THE SHOPS AT TOMLINSON GATE LAWTON, OK
PRI CING & F INAN CI AL AN ALYSI S
THE S HO P S AT TO M LINSO N G AT E - LAWTO N, O K
The Shops at Tomlinson Gate 1344 NW Homestead Dr Lawton, OK 73505
OFFERING SUMMARY Price Cap Rate
$2,180,000 8.00%
Net Operating Income
$174,399
Price PSF
$205.90
Occupancy Year Built Gross Leasable Area Lot Size
100.0% 2014 11,258 SF 1.17 Acres
F I N A N C I A L A N A LY S I S
2
PRI CING & F INAN CI AL AN ALYSI S
THE S HO P S AT TO M LINSO N G AT E - LAWTO N, O K
PROJECTED INCOME & EXPENSES Base Rent - Occupied Space
CURRENT 100%
GROSS POTENTIAL RENT
PSF
EXPENSES
CURRENT
PSF
$188,613
$16.75
Real Estate Taxes
$21,661
$1.92
$188,613
$16.75
Insurance
$5,776
$0.51
CAM
Expense Reimbursements $7,328
$0.65
Electric
$1,783
$0.16
$0
$0.00
Water/Trash
$4,107
$0.36
Insurance Recoveries
$5,387
$0.48
Lawn/Parking Maintenance
$2,700
$0.24
Real Estate Tax Recoveries
$16,905
$1.50
Building Repairs
$1,441
$0.13
Total Expense Reimbursements
$29,620
$2.63
Total CAM
$10,031
$0.89
EFFECTIVE GROSS REVENUE
$218,230
$19.38
Management Fee
$6,363
$0.57
$43,831
$3.89
CAM Recoveries Management Fee Recoveries
Total Expenses
Operating Expenses Total CAM
$10,031
$0.89
$6,363
$0.57
Total Insurance
$5,776
$0.51
Total Real Estate Taxes
$21,661
$1.92
Total Recoverable Expenses
$43,831
$3.89
$174,399
$15.49
Management Fee
Net Operating Income
3.00%
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
3
RE NT RO L L Tenant
THE S HO P S AT TO M LINSO N G AT E - LAWTO N, O K Suite
SQ FT
% of SQFT
Lease Dates
Minimum Rent
Recoveries
Total
Start
End
Annual
Monthly
PSF
Annual
PSF
Revenue
% of Revenue
Chic Nail & Spa
1,382
12.28%
05/16
04/21
$24,876
$2,073
$18.00
$4,561
$3.30
$29,437
13.49%
Red River Ketamine Wellness Center, LLC
1,260
11.19%
11/17
09/20
$24,252
$2,021
$19.25
$4,045
$3.21
$28,297
12.97%
Edward D. Jones & Co. L.P.
1,253
11.13%
02/15
01/22
$26,313
$2,193
$21.00
$4,917
$3.92
$31,230
14.31%
First United Bank - Mortgage Group
1,859
16.51%
10/18
09/21
$32,532
$2,711
$17.50
$6,551
$3.52
$39,084
17.91%
Lemon Tree Salon
989
8.78%
09/18
08/23
$12,852
$1,071
$12.99
$3,175
$3.21
$16,027
7.34%
Lawton Nutrition
727
6.46%
10/19
09/24
$11,628
$969
$15.99
$2,146
$2.95
$13,774
6.31%
Elite Body Art Studio Etc. LLC
1,316
11.69%
07/17
06/22
$21,060
$1,755
$16.00
$4,225
$3.21
$25,285
11.59%
Fusion Physical Therapy (JADAM Lawton, LLC)
2,472
21.96%
06/16
05/21
$35,100
$2,925
$14.20
$0
$0.00
$35,100
16.08%
Totals
$188,613
$15,718
$218,233
100%
Total Count/GLA
8
11,258
100%
Occupied
8
11,258
100%
Available
0
0
0.0%
Total Avg Rent
$16.75 11,258
$29,620
100%
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
% of SQFT
THE S HO P S AT TO M LINSO N G AT E - LAWTO N, O K Real Estate Taxes
Insurance
CAM
Management Fee
Total Recovery
Monthly
PSF
Monthly
PSF
Monthly
PSF
Monthly
PSF
Monthly
PSF
Chic Nail & Spa
1,382
12.28%
$222
$1.92
$69
$0.60
$89
$0.78
$0
$0.00
$380
$3.30
Red River Ketamine Wellness Center, LLC
1,260
11.19%
$202
$1.92
$54
$0.51
$82
$0.78
$0
$0.00
$337
$3.21
Edward D. Jones & Co. L.P.
