COOPER OAKS SHOPPING CENTER ARLINGTON, TX (DALLAS MSA)
PRICING & FINANCIAL ANALYSIS
CO O P E R OAK S SH O P P ING C E NT E R
Cooper Oaks Shopping Center 1827 Green Oaks Blvd SW Arlington, TX 76017
OFFERING SUMMARY Price Cap Rate Net Operating Income
$3,000,000 7.88% $236,455
Price PSF
$168.20
Occupancy
100.0%
Year Built Gross Leasable Area Lot Size
1996 17,836 SF 1.43 Acres
F I N A N C I A L A N A LY S I S
2
PRICING & FINANCIAL ANALYSIS
CO O P E R OAK S SH O P P ING C E NT E R
PROJECTED INCOME & EXPENSES Base Rent - Occupied Space GROSS POTENTIAL RENT
CURRENT 100%
PSF
$283,602
$15.90
Real Estate Taxes
$283,602
$15.90
Insurance
Expense Reimbursements CAM Recoveries
EXPENSES
CURRENT
PSF
$60,785
$3.41
$6,158
$0.35
CAM $25,590
$1.43
Electricity
$2,820
$0.16
Management Fee Recoveries
$6,245
$0.35
Water & Sewer
$12,120
$0.68
Insurance Recoveries
$3,884
$0.22
Electrical Repair
$2,610
$0.15
Real Estate Tax Recoveries
$38,340
$2.15
Plumbing
$550
$0.03
Total Expense Reimbursements
$74,058
$4.15
Landscaping
$7,545
$0.42
$20.05
Pest Control
$850
$0.05
Groundskeeper
$6,220
$0.35
Trash Removal
$7,240
$0.41
EFFECTIVE GROSS REVENUE
$357,660
Operating Expenses Total CAM
$39,955
$2.24
Management Fee
$14,307
$0.80
Total CAM
$39,955
$2.24
$6,158
$0.35
Management Fee
$14,307
$0.80
Total Real Estate Taxes
$60,785
$3.41
Total Expenses
$121,205
$6.80
Total Recoverable Expenses
$121,205
$6.80
$236,455
$13.26
Total Insurance
Net Operating Income
F I N A N C I A L A N A LY S I S
3
RE NT RO L L Tenant
CO O P E R OAK S SH O P P ING C E NT E R Suite
SQ FT
% of SQFT
Lease Dates
Minimum Rent
Recoveries
Total
Start
End
Annual
Monthly
PSF
Annual
PSF
Revenue
% of Revenue
Tender My Wings
101
2,500
14.02%
10/07
09/22
$46,620
$3,885
$18.65
$16,989
$6.80
$63,609
17.78%
The Nail Shop
109
1,215
6.81%
03/97
12/21
$26,115
$2,176
$21.49
$8,257
$6.80
$34,372
9.61%
Austin 5 / 5.99 or less
137
6,586
36.93%
06/17
05/20
$99,000
$8,250
$15.03
$0
$0.00
$99,000
27.68%
Pho & Po Boy
145
2,415
13.54%
07/17
06/22
$27,216
$2,268
$11.27
$14,744
$6.11
$41,960
11.73%
Scissor Cuts
157
1,600
8.97%
12/18
11/23
$22,956
$1,913
$14.35
$10,873
$6.80
$33,829
9.46%
Cooper Donuts
165
1,050
5.89%
08/01
07/21
$18,615
$1,551
$17.73
$6,411
$6.11
$25,025
7.00%
Dr Flannagan
169
2,470
13.85%
07/97
06/27
$43,080
$3,590
$17.44
$16,785
$6.80
$59,865
16.74%
Total Count/GLA
7
17,836
100%
Totals
$283,602
$23,633
$357,660
100.00%
Occupied
7
17,836
100.0%
Available
0
0
0.0%
$15.90
17,836
100.0%
Total Avg Rent Second-Floor Space
$74,058
3,450
F I N A N C I A L A N A LY S I S
4
E S TI MATED REIMBUR SEMEN T R EVEN U E
Tenant
Suite
SQ FT
CO O P E R OAK S
% of
CAM
SQFT
Management Fee
Insurance
Real Estate Taxes
Total Recovery
Monthly
PSF
Monthly
PSF
Monthly
PSF
Monthly
PSF
Monthly
PSF
Tender My Wings
101
2,500
14.02%
$467
$2.24
$167
$0.80
$72
$0.35
$710
$3.41
$1,416
$6.80
The Nail Shop
109
1,215
6.81%
$227
$2.24
$81
$0.80
$35
$0.35
$345
$3.41
$688
$6.80
Austin 5 / 5.99 or less
137
6,586
36.93%
$0
$0.00
$0
$0.00
$0
$0.00
$0
$0.00
$0
$0.00
Pho & Po Boy
145
2,415
13.54%
$473
$2.35
$0
$0.00
$69
$0.35
$686
$3.41
$1,229
$6.11
Scissor Cuts
157
1,600
8.97%
$299
$2.24
$107
$0.80
$46
$0.35
$454
$3.41
$906
$6.80
Cooper Donuts
165
1,050
5.89%
$206
$2.35
$0
$0.00
$30
$0.35
$298
$3.41
$534
$6.11
Dr Flannagan
169
2,470
13.85%
$461
$2.24
$165
$0.80
$71
$0.35
$701
$3.41
$1,399
$6.80
17,836
100%
$2,132
TOTALS
$520
$324
$3,195
$6,172
