Corsicana Retail Plaza - Corsicana, TX by STRIVE

CORSICANA RETAIL PLAZA CORSICANA, TX

PRI CING & F INAN CI AL AN ALYSI S

CO R SIC ANA R E TAIL P LAZ A

Corsicana Retail Plaza 3500 W 7th Ave Corsicana, TX 75110

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

$8,950,000 8.00% $715,767 $40.31 87.2% 1986 222,023 SF 25.00 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

CO R SIC ANA R E TAIL P LAZ A

PROJECTED INCOME & EXPENSES Base Rent - Occupied Space GROSS POTENTIAL RENT

CURRENT 100%

PSF

EXPENSES

CURRENT

PSF

Real Estate Taxes

$60,000

$0.27

$85,000

$0.38

Grounds R&M

$12,000

$0.05

Building R&M

$7,000

$0.03

Misc R&M

$1,000

$0.00

$847,150

$3.82

Insurance

$847,150

$3.82

CAM

Expense Reimbursements Real Estate Tax Recoveries

$28,982

$0.13

Insurance Recoveries

$52,972

$0.24

Utilities

$28,413

$0.13

CAM Recoveries

$28,680

$0.13

Professional Fees

$2,000

$0.01

$4,648

$0.02

Security / Fire Monitoring

$4,500

$0.02

$115,282

$0.52

Consulting Fees

$7,200

$0.03

$1,587

$0.01

General & Adminsitrative

$2,500

$0.01

Total CAM

$64,613

$0.29

$964,020

$4.34 Management Fee

$37,053

$0.17

$246,666

$1.11

Management Recoveries Total Expense Reimbursements Water - Direct Billing EFFECTIVE GROSS REVENUE Operating Expenses

