GREENBRIAR SHOPPING CENTER WICHITA FALLS, TX
PRICING & FINANCIAL ANALYSIS
G R E E NB R IAR SH O P P ING C E NT E R
Greenbriar Shopping Center 5120 Greenbriar Rd Wichita Falls, TX 78102
OFFERING SUMMARY Price Cap Rate Net Operating Income
$3,950,000 7.23% $285,716
Price PSF
$95.18
Occupancy
65.3%
Year Built
2008
Gross Leasable Area Lot Size
41,500 SF 4.86 Acres
F I N A N C I A L A N A LY S I S
2
PRICING & FINANCIAL ANALYSIS
G R E E NB R IAR SH O P P ING C E NT E R
PROJECTED INCOME & EXPENSES Base Rent - Occupied Space GROSS POTENTIAL RENT
CURRENT
PSF
$322,680
$7.78
$322,680
$7.78
Expense Reimbursements
EXPENSES
CURRENT
PSF
Real Estate Taxes
$37,136
$0.89
Insurance
$11,536
$0.28
$9,269
$0.22
$435
$0.01
$4,872
$0.12
$14,577
$0.35
$7,122
$0.17
$70,371
$1.70
CAM
CAM Recoveries
$7,482
$0.18
Electric
$944
$0.02
Water
$5,921
$0.14
Lawn Care
Real Estate Tax Recoveries
$19,060
$0.46
Total CAM
Total Expense Reimbursements
$33,407
$0.80
Management Fee
$356,087
$8.58
Total Expenses
$14,577
$0.35
$7,122
$0.17
Total Insurance
$11,536
$0.28
Total Real Estate Taxes
$37,136
$0.89
$70,371
$1.70
$285,716
$6.88
Management Fee Recoveries Insurance Recoveries
EFFECTIVE GROSS REVENUE
2.00%
Operating Expenses Total CAM Management Fee
Total Recoverable Expenses Net Operating Income
2.00%
F I N A N C I A L A N A LY S I S
3
RE NT RO L L
Tenant
G R E E NB R IAR 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
Dollar Tree #3846
210
9,000
21.69%
08/08
08/23
$90,000
$7,500
$10.00
$13,717
$1.52
$103,717
29.13%
Available
310
5,000
12.05%
-
-
$0
$0
$0.00
$0
$0.00
$0
0.00%
Robin Binsworth
304
1,400
3.37%
09/18
08/23
$16,800
$1,400
$12.00
$2,374
$1.70
$19,174
5.38%
Regional Sports
304B
2,900
6.99%
09/18
08/23
$31,900
$2,658
$11.00
$4,917
$1.70
$36,817
10.34%
Anytime Fitness
104
3,700
8.92%
01/17
12/21
$54,000
$4,500
$14.59
$0
$0.00
$54,000
15.16%
T-Mobile
102
2,300
5.54%
10/17
10/22
$29,900
$2,492
$13.00
$3,505
$1.52
$33,405
9.38%
Wicked Andy's Productions
120
4,500
10.84%
11/17
10/22
$55,980
$4,665
$12.44
$6,858
$1.52
$62,838
17.65%
Available
220
4,700
11.33%
-
-
$0
$0
$0.00
$0
$0.00
$0
0.00%
Available
200
4,700
11.33%
-
-
$0
$0
$0.00
$0
$0.00
$0
0.00%
Great Clips
314
1,200
2.89%
12/16
12/21
$12,000
$1,000
$10.00
$2,035
$1.70
$14,035
3.94%
Victoria Day Spa
318
2,100
5.06%
02/17
05/22
$32,100
$2,675
$15.29
$0
$0.00
$32,100
9.01%
Total Count/GLA
11
41,500
100%
$322,680
$26,890
$356,087
100.00%
Occupied
8
27,100
65.3%
Available
3
14,400
34.7%
$11.91
27,100
100.0%
Total Avg Rent
$33,407
F I N A N C I A L A N A LY S I S
4
ESTIMATED REIMBURSEMENT REVENUE Tenant
Suite
SQ FT
G R E E NB R IAR SH O P P ING C E NT E R
% of SQFT
CAM
Management Fee
Insurance
Real Estate Taxes
Total Recovery
Monthly
PSF
Monthly
PSF
Monthly
PSF
Monthly
PSF
Monthly
PSF
Dollar Tree #3846
210
9,000
21.69%
$263
$0.35
$0
$0.00
$208
$0.28
$671
$0.89
$1,143
$1.52
Available
310
5,000
12.05%
$0
$0.00
$0
$0.00
$0
$0.00
$0
$0.00
$0
$0.00
Robin Binsworth
304
1,400
3.37%
$41
$0.35
$20
$0.17
$32
$0.28
$104
$0.89
$198
$1.70
Regional Sports
304B
2,900
6.99%
$85
$0.35
$41
$0.17
$67
$0.28
$216
$0.89
$410
$1.70
Anytime Fitness
104
3,700
8.92%
$0
$0.00
$0
$0.00
$0
$0.00
$0
$0.00
$0
$0.00
T-Mobile
