OF F E RIN G SUMMA RY

Transcription

1 OF F E RIN G SUMMA RY

2 INVESTMENT OVERVIEW HFF is pleased to exclusively offer Spanish Crossroads (the Property ), a 74,230 square foot neighborhood shopping center located at the heavily traveled intersection of Bell Street and SW 34th Avenue in Amarillo, Texas. In addition to the Property s unmatched location within the trade area s significant retail node, Spanish Crossroads is 97% leased to a complimentary mix of valueoriented retailers, such as Big Lots, Dollar General, and Tuesday Morning, that are well suited to meet the daily needs of consumers. The Property features substantial nearterm value enhancement potential through marktomarket opportunities and leaseup of vacant space. In addition to upside potential, Spanish Crossroads exhibits investment security through steady cash flows due to the Property s exceptional historical occupancy of 99% over the last six years. The Property offers strong investment returns through the assumption of below market inplace financing. PROPERTY OVERVIEW TENANCY LOCATION 3415 Bell Street Amarillo, Texas OCCUPANCY 93% SIZE 74,230 SF YEAR BUILT 1977 ACREAGE acres TENANT S&P CREDIT RATING SQUARE FEET % OF GLA EXPIRATION BBB 26, % Jan20 TUESDAY MORNING 11, % Jan19 PLATO S CLOSET 8, % Dec19 DOLLAR GENERAL BBB 8, % Jun20 18, % AVAILABLE 2, % TOTAL 74, % BIG LOTS OTHER I 2

3 Gentry Cliffside AMARILLO Soncy N WESTE BR 287 Pleasant Valley 87 AMARILLO BLVD W E ST FRANCIS AVE FRITCH HWY Folsom Pullman OLD ROUTE 66 Amarillo Int l Airport N MASTERSON RD 1912 SONCY RD Zita LAKESIDE DR S BLESSEN RD W HOLLYWOOD RD S WESTERN ST S WASHINGTON ST CLAUDE HWY PULLMAN RD INVESTMENT HIGHLIGHTS 2590 W McCORMIC RD NATIONAL RETAILERS FROM Q TO Q1 2017, THE AMARILLO RETAIL MARKET HAS SEEN: TENANT LONGEVITY Tenancy at the center has remained stable with an average historical occupancy of 99% since 2011 and an average tenant tenure of seven years. INCOME STABILITY National tenants represent over 88% of the total GLA of the center, while 49% of the center has fixedrate renewal options. 36% RETAIL MARKET RENT GROWTH 23% RETAIL MARKET LEASING MOMENTUM I 3

4 TRADE AREA S RETAIL NODE The highdensity retail node surrounding Spanish Crossroads is home to many national retailers only location across the Amarillo region, ensuring longterm stability and growth. These retailers include T.J.Maxx, Hobby Lobby, Natural Grocers, Sears, Bealls, Dillard s, Best Buy, Target, Pier 1 Imports, Toys R Us, Barnes & Noble, and several more. HIGH TRAFFIC COUNTS With excellent visibility at the prominent intersection of 34th Avenue and Bell Street, Spanish Crossroads benefits from one of the highest nonfreeway traffic counts in Amarillo (approx. 52,000 VPD), as well as convenient access to I40 and I27 (over 110,000 VPD combined). OUTSTANDING LOCATION Spanish Crossroads is located in the heart of the growing Amarillo market with over 223,000 residents within a 10mile trade area, along with an impressive average household income of nearly $71,000. Surrounded by some of Amarillo s most established residential neighborhoods, Spanish Crossroads strategic position will continuously boast a draw from these surrounding communities, including The Greenways, Wolflin, The Colonies, Sleepy Hollow, and Puckett. POPULATION 1MILE 3MILE 5MILE 2017 Estimate 14, , , % 5.6% 5.2% 2017 Estimate 4,122 38,767 58,366 Growth % 5.8% 5.4% $80,140 $74,957 $70,926 $169,506 $147,781 $132,905 Growth # OF HOUSEHOLDS INCOME 2017 Est. Avg. Household Income HOUSING VALUE 2017 Est. Median Housing Value I 4

5 BELL STREET (52,000 VPD) Nail Salon Watt 2,000 SF North Highlands ATM Machine Cutting Edge ATKINSEN STREET ADDITIONAL INFORMATION If you have any questions or require additional information, please contact any of the individuals below. AARON JOHNSON Associate Director (469) BARRY BROWN Sr. Managing Director (469) JIM BATJER Sr. Managing Director (469) PHOEBE BRENT Real Estate Analyst (214) CMBS ASSUMPTION DEBT TERMS RYAN SHORE Managing Director (469) New Beginnings Preschool (NAP) SUITE # TENANT SF 3415 Big Lots 26, A Papa Johns Pizza 1, B Top Ten Nails 2, C Dollar General 8, H MetroPCS 2, J The Cutting Edge 2, M Plato s Closet 8, T/P Tuesday Morning 11, Wells Fargo 2, Napoli s Italian Restaurant 6,489 ATM Amarillo National Bank 50 R Advance America 1, G Vacant 2,000 Total 74,230 EXISTING DEBT SUMMARY (AS OF APRIL 2017) LENDER/SERVICER Wells Fargo Bank ORIGINATION DATE September 29, 2016 MATURITY DATE October 11, 2026 BALANCES Principal Balance $4,875, Reserve Balance $488, TERM 120 months INTEREST ONLY 48 months (Exp. Oct2020) INTEREST RATE 4.01% MONTHLY PAYMENT Current Interest Due $16, Current Tax Due $6, Current Insurance Due $1, Current Revenues Due $6, TOTAL MONTHLY PAYMENT $30, NUMBER OF PERMITTED TRANSFERS Two (2) 2017 Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, HFF ), HFF Securities L.P. and HFF Securities Limited (collectively, HFFS ) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on HFF has been engaged by the owner of the property [properties] to market it [them] for sale. Information concerning the property [properties] described herein has been obtained from sources other than HFF, and neither Owner nor HFF, nor their respective equity holders, officers, employees and agents makes any representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all reference to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a purchaser, and HFF, its partners, officers, employees and agents disclaim any liability that may be based upon or related to the information contained herein. Prospective purchasers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change Victory Avenue Ste Dallas, TX hfflp.com