ARKANSAS SQUARE SHOPPING CENTER ARLINGTON, TX (DALLAS MSA)
PRICING & FINANCIAL ANALYSIS
AR K ANSAS SQUAR E
Arkansas Square Shopping Center 3901 W Arkansas Ln Arlington, TX 76016
OFFERING SUMMARY Price Cap Rate Net Operating Income
$2,560,000 7.00% $179,102
Price PSF
$84.61
Occupancy
78.8%
Year Built
1983
Gross Leasable Area
30,255 SF
Lot Size
2.61 Acres
F I N A N C I A L A N A LY S I S
2
PRICING & FINANCIAL ANALYSIS
AR K ANSAS SQUAR E
PROJECTED INCOME & EXPENSES Base Rent - Occupied Space
CURRENT 100%
GROSS POTENTIAL RENT
PSF
EXPENSES
CURRENT
PSF
$244,158
$8.07
Real Estate Taxes
$52,295
$1.73
$244,158
$8.07
Insurance
$22,370
$0.74
Expense Reimbursements
CAM
CAM Recoveries
$22,426
$0.74
Electric
$3,776
$0.12
$0
$0.00
Water
$12,310
$0.41
$11,325
$0.37
Trash
$5,329
$0.18
Real Estate Tax Recoveries
$26,475
$0.88
Grounds/Landscaping
$6,930
$0.23
Total Expense Reimbursements
$60,226
$1.99
HVAC/Maint/Repair
$12,595
$0.42
$5,971
$0.20
$46,912
$1.55
$10,905
$0.36
$132,482
$4.38
Management Fee Recoveries Insurance Recoveries
Building Maintenance
Other Revenue Fuel Revenue
$3,000
$0.10
Total CAM
Water Reimb (Gross Leases)
$4,200
$0.14
Management Fee
$7,200
$0.24
Total Expenses
$311,584
$10.30
$46,912
$1.55
$10,905
$0.36
Total Insurance
$22,370
$0.74
Total Real Estate Taxes
$52,295
$1.73
Total Recoverable Expenses
$132,482
$4.38
Net Operating Income
$179,102
$5.92
Total Other Revenue EFFECTIVE GROSS REVENUE
3.50%
Operating Expenses Total CAM Management Fee
3.50%
F I N A N C I A L A N A LY S I S
3
RE NT RO L L
Tenant
AR K ANSAS SQUAR E
Suite
SQ FT
% of SQFT
Lease Dates
Minimum Rent
Recoveries
Total
Start
End
Annual
Monthly
PSF
Annual
PSF
Revenue
% of Revenue
Texas Chainwreck
100
860
2.84%
06/18
05/21
$8,772
$731
$10.20
$3,456
$4.02
$12,228
4.02%
One Stop/Texaco
101
2,690
8.89%
12/05
03/21
$39,600
$3,300
$14.72
$10,809
$4.02
$50,409
16.56%
102A
1,097
3.63%
09/10
11/19
$11,189
$932
$10.20
$0
$0.00
$11,189
3.68%
Ark Sq Laundry
102
900
2.97%
03/16
02/20
$9,180
$765
$10.20
$0
$0.00
$9,180
3.02%
Little Tokyo
103
1,190
3.93%
07/14
03/23
$10,853
$904
$9.12
$4,298
$3.61
$15,151
4.98%
American Manicure School
104
1,190
3.93%
06/18
05/21
$11,424
$952
$9.60
$4,298
$3.61
$15,722
5.17%
American Manicure School
105
1,520
5.02%
11/18
-
$14,592
$1,216
$9.60
$6,108
$4.02
$20,700
6.80%
Lemon Grass Grill
106
1,156
3.82%
10/16
10/20
$11,743
$979
$10.16
$4,175
$3.61
$15,918
5.23%
TX Tobacco/Leasing Office
107
1,092
3.61%
03/18
04/19
$5,569
$464
$5.10
$1,835
$1.68
$7,404
2.43%
107A
1,050
3.47%
07/17
06/20
$11,964
$997
$11.39
