Westover Village Target Shadow Retail – Fort Worth, TX by STRIVE

WESTOVER VILLAGE TARGET SHADOW RETAIL FORT WORTH, TX

JENNIFER PIERSON | 469.844.8885 JPIERSON@STRIVERE.COM

PRICING & FINANCIAL ANALYSIS

TARGET SHADOW RETAIL

FINANCIAL ANALYSIS

Westover Village Target Shadow Retail 645 Sherry Lane Fort Worth, TX 76114

Offering Summary Price Cap Rate Net Operating Income

$7,118,969 7.50% $533,923 $237.35

Occupancy

100.0%

Year Built Gross Leasable Area Lot Size

PROPERTY DESCRIPTION

Price PSF

2008 29,994 SF 29.756 Acres

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. Â© 2017 STRIVE

PRICING & FINANCIAL ANALYSIS

Base Rent - Occupied Space GROSS POTENTIAL RENT

Current

PSF

Current

PSF

$2,140

$0.07

$0.00

Maintenance/Repair

$1,603

$0.05

$542,614

$18.09

Common Area Maintenance

$542,614

$18.09

Alarm/Fire Prot/Security

Expense Reimbursements CAM Recoveries

Expenses

Roof Repair $1.63

$14,150

$0.47

Parking Lot/Landscape

$17,158

$0.57

$4,851

$0.16

Lighting

$2,880

$0.10

Real Estate Tax Recoveries

$106,250

$3.54

Sweeping

$3,758

$0.13

Total Expense Reimbursements

$174,201

$5.81

Snow Removal

$0.00

EFFECTIVE GROSS REVENUE

$716,815

$23.90

Trash Removal

$2,612

$0.09

Water/Sewer

$9,871

$0.33

Electric

$7,125

$0.24

Management Fee Recoveries Insurance Recoveries

Operating Expenses Total CAM

$47,147

$1.57

Management Fee

$15,779

$0.53

Total Common Area Maintenance

$47,147

$1.57

Total Insurance

$4,809

$0.16

Management Fee

$15,779

$0.53

$106,250

$3.54

Total Insurance

$4,809

$0.16

$173,985

$5.80

Total Real Estate Taxes

$106,250

$3.54

$173,985

$5.80

Total Real Estate Taxes Total Recoverable Expenses Non-Recoverable Expenses Creek Maintenance Net Operating Income Capitalization Rate Capital Reserves at $0.15 PSF Cash Flow before Debt Service

