$5,298,000 / 6.75% CAP

Transcription

1 Towne Crossing McKinney Center Collin College Cameron Crossing Faubion Middle School QUIKTRIP CORPORATION At US 380 & US 75 in McKinney, TX $5,298,000 / 6.75% CAP EXCLUSIVE LISTING AGENT: Joe Caputo Bob Moorhead joe@exp1031.com bob@exp1031.com Rare 20-Year Absolute NNN Lease w/ 18 Years Remaining on Primary Term $9,936 Rent Bump Option Period Lessee: QuikTrip Corporation: NAIC Credit Rating: 2 (S&P BBB+ Equivalent) 580+ Locations Founded in 1958 Headquarters in Tulsa, OK $8.77 Billion Revenue in ,000+ Employees Towne Crossing Shopping Center (475,216 SF) and Cameron Crossing (350,381 SF) Contiguous to Site Nearby Anchor Retailers Include Walmart Supercenter, Target, Best Buy, Lowe s, Home Depot, and Sam s Club Located at US 75 (65,000 Cars / Day) and US 380 (40,888 Cars / Day) Intersection On Going to Work Side of US 380 Across From Collin College (51,000 Students) Fast Growing Trade Area 43.30% Population Growth % Projected Growth mile from Slaughter Elementary School (727 Students) 1.5 miles from Faubion Middle School (996 Students) License held with Charles Randall Axtell, TX Broker of Record

2 QUIKTRIP CASH AMERIC CORPORATION WEST N SHARON UNIVERSITY AMITY DRIVE, RD, CHARLTT, McKINNEY, NC TX (DALLAS - FORT WORTH METROPLEX) TABLE OF CONTENTS PAGE 1: PAGE 2: PAGE 3: PAGE 4: PAGES 5: PAGE 6-7: PAGE 8: COVER TABLE OF CONTENTS - DISCLAIMER INVESTMENT OVERVIEW AERIAL PHOTOGRAPH LOCATION OVERVIEW LOCATION MAPS DEMOGRAPHICS PAGE 9: BROKERAGE SERVICES FORM CONFIDENTIAL MEMORANDUM & DISCLAIMER Subject Property EXP Realty Advisors, Inc. ( Agent ) has been engaged as the exclusive agent for the sale of the property located at 2285 West University Drive, McKinney, TX by the owner of the Property ( Seller ). The Property is being offered for sale in an as-is, where-is condition and Seller and Agent make no representations or warranties as to the accuracy of the information contained in this Offering Memorandum. The enclosed materials include highly confidential information and are being furnished solely for the purpose of review by prospective purchasers of the interest described herein. The enclosed materials are being provided solely to facilitate the prospective investor s own due diligence for which it shall be fully and solely responsible. The material contained herein is based on information and sources deemed to be reliable, but no representation or warranty, express or implied, is being made by Agent or Seller or any of their respective representatives, affiliates, officers, employees, shareholders, partners and directors, as to the accuracy or completeness of the information contained herein. Summaries contained herein of any legal or other documents are not intended to be comprehensive statements of the terms of such documents, but rather only outlines of some of the principal provisions contained therein. Neither the Agent nor the Seller shall have any liability whatsoever for the accuracy or completeness of the information contained herein or any other written or oral communication or information transmitted or made available or any action taken or decision made by the recipient with respect to the Property. Interested parties are to make their own investigations, projections and conclusions without reliance upon the material contained herein. Seller reserves the right, at its sole and absolute discretion, to withdraw the Property from being marketed for sale at any time and for any reason. Seller and Agent each expressly reserves the right, at their sole and absolute discretion, to reject any and all expressions of interest or offers regarding the Property and/or to terminate discussions with any entity at any time, with or without notice. This offering is made subject to omissions, correction of errors, change of price or other terms, prior sale or withdrawal from the market without notice. Agent is not authorized to make any representations or agreements on behalf of Seller. Seller shall have no legal commitment or obligation to any interested party reviewing the enclosed materials, performing additional investigation and/or making an offer to purchase the Property unless and until a binding written agreement for the purchase of the Property has been fully executed, delivered, and approved by Seller and any conditions to Seller s obligations hereunder have been satisfied or waived. By taking possession of and reviewing the information contained herein, the recipient agrees that (a) the enclosed materials and their contents are of a highly confidential nature and will be held and treated in the strictest confidence and shall be returned to Agent or Seller promptly upon request; and (b) the recipient shall not contact employees or tenants of the Property directly or indirectly regarding any aspect of the enclosed materials or the Property without the prior written approval of the Seller or Agent; and (c) no portion of the enclosed materials may be copied or otherwise reproduced without the prior written authorization of Seller and Agent. TABLE OF CONTENTS DISCLAIMER 2

