Cherry Tree Plaza - White Settlement, TX by STRIVE

CHERRY TREE PLAZA FORT WORTH, TX

PRI CING & F INAN CI AL AN ALYSI S

C H E R RY T R E E P LAZ A

Cherry Tree Plaza 1700 S Cherry Ln White Settlement, TX 76108

OFFERING SUMMARY Price Cap Rate Net Operating Income Price PSF Occupancy Year Built Gross Leasable Area Lot Size

$3,400,000 6.89% $234,106 $55.63 64.1% 1985 61,120 SF 4.80 Acres

F I N A N C I A L A N A LY S I S

PRI CING & F INAN CI AL AN ALYSI S

C H E R RY T R E E P LAZ A

PROJECTED INCOME & EXPENSES Base Rent - Occupied Space

100%

GROSS POTENTIAL RENT

CURRENT

PSF

$316,836

$5.18

$316,836

$5.18

EXPENSES

CURRENT

PSF

Real Estate Taxes

$72,042

$1.18

Insurance

$16,300

$0.27

CAM

Expense Reimbursements Real Estate Tax Recoveries

$33,732

$0.55

Maintenance

$12,000

$0.20

Insurance Recoveries

$7,632

$0.12

Electricity

$21,600

$0.35

$20,789

$0.34

Water

$5,200

$0.09

$0.00

Gas

$600

$0.01

$62,153

$1.02

Landscaping

$5,000

$0.08

$378,990

$6.20

$44,400

$0.73

$12,142

$0.20

$144,884

$2.37

CAM Recoveries Management Fee Recoveries Total Expense Reimbursements EFFECTIVE GROSS REVENUE

Management Fee

Operating Expenses Total CAM

$44,400

$0.73

$12,142

$0.20

Total Insurance

$16,300

$0.27

Total Real Estate Taxes

$72,042

$1.18

Total Recoverable Expenses

$144,884

$2.37

Net Operating Income

$234,106

$3.83

Management Fee

Total CAM

3.10%

Total Expenses

3.00%

For Financing Options, Please Contact: Greg Holley | Managing Partner High St Capital (O) 469-998-7200 | (C) 714.514.2990 gholley@highstcapital.com

