ALDER TRAILS
ALDER TRAILS CYPRESS, TX
PRICING & FINANCIAL ANALYSIS
ALDER TRAILS
FINANCIAL ANALYSIS
Alder Trails 11403 Barker Cypress Road Cypress, TX 77433
Offering Summary Price Cap Rate Net Operating Income
$7,095,000 7.02% $498,389
Price PSF
$414.72
Occupancy
100.0%
Gross Leasable Area Lot Size
2017
PROPERTY DESCRIPTION
Year Built
17,108 SF 3.65 Acres
MARKET OVERVIEW This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2017 STRIVE
2
PRICING & FINANCIAL ANALYSIS
ALDER TRAILS
Current
Base Rent - Occupied Space GROSS POTENTIAL RENT
PSF
Expenses
PSF
$498,389
$29.13
Real Estate Taxes
$57,433
$3.36
$498,389
$29.13
Insurance
$27,884
$1.63
CAM
$10,595
$0.62
$92,105
$5.38
$188,017
$10.99
Expense Reimbursements $57,433
$3.36
Management Fee (% of GPI)
Management Fee Recoveries
$27,884
$1.63
Total Expenses
Insurance Recoveries
$10,595
$0.62
Real Estate Tax Recoveries
$92,105
$5.38
Total Expense Reimbursements
$188,017
$10.99
$686,406
$40.12
$57,433
$3.36
$27,884
$1.63
Total Insurance
$10,595
$0.62
Total Real Estate Taxes
$92,105
$5.38
Total Recoverable Expenses
$188,017
$10.99
$498,389
$29.13
4.1%
PROPERTY DESCRIPTION
CAM Recoveries
EFFECTIVE GROSS REVENUE
Current
FINANCIAL ANALYSIS
Projected Income & Expenses
Operating Expenses Total CAM Management Fee
Net Operating Income Capitalization Rate
4.10%
7.02%
MARKET OVERVIEW This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2017 STRIVE
3
RENT ROLL
ALDER TRAILS Lease Dates
Minimum Rent
Recoveries
Total
% of Sq Ft
Start
End
Annual
Monthly
PSF
Annual
PSF
Revenue
% of Revenue
Great Clips
A
1,074
6.28%
07/16
07/21
$34,368
$2,864
$32.00
$11,803
$10.99
$46,171
6.73%
Some Like It Hot Yoga
B
2,731
15.96%
08/16
08/21
$75,785
$6,315
$27.75
$30,014
$10.99
$105,799
15.41%
Salmar Dental
C
2,500
14.61%
10/16
09/26
$80,000
$6,667
$32.00
$27,475
$10.99
$107,475
15.66%
Pak N Ship
D
1,028
6.01%
10/16
02/22
$26,728
$2,227
$26.00
$11,298
$10.99
$38,026
5.54%
Marcos Pizza
E
1,814
10.60%
10/16
02/22
$48,978
$4,082
$27.00
$19,936
$10.99
$68,914
10.04%
AT&T
F
2,000
11.69%
03/17
02/22
$64,000
$5,333
$32.00
$21,980
$10.99
$85,980
12.53%
Nail Salon
G
3,301
19.30%
02/18
01/28
$99,030
$8,253
$30.00
$36,278
$10.99
$135,308
19.71%
Elements Massage
H
2,660
15.55%
06/18
05/28
$66,500
$5,542
$25.00
$29,233
$10.99
$95,733
13.95%
American Recyclers
I
0
0.00%
10/17
09/22
$3,000
$250
$0.00
$0.00
$0.00
$3,000
0.44%
Total Count/GLA
9
17,108
100%
$498,389
$41,532
$686,406
100.00%
Occupied
9
17,108
100.0%
Available
0
0
0.0%
$29.13
17,108
100.0%
Total Avg Rent
$188,017
PROPERTY DESCRIPTION
Sq Ft
FINANCIAL ANALYSIS
Suite
Tenant
MARKET OVERVIEW This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Š 2017 STRIVE
4
ESTIMATED REIMBURSEMENT REVENUE
ALDER TRAILS Management Fee
Insurance
Real Estate Taxes
Total Recovery
Sq Ft
% of Sq Ft
Monthly
PSF
Monthly
PSF
Monthly
PSF
Monthly
PSF
Monthly
PSF
Great Clips
A
1,074
6.28%
$300
$3.36
$146
$1.63
$55
$0.62
$482
$5.38
$984
$10.99
Some Like It Hot Yoga
B
2,731
15.96%
$764
$3.36
$371
$1.63
$141
$0.62
$1,225
$5.38
$2,501
$10.99
Salmar Dental
C
2,500
14.61%
$699
$3.36
$340
$1.63
$129
$0.62
$1,122
$5.38
$2,290
$10.99
Pak N Ship
D
1,028
6.01%
$288
$3.36
$140
$1.63
$53
$0.62
$461
$5.38
$941
$10.99
Marcos Pizza
E
1,814
10.60%
$507
$3.36
$246
$1.63
$94
$0.62
$814
$5.38
$1,661
$10.99
AT&T
F
2,000
11.69%
$560
$3.36
$272
$1.63
$103