3 PRICE: $5,298,000 CAP RATE: 6.75% NOI: $357,648 BUILDING AREA: 4,847 +/- Square Feet LAND AREA: /- Acres STORE OPENED: December 2009 LEASE OVERVIEW Tenant: QuikTrip Corporation Leasable Area: Approximately 4,847 +/- Square Feet on Approximately 2.31 Acres Initial Lease Term: 20-Years Options to Renew: 7, 5-Year Options to Renew Rent Commencement Date: December 2009 Lease Expiration (Primary Term): December 2029 Lease Type: Absolute NNN Rent Increases: $9,936 on First Day of Each Option Period Year 1-20 Annual Rent (Current): $357,648 Year Annual Rent (Option 1): $367,584 Year Annual Rent (Option 2): $377,520 Year Annual Rent (Option 3): $387,456 Year Annual Rent (Option 4): $397,392 Year Annual Rent (Option 5): $407,316 Year Annual Rent (Option 6): $417,252 Year Annual Rent (Option 7): $427,188 QuikTrip Corporation Founded 1958 HQ in Tulsa, OK 10,000+ Employees 2011: $8.77 Billion Revenue 20.20% YOY Revenue Growth NAIC Credit Rating : 2 (S&P BBB+ Equivalent) QuikTrip Corporation (QuikTrip) is a privately held company headquartered in Tulsa, Oklahoma. Founded in 1958, QuikTrip has grown to a $9 billion company with 580+ stores in ten states. Those revenues place QuikTrip high on the Forbes listing of largest privately held companies. QuikTrip s strategy is to be the dominant convenience/gasoline retailer in each market through key, high-volume locations rather than through sheer store numbers. QuikTrip stores, which average 4,600 sq. ft., feature the company's own QT brand of gas and diesel fuel, as well as brand-name beverages, candy, and tobacco, and QT's Quik 'n Tasty and HOTZI lines of sandwiches. QT's 15-plus travel centers offer scales, food, fuel, showers, and other services for truckers. The firm's FleetMaster program offers commercial trucking companies detailed reports showing drivers' product purchases, amounts spent, and odometer readings. After 1990 QuikTrip launched a strategic initiative to become a gasoline marketer due to negative public sentiment toward c-store brand gasoline. As a result of this endeavor QuikTrip now sells 1.70% of the total national fuel volume while having only.002% of the industry s sites. The company is now a shipper of record on several pipelines and has terminal agreements that allow it to buy on bulk markets. In 1986 QuikTrip began to place an emphasis on penetrating markets in rapidly growing large metropolitan areas, a tactic that continues today. QuikTrip has 123 stores in Atlanta, GA (30.00% area market share). The company also owns and operates 88 stores in Arizona while commanding a 21.00% market share. QuikTrip is in the process of establishing itself in the Dallas Fort Worth Metroplex and already has 88 stores in the area (5.80% market share) in addition to a significant presence in the Kansas City, St. Louis, and Omaha metropolitan areas. All stores are owned and operated by the company and have a uniform layout. Low employee turnover has helped to contain labor costs. Store manager turnover is 17.00% and the industry average is 23.80%. QuikTrip s ratio of part time employees is 0.8:1 compared to the 1.2:1 industry average. With over 10,000 employees, Fortune magazine has ranked QuikTrip high on the list of Best Companies To Work for the last nine years. QuikTrip also gives back to the communities it serves, donating 5% of net profits to charitable organizations. QT was co-founded in 1958 by chairman Chester Cadieux and Burt B. Holmes. INVESTMENT OVERVIEW 3

4 QUIKTRIP CASH AMERICA CORPORATION WEST N SHARON UNIVERSITY AMITY DRIVE, RD, CHARLOTTE, McKINNEY, NC TX (DALLAS - FORT WORTH METROPLEX) Towne Crossing Collin College McKinney Center Cameron Crossing Faubion Middle School AERIAL PHOTOGRAPH 4