Total Expenses

Total Insurance

$85,000

$0.38

Total Real Estate Taxes

$60,000

$0.27

Total CAM

$64,613

$0.29

Management Fee

$37,053

$0.17

$246,666

$1.11

$1,587

$0.01

$715,767

$3.22

Total Recoverable Expenses Water - Direct Charge Net Operating Income

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

CO R SIC ANA R E TAIL P LAZ A Suite

SQ FT

% of SQFT

Lease Dates

Minimum Rent

Recoveries

Total

Start

End

Annual

Monthly

PSF

Annual

PSF

Revenue

% of Revenue

Available

11,925

5.37%

$0.00

0.00%

Rue 21

5,177

2.33%

11/12

01/25

$50,400

$4,200

$9.74

$7,766

$1.50

$58,166

6.04%

Factory Connection

4,000

1.80%

11/13

10/23

$36,720

$3,060

$9.18

$6,124

$1.53

$42,844

4.45%

Available

2,880

1.30%

$0.00

0.00%

Available

1,000

0.45%

$0.00

0.00%

Corsicana Driving School

1,422

0.64%

MTM

$6,000

$500

$4.22

$0.00

$6,000

0.62%

Planet Fitness

17,923

8.07%

12/15

12/25

$90,000

$7,500

$5.02

$22,795

$1.27

$112,795

11.72%

Ollies

35,615

16.04%

12/20

01/28

$213,690

$17,808

$6.00

$1,781

$0.05

$215,471

22.39%

Available

2,574

1.16%

$0.00

0.00%

Available

1,128

0.51%

$0.00

0.00%

Navarro College

33-A

28,341

12.76%

09/13

08/23

$94,800

$7,900

$3.34

$21,724

$0.77

$116,524

12.11%

Available

34-36

3,244

1.46%

$0.00

0.00%

Available

2,650

1.19%

$0.00

0.00%

Available

3,033

1.37%

$0.00

0.00%

Burkes

22,000

9.91%

07/21

01/32

$137,500

$11,458

$6.25

$27,103

$1.23

$164,603

17.10%

Atwoods

69,651

31.37%

03/09

01/25

$140,040

$11,670

$2.01

$27,852

$0.40

$167,892

17.44%

Common Area

7,500

3.38%

$0.00

0.00%

PAD

1,960

0.88%

05/13

04/23

$78,000

$6,500

$39.80

$137

$0.07

$78,137

8.12%

Total Count/GLA

222,023

100%

Totals

$847,150

$70,596

$962,432

100.00%

Occupied

193,589

87.2%

Available

28,434

12.8%

$5.54

71,637

100.0%

VeraBank

Total Avg Rent

$115,282

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

CO R SIC ANA R E TAIL P LAZ A

Real Estate Taxes

Insurance

CAM

Management Fee

Total Recovery

Monthly

PSF

Monthly

PSF

Monthly

PSF

Monthly

PSF

Monthly

PSF

Available

11,925

5.37%

$0.00

Rue 21

5,177

2.33%

$181

$0.42

$173

$0.40

$194

$0.45

$99

$0.23

$647

$1.50

Factory Connection

4,000

1.80%

$140

$0.42

$133

$0.40

$151

$0.45

$86

$0.26

$510

$1.53

Available

2,880

1.30%

$0.00

Available

1,000

0.45%

$0.00

Corsicana Driving

1,422

0.64%

$0.00

Planet Fitness

17,923

8.07%

$627

$0.42

$597

$0.40

$675

$0.45

$0.00

$1,900

$1.27

Ollies

35,615

16.04%

$0.00

$148

$0.05

$0.00

$148

$0.05

Available

2,574

1.16%

$0.00

Available

1,128

0.51%

$0.00

Navarro College

33-A

28,341

12.76%

$697

$0.30

$732

$0.31

$381

$0.16

$0.00

$1,810

$0.77

Available

34-36

3,244

1.46%

$0.00

Available

2,650

1.19%

$0.00

Available

3,033

1.37%

$0.00

Burkes

22,000

9.91%

$770

$0.42

$458

$0.25

$829

$0.45

$202

$0.11

$2,259

$1.23

Atwoods

69,651

31.37%

$0.00

$2,321

$0.40

$0.00

$2,321

$0.40

Common Area

7,500

3.38%

$0.00

PAD

1,960

0.88%

$0.00

$11

$0.07

$0.00

$11

$0.07

222,023

100%

$2,415

VeraBank Totals

$4,414

$2,390

$387

$9,607

PROPERTY DESCRIPTION

L E A SE PROVIS ION S Tenant

CO R SIC ANA R E TAIL P LAZ A Suite

SQ FT

Base Rental Increases

Renewal Options

Date

PSF

Options

Date

PSF

User Restrictions & Exclusive Rights

Sales Reporting

Available

11,925

Rue 21

5,177

Factory Connection

4,000

1x5

11/1/2023

9.78

Available

2,880

Available

1,000

Corsicana Driving School

1,422

Planet Fitness

17,923

3x5

1/1/2026 1/1/2031 1/1/2036

6.07 7.11 7.95

Exclusive exercise center or club or gym or for the provision or sale of tanning services

Ollies

35,615

3x5

2/1/2028 2/1/2033 2/1/2038

6.25 6.50 6.75

Exclusive discount or close out retailer or store with more than 4,000 SF or 40% of their floor space devoted to the sale of books

Available

2,574

Available

1,128

Navarro College

33-A

28,341

2x5

9/1/2023 9/1/2028

3.49 3.78

Tenant currently pays for use of half the space, if they ever occupy the rest of the space, rent adjusts

Available

34-36

3,244

Available

2,650

Available

3,033

5x5

2/1/2032 2/1/2037 2/1/2042 2/1/2047 2/1/2052

6.56 6.89 7.24 7.60 7.98

2/1/2025 2/1/2035 2/1/2045 2/1/2050

2.11 2.31 2.50 2.70

Burkes

22,000

Atwoods

69,651

3 x 10 1x5

Common Area

7,500

PAD

1,960

Exclusive tenants accepting demand deposit accounts

VeraBank

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

TE NA NT INF ORMAT I ON

CO R SIC ANA R E TAIL P LAZ A

DBA

Atwoods Ranch & Home

Entity on Lease

Atwood Distributing, L.P.