1,253
11.13%
$201
$1.92
$104
$1.00
$104
$1.00
$0
$0.00
$410
$3.92
First United Bank - Mortgage Group
1,859
16.51%
$298
$1.92
$93
$0.60
$155
$1.00
$0
$0.00
$546
$3.52
Lemon Tree Salon
989
8.78%
$159
$1.92
$42
$0.51
$64
$0.78
$0
$0.00
$265
$3.21
Lawton Nutrition
727
6.46%
$117
$1.92
$31
$0.51
$31
$0.52
$0
$0.00
$179
$2.95
Elite Body Art Studio Etc. LLC
1,316
11.69%
$211
$1.92
$56
$0.51
$85
$0.78
$0
$0.00
$352
$3.21
Fusion Physical Therapy (JADAM Lawton, LLC)
2,472
21.96%
$0
$0.00
$0
$0.00
$0
$0.00
$0
$0.00
$0
$0.00
TOTALS
11,258
100%
$1,409
$449
$611
$0
$2,468
PROPERTY DESCRIPTION
5
L E A SE PROVIS ION S
Tenant
Suite
THE S HO P S AT TO M LINSO N G AT E - LAWTO N, O K
SQ FT
Base Rental Increases
CAM Cap
Renewal Options
Date
PSF
Options
Date
PSF
CAM Cap Description
Termination Rights
Chic Nail & Spa (Thuan Q. Tran)
1,382
5/1/2020
18.40
1x5
5/1/2021
Mkt
Yes
3.5% non cumulative cap on controllable CAM
-
Red River Ketamine Wellness Center, LLC
1,260
-
-
2x3
10/1/2020 10/1/2023
Mkt Mkt
Yes
3.5% non cumulative cap on controllable CAM
-
Edward D. Jones & Co. L.P.
1,253
-
-
1x5
2/1/2022
Mkt
Yes
3.5% non cumulative cap on controllable CAM
Leasee may terminate the lease with 3 months notice and a lump some of 3 months base rent
First United Bank Mortgage Group
1,859
-
-
2x5
10/1/2021 10/1/2026
Mkt Mkt
Yes
3.5% non cumulative cap on controllable CAM
-
Lemon Tree Salon (LTD Style Holdings, LLC)
989
-
-
2x5
9/1/2023 9/1/2028
14.29 15.71
Yes
3% non cumulative cap on controllable CAM
-
Lawton Nutrition (Chill Nutrition, LLC)
727
-
-
2x5
10/1/2024 10/1/2029
Mkt Mkt
Yes
3.5% non cumulative cap on controllable CAM
-
Elite Body Art Studio Etc. LLC
1,316
-
-
2x5
7/1/2023 7/1/2028
Mkt Mkt
Yes
3.5% non cumulative cap on controllable CAM
-
Fusion Physical Therapy (JADAM Lawton, LLC)
2,472
6/1/2020
14.55
2x5
6/1/2021 6/1/2026
Mkt Mkt
-
TOTAL
11,258
-
-
F I N A N C I A L A N A LY S I S
6
TE NA NT INF ORMAT I ON
THE S HO P S AT TO M LINSO N G AT E - LAWTO N, O K
DBA
Edward Jones
Entity on Lease
Edward D. Jones & Co., L.P
Corporate/Franchise
Corporate
Public/Private
Private
Line of Business
Financial services firm headquartered in St. Louis, Missouri. It serves investment clients in the U.S. and Canada, through its branch network of more than 14,000 locations. The company currently has relationships with nearly 8 million clients and $1 trillion in assets, under management worldwide.
DBA
First United
Entity on Lease
First United Bank and Trust Company
Corporate/Franchise
Corporate
Locations
85+
Public/Private
Private
Line of Business
Community bank headquartered in Durant, Oklahoma that provides personal and commercial banking, investment management, insurance, mortgage products and services at more than 85 locations throughout Oklahoma and Texas. First United has recently grown from having $6 billion to having almost $8 billion in combined assets and is the 7th largest bank in its home state of Oklahoma.
