COOPER STREET ARLINGTON, TX INVESTMENT SUMMARY

Transcription

1 COOPER STREET ARLINGTON, TX INVESTMENT SUMMARY

2 EXECUTIVE SUMMARY Colliers International has been exclusively retained to offer qualified investors the opportunity to purchase South Cooper Street ( Cooper Street ), a 133,880 square foot retail property. Cooper Street is currently 100% occupied by Burlington Coat Factory, Sheidler s Antique Mall, and a Bank of America with an ATM facility located on an outparcel. The acre site is one half mile from Interstate 20, which is easily accessible by South Cooper Street, a major north-south thoroughfare. In addition, the retail center is visible to over 56,000 consumers that travel along South Cooper Street daily. This Offering will provide investors a great value-add opportunity to acquire the property, at a discount to replacement cost, while offering upside from the fixed rate renewal options available in the leases or by re-tenanting as the leases expire. ASKING PRICE $11.5M NET OPERATING INCOME $820,510 GROSS LEASABLE AREA 133,880 SF OCCUPANCY 100%

3 ASSET PROFILE ADDRESS: SUBMARKET: LAND AREA: BUILDING SIZE: S. Cooper Street Arlington, TX South Arlington Retail Acres 133,880 SF OCCUPANCY: 100% YEAR BUILT: 1992 PARKING RATIO : 2.24/1,000 INVESTMENT HIGHLIGHTS Value Add Opportunity Cooper Street is a great value-add opportunity to invest at a discount to replacement cost with potential for upside from either the fixed rate renewal options available in the leases or re-tenanting as the leases expire. The rents in-place are below-market, and the leases offer fixed rate renewal options on 60% of the property through 2030 and the remaining through Long Term Stable Tenancy Burlington Coat Factory has been a tenant at the project since 1995 and occupies 60 percent of Cooper Street. The company currently has a non-investment grade rating from S&P of BB with a stable outlook and continues to thrive at this location. Excellent Visibility, Ingress/Egress & Traffic Count The property has excellent visibility to South Cooper Street with approximately 395 feet of frontage and two monument signs. In addition, approximately 56,000 consumers travel along South Cooper Street daily providing excellent exposure for the tenants. Major Retail Corridor South Cooper Street is recognized as the main retail corridor in the city of Arlington, the third largest city in North Texas. Major retailers with stores in this corridor include Ashley Home Store, Hobby Lobby, The Home Depot, Best Buy, and TJ Maxx. Densely Populated & Growing The total population within a 3-mile radius of Cooper Street is 116,620, which increases to a population of 354,352 in a 5-mile radius and is projected to grow by 7.24% by The average age of consumers surrounding the center is 35 years old, and the average household income in a 3-mile radius is $84,898. Arlington Impact Arlington is home to the Dallas Cowboys, Texas Rangers and Six Flags over Texas. The city announced a $1.25 billion stadium and mixed-use entertainment complex connected to the Texas Rangers Globe Life Park. The development will include a convention center, hotel, and entertainment complex.

4 TENANT PROFILES BURLINGTON Website Public/Private Public (NYSE: BURL) Credit Rating BB (S&P) Occupied SF 80,880 SF % of Property 60.4% Suite # 4915 # of Years Occupied 22 Years Burlington, formerly known as Burlington Coat Factory, is an American national off-price department store retailer with 631 stores in 45 states and Puerto Rico, with its corporate headquarters located in Burlington Township, New Jersey. Burlington currently employs approximately 28,000 people. SCHEIDLER ANTIQUE MALL Website Public/Private Private Occupied SF 53,000 SF % of Property 39.6% Suite # 4905 # of Years Occupied 6 Years Scheidler Antique Mall is a retail store specializing in the sale of antiques. BANK OF AMERICA Website Public/Private Public (NYSE: BAC) Credit Rating A- (S&P) Occupied SF Pad - ATM # of Years Occupied 20 Years Bank of America Corporation is an American multinational financial services company headquartered in Charlotte, North Carolina. It is ranked 2nd on the list of largest banks in the United States by assets.