102
2,300
5.54%
$67
$0.35
$0
$0.00
$53
$0.28
$172
$0.89
$292
$1.52
Wicked Andy's Productions
120
4,500
10.84%
$132
$0.35
$0
$0.00
$104
$0.28
$336
$0.89
$572
$1.52
Available
220
4,700
11.33%
$0
$0.00
$0
$0.00
$0
$0.00
$0
$0.00
$0
$0.00
Available
200
4,700
11.33%
$0
$0.00
$0
$0.00
$0
$0.00
$0
$0.00
$0
$0.00
Great Clips
314
1,200
2.89%
$35
$0.35
$17
$0.17
$28
$0.28
$89
$0.89
$170
$1.70
Victoria Day Spa
318
2,100
5.06%
$0
$0.00
$0
$0.00
$0
$0.00
$0
$0.00
$0
$0.00
41,500
100%
$623
TOTALS
$79
$493
$1,588
$2,784
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
Suite
G R E E NB R IAR SH O P P ING C E NT E R SQ FT
Base Rental Increases
User Restrictions & Exclusive Rights
Renewal Options
Date
PSF
Options
Date
PSF
Termination Rights
Dollar Tree #3846
210
9,000
-
-
4x5
9/1/2018 9/1/2023 9/1/2028 9/1/2033
$11.00 $11.50 $12.00 $12.50
No
In the event WalMart Supercenter vacates, Tenant will pay 3% gross sales not to exceed 1/2 of all rents due. If WalMart is not replaced in 6 months, tenant has the right to terminate the lease.
Available
310
5,000
-
-
-
-
-
-
-
Robin Binsworth
304
1,400
9/1/2019 9/1/2020 9/1/2021 9/1/2022
$12.24 $12.48 $12.73 $12.99
-
-
-
No
No
Regional Sports
304B
2,900
9/1/2019 9/1/2020 9/1/2021 9/1/2022
$11.00 $12.00 $12.48 $12.73
-
-
-
No
No
Anytime Fitness
104
3,700
-
-
2x5
5/1/2022 5/1/2027
$16.05 $17.66
Landlord will not lease to another Fitness club
No
T-Mobile
102
2,300
-
-
3x5
11/1/2022 11/1/2027 11/1/2032
$14.95 $17.19 $19.77
Landlord will not lease to another tenant that gererates greater than 10% of its annual revenue from wireless service contracts and cellular device sales
No
Wicked Andy's Productions
120
4,500
-
-
-
The premises may be used for "escape room" entertainment and for no other purpose
-
Available
220
4,700
-
-
-
-
-
-
-
Available
200
4,700
-
-
-
-
-
-
-
Great Clips
314
1,200
1/1/2019 1/1/2021
$11.00 $12.00
2x5
1/1/2022 1/1/2027
$13.20 $14.52
As long as tenant is not is default the Landlord will not lease to another discount Hair cutting shop
In the event that the leasable space in the Shopping Center becomes 70% or more vacant, Tenant's base minimum rent shall immediately be reduced by 50%. If after 12 months, the default under this provision has not been cured and the Shopping Center is 70% or more vacant, Tenant shall have the one time right to terminate the lease by giving Landlord written notice at least 15 days prior to the end of the 12 month period, or the rent reverts to full rent after the expiration of the l2-month period.
Victoria Day Spa
318
2,100
1x5
$44,713.00
$24.15
Tenant shall operate only as a nail and hair salon
TOTAL
41,500
F I N A N C I A L A N A LY S I S
6
TE NA NT INF ORMAT I ON
G R E E NB R IAR SH O P P ING C E NT E R
DBA
Dollar Tree
Entity on Lease
Dollar Tree Stores, Inc
Corporate/Franchise
Corporate
Locations
13,600+
Credit Rating
S&P: BB+
Public/Private
NYSE: DLTR
Line of Business
Dollar Tree is the largest and most successful single-price-point retailer in North America. Additionally, in 2015, Dollar Tree acquired Family Dollar stores. Dollar Tree provides a variety of products for health & beauty, food, party and seasonal dĂŠcor, houswares and much more.