$0.62
$897
$5.38
$1,832
$10.99
Nail Salon
G
3,301
19.30%
$923
$3.36
$448
$1.63
$170
$0.62
$1,481
$5.38
$3,023
$10.99
Elements Massage
H
2,660
15.55%
$744
$3.36
$361
$1.63
$137
$0.62
$1,193
$5.38
$2,436
$10.99
American Recyclers
I
0
0.00%
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
17,108
100%
$4,786
Totals
$2,324
$883
$7,675
PROPERTY DESCRIPTION
Suite
Tenant
FINANCIAL ANALYSIS
CAM
$15,668
MARKET OVERVIEW This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2017 STRIVE
5
LEASE PROVISIONS
ALDER TRAILS
Tenant
Suite Sq Ft
Date
PSF
Renewal Options
User Restrictions & Exclusive uses
Termination Sales Rights Reporting
Great Clips
A
1,074
-
-
Two 5-yr renewal @ $35.20 & $38.72 respectively
Exclusive right to offer valuepriced discount haircuts
No
No
Some Like It Hot Yoga
B
2,731
9/1/2018
$27.75
One 5-year renewal @ $32.18
Exclusive right to operate a yoga studio
No
No
Exclusive right to operate general dentistry and/or othodontics and dentofacial orthopedics
No
No
2,500
10/1/2021
$35.20
Pak N Ship
D
1,028
3/1/2019
$28.80
One 5-yr renewal @ $34.76
Exclusive right to operate a postal service
No
No
Marcos Pizza
E
1,814
-
-
Two 5-yr renewal @ $29.70 & $32.63 respectively
Exclusive right to operate a dine-in, carry out, or delivery pizza
No
No
AT&T
F
2,000
-
-
Two 5-yr renewal @ $35.20 and $38.72 psf respectively
Exclusive right to offer communication, television, and internet products and services
Yes, if Walmart vacates
No
Beauty Nail Bar
G
3,301
-
-
Two 5-yr renewal @ Market Rent
Exclusive right to operate a Nail Salon
No
Yes
$0.00 $13.00 $25.00 $26.00 $27.00 $28.00 $28.50
Two 5-yr renewal @ $30.00 & $33.00 respectively / Months 1-3, 100% of the base rent is abated. Months 4-6 Tenant shall pay base rent in the amount of $13.00 psf
Exclusive right to offer Professional Therapeuitic Massages - Incidental Sales of Massage and Skin Therapy products shall not exceed 5% of Gross Income
No
Yes
-
-
-
-
-
Elements Massage
H
2,660
6/01/2018 - 8/30/2018 9/01/2018 - 11/30/2018 12/1/2018 - 11/30/2020 12/1/2020 - 11/30/2021 12/1/2021 - 11/30/2024 12/1/2024 - 11/30/2026 12/1/2026 - 5/31/2028
American Recyclers
I
0
-
Totals
9
17,108
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Š 2017 STRIVE
MARKET OVERVIEW
C
PROPERTY DESCRIPTION
Salmar Dental
Two 5-yr renewal @ $38.72 & $42.59 respectively
FINANCIAL ANALYSIS
Base Rental Increases
6
TENANT INFORMATION
ALDER TRAILS
FINANCIAL ANALYSIS
Tenant Overview Tenant Ownership Years In Business Number of Locations Headquarters Website
Prime Communications, L.P. Private 17 Years 500+ Sugarland, TX www.primecomms.com
PROPERTY DESCRIPTION
Prime Communications, L.P., doing business as PrimeMobile, operates as a dealer for AT&T products and services. It provides wireless phones and accessories. It also offers high-speed Internet and home phone services. In addition, the company provides services related to mobile devices, such as smart phones and tablets, personal computers, and televisions. Prime Communications, L.P. was founded in 1999 and is based in Sugar Land, Texas with retail locations in California, North Carolina, South Carolina, Georgia, Indiana, Louisiana, Ohio, Pennsylvania, Texas, and New York. With more than 500 locations coast-to-coast in 17 states, Prime is the largest privately held AT&T Authorized Retailer in the US.