5 SITE PLAN NOT A PART OAK VILLAGE BLVD. BOFA ATM FUTURE El POLLO LOCO NOT A PART COOPER STREET ANTIQUE MALL S COOPER STREET BURLINGTON COAT FACTORY NOT A PART

6 Pioneer Pkwy Arlington Highlands Parks Mall at Arlington Green Oaks Blvd le y w Pk Sublett Rd Harris Rd Mansfield Collins St Matlock Rd a ed nn Ke Kennedale Cooper St Park Spring Blvd Mayfield Rd New York Ave ARLINGTON Grand Prairie

7 HAROLD PATTERSON SPORTS CENTER Cooper Street SOUTH COOPER STREET

8 1 MILE Total Pop. 11,477 Total HH 4,025 Med. Age 35.9 Med. HH Inc $68,834 Bach Deg+ 42.9% 3 MILE Total Pop. 119,021 Total HH 39,498 Med. Age 34.8 Med. HH Inc $66,127 Bach Deg+ 37.7% 5 MILE Total Pop. 331,689 Total HH 109,699 Med. Age 33.6 Med. HH Inc $62,657 Bach Deg+ 39.0%

9 PRESENTED BY LIZZY BLAKE JOHN BOWLES TYLER LEHMANN JOHANNA RAMIREZ This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s) All rights reserved.

10 Information About Brokerage Services Texas law requires all real estate license holders to give the following informa on about brokerage services to prospec ve buyers, tenants, sellers and landlords TYPES OF REAL ESTATE LICENSE HOLDERS: A BROKER is responsible for all brokerage ac vi es, 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 informa on about the property or transac on received by the broker; Answer the client s ques ons and present any offer to or counter-offer from the client; and Treat all par es to a real estate transac on 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 wri en lis ng to sell or property management agreement. An owner's agent must perform the broker s minimum du es above and must inform the owner of any material informa on about the property or transac on known by the agent, including informa on 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 wri en representa on agreement. A buyer's agent must perform the broker s minimum du es above and must inform the buyer of any material informa on about the property or transac on known by the agent, including informa on disclosed to the agent by the seller or seller s agent. AS AGENT FOR BOTH - INTERMEDIARY: To act as an intermediary between the par es the broker must rst obtain the wri en agreement of each party to the transac on. The wri en agreement must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker's obliga ons as an intermediary. A broker who acts as an intermediary: Must treat all par es to the transac on impar ally and fairly; May, with the par es' wri en 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 instruc ons of each party to the transac on. Must not, unless speci cally authorized in wri ng to do so by the party, disclose: ᴑ that the owner will accept a price less than the wri en asking price; ᴑ that the buyer/tenant will pay a price greater than the price submi ed in a wri en offer; and ᴑ any con den al informa on or any other informa on that a party speci cally instructs the broker in wri ng 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 transac on 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 rst. TO AVOID DISPUTES, ALL AGREEMENTS BETWEEN YOU AND A BROKER SHOULD BE IN WRITING AND CLEARLY ESTABLISH: The broker s du es and responsibili es to you, and your obliga ons under the representa on 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 no ce is being provided for informa on purposes. It does not create an obliga on for you to use the broker s services. Please acknowledge receipt of this no ce below and retain a copy for your records. Colliers International North Texas, LLC DFWMarketing@colliers.com Licensed Broker /Broker Firm Name or Primary Assumed Business Name License No. Phone Steve Everbach steve.everbach@colliers.com Designated Broker of Firm License No. Phone Steve Everbach steve.everbach@colliers.com Licensed Supervisor of Sales Agent/ Associate License No. Phone Lizzy Blake lizzy.blake@colliers.com Sales Agent/Associate s Name License No. Phone Buyer/Tenant/Seller/Landlord Initials Date Regulated by the Texas Real Estate Commission Informa on available at IABS 1-0