TOP GOLF SHADOW RETAIL THE COLONY, TX
PRICING & FINANCIAL ANALYSIS
TOP GOLF SHADOW RETAIL
FINANCIAL ANALYSIS
Top Golf Shadow Retail 5101 State Hwy 121 The Colony, TX 75056
Offering Summary Price Cap Rate Net Operating Income Price PSF Occupancy
5.30% $344,767 $648.51 100% 2015
Gross Leasable Area
10,023 SF
Lot Size
1.37 Acres
PROPERTY DESCRIPTION
Year Built
$6,500,000
MARKET OVERVIEW This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2017 STRIVE
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PRICING & FINANCIAL ANALYSIS
TOP GOLF SHADOW RETAIL
Base Rent - Occupied Space
Current 100%
GROSS POTENTIAL RENT
PSF
Expenses
Current
PSF
$72,000
$7.18
$8,462
$0.84
$1,713
$0.17
Landscape Contracts
$5,640
$0.56
Landscape Labor/Addl
$2,219
$0.22
Parking Lot Repair
$1,067
$0.11
$89
$0.01
Porter Service
$2,484
$0.25
R&M General
$3,287
$0.33
Irrigation
$188
$0.02
R&M Other Equipment
$716
$0.07
R&M Painting
$513
$0.05
$344,767
$34.40
Real Estate Taxes
$344,767
$34.40
Insurance
Expense Reimbursements
CAM
CAM Recoveries
$16,986
$1.69
$8,462
$0.84
Real Estate Tax Recoveries
$72,000
$7.18
Total Expense Reimbursements
$140,545
$14.02
EFFECTIVE GROSS REVENUE
$485,312
$48.42
$43,097
$4.30
$16,986
$1.69
$8,462
$0.84
Total Real Estate Taxes
$72,000
$7.18
Total Recoverable Expenses
$140,545
$14.02
R&M Roof
$1,200
$0.12
Net Operating Income
$344,767
$34.40
R&M Signs
$130
$0.01
Powerwash Steam
$568
$0.06
$12,900
$1.29
$1,980
$0.20
Storm Water/Drain
$456
$0.05
Water/Sewer Bldg
$4,527
$0.45
Water - Irrigation
$1,560
$0.16
Utilities - Water Sewer
$1,860
$0.19
$16,986
$1.69
$140,545
$14.02
Management Fee Recoveries Insurance Recoveries
Operating Expenses Total CAM Total Insurance
Capitalization Rate
3.5%
5.30%
Fire Protection
DeIcing Snow Removal
Trash Removal Electricity
Management Fee (% of GPI) Total Expenses
3.5%
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2017 STRIVE
MARKET OVERVIEW
$4.30
PROPERTY DESCRIPTION
$43,097
Management Fee
FINANCIAL ANALYSIS
Projected Income & Expenses
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RENT ROLL
TOP GOLF SHADOW RETAIL Minimum Rent
Recoveries
Total
Suite
Sq Ft
% of Sq Ft
Start
End
Annual
Monthly
PSF
Annual
PSF
Revenue
Freddy's Frozen Custard
100
3,690
36.82%
10/14
10/29
$144,000
$12,000
$39.02
$51,742
$14.02
$195,742
40.33%
LIV Dentistry
200
2,555
25.49%
04/14
03/24
$81,760
$6,813
$32.00
$35,827
$14.02
$117,587
24.23%
Navy Federal Credit Union
300
3,778
37.69%
01/18
01/25
$119,007
$9,917
$31.50
$52,976
$14.02
$171,983
35.44%
Total Count/GLA
3
10,023
100%
$344,767
$28,731
$485,312
100.00%
Occupied
3
10,023
100.0%
Available
0
0
0.0%
10,023
100.0%
Tenant
Total Avg Rent
$34.40
$140,545
FINANCIAL ANALYSIS
Lease Dates
% of
Revenue
PROPERTY DESCRIPTION MARKET OVERVIEW This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2017 STRIVE
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ESTIMATED REIMBURSEMENT REVENUE
TOP GOLF SHADOW RETAIL Management Fee
Insurance
Real Estate Taxes
Total Recovery
Suite
Sq Ft
% of Sq Ft
Monthly
PSF
Monthly
PSF
Monthly
PSF
Monthly
PSF
Monthly
PSF
Freddy's Frozen Custard
100
3,690
36.82%
$1,322
$4.30
$521
$1.69
$260
$0.84
$2,209
$7.18
$4,312
$14.02
LIV Dentistry
200
2,555
25.49%
$916
$4.30
$361
$1.69
$180
$0.84
$1,529
$7.18
$2,986
$14.02
Navy Federal Credit Union