DBA
T-Mobile
Entity on Lease
P Mobile, LLC
Corporate/Franchise
Franchise
Locations
2,000+
Credit Rating
S&P: BB
Public/Private
NYSE: TMUS
Line of Business
T-Mobile US is a wireless network operator under which the German telecommunications comapny Deutsche Telekom is its majority shareholder. T-Mobile is the third largest wireless carrier in the United States. The comapny provides service to 70.7 million customers across the United States, Puerto Rico, and the U.S. Virgin Islands.
PROPERTY DESCRIPTION
7
TE NA NT INF ORMAT I ON
G R E E NB R IAR SH O P P ING C E NT E R
DBA
Great Clips
Entity on Lease
Kitty Paw, LLC
Corporate/Franchise
Franchise
Locations
4,100+
Credit Rating
Not Rated
Public/Private
Private
Line of Business
Great Clips is a salon franchise consisting of over 4,100 locations across the United States and Canada. The company specializes in no-appointment, no-frills salons that provide customers with affordable haircuts. The salons have been noted as a good investment as they are a low-cost franchise with high growth potential.
DBA
Anytime Fitness
Entity on Lease
Wichita Falls, LLC
Corporate/Franchise
Franchise
Locations
3,000+
Credit Rating
Not Rated
Public/Private
Not Rated
Line of Business
Anytime Fitness is a 24-hour health and fitness club with over 3,000 franchised locations in 20 countries. The facilities are open 24-hours a day, 265 days a year. According to Forbes, Anytime Fitness was the fastest growing health club franchise in 2014. In 2015, Entrepreneur Magazine ranked Anytime Fitness first on its global franchise list.
PROPERTY DESCRIPTION
8
I N VE S TMENT HI GHLI GHT S
• Dollar Tree Anchored Supercenter Retail Strip
G R E E NB R IAR SH O P P ING C E NT E R
Shadow
to
Walmart
• Sought After Value-Add Opportunity- Current Occupancy of 65% - 14,400 Square Feet of Available In line Retail
• Replaceable Rents At An Average $12.06 Per Square Foot of Occupied Space
• Priced Below Replacement Cost- Opportunity to Acquire a Retail Asset at $99 Per Square Foot, Well Below Replacement Cost
• Population Exceeds 77,400 People in a 5-Mile Radius from the Property
• National Tenancy- Strong Mix Of Nationally Recognized Retailers in Tenant Line-Up Representing 58% of the Current Revenue Including Dollar Tree, Anytime Fitness, T-Mobile, and Great Clips
PROPERTY DESCRIPTION
9
S I T E PL A N
G R E E NB R IAR SH O P P ING C E NT E R
PROPERTY DESCRIPTION
10
A E R I AL MA P
G R E E NB R IAR SH O P P ING C E NT E R
SIKES SENTER
KEMP BLVD SOUT
HWES
T PKW
Y
PROPERTY DESCRIPTION
11
L E A SE COMPA RABLES
Property
G R E E NB R IAR SH O P P ING C E NT E R
GLA
Yr Built/ Renovated Occupancy
Major Tenants Walmart (Shadow), Dollar Tree, T-Mobile, Great Clips, Victoria Day Spa, Rent-A-Center
Available SF
Rental Rates
NNN
18,700
$10.00 - $17.00
$3.50
0
$14.00-$20.00
$4.00
Greenbriar Shopping Center 5120 Greenbriar Rd Wichita Falls, TX 76302
41,500
1996
54.9%
Albertson's Plaza Shopping Center 1 2720 Southwest Pky Wichita Falls, TX 76308
125,024
1986
100.0%
Crossroads Center 2 2708 Southwest Pkwy Wichita Falls, TX 76302
30,240
1986
81.5%
Dollar General, Boost Mobile, Texas Best BBQ, Regional Finance
5,600
$9.00 - $18.00
$2.75
Hobby Lobby Plaza 3 2811 Southwest Pky Wichita Falls, TX 76308
143,838
1969
100.0%
Hobby Lobby, Dirt Cheap, Aaron's Rents, Cricket Wireless, Titlemax, El Chico Café
0
$7.00 - $15.00
$2.00
Country Club Village 4 1501 Midwestern Pkwy Wichita Falls, TX 76302
45,019
1979
91.1%
Subway, Little Caesar's Pizza, Comet Cleaners, H&R Block, Autumn Leaves
4,000
$7.00 - $13.00
$1.50
Highland Village 5 1505 Southwest Pkwy Wichita Falls, TX 76302
15,071
1986
100.0%
Catfish Grill, Antee's Pools, Fast Eddy's, Great Vapor Café
0
$8.00 - $12.00
Modified Gross
Midwestern Plaza 6 3600 Old Jacksboro Hwy Wichita Falls, TX 76302
36,620
1973
100.0%
Dollar General, Lonestar Bar, La Michoaca Meat Market, Metro PCS, Ace Cash Express