PROPERTY DESCRIPTION
5
L E A SE PROVIS ION S
Tenant
CO O P E R OAK S SH O P P ING C E NT E R
Suite
Base Rental Increases
SQ FT Date
Renewal Options PSF
Options
Date
PSF
Tender My Wings
101
2,500
10/1/2019 10/1/2020 10/1/2021
$3985 $4085 $4185
$19.13 $19.61 $20.09
1 x 5 Yr
10/1/2022
FMV
The Nail Shop
109
1,215
-
-
-
1 x 5 Yr
1/1/2022
FMV
Austin 5 / 5.99 or less
137
6,586
6/1/2019
$8,250
$15.03
-
-
-
Pho & Po Boy
145
2,415
7/1/2019 7/1/2021
$2368 $2468
$11.77 $12.26
1 x 5 Yr
7/1/2022
FMV
Scissor Cuts
157
1,600
12/1/2020
-
$15.41
1 x 5 Yr
12/1/2023
FMV
Cooper Donuts
165
1,050
8/1/2020
1,591
$18.19
-
-
-
Dr Flannagan
169
2,470
7/1/2021 7/1/2023 7/1/2025
$3650 $3750 $3850
$17.73 $18.22 $18.70
3 x 5 Yr
7/1/2027 7/1/2032 7/1/2037
2% Annual Increase
TOTAL
17,836
F I N A N C I A L A N A LY S I S
6
TE NA NT INF ORMAT I ON
CO O P E R OAK S SH O P P ING C E NT E R
Tenant
5.99 Or Less
Locations
10
Public/Private
Private
Line of Business
Get some of the most stylish clothes and accessories for all under $5.99. Sticking true to their name, everything in store is $5.99 or less.
Tenant
Tender My Wings
Locations
2
Public/Private
Private
Line of Business
Founded in November 2018, Tender My Wings is a restaurant specializing in flavored whole chicken wings and jumbo tenders.
PROPERTY DESCRIPTION
7
I N VE S TMENT HI GHLI GHT S
CO O P E R OAK S SH O P P ING C E NT E R
• Kroger Shadow Anchored Center: Strategically shadowed to a Nationally recognized Grocer, the Property benefits from cross-traffic exposure. • Built-In Upside: Six of the seven tenants in the property have scheduled increases in their base rent, virtually guarantying an increased NOI over the first few years of ownership of Cooper Oaks. This represents 93% of the leased space that has scheduled increases in their base term. In three years the NOI is scheduled to be $242,984 which equates to an 8.09% return on the ask price. • Below Market Rents: The average rental rate at the Cooper Oaks Shopping Center is only $17.50 psf, while like-kind product in the immediate trade area is leasing up to $16.00 to $35.00 psf. • Exceptional Demographics: The average household incomes within three and five miles of Cooper Oaks are an outstanding $73,612 and $75,554 respectively. Furthermore, the diversified needs of the immediate residents with high-spending-power are met by the Properties mixed tenant lineup. • Tremendous Exposure with High Traffic Counts: The Property is situated at the northwest corner of Cooper Street and Green Oaks Boulevard - roughly a mile south of I-20. This positioning provides Cooper Oaks Shopping Center exposure to more than 58,122 vehicles per day at this signalized intersection. Furthermore, the Property benefits from more than 181,000 vehicles travelling daily along Interstate 20, a major thoroughfare in DFW. • High Growth Trade Area: Located near the densest retail corridor in DFW, Cooper Oaks benefits from strong demographics with significant growth expected over the next several years. Within a threemile radius of the Property there are 112,048 residents increasing to an astounding 319,473 residents within five miles. Over the next five years, the population within a five-mile radius is expected to grow an additional 7.16%. PROPERTY DESCRIPTION
8
PRO PERT Y IMAGERY
CO O P E R OAK S SH O P P ING C E NT E R
PROPERTY DESCRIPTION
9
S I T E PL A N
Tenant
CO O P E R OAK S SH O P P ING C E NT E R
