vibrant 24-7 live-workplay environment with a successful mix of office, multi-family and retail product.
The Village at Shirlington is located just one-half mile from 2700 Shirley Highway and is home to Harris Teeter, a Hilton
Garden Inn hotel, 20 restaurants, great boutique shopping and the nationally acclaimed Signature Theater. The Village at
Shirlington also contains over 650 apartment and condo units and several hundred thousand square feet of office space,
making this a true 24-7 environment. This urban village is also home to the Shirlington Transit Center which is served
by several Metrobus routes, all connecting to the nearby Pentagon City and Crystal City Metrorail stations, each located
approximately 1.5 miles away. The 2700 Shirley Highway development site will become the natural extension of the
Village at Shirlington. This presents an investor with the unique opportunity to capitalize on the 24-7 environment that
exists within the Village at Shirlington today, while creating synergies with and expanding upon this highly successful
urban-infill concept.
Village at Shirlington, ½ mile from Shirlington Development Site
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VIRGINIA
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McLean
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Bethesda
495
Springfield
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Annandale
Franconia
Ft. Belvoir
Military
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Arlington
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Murray Hill
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Suitland
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Anacostia
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University of
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Hyattsville
National
Arboretum
650
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FDA Headquarters
29
Branch Park
WASHINGTON, DC
US DEPARTMENT OF THE ARMY
HEADQUARTERS
VILLAGE AT SHIRLINGTON/
SHIRLINGTON TRANSIT CENTER
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2700 SHIRLEY HIGHWAY, ARLINGTON, VIRGINIA
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SHIRLINGTON DEVELOPMENT SITE
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RESTAURANTS
SIGNATURE THEATRE
SIGNATURE LIBRARY
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HARRIS TEETER
CAMPBELL AVENUE
CAKELOVE
PERRIWINKLE
HAIR CUTTERY
JOHNNY
ROCKETS
DIANA NAILS
BUSBOYS
& POETS
LE VILLAGE MARCHE
MILL END
SHOPS THRIVE
PILATES & YOGA
BECKETT’S IRISH
GASTRO PUB
BEAR
ROCK
CAFÉ
HILTON GARDEN INN
SERVICES
ROBEKS
BB&T
Diana Nails
Edge Health & Fitness
Enterprise Rent A Car
Hair Cuttery
Harris Teeter
Harvard Men’s Wear
Illusions Hair Salon
Jeffery A. Sisel, DDS
Studio Salon & Spa
Shirlington Library
INSIGHT Imaging Center of Arlington
Shirlington Valet Cleaners
Thrive Pilates & Yoga
The UPS Store
U.S. Postal Services
AMC LOEWS
SHIRLINGTON 7
VERBENA
CARIBOU
COFFEE
STUDIO SALAON & SPA
CURIOUS GRAPE
AROMA
ALADDIN’S EATERY
BONSAI
CAMPBELL AVENUE
SOUTH RANDOLPH STREET
PING
RESTAURANT
EXTRA
VIRGIN
MODERN
ITALIAN
CUISINE
CLASSIKA
THEATRE
ILLUSTIONS OF
SHIRLINGTON
GUAPO’S
THAI IN
SHIRLINGTON
THE BUNGALOW
BISTRO BISTRO
SPECIALTY
LUNA GRILL & DINER
ONE, TWO
KANGAROO TOYS
VISUAL EYES
YOGIBERRY
BEST BUNS
BREAD CO.
CARLYLE
USPS
SOUTH QU
Aladdins Eatery
Aroma Restaurant
Best Buns Bread Company
Bistro Bistro
Bonsai Restaurant
The Bungalow
Busboys & Poets
Cake Love
Capital City Brewing Company
Caribou Coffee
Carlyle Grand Café
Extra Virgin Italian Cuisine
Guapo’s
Johnny Rockets
Luna Grill & Diner
PING
Robek’s Fruit Smoothies & Healthy Eats
Subway
T.H.A.I Shirlington
Yogi Berry
Curious George
DOGMA BAKERY
Dogma Boutique & Bakery
SUBWAY
Le Village Marche
THE UPS STORE
Mill End Shops
ENTERPRISE RENT-A-CAR
SHIRLINGTON VALET CLEANERS Periwinkle
One, Two Kangaroo Toys!
