FOREST HILLS VILLAGE FORT WORTH, TX
PRICING & FINANCIAL ANALYSIS
F O R E ST H ILLS V ILLAG E
Forest Hills Village 3320-3334 Mansfield Hwy Forest Hill, TX 76119
OFFERING SUMMARY Net Operating Income Occupancy Year Built Gross Leasable Area Lot Size
$420,945 100.0% 1964 69,651 SF 5.09 Acres
F I N A N C I A L A N A LY S I S
2
PRICING & FINANCIAL ANALYSIS
F O R E ST H ILLS V ILLAG E
PROJECTED INCOME & EXPENSES
CURRENT
Base Rent - Occupied Space
PSF
EXPENSES
CURRENT
PSF
$411,880
$5.91
Real Estate Taxes
$80,486
$1.16
$411,880
$5.91
Insurance
$14,400
$0.21
CAM Recoveries
$64,150
$0.92
Labor & Payroll Exp
$7,649
$0.11
Management Fee Recoveries
$12,522
$0.18
S&C - Sweeping + Cleaning
$17,537
$0.25
Insurance Recoveries
$15,216
$0.22
S&C - Debris Removal
$600
$0.01
Real Estate Tax Recoveries
$80,486
$1.16
S&C - Sidewalk Pressure Wash
$3,600
$0.05
Total Expense Reimbursements
$172,374
$2.47
PL&P - Parking Lot Light Repairs
$1,800
$0.03
$584,250
$8.39
PL&M - Striping
$3,600
$0.05
PL&M - Parking Lot Repairs
$1,500
$0.02
GROSS POTENTIAL RENT Expense Reimbursements
CAM
EFFECTIVE GROSS REVENUE Operating Expenses
$44,968
$0.65
PL&M - Pylon Repairs
$1,200
$0.02
$23,451
$0.34
UTL - Electricity 1
$1,985
$0.03
Total Insurance
$14,400
$0.21
UTL - Electricity 2
$3,697
$0.05
Total Real Estate Taxes
$80,486
$1.16
Other
$1,800
$0.03
$163,305
$2.34
Total CAM
$44,968
$0.65
$420,945
$6.04
Management Fee
$23,451
$0.34
$163,305
$2.34
Total CAM Management Fee
Total Recoverable Expenses Net Operating Income
4.00%
Total Expenses
4.00%
F I N A N C I A L A N A LY S I S
3
RENT ROLL
Tenant
F O R E ST H ILLS V ILLAG E
Suite
SQ FT
% of SQFT
Lease Dates
Minimum Rent
Recoveries
Total
Start
End
Annual
Monthly
PSF
Annual
PSF
Revenue
% of Revenue
Foodland Markets
1
32,602
46.81%
11/08
11/23
$163,010
$13,584
$5.00
$79,218
$2.43
$242,228
41.46%
Family Dollar
2
8,577
12.31%
05/99
12/23
$58,495
$4,875
$6.82
$13,954
$1.63
$72,449
12.40%
Hi Style Fashion
3
21,000
30.15%
05/03
05/20
$93,030
$7,753
$4.43
$61,788
$2.94
$154,818
26.50%
Rodeo Dental & Orthodontics
4&5
4,588
6.59%
11/15
11/25
$58,405
$4,867
$12.73
$11,344
$2.47
$69,749
11.94%
Quick Wash
6
2,884
4.14%
08/89
07/23
$38,940
$3,245
$13.50
$6,070
$2.10
$45,010
7.70%
Total Count/GLA
5
69,651
100%
$411,880
$34,323
$584,254
100.00%
Occupied
5
69,651
100.0%
Available
0
0
0.0%
$5.91
69,651
100.0%
Total Avg Rent
$172,374
F I N A N C I A L A N A LY S I S
4
ESTIMATED REIMBURSEMENT REVENUE
Tenant
Suite
SQ FT
F O R E ST H ILLS V ILLAG E
% of SQFT
CAM
Management Fee
Insurance
Real Estate Taxes
Total Recovery
Monthly
PSF
Monthly
PSF
Monthly
PSF
Monthly
PSF
Monthly
PSF
Foodland Markets
1
32,602
46.81%
$1,929
$0.71
$915
$0.34
$618
$0.23
$3,139
$1.16
$6,602
$2.43
Family Dollar
2
8,577
12.31%
$189
$0.26
$0
$0.00
$148
$0.21
$826
$1.16
$1,163
$1.63
Hi Style Fashion
3
21,000
30.15%
$2,765
$1.58
$0
$0.00
$362
$0.21
$2,022
$1.16
$5,149
$2.94
Rodeo Dental & Orthodontics