Tenant Overview Tenant Ownership Years In Business Number of Locations Headquarters Website
Private 34 Years
MARKET OVERVIEW
The first Great Clips salon opened under the name Super Clips near the University of Minnesota campus on September 22, 1982. Great Clips salons specializes in no-frills, low-priced haircuts and found immediate success with their first three salons, which opened over a span of three months. Great Clips, Inc. has 4,000 salons in North America, and in 2013, they reported an annual revenue of $1.03 billion and over 30,000 stylists employed.
Great Clips, Inc.
4,000+ Minneapolis, MN www.greatclips.com
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Š 2017 STRIVE
7
TENANT INFORMATION
ALDER TRAILS
FINANCIAL ANALYSIS
Tenant Overview Tenant Ownership Years In Business Number of Locations Headquarters Website
Marco’s Franchising, LLC Private 39 Years 700+ Toledo, OH
PROPERTY DESCRIPTION
Headquartered in Toledo,OH, Marco’s Pizza® (Marco’s Franchising, LLC) is the fastest-growing pizza company in the U.S. (based on the number of stores signed into development since 2007). Marco’s was founded by native Italian, Pasquale “Pat” Giammarco, and is committed to making authentic Italian pizza with fresh ingredients. The company has grown from its roots as a beloved Ohio brand to operate more than 700 stores in 35 states, and the Bahamas, India and Puerto Rico. In 2015 Marco’s was voted number 3 by Consumer Reports, and is fast becoming recognized as one of the top-performing restaurant franchises in the country in addition to have the best, authentic Italian pizza.
www.marcos.com
Tenant Overview Tenant Ownership Years In Business Number of Locations Headquarters Website
Private
MARKET OVERVIEW
Elements Massage pairs the amazing benefits of massage therapy with professional massage therapists, flexible scheduling, affordable prices and outstanding service to create a truly therapeutic experience. It’s therapeutic, handcrafted, and personalized. Their expert certified therapists are focused on delivering a massage that is responsive to the individual needs of the clients.
Bootier Ventures, Inc.
14 Years 160+ Highlands Ranch, CO www.elementsmassage.com
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2017 STRIVE
8
INVESTMENT HIGHLIGHTS
ALDER TRAILS
• Brand New, Class ‘A’ Construction - Built in 2015 FINANCIAL ANALYSIS
• Shadow Anchored by a New Neighborhood Walmart
• 100% Occupied with NNN Leases
• Complimentary Mix of Tenants Restaurants, Retail and Services
Including
PROPERTY DESCRIPTION
• Other Surrounding National Retailers Include: HEB, Walgreens, Starbucks, Chase Bank, Sherwin Williams, Jack in the Box, LA Fitness and Many More
• More Than 241,000 People in a 5 Mile Radius - 145% Growth Since 2000 with an Expected 11% Over The Next Few Years
• Strong Shopping Demographics – Average Household Income within 1-Mile Radius Exceeds $135,000 – Almost Twice the National Average MARKET OVERVIEW
• Daytime Population in Excess of 172,000 People in 5 Mile Radius
• Traffic Counts along Nearby US 290 East Exceed 130,100 Vehicles Per Day This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2017 STRIVE
9
SITE PLAN
ALDER TRAILS
FINANCIAL ANALYSIS
Great Clips
B
Some Like It Hot Yoga
C
Salmar Dental
D
Pak N Ship
E