300
3,778
37.69%
$1,354
$4.30
$534
$1.69
$266
$0.84
$2,262
$7.18
$4,415
$14.02
10,023
100%
$3,591
Tenant
Totals
$1,415
$705
$6,000
FINANCIAL ANALYSIS
CAM
$11,712
PROPERTY DESCRIPTION MARKET OVERVIEW This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2017 STRIVE
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LEASE PROVISIONS
TOP GOLF SHADOW RETAIL
Tenant
Renewal Options
User Restrictions & Exclusive uses
Termination Rights
Sales Reporting
Sq Ft
Date
PSF
Freddy's Frozen Custard and Steakburgers
100
3,690
10/2019 10/2024
$40.98 $43.02
Two, 5-yr options @ $45.18 and $47.43 psf respectively
Exclusive operation of restaurant whose primary business activity is selling
No
Yes
LIV Dentistry
200
2,555
4/1/2019
$34.50
Two, 5-yr options @ $35.00 and $37.80 psf respectively
Exclusive right to operate a dentistry
No
At LL Request
300
3,778
1/2019 1/2020 1/2021 1/2022
$31.97 $32.45 $32.94 $33.43
Two, 5-yr options @ $34.96 and $37.66 psf respectively w/1.5% bumps yearly
Exclusive right to operate a credit union
No
No
3
10,023
Navy Federal Credit Union
Totals
PROPERTY DESCRIPTION
Suite
FINANCIAL ANALYSIS
Base Rental Increases
MARKET OVERVIEW This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Š 2017 STRIVE
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TENANT INFORMATION
TOP GOLF SHADOW RETAIL
Entity on Lease DBA
CLS The Colony 121, LLC Freddy's Frozen Custard and Steakburgers
Locations
313 locations in 30 states
Ownership
Franchise
Credit Rating Freddy’s restaurants stretch from coast to coast serving all-American meals to their customers. From steakburgers to sundaes, Freddy’s makes food fresh after you order with the highest quality ingredients.
FINANCIAL ANALYSIS
Tenant or Company Summary
Not Rated
Annual Revenue
Private
Public/ Private
Private
Website
www.freddysusa.com
PROPERTY DESCRIPTION
Tenant or Company Summary Entity on Lease DBA Locations Ownership Credit Rating
LIV Dentistry 1 location Private Not Rated
Annual Revenue
Private
Public/ Private
Private
Website
MARKET OVERVIEW
LIV Dentistry was founded by Clark Steffens. LIV Dentistry focuses on establishing relationships with their clients in order to provide the best possible patient expierence. LIV stays up-to-date with the newest techniques and equipment to make sure the patient experience is at an optimum. From digital impressions to laser dentistry to the newest in whitening products, LIV provides an environment that is not only comfortable but cutting edge.
General and Costmetic Dentistry, PLLC
www.livdentistry.com
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2017 STRIVE
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TENANT INFORMATION
TOP GOLF SHADOW RETAIL
FINANCIAL ANALYSIS
Tenant or Company Summary Entity on Lease
Navy Federal Credit Union
DBA
Navy Federal Credit Union
Locations Ownership
Corporate
Credit Rating
Not Rated
Annual Revenue Public/ Private Website
$83,779,054,000 as of 3rd Quarter 2017
PROPERTY DESCRIPTION
Since 1933, Navy Federal has grown from seven members to over 7 million members. You can leave the military, change employers, move, retire, get married—and never have to leave Navy Federal. “Once a member, always a member.” In 2017 Forrester Research named Navy Federal the #1 Full-Service Banking for Customer Experience.