4&5
4,588
6.59%
$284
$0.74
$129
$0.34
$91
$0.24
$442
$1.16
$945
$2.47
6
2,884
4.14%
$178
$0.74
$0
$0.00
$50
$0.21
$278
$1.16
$506
$2.10
69,651
100%
$5,346
Quick Wash TOTALS
$1,043
$1,268
$6,707
$14,365
F I N A N C I A L A N A LY S I S
5
LEASE PROVISIONS
Tenant
F O R E ST H ILLS V ILLAG E
Suite
SQ FT
Base Rental Increases
User Restrictions & Exclusive Rights
Renewal Options
Date
PSF
Options
Date
PSF
Sales Reporting
Foodland Markets
1
32,602
-
-
-
-
-
Exclusive use of the operation of a supermarket
No
Family Dollar
2
8,577
-
-
-
-
-
Exclusive use as a "variety store", "general merchandise discount store" or "dollar store".
Yes
Hi Style Fashion
3
21,000
-
-
1x5
6/1/2020
$5.09
-
Yes
Rodeo Dental & Orthodontics
4&5
4,588
12/1/2018 12/1/2019 12/1/2020
$13.11 $13.51 $15.54
1x5
12/1/2025
$17.87
Exclusive use of the practice of dentistry
No
6
2,884
8/1/2018 8/1/2021
$13.50 $14.50
-
-
-
Quick Wash
-
Yes
TOTAL
F I N A N C I A L A N A LY S I S
6
TE NA NT INF ORMAT I ON
F O R E ST H ILLS V ILLAG E
DBA
Family Dollar #1365
Entity on Lease
Family Dollar Stores of Texas
Corporate/Franchise
Corporate
Locations
8,000+
Credit Rating
BBB-
Public/Private
NASDAQ: DLTR (Dollar Tree, parent comany)
Line of Business
Family Dollar is a variety store chain in the United States. With over 8,000 locations, it is the second largest retailer of its type in the United States. For over 50 years, Family Dollar has provided their customers with value and convenience. With the help of their vendor community they are able to keep their costs low, enabling them to pass those savings down to their customer. Family Dollar is committed to the communities they serve, not only by offering quality merchandise at low prices, but also by supporting the non-profit organizations that seek to improve the quality of life of their customers and Team Members.
DBA
Foodland Markets
Entity on Lease
GE Foodland 53, LLC
Corporate/Franchise
Corporate
Locations
4
Credit Rating
Not Rated
Public/Private
Private
Line of Business
At Foodland Markets, they are families feeding families for life. As a locally owned family business, Foodland Markets takes pride in supporting families and promoting healthy and wholesome meals that can be shared together. They believe the dinner table serves not only as a nutritional starting point, but is also where busy families reconnect..
PROPERTY DESCRIPTION
7
I N VE S TMENT HI GHLI GHT S
F O R E ST H ILLS V ILLAG E
High Growth Trade Area: The population has increased 15.74% within 3 miles of the property since 2010. The population is expected to grow another 8.20% over the next 5 years.
Grocer Anchored: The center is anchored by a high performing grocery store, Foodland Markets, that has been located at the center for over 10 years. Additionally, Foodland Markets does not expire until the end of 2023, giving an investor significant term on 41% of the cash flow to the property.