Total Expenses $8,907

$0.30

$533,923

$17.80

7.50% $4,499 $529,424 $374,551

Cash Flow after Debt Service

$154,873

MARKET OVERVIEW

Market Debt Cash-on-Cash Return

PROPERTY DESCRIPTION

$48,950

FINANCIAL ANALYSIS

Projected Income & Expenses

TARGET SHADOW RETAIL

8.95%

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. Â© 2017 STRIVE

RENT ROLL

TARGET SHADOW RETAIL Minimum Rent

Recoveries

Total

Suite

Sq Ft

% of Sq Ft

Start

End

Annual

Monthly

PSF

Annual

PSF

Revenue

% of Revenue

Polished Spa Lounge

633A

3,257

10.86%

10/12

11/22

$78,816

$6,568

$24.20

$19,871

$6.10

$98,687

13.77%

639

2,610

8.70%

05/09

08/24

$54,816

$4,568

$21.00

$15,863

$6.08

$70,679

9.86%

Anytime Fitness

645A

4,345

14.49%

10/15

10/21

$73,860

$6,155

$17.00

$23,355

$5.38

$97,215

13.56%

Palm Beach Tan

645C

2,652

8.84%

09/12

02/23

$48,132

$4,011

$18.15

$14,361

$5.42

$62,493

8.72%

Sleep Experts

653

5,035

16.79%

12/08

12/18

$95,665

$7,972

$19.00

$29,428

$5.84

$125,093

17.45%

Pending Tenant

661A

7,695

25.66%

01/18

12/22

$115,425

$9,619

$15.00

$44,636

$5.80

$160,061

22.33%

677

4,400

14.67%

10/12

09/22

$75,900

$6,325

$17.25

$26,687

$6.07

$102,587

14.31%

Total Count/GLA

29,994

100%

$542,614

$45,218

$716,815

100.00%

Occupied

29,994

100%

Available

0.0%

29,994

100%

Archstone Dental

North Texas Hobbies

Total Avg Rent

$19.43

$174,201

PROPERTY DESCRIPTION

Tenant

FINANCIAL ANALYSIS

Lease Dates

ESTIMATED REIMBURSEMENT REVENUE

TARGET SHADOW RETAIL Management Fee

Insurance

Real Estate Taxes

Total Recovery

Tenant

Suite

Sq Ft

% of Sq Ft

Monthly

PSF

Monthly

PSF

Monthly

PSF

Monthly

PSF

Monthly

PSF

Polished Spa Lounge

633A

3,257

10.86%

$454

$1.67

$197

$0.73

$44

$0.16

$961

$3.54

$1,656

$6.10

639

2,610

8.70%

$376

$1.73

$137

$0.63

$38

$0.18

$770

$3.54

$1,322

$6.08

Anytime Fitness

645A

4,345

14.49%

$606

$1.67

$0.00

$58

$0.16

$1,283

$3.54

$1,946

$5.38

Palm Beach Tan

645C

2,652

8.84%

$363

$1.64

$16

$0.07

$35

$0.16

$783

$3.54

$1,197

$5.42

Sleep Experts

653

5,035

16.79%

$660

$1.57

$239

$0.57

$67

$0.16

$1,486

$3.54

$2,452

$5.84

Pending Tenant

661A

7,695

25.66%

$1,008

$1.57

$337

$0.53

$103

$0.16

$2,272

$3.54

$3,720

$5.80

677

4,400

14.67%

$613

$1.67

$253

$0.69

$59

$0.16

$1,299

$3.54

$2,224

$6.07

29,994

100%

$4,079

Archstone Dental

North Texas Hobbies

$1,179

$404

$8,854

$14,517

PROPERTY DESCRIPTION

Totals

FINANCIAL ANALYSIS

CAM

LEASE PROVISIONS

TARGET SHADOW RETAIL Renewal Options

User Restrictions & Exclusive uses

Termination Rights

Sales Reporting

Suite

Sq Ft

Date

PSF

Polished Spa Lounge

633A

3,257

One, 5-yr option @ $26.62 psf

None

Tenant has exclusive right to operate a dental office and / or teeth whitening boutique.

Exslusive right to operate fitness studio/boutique, with personal training.

Yes

Archstone Dental

Anytime Fitness

639

2,610

6/1/2019

$23.00

Two, 6-yr options @ $25.30 & $27.83 psf respectively

645A

4,345

10/31/2018

$18.00

One, 5-yr option @ $26.62 psf with 2% annual bumps

PROPERTY DESCRIPTION

Tenant

FINANCIAL ANALYSIS

Base Rental Increases

Exclusive right to operate a tanning salon Palm Beach Tan

645C

2,652

Two, 5-yr options @ $20.00 & $22.00 psf respectively

Termination option effective if gross sales are < $500,000 between 2/16/17-2/15/18, with notice given within 90 days after 5th Lease year

653

5,035

One, 5-yr option @ market rate

Pending Tenant

661A

7,695

677

4,400

One, 5-yr option @ $18.00 psf

Exclusive right to operate a hobby shop

29,994

North Texas Hobbies

Totals

MARKET OVERVIEW

Sleep Experts

Exclusive right to engage in the retail sale of mattresses, box springs, bed frames, futons, sofas, and related bedding products

TARGET SHADOW RETAIL

FINANCIAL ANALYSIS

Separately Offered Pad Site Opportunity 401 Alta Mere Dr Fort Worth, TX 76114

Offering Summary Price

$1,000,000

Lot Size

1.949 Acres

TAD Acct. #

42228130

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. ÂŠ 2017 STRIVE

TENANT INFORMATION

TARGET SHADOW RETAIL

FINANCIAL ANALYSIS

Tenant Summary Entity on Lease DBA Locations Ownership Anytime Fitness has over two million members around the globe. This 24hour fitness center has cutting-edge strength training and cardio equipment. Additional services offered are tanning, personal training, classes, and wellness programs are other services offered at Anytime Fitness.