Synetic Theater
INSIGHT IMAGING
CENTER OF ARLINGTON Verbana Paper & Gifts
Theater/Cinema
AMC Loews Cineplex
Classika Theater
Signature Theater
JEFFERY A. SISEL, DDS
CAPITOL
CITY
BREWING
COMPANY
BB&T
INCY STREE
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BREWING
COMPANY
EDGE HEALTH & FITNESS
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Shirlington Development Site 7
In addition to the highly successful Village of Shirlington
development, 2700 Shirley Highway is within several
miles of world-class retail and restaurants, as well as the
highest concentration of government employees in all of
Northern Virginia, highlighted by the following:
Pentagon City is home to some of the best shopping in
the DC Metro area and includes the upscale Pentagon
Row development which houses over 45 restaurants
and retail shops. Right next door is Fashion Center at
Pentagon Row with big box retailers such as Best Buy
and Costco, which is this retailer’s #1 location in the
U.S. based on sales per square foot.
Just a half mile further down the road is Crystal City,
which is Arlington’s largest downtown and features
an abundance of fine restaurants, cafes, specialty
stores, outdoor movie nights, bike trails and two award
winning theaters with Arena Stage and the Washington
Shakespeare Company.
2700 Shirley Highway is located just 2.5 miles from
the Pentagon, headquarters of the United States
Department of Defense. Approximately 23,000 military
and civilian employees and about 3,000 non-defense
support personnel work at the Pentagon.
In addition, approximately 2.5 miles south of 2700
Shirley Highway, a 1.7 million square foot office
development recently delivered that houses the
headquarters for the U.S. Department of the Army.
This brings approximately 6,400 predominantly Army
personnel to this office project located off I-395 and
Seminary Road.
Crystal City also houses one of the largest concentrations
of government jobs of any submarket in Northern
Virginia, with approximately 2 million square feet of
GSA leases.
Shirlington Station
In short, 2700 Shirley Highway is located directly in
the center of the largest concentration of government
employees in all of Northern Virginia. In addition to
this large government presence, Arlington County is
host to a number of major private sector employers
including Verizon, SAIC, CACI, Lockheed Martin, Booz
Allen Hamilton and US Airways, to name a few.
Office vacancy in Arlington County as of third quarter
2011 stands at just 7.8%, the lowest of any submarket in
the Washington, DC region, and down from 8.3% one
year ago. In line with declining vacancy, office rents
have risen approximately 5.2% over the last 18 months
in Arlington County and currently stand at $40.12 per
square foot, the highest in Northern Virginia.
As of third quarter 2011, the vacancy rate for investmentgrade apartments in Arlington County was just 3.4%,
down from approximately 4.2% one year ago and well
below the national average of 6.5%; evidence that
Arlington County is one of the most desirable places
to live in the Washington metro area and the entire
country.
With unparalleled proximity to major employers, both
within Arlington County and in downtown Washington,
DC, excellent access to major road networks and public
transportation, and minutes from several million square
feet of restaurants and shopping, 2700 Shirley Highway
is the premier development site in the Washington
metropolitan area.
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SHIRLINGTON DEVELOPMENT SITE
2700 SHIRLEY HIGHWAY, ARLINGTON, VIRGINIA
THE VILLAGE AT SHIRLINGTON &
SHIRLINGTON TRANSIT CENTER
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Eric Berkman
Steve Gichner
Executive Director
202-776-7170
eric.berkman@cushwake.com
Executive Director
202-776-7171
steven.gichner@cushwake.com
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For more information please contact:
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T.J. Liberto
Andrew Asbill
Director
703-286-30077
anthony.liberto@cushwake.com
Financial Associate
202-776-7165
andrew.asbill@cushwake.com