$0
$0.00
$11,964
3.93%
Tax Plus
108
817
2.70%
04/14
03/20
$9,804
$817
$12.00
$0
$0.00
$9,804
3.22%
Best Foot Care
109
1,260
4.16%
09/13
08/21
$12,096
$1,008
$9.60
$4,551
$3.61
$16,647
5.47%
110/111
6,417
21.21%
-
-
$0
$0
$0.00
$0
$0.00
$0
0.00%
My Beauti Bar
112
900
2.97%
07/17
06/21
$7,560
$630
$8.40
$3,250
$3.61
$10,810
3.55%
Area 42 Game Center
113
1,235
4.08%
09/17
08/20
$13,344
$1,112
$10.80
$4,963
$4.02
$18,307
6.01%
Power Bar Women's Fitness
114
1,115
3.69%
07/16
06/19
$11,373
$948
$10.20
$0
$0.00
$11,373
3.74%
Inner Strength Fitness
115
1,250
4.13%
02/18
01/21
$12,750
$1,063
$10.20
$5,023
$4.02
$17,773
5.84%
Salon Couture
116
1,068
3.53%
06/11
05/21
$8,971
$748
$8.40
$3,857
$3.61
$12,828
4.21%
Serenity Nail & Spa
117
998
3.30%
04/15
03/22
$8,383
$699
$8.40
$3,604
$3.61
$11,987
3.94%
Hearth Wisdom Store
118
2,450
8.10%
02/18
01/21
$24,990
$2,083
$10.20
$0
$0.00
$24,990
8.21%
Total Count/GLA
20
30,255
100%
$244,158
$20,346
$304,384
100.00%
Occupied
19
23,838
78.8%
Available
1
6,417
21.2%
$10.24
23,838
100.0%
Platinum Kuts
Taco Regio
Available
Total Avg Rent
$60,226
F I N A N C I A L A N A LY S I S
4
ESTIMATED REIMBURSEMENT REVENUE Tenant
Suite
SQ FT
AR K ANSAS SQUAR E
% of SQFT
CAM
Management Fee
Insurance
Real Estate Taxes
Total Recovery
Monthly
PSF
Monthly
PSF
Monthly
PSF
Monthly
PSF
Monthly
PSF
Texas Chainwreck
100
860
2.84%
$111
$1.55
$0
$0.00
$53
$0.74
$124
$1.73
$288
$4.02
One Stop/Texaco
101
2,690
8.89%
$348
$1.55
$0
$0.00
$166
$0.74
$387
$1.73
$901
$4.02
102A
1,097
3.63%
$0
$0.00
$0
$0.00
$0
$0.00
$0
$0.00
$0
$0.00
Ark Sq Laundry
102
900
2.97%
$0
$0.00
$0
$0.00
$0
$0.00
$0
$0.00
$0
$0.00
Little Tokyo
103
1,190
3.93%
$113
$1.14
$0
$0.00
$73
$0.74
$171
$1.73
$358
$3.61
American Manicure School
104
1,190
3.93%
$113
$1.14
$0
$0.00
$73
$0.74
$171
$1.73
$358
$3.61
American Manicure School
105
1,520
5.02%
$196
$1.55
$0
$0.00
$94
$0.74
$219
$1.73
$509
$4.02
Lemon Grass Grill
106
1,156
3.82%
$110
$1.14
$0
$0.00
$71
$0.74
$167
$1.73
$348
$3.61
TX Tobacco/Leasing Office
107
1,092
3.61%
$153
$1.68
$0
$0.00
$0
$0.00
$0
$0.00
$153
$1.68
107A
1,050
3.47%
$0
$0.00
$0
$0.00
$0
$0.00
$0
$0.00
$0
$0.00
Tax Plus
108
817
2.70%
$0
$0.00
$0
$0.00
$0
$0.00
$0
$0.00
$0
$0.00
Best Foot Care
109
1,260
4.16%
$120
$1.14
$0
$0.00
$78
$0.74
$181
$1.73
$379
$3.61
110/111
6,417
21.21%
$0
$0.00
$0
$0.00
$0
$0.00
$0
$0.00
$0
$0.00
My Beauti Bar
112
900
2.97%
$86
$1.14
$0
$0.00
$55
$0.74
$130
$1.73
$271
$3.61
Area 42 Game Center
113
1,235
4.08%
$160
$1.55
$0
$0.00
$76
$0.74
$178
$1.73
$414
$4.02
Power Bar Women's Fitness