281 branches
Private www.navyfederal.org
MARKET OVERVIEW This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2017 STRIVE
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INVESTMENT HIGHLIGHTS
TOP GOLF SHADOW RETAIL
Major Headquarter Relocations: Less than 3 miles from the Property are 5 new, massive office campuses including Toyota, FedEx, NTT Data, JP Morgan Chase, and Liberty Mutual Insurance. Combined these headquarters will bring over 15,800 jobs to the area.
•
Outstanding Visibility: The Property is situated along one of the few stretches along Highway 121 where both the access roads and main lanes are both at grade offering excellent exposure to every passing vehicle.
•
Exceptional Positioning with High Traffic Counts: Top Golf Shadow Retail is positioned directly in front of the new TopGolf along Sam Rayburn Tollway (Highway 121). More than 130,000 vehicles pass the Property daily along this stretch of Highway 121. TopGolf’s new 102 bay, 3 story facility receives over 250,000 visitors annually
•
Nebraska Furniture Mart: Bershire Hathaway’s Nebraska Furniture Mart opened in The Colony in 2015, which kicked off the nearly 5 million square foot mixed use development. Nebraska Furniture Mart attracted between 8 and 10 million visitors and generated more than $750 million in revenue during its first year of operation.
•
High Growth Trade Area with Outstanding Demographics: Currently, within a three mile radius of the Property there are 82,637 residents increasing to 230,306 residents within five miles. Since 2010 this trade area has seen an incredible 33.7% growth on within five miles, and the immediate trade area is expected to grow another 15.7% over the next five years.
•
Strong Buying Power: the population base has average annual incomes of $115,476 and $109,606 within a three and five mile radius, respectively.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2017 STRIVE
MARKET OVERVIEW
•
PROPERTY DESCRIPTION
Desirable Trade Area: This stretch of Highway 121 is one of the fastest growing retail corridors in Dallas-Fort Worth. Retailers such as Nebraska Furniture Mart, Target, Ross, Specs, Kroger Marketplace, Home Depot, Chipotle, Mi Cocina, Pei Wei, In-N-Out, and many more drive traffic to the area.
FINANCIAL ANALYSIS
•
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SITE PLAN
TOP GOLF SHADOW RETAIL
FINANCIAL ANALYSIS PROPERTY DESCRIPTION MARKET OVERVIEW
121
TX
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Š 2017 STRIVE
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AERIAL MAP
TOP GOLF SHADOW RETAIL
FINANCIAL ANALYSIS
The Colony High School
The Colony Five Star Complex
PROPERTY DESCRIPTION
1
$83,000,000 in deposits
2 X-1
T
$105,000,000 in deposits
MARKET OVERVIEW This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Š 2017 STRIVE
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AERIAL
TOP GOLF SHADOW RETAIL
FINANCIAL ANALYSIS PROPERTY DESCRIPTION MARKET OVERVIEW This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Š 2017 STRIVE
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LEASE COMPARABLES
GLA
Yr Built/ Renovated Occupancy
Major Tenants
Available SF
Rental Rates
NNN
10,023
2015
100.0%
Freddy's, Navy Federal Credit Union, LIV Dentist
0
$31.00 - $39.00
$14.02
Lewisville Town Center 6360 N Josey Lane
8,662
2012
100.0%
Target (Shadow), Ulta Beauty, Dairy Queen, Schlotzsky's, Wasabi N Wok, FedEx Office
0
Inline $19.00 - $46.00
$10.50
Chipolte Strip 2 5040 State Hwy 121
8,700
2007
100.0%
Chipolte, Texas Direct Auto, Burgerim, T-Mobile
0
$35.00 - $39.00
$12.42
The Shops at Grand Scape 3 3700 Plano Parkway
16,700
2016
76.0%
Nebraska Furniture Mart (Shadow), Another Broken Egg Café, Bread Zeppelin, Heritage Pizza
4,000
$32.00 - $38.00
$9.00
1
Castle Hills Crossing 4940 State Hwy 121
20,165
2016
100.0%