Credit Rating

2J Fitness, LLC Anytime Fitness More than 2,300 locations worldwide Franchise Not Rated

Annual Revenue

Private

Public/ Private

Private www.anytimefitness.com

PROPERTY DESCRIPTION

Website

Tenant Summary Entity on Lease DBA Locations

Palm Beach Tan Over 500 locations across the country

Ownership

Corporate

Credit Rating

Not Rated

Annual Revenue

Private

Public/ Private

Private

Website

MARKET OVERVIEW

Palm Beach Tan salons are equipped with the best tanning equipment around, including high-quality sun beds, sunless spray tanning booths, and a vast array of tanning and skin care products.

Palm Beach Tan, Inc.

www.palmbeachtan.com

TENANT INFORMATION

TARGET SHADOW RETAIL

FINANCIAL ANALYSIS

Tenant Summary Entity on Lease DBA Locations Ownership Hobby Town USA is the leading retail hobby and toy store. Hobby Town USA offers full line of radio control hobbies, models, games, toys, educational items, paints, tools and model railroad items.

Credit Rating

North Texas Hobbies, Inc. Hobby Town USA Over 150 locations Franchise Not Rated

Annual Revenue

Private

Public/ Private

Private

Website

www.hobbytown.com

PROPERTY DESCRIPTION

Tenant Summary Entity on Lease DBA Locations

Sleep Experts Over 50 locations

Ownership

Corporate

Credit Rating

Not Rated

Annual Revenue

Private

Public/ Private

Private

Website

MARKET OVERVIEW

Sleep Experts carries bedding products including mattresses, box springs, pillows and other bedding accessories. Sleep Experts is committed to their customers, their employees, and their community. Sleep Experts has been named a Best Place to Work by the Dallas Business Journal from 2010 - 2017.

Sleep Experts Partners, LP

www.sleepexperts.com

INVESTMENT HIGHLIGHTS

TARGET SHADOW RETAIL

Target: Westover Village is located adjacent to a high performing Target. This location includes Targets’ P-Fresh grocery concept, which attracts a larger consumer base. Target is the 2nd largest discount store retailer in the US, doing nearly $70 billion in revenue in 2016.

•

Desirable Trade Area: This stretch of Alta Mere has become the primary retail corridor in the immediate trade area. Along with Target, retailers such as Walmart, Sam’s Club, Lowe’s, Movie Tavern, Big Lots, Chick-Fil-A, Raising Canes, and Krispy Kreme, among others help to generate traffic around Westover Village.

•

Exceptional Positioning with High Traffic Counts: Westover Village is positioned along Alta Mere Drive (State Highway 183) just north of Interstate 30. Alta Mere carries nearly 35,000 vehicles per day, while Interstate 30 carries over 115,000 vehicles per day.

MARKET OVERVIEW

•

PROPERTY DESCRIPTION

Included Land: This retail property comes with a development component, at no cost for the land. Per the attached site plan we estimate an 18,000 sf retail building can be built between the subject property and Target. At a rental rate of $12.00 NNN, we estimate additional income of $216,000 from this development.

FINANCIAL ANALYSIS

•

INVESTMENT HIGHLIGHTS

TARGET SHADOW RETAIL

High Growth Surrounding Area: Since 2010 the trade area surrounding Westover Village has grown by an average of 12.04% within a 3 mile radius of the Property. That same area is expected to grow an additional 7.96% over the next 5 years.