F I N A N C I A L A N A LY S I S

RE NT RO L L Tenant

C H E R RY T R E E P LAZ A Suite

SQ FT

% of SQFT

Lease Dates

Minimum Rent

Recoveries

Total

Start

End

Annual

Monthly

PSF

Annual

PSF

Revenue

% of Revenue

O'Reilly's

100

7,700

12.60%

01/95

08/20

$61,596

$5,133

$8.00

$16,723

$2.17

$78,319

20.67%

Available

101

980

1.60%

$0.00

0.00%

Available

102

1,142

1.87%

$0.00

0.00%

Available

103

3,900

6.38%

$0.00

0.00%

104-106

6,012

9.84%

10/19

09/23

$53,631

$4,469

$8.92

$13,057

$2.17

$66,688

17.60%

Available

107

1,250

2.05%

07/20

$0.00

0.00%

Ebony Mitchel

109

825

1.35%

$11,717

$976

$14.20

$1,792

$2.17

$13,509

3.56%

Available

110

1,225

2.00%

$0.00

0.00%

U. S Renal Care

200

4,512

7.38%

04/07

03/22

$56,316

$4,693

$13.00

$9,799

$2.17

$66,115

17.45%

Available

202

8,475

13.87%

$0.00

0.00%

Available

208

3,330

5.45%

$0.00

0.00%

Bingo

210

9,390

15.36%

07/16

06/21

$86,955

$7,246

$9.26

$0.00

$86,955

22.94%

Living Water Church

212

3,862

6.32%

10/20

01/22

$15,852

$1,321

$4.10

$8,388

$2.17

$24,240

6.40%

300-310

5,707

9.34%

03/20

02/22

$30,768

$2,564

$5.39

$12,395

$2.17

$43,163

11.39%

Available

320

1,405

2.30%

$0.00

0.00%

Available

330

1,405

2.30%

$0.00

0.00%

Total Count/GLA

61,120

100%

Totals

$316,836

$26,403

Occupied

39,150

64.1%

Available

21,970

35.9%

$8.09

39,150

100.0%

Isreal United

Iglesia Church

Total Avg Rent

$62,153

$378,989 100.00%

F I N A N C I A L A N A LY S I S

E S TI MATED REIMBUR SEMEN T R EVEN U E Tenant

Suite

SQ FT

% of SQFT

C H E R RY T R E E P LAZ A Real Estate Taxes

Insurance

CAM

Management Fee

Total Recovery

Monthly

PSF

Monthly

PSF

Monthly

PSF

Monthly

PSF

Monthly

PSF

O'Reilly's

100

7,700

12.60%

$756

$1.18

$171

$0.27

$466

$0.73

$0.00

$1,394

$2.17

Available

101

980

1.60%

$0.00

Available

102

1,142

1.87%

$0.00

Available

103

3,900

6.38%

$0.00

104-106

6,012

9.84%

$591

$1.18

$134

$0.27

$364

$0.73

$0.00

$1,088

$2.17

Available

107

1,250

2.05%

$0.00

Ebony Mitchel

109

825

1.35%

$81

$1.18

$18

$0.27

$50

$0.73

$0.00

$149

$2.17

Available

110

1,225

2.00%

$0.00

U. S Renal Care

200

4,512

7.38%

$443

$1.18

$100

$0.27

$273

$0.73

$0.00

$817

$2.17

Available

202

8,475

13.87%

$0.00

Available

208

3,330

5.45%

$0.00

Bingo

210

9,390

15.36%

$0.00

Living Water Church

212

3,862

6.32%

$379

$1.18

$86

$0.27

$234

$0.73

$0.00

$699

$2.17

300-310 5,707

9.34%

$561

$1.18

$127

$0.27

$345

$0.73

$0.00

$1,033

$2.17

Isreal United

Iglesia Church Available

320

1,405

2.30%

$0.00

Available

330

1,405

2.30%

$0.00

61,120

100%

$2,811

TOTALS

$636

$1,732

$5,179

PROPERTY DESCRIPTION

L E A SE PROVIS ION S

Tenant

Suite

C H E R RY T R E E P LAZ A

SQ FT

Base Rental Increases

Renewal Options

Date

PSF

Options

Date

PSF

CAM Cap

CAM Cap Description

User Restrictions & Exclusive Rights

O'Reilly's

100

7,700

3x5

9/1/2020 9/1/2025 9/1/2030

8.40 8.82 9.26

Available

101

980

Available

102

1,142

Available

103

3,900

10/1/2020 10/1/2021 10/1/2022

9.42 9.91 10.41

2x4

10/1/2023 10/1/2027

Mkt Mkt

Isreal United

104-106 6,012

Exclusive retailer of auto parts

Available

107

1,250

Ebony Mitchel

109

825

2x3

5/1/2022 5/1/2025

Mkt Mkt

Available

110

1,225

U. S Renal Care

200

4,512

2x5

3/21/2020 3/21/2025

12.60 13.23

Available

202

8,475

Available

208

3,330

Bingo

210

9,390

1x5

7/1/2021

9.72

Yes

Living Water Church

212

3,862

11/1/2020

5.75

1x3

11/1/2021

6.00

300-310 5,707

3/1/2021

5.58

Iglesia Church

Gross lease unless roof or parking lot need to be replaced. Then tenant will pay pro rata share

Available

320

1,405

Available

330

1,405

TOTAL

61,120

F I N A N C I A L A N A LY S I S

TE NA NT INF ORMAT I ON

C H E R RY T R E E P LAZ A

DBA

O’Reilly Auto Parts

Entity on Lease

O’Reilly Automotive Stores, Inc.

Corporate/Franchise

Corporate

Public/Private

Public (NASDAQ: ORLY)

Locations

5,200+ Locations

Website

www.oreillyauto.com

Line of Business

O’Reilly Auto Parts is an American auto parts retailer that provides automotive aftermarket parts, tools, supplies, equipment and accessories in the United States, serving both the professional service providers and do-it-yourself customers. Founded in 1957 by the O’Reilly family, the company operates more than 5,200 stores in 47 states.