Locations

64+ Locations

Public/Private

Private

Line of Business

Atwoods Ranch & Home is a farm and ranch supply company based in Enid, Oklahoma, United States. Atwoods has 64 stores in five states: Arkansas, Kansas, Missouri, Oklahoma and Texas. Nearly half of its stores are located in Oklahoma. In addition to farm and ranch supplies, Atwoods stores sell clothing, lawn and garden items, tools, hardware, automotive supplies, sporting goods, pet supplies, firearms, and seasonal items

DBA

Planet Fitness

Entity on Lease

PF-COR, LLC

Locations

2,000+ Locations

Public/Private

Public

Line of Business

Planet Fitness is an American franchisor and operator of fitness centers based in Hampton, New Hampshire. The company reports that it has 2,039 clubs, making it one of the largest fitness club franchises by number of members and locations. In 2019 the franchise expanded to Australia. It markets itself as a “Judgment Free Zone” that caters to novice and casual gym users and is reported to be the nation’s fastest growing fitness center franchise.

DBA

Burkes Outlet

Entity on Lease

BURKE’S OUTLET STORES, LLC

Locations

5,000+ Locations

Public/Private

Public

Line of Business

Burkes Outlet is a privately held company, rich in tradition, owned by the founding family and its employees. Beall’s, Inc. is the parent company of Burkes Outlet Stores, Inc. The corporation operates over 500 retail stores. Since its modest beginnings in 1915 Bealls has grown to be a major employer in the state of Florida as well as a valued asset to the communities it serves.

PROPERTY DESCRIPTION

TE NA NT INF ORMAT I ON

CO R SIC ANA R E TAIL P LAZ A

DBA

Rue21

Entity on Lease

Rue21, inc.

Locations

700+ Locations

Public/Private

Private

Line of Business

Rue21 is an American specialty retailer of women’s casual apparel and accessories headquartered in the Pittsburgh suburb of Warrendale, Pennsylvania. Its clothes are designed to appeal to people who desire, wish, or feel to be 21. rue21 offers its own brands, such as rue21 etc.!, CARBON elements, RAE, true by rue21, ruebeauty, ruebleu SWIM, rueDecor

DBA

Navarro College

Entity on Lease

NAVARRO COLLEGE, a Texas public community college district

Public/Private

Public

Line of Business

Navarro College is a public community college in Texas with its main campus in Corsicana and branches in Fairfield, Mexia, Midlothian, and Waxahachie. The college currently has an annual student enrollment of more than 9,000 students. The Corsicana campus has strong ties with Texas A&M University–Commerce which has branches at the Navarro College campuses in Corsicana and Midlothian.

DBA

Factory Connection

Entity on Lease

FACTORY CONNECTION, LLC

Locations

300+ Locations

Public/Private

Private

Line of Business

With more than 300 stores in 16 states and growing rapidly, Factory Connection is a destination shopping experience for many of our customers. Factory Connection offers a wide selection of brand name fashions for Juniors, Misses, Plus, Men’s and Young Men’s, along with accessories and shoes.

PROPERTY DESCRIPTION

I N VE S TMENT HI GHLI GHT S

•

Priced Well Below Replacement Cost at $40/SF

•

87.2% Occupied Providing Investors with a Significant Value Add Opportunity. 11,925 of the Vacancy was Recently Vacated. This Represents a Possible Increase in the NOI of $100k Annually or over $1M in Additional Value, while still Leaving the Property only 92.6% Leased Once that Space is Occupied

•

Located less than 1 Hour from Dallas (50 miles), Closer than Some Parts of Fort Worth

•

Situated Directly West of Navarro College and Navarro Regional Hospital, two of the Largest Economic Drivers in the Area

•

Burkes Recently Signed a Brand-New 10-Year Lease, Further Enhancing Traffic to the Center

•

Surrounded by Numerous National and Regional Retailers including Walmart, Aldi, Burger King, Dollar Tree, H-E-B, Starbucks, McDonald’s and Many More

