Big Spring Crossing Fully Leased WALMART SUPERCENTER STRIP 201 W Marcy Drive, Big Spring, TX 79720 For more info on this opportunity please contact: John Andreini Rick Sanner [email protected] | (415) 274-2715 CA BRE# 01440360 [email protected] | (415) 274-2709 CA BRE# 01792433 Bob Sanner Chris Kostanecki [email protected] | (415) 274-2717 CA BRE# 00869657 Capital Pacific collaborates. Click here to meet the rest of our San Francisco team. [email protected] | (415) 274-2701 CA BRE# 01002010 In conjunction with TX Licensed Brokers: Brad and Gavin Kam, Net Realty Advisors (972) 661-8476 | [email protected] Fully leased strip center: pad to WalMart Supercenter with over 70% of the income stream backed by corporately guaranteed leases PRICE: $5,875,000 CAP: 7.34% RENTABLE SF. . . . 19,065 SF PRICE PER SF . . . . $308.16 Investment Highlights LINE WAITING FOR TENANTS TO OPEN LAND AREA. . . . . . 1.994 Acres LEASE TYPE. . . . . . NNN YEAR BUILT. . . . . . 2015 Investment highlights New construction Excellent visibility and access: There is a huge 70 foot pylon sign visible from freeway and multiple points of ingress/egress from Walmart Located at the epicenter of Big Spring, where two highways intersect Stable community: 4.5% unemployment rate, projected population growth and home of Howard College (which has over 5,000 students and staff ) Big Spring Veterans Administration Medical Center is located directly across the street, serving more than 79,000 veterans in the area Lease Highlights Reimbursement clauses for all costs – repairs, maintenance, replacements (including roof & structure), management fees, common area maintenance, and all other standard operating costs Rents are at market or below market levels No co-tenancy clauses within the subject property Fifty percent of the GLA has rental increases in the base term Big Spring Crossing | 2 Regional Map ing, Big Spr TX Traffic counts in excess of 23,800 vpd on Marcy drive Lubbock big spring Big Spring crossing Crossing abilene big spring san angelo Big Spring Crossing | 3 Highly Visible Location Located at the epicenter of Big Spring, where two highways intersect 87 20 20 350 t E HOWARD COUNTY Moss Elementary BIG SPRING MALL Big Spring Jr. High School Big Spring High School 87 Washington Elementary Goliad Elementary et g Stre S Greg 20 Stree E 3rd t tree 4th S 00 ® Y IL D A 8 3, 2 E Marc y Drive BIG SPRING MARKET PLACE BIG SPRING MCMAHON-WRINKLE-BPG BIG SPRING CROSSING 20 DALLAS 87 BIG SPRING COUNTRY CLUB Big Spring Crossing | 4 Income & Expense ACTUAL Price: PROPOSED NEW LOAN $5,875,000 Capitalization Rate: 7.34% Price Per Square Foot: $308.16 Loan Amount Interest Rate * Down Payment 30% $1,762,500 Amortization Loan Amount (70% LTV) 70% $4,112,500 Term Total Leased (SF): 100.00% Total Vacant (SF): 0.00% Total Rentable Area (SF): 19,065 Lot Size (Acres): INCOME 19,065 1.994 Per Square Foot $4,112,500 4.50% 30 Years 10 Recourse Non-Recourse Debt Service $250,049 Monthly Debt Service $20,837 Pre-Tax Cash Flow $180,892 Debt Coverage Ratio 1.72 Scheduled Rent $23.47 $447,378 Pre-Tax Leveraged Cash-on-cash Return 10.26% CAM Recovery $5.27 $100,486 Principal Paydown (Year 1) $66,344 EFFECTIVE GROSS INCOME Market Vacancy Reserve (Scheduled Rent) 3.00% ADJUSTED GROSS INCOME EXPENSES $547,864 Total Return ($16,436) Yield $531,428 14.03% *There is also an interest only option for first 5 years Per Square Foot CAM Expenses $1.63 $31,050 Insurance $0.52 $10,000 Taxes $2.26 $43,000 Property Management Fee (3%) $0.86 $16,436 TOTAL OPERATING EXPENSES $5.27 $100,486 NET OPERATING INCOME $247,236 $430,942 NOTE: Expenses CY 2015 Projections 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. Buyer must verify the information and bears all risk for any inaccuracies. Big Spring Crossing | 5 Rent Roll Sq. Ft. Percent of GLA Lease Start Lease Expiration Monthly Base Rent Annual Rent Monthly Rent/SF Annual Rent/ SF THE CASH STORE (Corporate) 1,890 9.90% 5/1/2015 5/1/2020 $4,883 $58,590 $2.58 $31.00 RUE 21 (Corporate) 4,935 25.90% 5/1/2015 4/30/2016 $6,786 $81,428 $1.38 $16.50 5/1/2016 4/30/2017 $6,991 $83,895 $1.42 $17.00 5/1/2017 4/30/2018 $7,197 $86,363 $1.46 $17.50 5/1/2018 4/30/2019 $7,403 $88,830 $1.50 $18.00 5/1/2019 4/30/2020 $7,608 $91,298 $1.54 $18.50 Three 5 year options with 10% rental increases in each option Two 5 year options with one 12.5% rental increase Tenant Options Four 5 year options with 10% rental increases in each option NAIL SALON 1,600 8.40% 5/1/2015 4/30/2020 $3,167 $38,000 $1.98 $23.75 SHANNON MEDICAL CENTER (Corporate) 3,040 15.90% 5/1/2015 4/30/2020 $6,080 $72,960 $2.00 $24.00 COMPLETE NUTRITION (Corporate) 1,600 8.40% 5/1/2015 10/31/2017 $3,400 $40,000 $2.08 $25.00 11/1/2017 4/30/2020 $3,467 $41,600 $2.17 $26.00 One option with a 10% rental increase Two 5 year options with 10% rental increases in each option Two 3 year options at 10% rental increases PAPA JOHN’S 1,600 8.40% 5/1/2015 4/30/2020 $3,200 $38,400 $2.00 $24.00 SUSHI HANNA 2,000 10.50% 5/1/2015 4/30/2016 $3,833 $46,000 $1.83 $22.00 5/1/2016 4/30/2025 Annual rental increase of $0.50psf One 5 year option with a 7.5% rental increase 5/1/2015 4/30/2020 $6,000 $72,000 $2.50 $30.00 None Totals $37,348.63 $447,377.50 $16.35 $196 AT&T (100+ Unit Franchisee) 2,400 12.60% Current Totals: 19,065 100.00% Occupied 19,065 100.00% 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. Buyer must verify the information and bears all risk for any inaccuracies. Big Spring Crossing | 6 Tenants Cottonwood Financial Cottonwood Financial is one of the largest privately held financial service providers in the retail consumer finance industry. They have over 330 company-owned locations, under the Cash Store brand, across the country. The company was named three times to the Inc. 5000 list of America’s fastest-growing private companies and five times to the Dallas 100 list of the fastest-growing private companies in North Texas. Cottonwood Financial has been profitable every year since inception and the company has zero debt. Cottonwood’s growth is funded through internally generated capital and they plan to expand to 500 locations by the end of 2015. Rue21 Headquartered just north of Pittsburgh, PA, Rue21 has nearly 1,000 stores in 47 states, not only in shopping malls but also in outlet and strip centers, allowing customers to have access to the fashion-forward styles they crave. Rue21 is one of the fastest-growing fashion retail brands in the country and is a specialty discount retailer of young men and women’s casual apparel and accessories. In 2013, Apax Partners, a global private equity firm, acquired the company. Rue21 offers the latest trends while staying affordable so customers don’t have to sacrifice style for savings. Shannon Clinic For more than 80 years, Shannon Medical center has been serving the county and growing with the community while serving its healthcare needs. Patients can expect to receive the same level of care and services from the same doctors they would see at a medical center. Along with comprehensive primary care, the clinic will provide on-site radiology services including x-ray, bone densitometry screening, on-site laboratory services, and cardiac testing. Big Spring Crossing | 7 Tenants Complete Nutrition Complete Nutrition is the nation’s fastest growing nutritional supplement retailer. The company saw its revenue grow from $5 million in 2008 to over $100 million by 2012. There are now more than 150 stores. The companies franchisee goals are to establish over 300 $1 million revenue producing stores by the year 2020. Complete Nutrition utilizes a national real estate firm to help them identify markets as well as locations within that market that optimize store potential. This team focuses on finding locations that meet minimum traffic criteria and have co-tenants that cater to the target market. Papa John’s Papa John’s Pizza is an American restaurant company and is the fourth largest take-out and pizza delivery restaurant chain in the United States with headquarters in Jeffersontown, Kentucky, a suburb of Louisville. Papa John’s currently has more than 4,600 locations in 34 countries around the world. Internationally, there are over 4,000 Papa John’s establishments, including over 3,200 in the U.S. and the remainder spread among 33 other countries. Third quarter 2014 revenues were $390.4 million, a 12.7% increase