114
1,115
3.69%
$0
$0.00
$0
$0.00
$0
$0.00
$0
$0.00
$0
$0.00
Inner Strength Fitness
115
1,250
4.13%
$162
$1.55
$0
$0.00
$77
$0.74
$180
$1.73
$419
$4.02
Salon Couture
116
1,068
3.53%
$102
$1.14
$0
$0.00
$66
$0.74
$154
$1.73
$321
$3.61
Serenity Nail & Spa
117
998
3.30%
$95
$1.14
$0
$0.00
$61
$0.74
$144
$1.73
$300
$3.61
Hearth Wisdom Store
118
2,450
8.10%
$0
$0.00
$0
$0.00
$0
$0.00
$0
$0.00
$0
$0.00
30,255
100%
$1,869
Platinum Kuts
Taco Regio
Available
TOTALS
$0
$944
$2,206
$5,019
F I N A N C I A L A N A LY S I S
5
L E A SE PROVIS ION S Tenant
AR K ANSAS SQUAR E Suite
SQ FT
Base Rental Increases
Renewal Options
Termination Rights
Date
PSF
Options
Date
PSF
Texas Chainwreck
100
860
-
-
1x3
6/1/2021
FMV
One Stop/Texaco
101
2,690
-
-
1x1 1 x 10
4/1/2021 4/1/2022
$16.06 $16.06
-
102A
1,097
12/1/2018
$10.80
1x3
12/1/2019
FMV
-
Ark Sq Laundry
102
900
-
-
1x1
3/1/2020
$11.53
-
Little Tokyo
103
1,190
4/1/2019 4/1/2020 4/1/2021 4/1/2022
$9.84 $10.32 $10.92 $11.52
1x3
4/1/2023
FMV
Landlord has the Option to terminate the lease with ninety (90) days written notice to the tenant for any subjective reason.
American Manicure School
104
1,190
6/1/2019 6/1/2020 6/1/2021
$10.20 $10.80 $11.40
1x3
6/1/2022
FMV
Landlord has the Option to terminate the lease with ninety (90) days written notice to the tenant for any subjective reason.
American Manicure School
105
1,520
-
-
-
-
-
Lemon Grass Grill
106
1,156
10/1/2019 10/1/2020
$10.88 $11.36
1x3
10/1/2021
FMV
Landlord has the Option to terminate the lease with ninety (90) days written notice to the tenant for any subjective reason.
TX Tobacco/Leasing Office
107
1,092
-
-
1x3
5/1/2019
FMV
Landlord has the Option to terminate the lease with ninety (90) days written notice to the tenant for any subjective reason.
107A
1,050
7/1/2019
$12.00
1x3
7/1/2020
FMV
Landlord has the Option to terminate the lease with ninety (90) days written notice to the tenant for any subjective reason.
Tax Plus
108
817
-
-
1x3
4/1/2020
FMV
Landlord has the Option to terminate the lease with ninety (90) days written notice to the tenant for any subjective reason.
Best Foot Care
109
1,260
9/1/2019 9/1/2020
$9.69 $10.80
1x3
9/1/2021
FMV
Landlord has the Option to terminate the lease with ninety (90) days written notice to the tenant for any subjective reason.
110/111
6,417
-
-
-
-
-
My Beauti Bar
112
900
7/1/2018 7/1/2019 7/1/2020
$8.40 $9.00 $9.60
1x3
7/1/2021
FMV
Landlord has the Option to terminate the lease with ninety (90) days written notice to the tenant for any subjective reason.