•

Land Parcel includes 25 Acres. The Ask Price is $8.22 PSF to the Land

•

Easily Accesible from 4 Points of Entry, Two from N 45th St and two from State Hwy 31. State Hwy 31 is the Main Thoroughfare through Corsicana. The Ingress and Egress of the Property is Outstanding

CO R SIC ANA R E TAIL P LAZ A

PROPERTY DESCRIPTION

S I T E PL A N

CO R SIC ANA R E TAIL P LAZ A

Available Driving School

ila

e bl F la i C act va o

e A

ila

nn ory ec tio n

Pylon Sign Vera Bank

PROPERTY DESCRIPTION

A E R I AL MA P

CO R SIC ANA R E TAIL P LAZ A

CORSICANA HIGH SCHOOL NAVARRO REGIONAL MEDICAL COMPLEX

CORSICANA MIDDLE SCHOOL

NAVARRO JUNIOR COLLEGE

,9 19

V 00

E AT ST

PROPERTY DESCRIPTION

LO C AL MA P

CO R SIC ANA R E TAIL P LAZ A

PROPERTY DESCRIPTION

REG IONA L MA P

CO R SIC ANA R E TAIL P LAZ A

PROPERTY DESCRIPTION

M A R KET S U MMARY

CO R SIC ANA R E TAIL 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 7,573,136 according to the U.S. Census Bureau’s 2019 population estimates. From 2010 to 2019, the DFW Metroplex had the largest numerical population growth of any MSA in the United States. 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 Cooperation and Development. The DFW Metroplex has one of the largest concentrations of corporate headquarters for publicly traded companies in the United States. As of 2020, the city of Dallas has 10 Fortune 500 companies, and the DFW region as a whole has 25. 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 MSA in the U.S. from 2010 to 2019 (U.S. Census Bureau)

4 5th 25

Largest Metropolitan Area in the United States Fastest Growing Economy in the U.S. (Forbes) Fortune 500 Companies Call DFW Home (American City Business Journals)

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

CO R SIC ANA R E TAIL P LAZ A

1 Mile

3 Mile

5 Mile

Population

1 Mile

3 Mile

5 Mile

Households:

2010 Population

3,530

19,642

26,642

2010 Households

1,309

7,026

9,623

2020 Population

3,703

19,787

27,533

2020 Households

1,367

7,060

9,937

2025 Population Projection

3,870

20,535

28,700

2025 Household Projection

1,428

7,326

10,360

Annual Growth 2010-2020

0.40%

0.10%

0.30%

Annual Growth 2010-2020

0.30%

0.20%

0.30%

Annual Growth 2020-2025

0.90%

0.80%

Annual Growth 2020-2025

0.90%

0.80%

0.90%

Median Age

33.8

34.3

35.1

Owner Occupied

616

4,203

6,311

Bachelor's Degree or Higher

11%

14%

13%

Renter Occupied

812

3,123

4,049

Avg Household Size

2.5

2.7

$32.6M

$188.9M

$268.1M

U.S. Armed Forces

Avg Household Vehicles

Population By Race

Total Consumer Spending

White

2,722

15,783

20,643

Black

618

2,634

5,052

American Indian/Alaskan Native

221

272

Avg Household Income

$56,387

$64,352

$65,614

Asian

197

272

Median Household Income

$48,642

$48,639

$47,775

207

539

725

< $25,000

333

1,750

2,640

413

568

$25,000 - 50,000

360

1,841

2,523

1,020

7,775

9,647

$50,000 - 75,000

331

1,383

1,751

$75,000 - 100,000

191

854

1,181

Hawaiian & Pacific Islander Two or More Races Hispanic Origin

Housing Median Home Value Median Year Built

Income

$77,153

$97,732

$100,027

$100,000 - 125,000

108

588

847

1976

1969

1971

$125,000 - 150,000

235

293

$150,000 - 200,000

175

324

$200,000+

233

379

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 tenant’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