PROPERTY DESCRIPTION
7
I N VE S TMENT HI GHLI GHT S
THE S HO P S AT TO M LINSO N G AT E - LAWTO N, O K
• New Construction: Built in 2014. Minimal New Retail Product in Southwestern Oklahoma. • Experiential Tenant Lineup: Tomlinson Gate is Full of Tenants That Cater to an In-Person Experience, Making
Them
Virtually
Immune
to
Internet
Displacement. • Located in Close Proximity to Cameron University & Comanche County Memorial Hospital: Cameron University is a Public University With 6,000 Students Offering More Than 50 Degrees. • High Traffic Corridor: The Property is Positioned Along Cache Road With Traffic Counts of 29,385 Vehicles a Day. • Unobstructed 29-Foot Signage: Gives Tenants a Place to Advertise to Traffic From All 4 Directions at the Intersection of Cache and Homestead. • Surrounding National Retailers Include Walmart Supercenter, Sam’s Club, ALDI, Walgreens, Hobby Lobby, CVS, Dollar Tree, Staples, Buffalo Wild Wings, Goodwill, McAlister’s, Golden Corral, Red Lobster
PROPERTY DESCRIPTION
8
S I T E PL A N
THE S HO P S AT TO M LINSO N G AT E - LAWTO N, O K
1340
Chic Nails & Spa
1,382
1342
Ketamine Welness Center
1,260
1344
Edward Jones
1,253
1346
First United Bank
1,859
1348
Lawton Nutrition
727
1349
Lemon Tree Family Salons
989
1350
Elite Skin Art
1,316
1352
Fusion Physical Therapy
2,472
ME
SQ FT
HO
Tenant
NW
Suite
ST EA D
1352
1350 1349
1348
1346
1344
1342
DR
Pylon
1340
PROPERTY DESCRIPTION
9
A E R I AL MA P
THE S HO P S AT TO M LINSO N G AT E - LAWTO N, O K
NW SHERIDAN RD
29 , 38
5V
PD
NW CACHE RD
LAWTON SENIOR HIGH SCHOOL
COMANCHE COUNTY MEMORIAL HOSPITAL
EISENHOWER HIGH SCHOOL CAMERON UNIVERSITY
PROPERTY DESCRIPTION
10
LO C AL MA P
THE S HO P S AT TO M LINSO N G AT E - LAWTO N, O K
PROPERTY DESCRIPTION
11
REG IONA L MA P
THE S HO P S AT TO M LINSO N G AT E - LAWTO N, O K
PROPERTY DESCRIPTION
12
M A R KET S U MMARY
THE S HO P S AT TO M LINSO N G AT E - LAWTO N, O K
Lawton, OK
OVERVIEW Lawton is a city in, and the county seat of, Comanche County, in the State of Oklahoma. Located in southwestern Oklahoma, about 87 mi southwest of Oklahoma City, it is the principal city of the Lawton, Oklahoma Metropolitan Statistical Area. According to the 2010 census, Lawton’s population was 96,867, making it the fifth-largest city in the state. Built on former reservation lands of Kiowa, Comanche, and Apache Indians, Lawton was founded on 6 August 1901, and was named after Major General Henry Ware Lawton, a Civil War Medal of Honor recipient killed in action in the Philippine– American War. Lawton’s landscape is typical of the Great Plains, with flat topography and gently rolling hills, while the area north of the city is marked by the Wichita Mountains. The city’s proximity to Fort Sill Military Reservation gave Lawton economic and population stability throughout the 20th century. Although Lawton’s economy is still largely dependent on Fort Sill, it has also grown to encompass manufacturing,
higher education, health care, and retail. The city’s government is run by a council-manager government consisting of a city manager and a city council headed by a mayor. Interstate 44 and three major United States highways serve the city, while Lawton-Fort Sill Regional Airport connects Lawton by air. Lawton is primarily centered on government, manufacturing, and retail trade industries. Lawton MSA ranks fourth in Oklahoma with a gross domestic product of $4.2 billion produced in 2008, with a majority ($2.1 billion) in the government sector. Fort Sill is the largest employer in Lawton, with over 5,000 full-time employees. In the private sector, the largest employer is Goodyear Tire and Rubber Company with 2,400 full-time employees. Major employers in the Lawton area also include: Lawton Public Schools, Comanche County Memorial Hospital, City of Lawton, and Cameron University. Lawton includes two major industrial parks.
PROPERTY DESCRIPTION
13
D E M OG RA PHIC STAT I ST I CS
THE S HO P S AT TO M LINSO N G AT E - LAWTO N, O K
1 Mile
3 Mile
5 Mile
2024 Projection
10,991
60,692
83,367
2019 Estimate
11,417
61,906
85,213
2010 Census
12,682
63,146
87,812
2019 Population Hispanic Origin
1,693
9,605
12,814
White
7,282
37,720
52,314
Black
2,182
13,431
18,707
Am. Indian & Alaskan
657
3,748
4,546
Asian
334
1,844
2,814
Hawaiian & Pacific Island
86
419
647
Other
877
4,744
6,184
U.S. Armed Forces:
227
3,335
8,058
2024 Projection
4,467
23,772
30,724
2019 Estimate
4,651
24,266
31,443
2010 Census
5,180
24,654
32,352
Owner Occupied
2,295
11,070
14,647
Renter Occupied
2,355
13,197
16,797
2019 Avg Household Income
$56,785
$54,629
$59,031
2019 Med Household Income
$42,830
$42,558
$46,498
<$25,000
1,202
6,569
7,522
$25,000 - $50,000
1,550
7,595
9,449
$50,000 - $75,000
712
3,928
5,267
$75,000 - $100,000
558
3,155
4,382
$100,000 - $125,000
275
1,810
2,817
$125,000 - $150,000
171
545
867
$150,000 - $200,000
104
386
747
$200,000+
79
278
392
Population:
2019 Population by Race:
Households:
2019 Households by Household Inc:
Demographic data © CoStar 2020
PROPERTY DESCRIPTION
14
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