Area 42 Game Center
113
1,235
9/1/2019
$11.40
1x3
9/1/2020
FMV
Landlord has the Option to terminate the lease with ninety (90) days written notice to the tenant for any subjective reason.
Platinum Kuts
Taco Regio
Available
Landlord has the Option to terminate the lease with ninety (90) days written notice to the tenant for any subjective reason.
-
-
F I N A N C I A L A N A LY S I S
6
L E A SE PROVIS ION S - CON T I N UED
Tenant
Suite
SQ FT
AR K ANSAS SQUAR E
Base Rental Increases
Renewal Options
Termination Rights
Date
PSF
Options
Date
PSF
Area 42 Game Center
113
1,235
9/1/2019
$11.40
1x3
9/1/2020
FMV
Landlord has the Option to terminate the lease with ninety (90) days written notice to the tenant for any subjective reason.
Power Bar Women's Fitness
114
1,115
-
-
-
7/1/2019
FMV
Landlord has the Option to terminate the lease with ninety (90) days written notice to the tenant for any subjective reason.
Inner Strength Fitness
115
1,250
2/1/2019 2/1/2020
$10.20 $11.40
1x3
2/1/2021
FMV
Landlord has the Option to terminate the lease with ninety (90) days written notice to the tenant for any subjective reason.
Salon Couture
116
1,068
6/1/2021
$9.60
1x3
6/1/2022
FMV
Landlord has the Option to terminate the lease with ninety (90) days written notice to the tenant for any subjective reason.
Serenity Nail & Spa
117
998
4/1/2019 4/1/2020 4/1/2021
$9.84 $10.32 $10.92
1x3
4/1/2022
FMV
Landlord has the Option to terminate the lease with ninety (90) days written notice to the tenant for any subjective reason.
Hearth Wisdom Store
118
2,450
2/1/2019 2/1/2020
$10.80 $11.40
1x3
2/1/2021
FMV
-
TOTAL
30,255
F I N A N C I A L A N A LY S I S
7
I N VE S TMENT HI GHLI GHT S
•
Below Market Rents: The average rental rate at Arkansas Square is only $9.92 psf while like-kind product in the immediate trade area is leasing from $12.00 to $20.00 psf. Furthermore, an investor could realize a significant increase in cash flow over the next several years by increasing rents to market rates.
•
Strong Value-Add Component: The Property is currently 78.8% occupied providing investors with a stable current cash flow while offering significant upside through the leaseup of the remaining 6,417 square feet of available space.
•
Small, Highly Leasable Spaces: The average size space in Arkansas Square is only 1,512 square feet. This makes the property extremely leasable as the tenant pool for this size space is the largest in the industry.
•
rand New Roof and HVAC System: Arkansas Square’s B roof was replaced in 2016 and includes a 20-year warranty. In addition to the new roof, the Property benefits from a brand-new HVAC system. This will benefit an investor, as the asset is likely to require minimal capital improvements in the near future.
•
‘Consumer Experience’ Tenant Base: The Property is virtually immune to the forces of the internet, as the bulk of the tenant lineup in Arkansas Square caters to an ‘inperson’ shopping or dining experience, including multiple restaurants, a service station, nail salon, beauty parlor, fitness center and a unique gaming center.
•
Exceptional Demographics: Located within a high-density area of Arlington, Arkansas Square benefits from strong demographics with impressive growth expected over the next several years. Within a five-mile radius of the Property, from 2010-2018, the area grew by an outstanding 9.61% and is expected to grow an additional 7.34% in the next four years. In addition to growth, the average household income is $83,182 within a three-mile radius, which is well above the national average.