Marcos Pizza
F
AT&T
G
Nail Salon
H
Master Lease
I
American Recyclers
C
B
D
A
MARKET OVERVIEW
A
PROPERTY DESCRIPTION
NOT A PART
I H
E
G
F
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Š 2017 STRIVE
10
AERIAL MAP
ALDER TRAILS
FINANCIAL ANALYSIS PROPERTY DESCRIPTION
BA RK ER CY PRE SS
RD
130,140 VPD
36,390 VPD Woodard Elementary School Cy-Fair High School
MARKET OVERVIEW This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2017 STRIVE
11
LEASE COMPARABLES
Alder Trails 11403 Barker Cypress Rd Cypress, TX
GLA
Yr Built/ Renovated Occupancy
Major Tenants
Available SF
Rental Rates
NNN
17,108
2015
100.0%
AT&T, Pak N Ship, Great Clips, Marco's Pizza, Some Like it Hot Yoga
0
$26.00 - $32.00
$10.99
21,008
2016
100.0%
Sub Zero Ice Cream, The Cheese Bar, Burgerim, Orangetheory Fitness, MOD Pizza, Sam's Pizza
0
$38.00 - $40.00
$13.50
2
The Boardwalk at Townlake 2 18121 Tuckerton Rd
16,240
2018
50.0%
(Under Construction) T-Mobile, Wingstop
8,115
$38.00 - $40.00
$13.50
16,100
2017
81.4%
Sandalwood Dental, True Image Orthodontics, Eyes on Cypress
3,000
$30.00 - $36.00
$7.00
15,381
2017
51.8%
PJ's Coffee, Batteries + Bulbs, NutriShop, Thai Restaurant
7,417
$28.00 - $36.00
$7.00
Stone Gate Commons 5 11734 Barker Cypress Rd
21,131
2005
89.0%
Williams Dental Care, Salon at Stonegate, Star Liquor, Romero's Mexican Kitchen
2,329
$20.00 - $32.00
$6.28
Lakes of Riata 6 10750 Barker Cypress Rd
31,113
2005
85.1%
Shipley Do-Nuts, Re/Max AllStars, BurgerTex Grill, Lifetime Dental, Images Hair Salon
4,650
$18.00 - $28.00
$5.93
Cypress Cornerstone Commons 3 11510 Barker Cypress Rd
4
Barker @ 290 Center 11934 Barker Cypress Rd
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2017 STRIVE
MARKET OVERVIEW
The Boardwalk at Townlake 9945 Barker Cypress Rd
PROPERTY DESCRIPTION
1
FINANCIAL ANALYSIS
Property
ALDER TRAILS
12
LEASE COMPARABLES
ALDER TRAILS
FINANCIAL ANALYSIS
Alder Trails 1
The Boardwalk at Townlake 1
2
The Boardwalk at Townlake 2
3
Cypress Cornerstone Commons
4
Barker @ 290 Center
5
Stone Gate Commons
6
Lakes of Riata
4
5 3
PROPERTY DESCRIPTION
6
MARKET OVERVIEW
1 2
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Š 2017 STRIVE
13
SURROUNDING NEIGHBORHOODS MAP
ALDER TRAILS
FINANCIAL ANALYSIS
Blackhorse Ranch 660 homes
Townlake 3,000 homes PROPERTY DESCRIPTION
Bridgeland 20,000 homes Cypress Creek Lakes 2,100 homes
Riata Ranch 1,029 homes
Canyon Gate 4,300 homes
MARKET OVERVIEW
Canyon Lake West 2,600 homes
Windhaven 500 homes
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Š 2017 STRIVE
14
LOCAL MAP
ALDER TRAILS
FINANCIAL ANALYSIS PROPERTY DESCRIPTION MARKET OVERVIEW This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Š 2017 STRIVE
15
REGIONAL MAP
ALDER TRAILS
FINANCIAL ANALYSIS PROPERTY DESCRIPTION MARKET OVERVIEW This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Š 2017 STRIVE
16
MARKET SUMMARY
ALDER TRAILS
FINANCIAL ANALYSIS PROPERTY DESCRIPTION
HOUSTON, TX Houston is the most populous city in Texas, and the fifth most populous city in the United States. With a census- estimated 2013 population of 6.49 million people within a land area of 10,062 square miles, Houston is the largest city in the Southern United States, the seat of Harris County, and fifth-most populated metropolitan area in the United States.