Outstanding Tenant Longevity: 93% of the tenants have been located at the center for more than 10 years, with Quick Wash being located in Forest Hills Village since 1989 and Family Dollar since 1999.
High Traffic Counts: Forest Hills Village has an above average traffic count of 15,000 cars per day along Mansfield Highway.
Very High Density: There are currently 86,981 people within a three mile radius of Forest Hills and that number is expected to grow to 94,117 over the next five years. In a five mile radius of the property they expect to have a staggering 264,671 people over the next five years.
PROPERTY DESCRIPTION
8
FOREST HILLS VILLAGE
S I T E PL A N
F O R E ST H ILLS V ILLAG E
Rodeo Dental
Quick Wash
1425 - 04.06.18 PROPERTY DESCRIPTION 9
A E R I AL MA P
F O R E ST H ILLS V ILLAG E
FOREST OAK MIDDLE SCHOOL
MA
NS
FIE
LD
HW
Y
WYATT HIGH SCHOOL
15,000 VPD
PROPERTY DESCRIPTION
10
L E A SE COMPA RABLES
Property
F O R E ST H ILLS V ILLAG E
GLA
Yr Built/ Renovated Occupancy
Major Tenants
Available SF
Rental Rates
NNN
Forest Hills Village ï‚« 3320 Mansfield Hwy Fort Worth , TX
69,651
1968
100.0%
Foodlands Market, Quick Wash, Rodeo Dental & Orthodontics, Hi Style Fashion, Family Dollar
0
$5.00 - $13.00
$2.30
Forest Hill Center 1 3300 Mansfield Hwy Fort Worth, TX
28,485
1968
88.5%
Dollar General, JJ Beauty Supply, Party World
3,266
$11.00 - $15.00
$3.00
Seminary Center 2 3101 E Seminary Dr Fort Worth, TX
34,823
1958
88.5%
Save-A-Lot, Furniture Mart, Barber and Beauty
4,000
$6.00-$14.00
$2.75
Mansfield Shopping Center 3 3401 Mansfield Hwy Fort Worth, TX
11,058
1976
88.2%
H&R Block, Rent-A-Center, Ace Cash Express
1,300
$9.00 - $11.00
$4.00
18,616
1962
100.0%
Little Caesar, Boost Mobile, Wash and Dry, USA Beauty, Dentist
0
$7.00 - $12.00
$3.25
4
5159 Wichita St Fort Worth, TX
PROPERTY DESCRIPTION
11
L E A SE COMPA RABLES
F O R E ST H ILLS V ILLAG E
Forest Hills Village
1
Forest Hills Center
2
Seminary Center
3
Mansfield Shopping Center
4
5159 Wichita St
2
4
1
3
PROPERTY DESCRIPTION
12
LO C AL MA P
F O R E ST H ILLS V ILLAG E
Forest Hills Village
PROPERTY DESCRIPTION
13
REG IONA L MA P
F O R E ST H ILLS V ILLAG E
Forest Hills Village
PROPERTY DESCRIPTION
14
M A R KET S U MMARY
F O R E ST H ILLS V ILLAG 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
F O R E ST H ILLS V ILLAG E
1 MILE
3 MILE
5 MILE
9,355 8,699 7,855 7.54% 10.74% 5,596
94,117 86,981 75,152 8.20% 15.74% 42,839
264,671 245,266 216,049 7.91% 13.52% 116,902
6,084 2,309 148 58 5 97 0
47,251 35,595 1,023 1,700 91 1,322 21
158,741 72,711 2,611 6,369 282 4,552 83
2,673 2,489 2,253 7.39% 10.47% 1,713 775 $49,955 $38,484
28,941 26,761 23,068 8.15% 16.01% 15,828 10,932 $46,449 $36,055
85,320 79,159 69,884 7.78% 13.27% 47,542 31,617 $57,244 $41,638
803 825 406 241 98 30 57 30
9,273 8,306 5,124 2,138 915 389 315 300
23,813 22,052 15,153 7,215 4,576 2,135 2,126 2,089
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
16
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