AR K ANSAS SQUAR E
PROPERTY DESCRIPTION
8
S I T E PL A N
One Stop/Texaco
2,690
Platinum Kuts
1,097
102
Ark Sq Laundry
900
103
Little Tokyo
1,190
104
American Manicure School
1,190
105
Available
1,520
106
Lemon Grass Grill
1,156
107
Uhaul Mail Ctr
1,092
107A
Taco Regio
1,050
107
102A
107A
111
110 109 108
106
108
Tax Plus
109
Best Foot Care
1,260
105
Available
6,417
104
112
Eye Brow Boutique
900
103
113
Area 42 Game Center
1,235
102
114
Power Bar Women's Fitness
1,115
115
Inner Strength Fitness
1,250
116
Salon Couture
1,068
117
Serenity Nail & Spa
118
Hearth Wisdom Store
110/111
817
112
101
113
860 115
Texas Chainwreck
114
100
116
GLA
117
TENANT
118
SUITE
AR K ANSAS SQUAR E
101
100
998 2,450
PROPERTY DESCRIPTION
9
A E R I AL MA P
AR K ANSAS SQUAR E SWIFT ELEMENTARY SCHOOL
DUFF ELEMENTARY SCHOOL
PI
ON
EE
R
PK
W
PANTEGO CHRISTIAN ACADEMY
BAILEY JUNIOR HIGH SCHOOL
Y
35 ,43 1V
PD
HILL ELEMENTARY SCHOOL
PARK SPRINGS BLVD
10,390 VPD
DUNN ELEMENTARY SCHOOL
ARKANSAS LN
20,069 VPD
S BOWEN RD
SHORT ELEMENTARY SCHOOL GUNN JUNIOR HIGH SCHOOL
YOUNG JUNIOR HIGH SCHOOL
PROPERTY DESCRIPTION
10
L E A SE COMPA RABLES
Property
AR K ANSAS SQUAR E
GLA
Yr Built/ Renovated Occupancy
Major Tenants
Available SF
Rental Rates
NNN
Arkansas Square ï‚« 3901 W Arkansas Ln. Arlington, TX 76016
30,255
1983
73.8%
Texaco, Uhaul, Lemon Grass Grill, Little Tokyo
7,937
$9.00-$14.00
$4.50
The Gardens Plaza 1 3100 W Arkansas Ln. Arlington, TX 76016
28,000
1984
100.0%
Quikstop, Farmers Insurance, Guild Mortgage Company, A-1 Business Solutions
0
$9.00-$10.00
Modified Gross
Green Oaks Village 2 3851 Southwest Green Oaks Blvd. Arlington, TX 76017
16,490
2003
93.9%
Little Caesar's Pizza, Edward Jones, Tan Spa, J.C. Nails
1,000
$12.30-$20.00
$5.70
19,451
2010
100.0%
Subway, Town Garden Salon, Papa Murphy's, Comet Cleaners Fossil Creek Liquor
0
$21.00-$27.00
$7.21
Southwest Plaza 4 5901 W Poly Webb Rd. Arlington, TX 76016
142,074
1984
98.7%
Office Depot, Sears Outlet, H&R Block, Cici's Pizza, Dancers Closet
1,822
Inline: $13.00-$21.60
$5.20
Green Oaks Plaza 1 5 4407 Little Rd. Arlington, TX 76016
65,795
1984
73.3%
17,562
$14.00-$17.00
$5.00
Gardens Town Center 4301 S Bowen Rd. 3 Arlington, TX 76016
Schlotzsky's, Wing Stop, Joe's Pizza, Palm Beach Tan
PROPERTY DESCRIPTION
11
L E A SE COMPA RABLES
AR K ANSAS SQUAR E
Arkansas Square 1
The Gardens Plaza
2
Green Oaks Village
3
Gardens Town Center
4
Southwest Plaza
5
Green Oaks Plaza 1
1
4
3
5
2
PROPERTY DESCRIPTION
12
LO C AL MA P
AR K ANSAS SQUAR E
Arkansas Square
PROPERTY DESCRIPTION
13
REG IONA L MA P
AR K ANSAS SQUAR E
Arkansas Square
PROPERTY DESCRIPTION
14
M A R KET S U MMARY
AR K ANSAS SQUAR E
Dallas - Fort Worth, TX
OVERVIEW Dallas encompasses half of the Dallas/Fort Worth Metroplex and is the third-largest city in Texas and the ninth-largest city in the United States. Dallas is home to the third-largest concentration of Fortune 500 companies in the country and is the largest economic center of the Dallas/Fort Worth metropolitan area. The Metroplex has strong submarket occupancy rates, is home to more shopping centers per capita and has one of the largest concentrations of corporate headquarters for publicly traded companies in the United States. The city is the largest economic center of the 12-county Dallas–Fort Worth–Arlington metropolitan area, which had a population of 6,810,913 people as of July 1, 2013. The metropolitan economy is the sixth largest in the United States, with a 2012 real GDP of $420.34 billion. In 2013 the metropolitan area led the nation with the largest year-over-year increase in employment, and advanced to become the fourth-largest employment center in the nation (behind New York City, Los Angeles, and Chicago) with more than three million non-farm jobs. In the