DBA

U.S. Renal Care

Entity on Lease

USRC-Tarrant Dialysis West Fort Worth

Corporate/Franchise

Corporate

Public/Private

Private

Locations

335 Locations

Website

www.usrenalcare.com

Line of Business

U.S. Renal Care is a provider of dialysis services for patients suffering from end stage renal disease. U.S. Renal Care partners with nephrologists and hospitals to develop, acquire and operate outpatient treatment centers for patients suffering from kidney failure. U.S. Renal Care serves approximately 25,000 patients in 335 dialysis facilities across 32 states.

PROPERTY DESCRIPTION

I N VE S TMENT HI GHLI GHT S

C H E R RY T R E E P LAZ A

• Below Market Rents: The average rental rate at Cherry Tree Plaza is only $8.16 psf while like-kind product in the immediate trade area is leasing from $20.00 to $30.00 psf. Furthermore, over the next several years, a buyer could see a significant increase in cash flow by increasing existing rents and backfilling the available 35.9% of the center at market rent. • Priced Below Replacement Cost: Cherry Tree Plaza presents a compelling opportunity to acquire a retail asset at $61.35 per square foot, which is less than a third or replacement cost. • Sought After Value-Add Opportunity: The property’s current occupancy of 64.1% provides an opportunity for investors to realize immediate revenue growth with the lease-up of the available 21,970 square feet of retail space. • Extremely High Growth Trade Area: Located just West a highly dense area of West Fort Worth, Cherry Tree Plaza benefits from strong demographics with high growth expected over the next several years. Within three- and five-mile radii of the property, there has been a hefty increase of 21.61% and 27.48% of residents, respectively, over the past nine years. Additionally, within the next five years, the population within a five-mile radius is expected to grow an additional 9.12%. • Exceptional Demographics: Within a five-mile radius, the asset benefits from a strong household income of $81,390, which is well above the national average. • Retail-Dense Location: Situated in a retail-dense corridor just west of the historic Ridgmar area of Fort Worth, the property benefits from exposure to consumers with high spending power. PROPERTY DESCRIPTION

S I T E PL A N

C H E R RY T R E E P LAZ A

Suite

Tenant

SQ FT

Suite

Tenant

SQ FT

100

O'Reilly's

7,700

200

U.S. Renal Care

4,512

101

Available

980

202

Available

8,475

102

Available

1,142

208

Available

3,330

103

Available

3,900

210

Bingo

9,390

Isreal United

6,012

212

Living Water

3,862

107

Available

1,250

109

Ebony Mitchel

825

320

Available

1,405

110

Available

1,225

330

Available

1,405

200

101 202

208

210

212

300-310

104106

103

100

102

110

109

5,707

107

300-310 Iglesia Church

320

330

104-106

PROPERTY DESCRIPTION

A E R I AL MA P

C H E R RY T R E E P LAZ A

NAVAL AIR STATION FORT WORTH

VP D 43 31 ,6

DR E

ME R

ALTA

BREWER MIDDLE SCHOOL

S CHERRY LN

21,090 VPD

LIBERTY ELEMENTARY SCHOOL

Ridgmar Mall

SITE

WESTERN HILLS ELEMENTARY SCHOOL

104,000 VPD

PROPERTY DESCRIPTION

L E A SE COMPA RABLES

Property

C H E R RY T R E E P LAZ A

GLA

Yr Built/ Renovated Occupancy

Major Tenants

Available SF

Rental Rates

NNN

Cherry Tree Plaza ï&#x192;ª 1700 S Cherry Ln Fort Worth, TX 76108

61,120

1985

64.1%

O'Reilly's Auto Parts, U.S. Renal Care

21,970

$5.25-$12.48

$2.17

The Shops at Ridgmar 1 6900 Green Oaks Rd. Fort Worth, TX 76116

40,627

1985

81.6%

Armstrong McCall, Merle Norman, Floralee, Weight Watchers, Flawless Fitness, Woody Creek BBQ