•

Naval Air Station: The Property is located adjacent to the Naval Air Station Joint Reserve Base, which employs over 11,000 people and helps generate traffic to the trade area and Westover Village.

•

Below Market Rents: The average rental rate for the Westover Village’s Target Shadow Building is only $19 psf while likekind product in the immediate trade area is leasing from $20.00 to $30.00 psf.

MARKET OVERVIEW

•

PROPERTY DESCRIPTION

Westover Hills: Westover Hills is located immediately behind Westover Village. In 2014 Higley named Westover Hills the neighborhood with the 3rd highest average household income in DFW at $385,047, which is the 69th highest average household income for any neighborhood in the United States. This extraordinary neighborhood, with its rolling hills and mansions, is in part responsible for the explosion of retail along Alta Mere Drive.

FINANCIAL ANALYSIS

•

SITE PLAN

TARGET SHADOW RETAIL

FINANCIAL ANALYSIS

1.949 Acres Can be purchased separately (same ownership)

PROPOSED DEVELOPMENT

TARGET SHADOW RETAIL

FINANCIAL ANALYSIS PROPERTY DESCRIPTION

LUMBER LIQUIDATORS

MARKET OVERVIEW

* Development Opportunity: If an investor acquires the entire Westover Village portfolio they will receive five additional parcels of land that have all the necessary infrastructure and are ready for future development. This future expansion provides a buyer with potentially a total of 47,550 additional square feet of building to increase their revenue stream. 12473 Robyn Road St. Louis, Missouri 63127 314.722.3771 314.713.3255 cell carl@uhligarchitecture.com

Summit

AERIAL MAP

TARGET SHADOW RETAIL

FINANCIAL ANALYSIS

PROPERTY DESCRIPTION

1.949 Acres Can be purchased separately (same ownership)

MARKET OVERVIEW

A LT

AERIAL MAP

TARGET SHADOW RETAIL

FINANCIAL ANALYSIS

DOWNTOWN FORT WORTH

Burton Hills Homes from $200k-$550k

Westover Hills Homes from $950k-$5million Ridgmar Homes from $350k-$2.5million

PROPERTY DESCRIPTION

1.949 Acres Can be purchased separately (same ownership)

ALTA

MERE

MARKET OVERVIEW

Joint Reserve Naval Base Over 11,000 Employees

AERIAL MAP

TARGET SHADOW RETAIL

FINANCIAL ANALYSIS

ALT

ERE

PROPERTY DESCRIPTION

1.949 Acres Can be purchased separately (same ownership)

LEASE COMPARABLES

Westover Village  421 & 645 Sherry Ln. Fort Worth, TX

Alta Mere Crossing 694 - 716 Alta Mere Dr.

Yr Built/ Renovated Occupancy

Major Tenants

Available SF

Rental Rates

NNN

29,994

2009

100.0%

Target (Shadow), Sleep Experts, Anytime Fitness, Palm Beach Tan, Archstone Dental

Inline $15.00 - $28.00

$5.12

27,594

1958 / 2012

91.5%

Aldi, Check 'n Go, Verizon Wireless, Ridgemar Nails

2,351

Inline $24.00 - $30.00

$4.96

5,050

2018

Under Construction

$25.00 - $30.00

Hawks Creek 532 - 568 Alta Mere Dr.

19,424

2006

100.0%

Walmart (Shadow), T-Mobile, GameStop, Super Cuts, Sally Beauty Supply, Smoothie King, VIP Nails, Kay Jewelers

$20.00 - $27.00

$8.25

Alta Mere Crossing Phase II 635 - 750 Alta Mere Dr.