from third quarter 2013 revenues of $346.3 million. Third quarter 2014 net income was $16.1 million, compared to a third quarter 2013 net income of $14.3 million. AT&T This location is part of GameStop’s Spring Mobile division, a chain of AT&T authorized wireless stores. Spring Mobile is one of the fastest growing authorized retailers of AT&T wireless service and products. In the last 12 months, Spring Mobile has more than doubled its size, with over 300+ stores and 100+ franchisees. GameStop’s fourth quarter net earnings were $220.5 million. Total global sales for the 13-week fourth quarter of 2013 were $3.68 billion, a 3.4% increase compared to $3.56 billion in the 2012 14-week fourth quarter. Consolidated comparable store sales increased 7.8% compared to the prior year quarter. Big Spring Crossing | 8 Site Plan M entrA Ain nce Fo r 87 S gregg S treet nAiL SALon e Marcy drive noT A pArT WALMArt PArking Big Spring Crossing | 9 Site Plan 87 S gre gg Stree t Veterans Administration Medical center e Marcy drive Big Spring CroSSing noT A pArT noT A pArT noT A pArT Big Spring Crossing | 10 Surrounding Retail 100% OCCUPIED SINCE BUILT IN 2002 Big Spring Crossing | 11 Construction Details Interior Description Roof Standing seam metal roof with 20 year warranty Foundation Concrete with reinforced footings 5” reinforced concrete slab Framing Walls Wood or Metal studs Finished gypsum board, commercial plastics Exterior Walls Storefront is insulated glass. Walls above storefront and endwalls are textured pre-fabricated panels Electrical Plumbing 208/120 volt 3 phase service Individual electric meter for each tenant space Individual water meters provided for each tenant. HVAC Fire Protection Individual HVAC units sized per individual tenant requirements Smoke alarms Americans with Disabilities Properties are ADA compliant. Big Spring Crossing | 12 Location & Demos Big Spring, TX Overview Big Spring is the county seat of Howard County, Texas, at the crossroads of U.S. Highway 87 and Interstate 20. This city is nestled in a gorge between two high foothills resulting in beautiful vistas and an oasis in the West Texas prairie. It is the largest city between Midland to the west, Abilene to the east, Lubbock to the north, and San Angelo to the south. Big Spring has a diverse and varied economy. There is a 5,000 student and faculty college (Howard College), a VA hospital serving almost 80,000 veterans in the surrounding counties as well as other stable economic drivers. Other major industries include manufacturing, wind energy production, transportation, governmental services, and healthcare. Population 2010 2014 2019 1-Mile 3-Mile 5-Mile 4,301 4,319 4,400 26,082 28,395 29,765 29,804 32,676 34,155 1-Mile 3-Mile 5-Mile $54,636 $48,774 $50,101 2014 Household incomes Average Top Employers in howard county Employer # of Employees* Big Spring ISD 608 Big Spring State Hospital 600 GEO Group 550 Veterans Administration Hospital426 *Approximate Big Spring Crossing | 13 A unique HUMAN RESULTS-DRIVEN client experience The capital pacific experience - our daily commitment to our clients [ www.CapitalPacific.com ] John Andreini Rick Sanner Bob Sanner Chris Kostanecki [email protected] | (415) 274-2715 CA BRE# 01440360 [email protected] | (415) 274-2717 CA BRE# 00869657 For more info on this opportunity please contact: [email protected] | (415) 274-2709 CA BRE# 01792433 [email protected] | (415) 274-2701 CA BRE# 01002010 Copyright © 2015 [Capital Pacific Real Estate Brokerage Company] In conjunction with TX Licensed Brokers: Brad and Gavin Kam, Net Realty Advisors (972) 661-8476 | [email protected] 10-10-11 Approved by the Texas Real Estate Commission for Voluntary Use Texas law requires all real estate licensees to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords. Information About Brokerage Services B efore working with a real estate broker, you should know that the duties of a broker depend on whom the broker represents. If you are a prospective seller or landlord (owner) or a prospective buyer or tenant (buyer), you should know that the broker who lists the property for sale or lease is the owner’s agent. A broker who acts as a subagent