The Port of Houston ranks first in the United States in international waterborne tonnage handled and second in total cargo tonnage handled. Nicknamed the Space City, Houston is a global city, with strengths in business, international trade, entertainment, culture, media, fashion, science, sports, technology, education, medicine and research. The city has a population from various ethnic and religious backgrounds and a large and growing international community. Houston is considered to be the most diverse city in Texas and the United States. It is home to many cultural institutions and exhibits, which attract more than 7 million visitors a year to the Museum District. Houston has an active visual and performing arts scene in the Theater District and offers yearround resident companies in all major performing arts.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2017 STRIVE
MARKET OVERVIEW
Houston was founded in 1836 on land near the banks of Buffalo Bayou (now known as Allen’s Landing) and incorporated as a city on June 5, 1837. The city was named after former General Sam Houston, who was president of the Republic of Texas and had commanded and won at the Battle of San Jacinto 25 miles (40 km) east of where the city was established. The burgeoning port and railroad industry, combined with oil discovery in 1901, has induced continual surges in the city’s population. In the mid-twentieth century, Houston became the home of the Texas Medical Center— the world’s largest concentration of healthcare and research institutions—and NASA’s Johnson Space Center, where the Mission Control Center is located.
Houston’s economy has a broad industrial base in energy, manufacturing, aeronautics, and transportation. It is also leading in health care sectors and building oilfield equipment; only New York City is home to more Fortune 500 headquarters.
17
DEMOGRAPHIC STATISTICS 1 Mile
3 Mile
5 Mile
9,653 8,771 7,398 10.06% 18.56% 1,801
84,314 75,396 56,262 11.83% 34.01% 15,500
268,018 241,825 193,818 10.83% 24.77% 64,718
5,705 1,408 45 1,406 5 202 0
53,669 9,494 438 10,087 66 1,642 0
176,196 33,387 1,757 25,072 248 5,166 43
3,138 2,844 2,362 10.34% 20.41% 2,311 532 $135,298 $121,764
27,707 24,716 18,124 12.10% 36.37% 20,796 3,920 $130,179 $114,361
89,646 80,722 63,866 11.06% 26.39% 63,719 17,002 $114,238 $94,031
179 199 301 372 425 587 351 428
1,979 2,313 2,874 3,055 3,720 3,442 3,812 3,521
6,809 12,497 12,902 10,710 10,704 8,301 9,385 9,414
FINANCIAL ANALYSIS
Radius
ALDER TRAILS
Population: 2022 Projection 2017 Estimate 2010 Census Growth 2017-2022 Growth 2010-2017 2017 Population Hispanic Origin
2017 Population by Race:
Households:
2022 Projection 2017 Estimate 2010 Census Growth 2017 - 2022 Growth 2010 - 2017 Owner Occupied Renter Occupied 2017 Avg Household Income 2017 Med Household Income
2017 Households by Household Inc:
MARKET OVERVIEW
<$25,000 $25,000 - $50,000 $50,000 - $75,000 $75,000 - $100,000 $100,000 - $125,000 $125,000 - $150,000 $150,000 - $200,000 $200,000+
PROPERTY DESCRIPTION
White Black Am. Indian & Alaskan Asian Hawaiian & Pacific Island Other U.S. Armed Forces:
Demographic data © 2017 CoStar This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2017 STRIVE
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CONFIDENTIALITY AGREEMENT The information contained in the following offering memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from STRIVE and it should not be made available to any other person or entity without the written consent of STRIVE. By taking possession of and reviewing the information contained herein the recipient agrees to hold and treat all such information in the strictest confidence. The recipient further agrees that recipient will not photocopy or duplicate any part of the offering memorandum. If you have no interest in the subject property at this time, please return this offering memorandum to STRIVE. This offering memorandum has been prepared to provide summary, unverified financial and physical information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. STRIVE has not made any investigation, and makes no warranty or representation with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCBs or asbestos, the compliance with local, state and federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenantâ&#x20AC;&#x2122;s plans or intentions to continue its occupancy of the subject property. The information contained in this offering memorandum has been obtained from sources we believe to be reliable; however, STRIVE has not verified, and will not verify, any of the information contained herein, nor has STRIVE conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Prospective buyers shall be responsible for their costs and expenses of investigating the subject property. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT STRIVE AGENT FOR MORE DETAILS.