12,383

2004

85.6%

Aldi (Shadow) Sprint, GameXchange, Slim 4 Life, Joe's Pizza and Pasta, Goodwill, State Farm

1,780

$18.00 - $20.00

$6.15

Shoppes of Hawks Creek 6620 Westworth Blvd

9,700

2008

100.0%

The Battery and Scooter Store of Fort Worth, Veterans Administation, Nutrition Nation

$17.00 - $19.00

$3.37

Plaza at Ridgmar Centre 6600 West Fwy (I30)

117,389

1993

100.0%

Albertson's, Best Buy, Office Depot, Mattress Firm, Cato, Great Clips

MARKET OVERVIEW

PROPERTY DESCRIPTION

Westworth Village 2 SWC Alta Mere Dr & Fairway Dr

GLA

FINANCIAL ANALYSIS

Property

TARGET SHADOW RETAIL

LEASE COMPARABLES MAP

TARGET SHADOW RETAIL

FINANCIAL ANALYSIS

Westover Village 1

Alta Mere Crossing

Westworth Village

Hawks Creek

Alta Mere Crossing Phase II

Shoppes at Hawks Creek

Plaza at Ridgmar Centre

3 1 4

PROPERTY DESCRIPTION

LOCAL MAP

TARGET 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. ÂŠ 2017 STRIVE

REGIONAL MAP

TARGET SHADOW RETAIL

FINANCIAL ANALYSIS PROPERTY DESCRIPTION

Next closest retail trade area to the west is 25 miles away (Weatherford)

MARKET SUMMARY

TARGET SHADOW RETAIL

FINANCIAL ANALYSIS The Fort Worth Stockyards now celebrates Fort Worth’s long tradition as a part of the cattle industry and was listed on the National Register as a historical district in 1976. The listing included 46 contributing buildings and one other contributing structure. The Stockyards consist of mainly entertainment and shopping venues that capitalize on the “Cowtown” image of Fort Worth. Home to the famous boot making company M.L. Leddy’s which is located in the heart of the Stockyards and The Maverick Fine Western Wear and Saloon where customers “can ‘belly up to the bar, relax and have a cold beer while in the Stockyards just like they did in the days of the big cattle drives”, as they shop around the store. Many bars and nightclubs (including Billy Bob’s Texas) are located in the vicinity, there is also an opry and a rodeo.

MARKET OVERVIEW

The city of Fort Worth is often referred to as “Where the West Begins.” Fort Worth is the 17th-largest city in the United States of America and the fifth-largest city in the state of Texas. Located in North Central Texas, and covers nearly 350 square miles (910 km2) in Tarrant, Denton, Parker and Wise counties. According to the 2013 census estimates, Fort Worth had a population of 792,727. The city is also home to Texas Christian University, Texas Wesleyan University, University of North Texas Health Science Center, Texas A&M University School of Law, and many multinational corporations including Bell Helicopter, Lockheed Martin, American Airlines, American Airlines Group (and subsidiaries American Airlines and Envoy Air), the John Peter Smith Hospital, Pier 1 Imports, RadioShack, the BNSF Railway, and Lockheed Martin. In 2013, Fort Worth-Arlington ranked No. 15 on Forbes’ list of the Best Places for Business and Careers.

PROPERTY DESCRIPTION

FORT WORTH, TX

DEMOGRAPHIC STATISTICS

1 Mile

3 Mile

5 Mile

6,599 6,092 5,325 8.32% 14.40% 1,628

88,080 81,595 72,860 7.95% 11.99% 25,851

229,498 212,926 191,230 7.78% 11.35% 77,217

5,291 498 37 125 5 137 66

66,787 10,837 782 1,369 89 1,731 392

182,916 19,174 2,136 4,188 241 4,272 550

3,131 2,895 2,556 8.15% 13.26% 1,130 1,765 $87,666 $54,866

35,839 33,200 29,654 7.95% 11.96% 16,469 16,731 $66,894 $44,218

90,625 83,929 74,832 7.98% 12.16% 43,582 40,347 $75,477 $51,538

744 630 375 402 101 224 87 331

9,446 9,225 5,428 3,529 1,639 992 988 1,953

18,995 21,843 15,799 9,746 5,319 3,374 2,741 6,111

FINANCIAL ANALYSIS

Radius

TARGET SHADOW RETAIL

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 2017 Med Household Income

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

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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