latest rankings released in 2013, Dallas was rated as a “beta plus” world city by the Globalization and World Cities Study Group & Network. Dallas is also ranked 14th in world rankings of GDP by the Organization for Economic Co-operation and Development. The Dallas-Fort Worth Metroplex has one of the largest concentrations of corporate headquarters for publicly traded companies in the United States. The city of Dallas has 12 Fortune 500 companies, and the DFW region as a whole has 22. Dallas is the best-ranked city on the Regulatory Climate Index thanks to its efficient local regulations. Entrepreneurs and small businesses can expect a welcoming business environment across all five areas of local regulation. Dallas scores above average across each meaningful measure of an interaction that a business has with a local government agency through procedure, time, and cost. These rankings reflect the city’s continuing efforts to develop programs and initiatives to strengthen the business environment, provide access to capital, and encourage economic growth at the local level.
Q U I C K S TAT S
2 3rd 4th 22
nd
Texas, Fastest Growing Economy in the U.S. (24/7 Wall St.) Fastest Growing Cities in the U.S. (Forbes) Largest Metropolitan Area in the United States Fortune 500 Companies Call DFW Home (Fortune)
10K
Home to over 10,000 corporate headquarters, making it the largest concentration in the U.S.
PROPERTY DESCRIPTION
15
D E M OG RA PHIC STAT I ST I CS
AR K ANSAS SQUAR E
1 MILE
3 MILE
5 MILE
11,744 10,999 10,420 6.77% 5.56% 1,218
98,478 92,025 85,830 7.01% 7.22% 15,434
320,646 298,719 272,536 7.34% 9.61% 75,667
8,908 1,326 65 404 10 286 1
70,327 13,702 689 4,868 132 2,308 51
200,509 68,590 2,662 18,906 442 7,610 101
5,035 4,721 4,480 6.65% 5.38% 2,767 1,954 $93,142 $65,148
39,165 36,689 34,555 6.75% 6.18% 23,022 13,667 $83,182 $62,515
118,560 110,646 101,675 7.15% 8.82% 65,302 45,344 $74,435 $56,296
770 1,040 905 567 371 293 283 493
6,233 7,921 7,430 4,534 4,040 2,333 1,951 2,244
23,083 25,903 22,530 12,646 10,469 5,617 5,375 5,022
Population: 2023 Projection 2018 Estimate 2010 Census Growth 2018-2023 Growth 2010-2018 2018 Population Hispanic Origin
2018 Population by Race: White Black Am. Indian & Alaskan Asian Hawaiian & Pacific Island Other U.S. Armed Forces:
Households: 2023 Projection 2018 Estimate 2010 Census Growth 2018 - 2023 Growth 2010 - 2018 Owner Occupied Renter Occupied 2018 Avg Household Income (National Avg - $75,558) 2018 Med Household Income (National Avg - $53,889)
2018 Households by Household Inc: <$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+ Demographic data © CoStar 2018
PROPERTY DESCRIPTION
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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
exclusively listed 469.844.8880
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