Suite
SQ FT
Tender My Wings
101
2,500
The Nail Shop
109
1,215
5.99 Or Less
137
6,586
Pho & Po Boy
145
2,415
Scissor Cuts
157
1,600
Cooper Donuts
165
1,050
Dr Flannagan
169
2,470
Tender My Wings
The Nail Shop
Pho & Po Boy
Scissor Cuts
Cooper Donuts
Dr Flannagan
5.99 Or Less
GREEN OAKS BLVD
PROPERTY DESCRIPTION
10
A E R I AL MA P
CO O P E R OAK S SH O P P ING C E NT E R
ARLINGTON HIGHLANDS
PARKS MALL
181,000 VPD
BARDIN PLACE CENTER
MATLOCK RD
COOPE R ST
ANTIQUE MALL
ARLINGTON MUNICIPAL AIRPORT
GR
EE
NO AK
SB
LV D
PROPERTY DESCRIPTION
11
L E A SE COMPA RABLES
Property Cooper Oaks Shopping Center « 1827 Green Oaks Blvd. Arlington, TX 76017
5960 S Cooper St. 1 Arlington, TX 76017
Green Oaks Plaza 2 5727 W Interstate 20 Arlington, TX 76017 Shops at Scots Legacy 1109 W I-20 Hwy. 3 Arlington, TX 76015
Bardin Place 4600 S Cooper St. 4 Arlington, TX 75052
The Village at Sports Center 5005 S Cooper St. 5 Arlington, TX 76017
CO O P E R OAK S SH O P P ING C E NT E R
GLA
Yr Built/ Renovated Occupancy
Major Tenants
Available SF
Rental Rates
NNN
Scissor Cuts, Austin 5, Tender My Wings, Cooper Donuts
0
$14.00-$21.00
$6.75
17,836
1996
100.0%
6,000
1997
100.0%
Verizon, Glo Sun Spa Two Tone Nails
0
$14.50-$21.00
$7.00
97,696
1984
87.9%
Super Cuts,UPS Store, Schlotzky's Deli, Palm Beach Tan Wingstop
11,776
$14.00-$21.00
$10.00
12,300
1995
85.4%
Verizon Wireless, Alfred Angelo Bridal
1,800
$29.00-$35.00
$7.45
420,550
1992
99.8%
Hobby Lobby, Mardel, Dollar Tree, Ross
1,020
Inline: $16.00-$32.00
$3.71
99,055
2009
63.3%
Chipotle, Sports Clips, Smashburger, Schlotzsky's Deli
36,373
$20.00-$30.00
$8.00
PROPERTY DESCRIPTION
12
L E A SE COMPA RABLES
CO O P E R OAK S SH O P P ING C E NT E R
Cooper Oaks Shopping Center 1
5960 S Cooper St.
2
Green Oaks Plaza
3
Shops at Scots Legacy
4
Bardin Place
5
The Village at Sports Center
3 2 4 5
1
PROPERTY DESCRIPTION
13
REG IONA L MA P
CO O P E R OAK S SH O P P ING C E NT E R
Cooper Oaks
PROPERTY DESCRIPTION
14
LO C AL MA P
CO O P E R OAK S SH O P P ING C E NT E R
Cooper Oaks
PROPERTY DESCRIPTION
15
M A R KET S U MMARY
CO O P E R OAK S SH O P P ING C E NT E R
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 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 nine 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
No.
1
Fastest Growing City in the U.S. (U.S. Census Bureau)
4 5th 22 th
Largest Metropolitan Area in the United States Texas, Fastest Growing Economy in the U.S. (Forbes) Fortune 500 Companies Call DFW Home (USA Today)
10K
Home to over 10,000 corporate headquarters, making it the largest concentration in the U.S.
PROPERTY DESCRIPTION
16
D E M OG RA PHIC STAT I ST I CS
CO O P E R OAK S SH O P P ING C E NT E R
1 MILE
3 MILE
5 MILE
12,820 12,023 11,486 6.63% 4.68% 3,149
135,358 126,465 117,796 7.03% 7.36% 35,039
364,934 340,700 315,376 7.11% 8.03% 103,774
8,553 2,167 86 943 11 264 12
86,958 23,883 1,242 10,819 232 3,330 44
232,702 68,148 3,345 26,969 588 8,948 111
5,091 4,792 4,647 6.24% 3.12% 2,068 2,723 $67,954 $52,925
49,230 46,116 43,453 6.75% 6.13% 26,220 19,896 $73,612 $57,216
127,775 119,525 111,573 6.90% 7.13% 71,673 47,852 $75,554 $58,472
851 1,359 1,113 436 516 256 119 138
8,689 10,989 10,256 5,535 4,729 2,080 1,936 1,901
21,949 28,024 25,269 14,843 12,319 6,241 5,984 4,895
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
17
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
STRIVERE.COM