Commercial Disclaimer STRIVE hereby advises all prospective purchasers of commercial property as follows: The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, STRIVE has not and will not verify any of this information, nor has STRIVE conducted any investigation regarding these matters. STRIVE makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any information provided. As the Buyer of a commercial property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase. This Marketing Brochure is not a substitute for your thorough due diligence investigation of this investment opportunity. STRIVE expressly denies any obligation to conduct a due diligence examination of this Property for Buyer. Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance of this property. The value of a commercial property to you depends on factors that should be evaluated by you and your tax, financial and legal advisors. Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any commercial property to determine to your satisfaction with the suitability of the property for your needs. Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request and carefully review all legal and financial documents related to the property and tenant. While the tenant’s past performance at this or other locations is an important consideration, it is not a guarantee of future success. Similarly, the lease rate for some properties, including newly-constructed facilities or newly-acquired locations, may be set based on a tenant’s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; the tenants and any guarantors may fail to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in whole due to market, economic, environmental or other conditions. Regardless of tenants history and lease guarantees, Buyer is responsible for conducting his/her own investigation of all matters affecting the intrinsic value of the property and the value of any long-term leases, including the likelihood of locating replacement tenants if any of the current tenants should default or abandon the property, and the lease terms that Buyer may be able to negotiate with any potential replacement tenants considering the location of the property, and Buyer’s legal ability to make alternate use of the property. By accepting this Marketing Brochure you agree to release STRIVE and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this commercial property.
Information About Brokerage Services
Texas law requires all real estate license holders to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords. TYPES OF REAL ESTATE LICENSE HOLDERS: • A BROKER is responsible for all brokerage activities, including acts performed by sales agents sponsored by the broker. • A SALES AGENT must be sponsored by a broker and works with clients on behalf of the broker. A BROKER’S MINIMUM DUTIES REQUIRED BY LAW (A client is the person or party that the broker represents): • Put the interests of the client above all others, including the broker’s own interests; • Inform the client of any material information about the property or transaction received by the broker; • Answer the client’s questions and present any offer to or counter-offer from the client; and • Treat all parties to a real estate transaction honestly and fairly. A LICENSE HOLDER CAN REPRESENT A PARTY IN A REAL ESTATE TRANSACTION: AS AGENT FOR OWNER (SELLER/LANDLORD): The broker becomes the property owner’s agent through an agreement with the owner, usually in a written listing to sell or property management agreement. An owner’s agent must perform the broker’s minimum duties above and must inform the owner of any material information about the property or transaction known by the agent, including information disclosed to the agent or subagent by the buyer or buyer’s agent. AS AGENT FOR BUYER/TENANT: The broker becomes the buyer/tenant’s agent by agreeing to represent the buyer, usually through a written representation agreement. A buyer’s agent must perform the broker’s minimum duties above and must inform the buyer of any material information about the property or transaction known by the agent, including information disclosed to the agent by th e seller or seller’s agent. AS AGENT FOR BOTH - INTERMEDIARY: To act as an intermediary between the parties the broker must first obtain the written agreement of each party to the transaction. The written agreement must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker’s obligations as an intermediary. A broker who acts as an intermediary: • Must treat all parties to the transaction impartially and fairly; • May, with the parties’ written consent, appoint a different license holder associated with the broker to each party (owner and • buyer) to communicate with, provide opinions and advice to, and carry out the instructions of each party to the transaction. • Must not, unless specifically authorized in writing to do so by the party, disclose: ӽӽ that the owner will accept a price less than the written asking price; ӽӽ that the buyer/tenant will pay a price greater than the price submitted in a written offer; and ӽӽ any confidential information or any other information that a party specifically instructs the broker in writing not to disclose, unless required to do so by law. AS SUBAGENT: A license holder acts as a subagent when aiding a buyer in a transaction without an agreement to represent the buyer. A subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first. TO AVOID DISPUTES, ALL AGREEMENTS BETWEEN YOU AND A BROKER SHOULD BE IN WRITING AND CLEARLY ESTABLISH: • The broker’s duties and responsibilities to you, and your obligations under the representation agreement. • Who will pay the broker for services provided to you, when payment will be made and how the payment will be calculated. LICENSE HOLDER CONTACT INFORMATION: This notice is being provided for information purposes. It does not create an obligation for you to use the broker’s services. Please acknowledge receipt of this notice below and retain a copy for your records.
Regulated by the Texas Real Estate Commission
Information available at www.trec.texas.gov IABS 1-0
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