Snappy Salads, Which Wich, Ideal Dental, SmashBurger, Bonchon, Elements Massage
0
$31.00 - $38.00
$10.50
5
One 2 One Plaza 4897 State Hwy 121
20,331
2007
88.4%
Baylor Family Medical Center, Dallas Craft Co., Green Oaks Massage
2,350
$28.00 - $32.00
$6.73
15,315
2002
74.8%
Home Depot (Shadow) Subway, Tony's Pizza & Pasta, Tan Factory
3,862
$26.00-$35.00
$10.56
The Colony Crossing 6 5333 State Hwy 121
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2017 STRIVE
MARKET OVERVIEW
4
PROPERTY DESCRIPTION
Top Golf Shadow Retail 5101 State Hwy 121 The Colony, TX 75056
FINANCIAL ANALYSIS
Property
TOP GOLF SHADOW RETAIL
13
LEASE COMPARABLES MAP
TOP GOLF SHADOW RETAIL
FINANCIAL ANALYSIS
Subject Property 1
Lewisville Town Center
2
Chipotle Strip
3
The Shops at Grand Scrape
4
Castle Hills Crossing
5
One 2 One Plaza
6
The Colony Crossing
6
PROPERTY DESCRIPTION
2
5
3
4
1
MARKET OVERVIEW This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2017 STRIVE
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COMPANY RELOCATION MAP
TOP GOLF SHADOW RETAIL
FINANCIAL ANALYSIS
JP MORGAN CHASE NTT DATA
600 Employees Mid 2017 Completion
6,000 Employees Q4 2017 Completion
PROPERTY DESCRIPTION
TOYOTA
4,000 Employees Mid 2017 Completion
FEDEX OFFICE
1,200 Employees Q1 2016 Completion
LIBERTY MUTUAL 4,000 Employees Q4 2017 Completion
MARKET OVERVIEW
* A total of 15,800 new employees will be less than 3 miles from the subject property by the end of 2017. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2017 STRIVE
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$5 BILLION MILE
TOP GOLF SHADOW RETAIL
$1.8 Billion Investment
FINANCIAL ANALYSIS
FRISCO STATION
THE GATE
$1 Billion Investment
PROPERTY DESCRIPTION
WADE PARK THE STAR IN FRISCO
$2 Billion Investment
$1.5 Billion Investment
MARKET OVERVIEW This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2017 STRIVE
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REGIONAL MAP
TOP GOLF SHADOW RETAIL
FINANCIAL ANALYSIS PROPERTY DESCRIPTION MARKET OVERVIEW This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2017 STRIVE
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MARKET SUMMARY
TOP GOLF SHADOW RETAIL
FINANCIAL ANALYSIS PROPERTY DESCRIPTION
DALLAS, TX 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.
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.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2017 STRIVE
MARKET OVERVIEW
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 20.
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DEMOGRAPHIC STATISTICS
TOP GOLF SHADOW RETAIL
1 Mile
3 Mile
5 Mile
8,216 7,096 5,370 15.78% 32.14% 1,563
95,377 82,637 63,929 15.42% 29.26% 13,273
266,455 230,306 172,199 15.70% 33.74% 39,144
5,245 687 61 900 10 193 0
61,698 7,026 589 11,023 85 2,217 6
161,742 25,477 1,620 34,885 188 6,394 158
3,006 2,591 1,930 16.02% 34.25% 1,573 1,018 $103,659 $77,329
35,774 30,970 23,848 15.51% 29.86% 20,221 10,749 $115,476 $88,023
104,070 90,021 67,676 15.61% 33.02% 50,251 39,771 $109,606 $82,663
260 454 548 365 280 192 217 276
2,062 5,845 5,403 4,175 3,858 2,499 2,735 4,393
8,446 17,432 15,401 12,173 9,763 6,969 8,494 11,343
FINANCIAL ANALYSIS
Radius Population: 2022 Projection 2017 Estimate 2010 Census Growth 2017-2022 Growth 2010-2017 2017 Population Hispanic Origin
2017 Population by Race:
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:
MARKET OVERVIEW
<$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+
PROPERTY DESCRIPTION
White Black Am. Indian & Alaskan Asian Hawaiian & Pacific Island Other U.S. Armed Forces:
Demographic data © CoStar 2017 This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2017 STRIVE
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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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