5 IMMEDIATE TRADE AREA QuikTrip is located on West University Drive (40,888 Cars/ Day) and US Highway 75 (65,000 Cars / Day). West University Drive also doubles as US Highway 380, a major east west thoroughfare for the Dallas Fort Worth Metroplex northern suburbs. QuikTrip is on the south side of West University Drive, enhancing accessibility for morning commuters from quickly growing westward communities such as Frisco and Denton. The subject property is located adjacent to the Cameron Crossing shopping center (350,831 SF) which is located at the southwest corner of the West University Drive and US Highway 75 Intersection. Two additional shopping centers, Towne Crossing (475,216 SF), and McKinney Center (170,002 SF) are contiguous with the subject property as well. Cameron Crossing is anchored by Best Buy and tenants include Petsmart, Bath & Body Works, Ross, and Starbucks. Towne Crossing is located at the northwest corner of the West University and US 75 Intersection and is anchored by Lowes and Target. Tenants in this shopping center also include Buffalo Wild Wings, Sleep Experts, Whichwich, Fuddruckers, and Jimmy John s. The McKinney Center shopping center is located in the northeast quadrant of the West University Drive and US Highway 75 Intersection. McKinney Center is anchored by Walmart Supercenter and Sams Club. Academy Sports, Academy Sports, Applebee s, and Verizon Wireless are also located in McKinney Center. The southeast quadrant of the 75 and West University intersection boasts a well-diversified tenant mix including Kroger, Walgreens, Olive Garden, Independent Bank, First United Bank, and American Bank of Texas. The trade area population has grown by 43.30% between 2000 and 2010 and is projected to grow by an additional 15.30% between 2011 and The average annual household income for this area is $81,889. The subject property is 1 mile north of Slaughter Elementary School (727 students) and Faubion Middle School (996 students) is located 1.5 miles to the southeast. The surrounding residential area is composed of primarily middle class to upper middle class single family homes. McKINNEY, TX McKinney is a city in and the county seat of Collin County, TX. According to the the city's 2010 population was 131,117. The Census Bureau listed McKinney as the nation's fastest growing city from 2000 to 2003 and again in 2006, among cities with more than 50,000 people. In 2007 it was ranked second-fastest growing among cities with more than 100,000 people and in 2008 as third-fastest. In July 2010, McKinney was ranked 5th place in CNN's Money Magazine list of best places to live in the United States. Also, McKinney is the only City in Texas that made the top ten. McKinney is one of several fast-growing communities on the northeastern edge of the Dallas-Fort Worth Metroplex. DALLAS-FORT WORTH METROPLEX The Dallas Fort Worth Arlington Metropolitan Statistical Area encompasses 12 counties within the U.S. state of Texas It is the economic and cultural hub of the region commonly called North Texas or North Central Texas and is the largest land-locked metropolitan area in the United States. The 2010 U.S. Census has the Dallas-Fort Worth Metroplex at 6,371,773. During the 12-month period from July 2008 to July 2009, the Dallas-Fort Worth-Arlington metropolitan area gained 146,530 new residents, more than any other metropolitan area in the United States. The area's population has grown by about one million since the last census was administered in The Dallas Fort Worth Arlington MSA is, by population, the largest metropolitan area in Texas, the largest in the South, the fourth-largest in the United States, and the tenth largest in the Americas. The metropolitan area has the sixth largest gross metropolitan product(gmp) in the United States, and approximately tenth largest by GMP in the world. Dallas and its suburbs have one of the highest concentrations of corporate headquarters in the United States. As such, one of the largest industries in the Metroplex is conducting business. The Metroplex also contains the largest Information Technology industry base in the state (often referred to as Silicon Prairie or the Telecom Corridor), due to the large number of corporate IT projects and the presence of numerous electronics, computing and telecommunication firms such as Texas Instruments, HP Enterprises Services, Dell Services, i2, AT&T, Ericsson, CA and Verizon in and around Dallas. On the other end of the business spectrum, and on the other side of the Metroplex, the Texas farming and ranching industry is based in Fort Worth. Fort Worth also sits on top of the Barnett Shale, one of the most productive natural gas shales in the United States. Drilling and Exploration of this formation has led to a boom in the energy sector in the Metroplex. According to the Dallas Business Journal's 2006 Book of Lists, American Airlines is the largest employer in the Metroplex. Several major defense manufacturers, including Lockheed Martin, Bell Helicopter Textron, and Raytheon, maintain significant operations in the Metroplex. ExxonMobil, the #1 corporation on the Fortune 500 listings, is headquartered in Irving, Texas. LOCATION OVERVIEW 5

6 LOCATION MAPS 6

7 LOCATION MAPS 7

8 DEMOGRAPHIC SNAPSHOT Radius 1 Mile 3 Mile 5 Mile Population: 2015 Projection 7,113 49, , Estimate 6,379 43, , Census 5,276 30,037 55,044 Growth % 15.30% 21.90% Growth % 43.30% 86.30% 2010 Households: 2015 Projection 2,421 17,614 42, Estimate 2,136 15,106 34, Census 1,747 10,244 18,453 Growth % 16.60% 22.50% Growth % 47.50% 87.90% Owner Occupied 1,112 8,023 24,219 Renter Occupied 1,024 7,082 10, Avg Household Income $67,989 $81,889 $122, Med Household Income $51,960 $62,281 $90, Per Capita Income $25,017 $29,462 $42, Households by Household Inc: Income Less than $15, ,347 1,796 Income $15,000 - $24, ,291 Income $25,000 - $34, ,406 1,931 Income $35,000 - $49, ,406 3,752 Income $50,000 - $74, ,063 5,803 Income $75,000 - $99, ,597 3,970 Income $100,000 - $149, ,951 8,683 Income $150,000 - $249, ,038 4,971 Income $250,000 - $499, ,650 Income $500,000 or more Dallas, TX Skyline McKinney, TX Town Square DEMOGRAPHICS 8

9