0
$6.00 - $12.00
$2.00
Cash Saver, Cato Fashions, Galaxy Comics, Wally's Party Factory,
PROPERTY DESCRIPTION
12
L E A SE COMPA RABLES
G R E E NB R IAR SH O P P ING C E NT E R
Greenbriar Shopping Center 1
Albertson’s Plaza Shopping Center
6
2
Crossroads Center
4
3
Hobby Lobby Plaza
4
Country Club Village
5
Highland Village
6
Midwestern Plaza
2 1 3 5
PROPERTY DESCRIPTION
13
REG IONA L MA P
G R E E NB R IAR SH O P P ING C E NT E R
Greenbriar Shopping Center
PROPERTY DESCRIPTION
14
LO C AL MA P
G R E E NB R IAR SH O P P ING C E NT E R
Greenbriar Shopping Center
PROPERTY DESCRIPTION
15
M A R KET S U MMARY
G R E E NB R IAR SH O P P ING C E NT E R
Wichita Falls, TX
OVERVIEW Wichita Falls, Texas is located on the Red River border with Oklahoma in Northwest Texas. It is located about 15 miles south of the border with Oklahoma and 115 miles northwest of Fort Worth, Texas. Wichita Falls is the county seat of Wichita County, Texas and is the prinicpal city of the Wichita Falls Metropolitan Statistical Area. According to the 2013 census, the city had a population of 132,047 people, making it the 35thmost populous city in the state of Texas. Wichita Falls is an economically progressive city home to commerce and industry with worldwide interests. A flood in 1886 destroyed the original falls on the Wichita River for which the city was named. After nearly 100 years of visitors wanting to visit the nonexistent falls, the city built an artificial waterfall beside the river in Lucy Park. The recreated falls are 54 ft high and recirculate at 3,500 gallons per minute. The falls are visible to south-bound traffic on Interstate 44.
The central business district of Wichita Falls is located five miles from the Sheppard Air Force Base, which is the area’s top employer with 12,272 empoyees. The base is home to the Air Force’s largest technical training wing and the Euro-NATO Joint Jet Pilot Training program. The program is utilized by seventeen different NATO countries for the finest fighter pilot training in the world. Other top employers include the Wichita Falls Independent School District (2,059 employees), North Texas State Hospital (1,974 employees), United Regional Health Care System (1,778 employees), and the City of Wichita Falls with 1,477 employees. The greater Wichita Falls area has 185 manufacturing companies producing products for major automotive manufacturers, oil and gas production, construction, aircraft manufacturers, food service providers, water recreation and more. Within a 60 mile radius of Wichita Falls, there are more than 393,000 people of which approximately 152,000 are in the workforce.
PROPERTY DESCRIPTION
16
D E M OG RA PHIC STAT I ST I CS
Radius
G R E E NB R IAR SH O P P ING C E NT E R
1 Mile
3 Mile
5 Mile
7,041 7,069 7,081 -0.40% -0.17% 974
34,883 35,127 35,724 -0.69% -1.67% 6,526
77,059 77,483 78,249 -0.55% -0.98% 16,632
5,888 757 68 138 6 213 74
30,100 2,989 422 766 41 809 295
64,993 7,629 1,027 1,924 100 1,809 640
2,861 2,872 2,876 -0.38% -0.14% 1,577 1,295 $59,786 $46,544
14,487 14,599 14,915 -0.77% -2.12% 8,076 6,523 $61,803 $44,708
31,384 31,564 31,944 -0.57% -1.19% 18,518 13,046 $59,938 $43,850
846 660 531 284 313 113 72 52
4,215 4,150 2,264 1,489 1,147 454 351 532
9,388 8,603 5,086 3,307 2,481 993 810 898
Population: 2022 Projection 2017 Estimate 2010 Census Growth 2017-2022 Growth 2010-2017 2017 Population Hispanic Origin
2017 Population by Race:
White Black Am. Indian & Alaskan Asian Hawaiian & Pacific Island Other U.S. Armed Forces:
Households:
2022 Projection 2017 Estimate 2010 Census Growth 2017 - 2022 Growth 2010 - 2017 Owner Occupied Renter Occupied 2017 Avg Household Income (National Avg - $75,558) 2017 Med Household Income (National Med - $53,889)
2017 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
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