7,490

$14.00-$21.00

$4.40

Camp Bowie Retail 2 8100 Camp Bowie Blvd Fort Worth, TX 75074

10,650

1966

100.0%

Food Mart, Johny Bee's, Planet Corp, Vapor Smoke Shop

$7.00-$18.46

$4.00

10,400

2009

100.0%

My EyeLab, Fire House Subs, Sports Clips, AT&T

$26.00-$30.00

$6.78

Clifford Crossing 4 515 W Loop 820 Fort Worth, TX. 76108

4,300

2016

100.0%

Ideal Dental, AT&T

$33.50-$34.75

$6.50

Legacy Marketplace 5 9650 Legacy Dr. Fort Worth, TX 76108

21,023

2007

86.3%

ProCuts, Dollar Tree, Sally Beauty, Metro PCS

2,873

$12.00-$22.50

$6.00

Westover Village 501 Alta Mere Dr. 3 Fort Worth, TX 76107

PROPERTY DESCRIPTION

L E A SE COMPA RABLES

C H E R RY T R E E P LAZ A

Cherry Tree Plaza 1

The Shops at Ridgmar

Camp Bowie Retail

Westover Village

Clifford Crossing

Legacy Marketplace

4 5

3 2 1

PROPERTY DESCRIPTION

LO C AL MA P

C H E R RY T R E E P LAZ A

PROPERTY DESCRIPTION

REG IONA L MA P

C H E R RY T R E E P LAZ A

White Settlement

PROPERTY DESCRIPTION

M A R KET S U MMARY

C H E R RY T R E E P LAZ A

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 7,399,662 people as of July 1, 2017. The metropolitan economy is the fourth-largest and third-fastest growing in the United States, with a 2017 real GDP of $535.5 billion. In 2018, Dallas had both the highest job growth rate and the most jobs added in the nation, and is 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 2018, 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 DFW Metroplex has one of the largest concentrations of corporate headquarters for publicly traded companies in the United States. As of 2019, the city of Dallas has 10 Fortune 500 companies, and the DFW region as a whole has 24. 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

No.

Fastest Growing City in the U.S. (U.S. Census Bureau)

4 5th 24 th

Largest Metropolitan Area in the United States Texas, Fastest Growing Economy in the U.S. (Forbes) Fortune 500 Companies Call DFW Home (Dallas Morning News)

10K

Home to over 10,000 corporate headquarters, making it the largest concentration in the U.S.

PROPERTY DESCRIPTION

D E M OG RA PHIC STAT I ST I CS

C H E R RY T R E E P LAZ A

3 Mile

5 Mile

10 Mile

2024 Projection

98,355

212,490

676,688

2019 Estimate

90,667

194,724

624,984

2010 Census

74,555

152,743

522,901

Population:

Growth 2019-2024

8.48%

9.12%

8.27%

Growth 2010-2019

21.61%

27.48%

19.52%

2019 Population Hispanic Origin

27,051

54,645

243,134

White

72,125

159,148

490,032

Black

13,223

23,961

94,761

872

2,083

6,330

1,944

4,648

19,450

104

188

748

2399

4,696

13,663

392

1,594

2,002

39,277

86,065

245,303

2019 Population by Race:

Am. Indian & Alaskan Asian Hawaiian & Pacific Island Other U.S. Armed Forces:

Households: 2024 Projection 2019 Estimate

36,352

79,190

226,741

2010 Census

30,650

63,824

190,309

Growth 2019 - 2024

8.05%

8.68%

8.19%

Growth 2010 - 2019

18.60%

24.08%

19.14%

Owner Occupied

16,409

41,427

128,419

19,943

37,763

98,322

2019 Avg Household Income

Renter Occupied

$69,396

$81,390

$77,192

2019 Med Household Income

$50,013

$57,120

$56,378

<$25,000

9,204

15,860

47,178

$25,000 - $50,000

8,969

18,820

53,204

$50,000 - $75,000

6,833

15,512

43,931

$75,000 - $100,000

4,523

9,139

28,074

$100,000 - $125,000

2,414

6,424

19,992

$125,000 - $150,000

1,301

3,689

10,562

$150,000 - $200,000

1,276

3,584

10,099

$200,000+

1,834

6,163

13,702

2019 Households by Household Inc:

PROPERTY DESCRIPTION

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: ӽ that the owner will accept a price less than the written asking price; ӽ that the buyer/tenant will pay a price greater than the price submitted in a written offer; and ӽ 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

STRIVERE.COM