represents the owner in cooperation with the listing broker. A broker who acts as a buyer’s agent represents the buyer. A broker may act as an intermediary between the parties if the parties consent in writing. A broker can assist you in locating a property, preparing a contract or lease, or obtaining financing without representing you. A broker is obligated by law to treat you honestly. intermediary. The written consent must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker’s obligations as an intermediary. The broker is required to treat each party honestly and fairly and to comply with The Texas Real Estate License Act. A broker who acts as an intermediary in a transaction: IF THE BROKER REPRESENTS THE OWNER: The broker becomes the owner’s agent by entering into an agreement with the owner, usually through a written - listing agreement, or by agreeing to act as a subagent by accepting an offer of subagency from the listing broker. A subagent may work in a different real estate office. A listing broker or subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first. The buyer should not tell the owner’s agent anything the buyer would not want the owner to know because an owner’s agent must disclose to the owner any material information known to the agent. (4) may not disclose any confidential information or any information that a party specifically instructs the broker in writing not to disclose unless authorized in writing to disclose the information or required to do so by The Texas Real Estate License Act or a court order or if the information materially relates to the condition of the property. IF THE BROKER REPRESENTS THE BUYER: The broker becomes the buyer’s agent by entering into an agreement to represent the buyer, usually through a written buyer representation agreement. A buyer’s agent can assist the owner but does not represent the owner and must place the interests of the buyer first. The owner should not tell a buyer’s agent anything the owner would not want the buyer to know because a buyer’s agent must disclose to the buyer any material information known to the agent. IF THE BROKER ACTS AS AN INTERMEDIARY: A broker may act as an intermediary between the parties if the broker complies with The Texas Real Estate License Act. The broker must obtain the written consent of each party to the transaction to act as an (1) shall treat all parties honestly; (2) may not disclose that the owner will accept a price less that the asking price unless authorized in writing to do so by the owner; (3) may not disclose that the buyer will pay a price greater than the price submitted in a written offer unless authorized in writing to do so by the buyer; and With the parties’ consent, a broker acting as an intermediary between the parties may appoint a person who is licensed under The Texas Real Estate License Act and associated with the broker to communicate with and carry out instructions of one party and another person who is licensed under that Act and associated with the broker to communicate with and carry out instructions of the other party. If you choose to have a broker represent you, you should enter into a written agreement with the broker that clearly establishes the broker’s obligations and your obligations. The agreement should state how and by whom the broker will be paid. You have the right to choose the type of representation, if any, you wish to receive. Your payment of a fee to a broker does not necessarily establish that the broker represents you. If you have any questions regarding the duties and responsibilities of the broker, you should resolve those questions before proceeding. Real estate licensee asks that you acknowledge receipt of this information about brokerage services for the licensee’s records. Buyer, Seller, Landlord or Tenant Date Texas Real Estate Brokers and Salespersons are licensed and regulated by the Texas Real Estate Commission (TREC). If you have a question or complaint regarding a real estate licensee, you should contact TREC at P.O. Box 12188, Austin, Texas 78711-2188 , 512-936-3000 (http://www.trec.texas.gov) TREC No. OP-K
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