CATALINA SPRINGS SHOPPING CENTER FAMILY DOLLAR ANCHORED CENTER FOR SALE

Transcription

1 CATALINA SPRINGS SHOPPING CENTER FAMILY DOLLAR ANCHORED CENTER FOR SALE HOUSTON, TEXAS 20 7,0 00 CP D 45 FUQUA ST 99,000 CPD 8

2 CATALINA SPRINGS SHOPPING CENTER OFFERED FOR SALE Location Fuqua Street, Houston, TX Building Area 15,568 SF Lot Size 1.21 acres Occupancy 68.7% Parking Spaces 75 spaces (4.82/1,000) Auction Date May 7-9, 2018 Auction Wesbite PROPERTY INFORMATION Transwestern and Ten-X are pleased to exclusively offer for sale Catalina Springs Shopping Center (the property ), a 15,568 square-foot ( SF ) Family Dollar anchored center located in Houston, Texas. The building is located on 1.21 acres of land in southeast Houston, approximately 12 miles from the Houston ON ST E LV GA Central Business District. The asset is surrounded by a dense population of 265,000 people within a fivemile radius with over 85,000 total households. The ST ER property is located in close proximity to both the AV H SS highly trafficked Interstate 45 South and Beltway 8, an 88-mile loop encircling Houston. RD ALMEDA GENOA RD LF GU BLV D Y FW KHA WK FUQUA ST 45 BLA C PD 0C 20 7,9 Meador KI SITE NG SP OI PD NT 14,314 CPD 0C RD 00 7, 5 10,150 CPD FUQUA ST , Morris Middle School CPD 13,924 CPD SA BO Atkinson BEAMER RD Laura Welch Bush SAM HOUSTON TOLLWAY RD Beverly Hills Intermediate 99,000 CPD 2

3 INVESTMENT HIGHLIGHTS Prominent location on the hard corner at signalized intersection with good visibility from Fuqua Street Surrounded by established neighborhoods consisting of over 40,000 homes within a three-mile radius In close proximity to major employers including Hobby Airport and Ellington Field, which support a combined 62,000 local jobs and contribute over $5 billion dollars to the local economy Significant buyer upside at 69% occupancy Average tenure of existing tenants in excess of 10 years Anchored by strong daily needs traffic generator AREA EMPLOYERS AREA RETAILERS 3

4 INVESTMENT OVERVIEW Address: Fuqua Street, Houston, Texas Building Size: Lot Size: 15,568 SF 1.21 acres Year Built: 2004 Occupancy: 68.7% NOI (Current): $82,295 NOI (Stabilized): $151,114 Weighted Average Rents: Construction: $9.68 PSF/YR Steel with brick and concrete block facade and concrete parking lot Parking Spaces: 75 spaces (4.82/1,000) TENANT OVERVIEW Family Dollar 8,000 SF, Lease Expiration 12/31/2020 One of the nation s fastest growing retailers, Family Dollar (NASDAQ: DLTR) offers a compelling assortment of merchandise for the whole family ranging from household cleaners to name brand foods, from health and beauty aids to toys, from apparel for every age to home fashions, all for everyday low prices. Family Dollar was founded in 1959 in Charlotte, North Carolina and currently has over 8,000 locations nationwide. Family Dollar was acquired in 2015 and is a wholly-owned subsidiary of Dollar Tree, Inc. State Farm 1,500 SF, Lease Expiration 3/31/2022 State Farm is a mutual company that makes its primary focus its policyholders. With more than 65,000 employees and 18,000 independent contractor agents, State Farm services 83 million policies and accounts throughout the United States. State Farm was founded in 1922 with corporate headquarters located in Bloomington, Illinois. In 2016, State Farm was the 35th Ranked Company on the Fortune 500 list and has been rated as the number one auto insurer in the United States since Tenant, Juan Gonzalez, is licensed to sell auto, home, business, property, life and health insurance and has been servicing State Farm customers since MW Exclusive Hair Salon 1,200 SF, Lease Expiration 2/28/2023 MW Exclusive Hair Salon is a full service beauty salon offering a variety of hair services for the entire family. MW Exclusive Hair Salon offers haircuts for both adults and children as well as specialized treatments including highlights, perms, Brazilian blow outs, color correction and waxing. They have been in business and serving the community for over 12 years and recently renewed their lease. 4

5 DEMOGRAPHICS 1 Mile 3 Miles 5 Miles Population 22, , ,233 Daytime Population 15, , ,177 Average HH Income $66,365 $69,774 $69, Houston Pasadena 90 Kinspoint Rd Beamer Rd Almeda Genoa Rd Gulf Fwy Sabo Rd 45 Median Home Value $129,705 $132,739 $138, Sugar Land Pearland TRAFFIC COUNTS Fuqua St Kingspoint Rd 13,924 CPD 5,970 CPD REAL ESTATE TAXES The property falls under the jurisdiction of Harris County Texas and the Pasadena Independent School District. Account Number Tax Rate 2.88% 2017 Appraised Value $1,045,849 5

6 PROJECTED ANNUAL OPERATING STATEMENT CURRENT STABILIZED Base Rent Occupied Space 103, ,620 Vacant Space at Market 63,284 Total Base Rental Revenue 103, ,904 Total Reimbursements 31,345 49,223 Gross Income 134, ,127 Less: General Vacancy 5% 10,806 Effective Gross Revenue 134, ,321 Reimbursable Operating Expenses Management Fee (4,056) (6,163) Repair & Maintenance (7,850) (7,850) Utilities (5,340) (5,340) Insurance (5,618) (5,618) Real Estate Taxes (30,149) (30,149) Total Operating Expenses (53,013) (55,120) Additional Reimbursable Income Admin Fee (15% of CAM) Total Additional Reimbursable Income Net Operating Income $82,295 $151,114 Notes: (1) Market rents are estimated at $13.00/sqft & NNN charges are estimated at $3.67/sqft. 6

7 LEASING PLAN TENANT Vacant Vacant State Farm Family Dollar MW Exclusive Hair Salon Vacant SQ. FT. 1,142 1,142 1,500 8,000 1,200 2, Kingspoint Rd Family DollarLorem ipsum dolor sit amet, consectetuer adipiscing elit, sed diam Vacant 1,142 SF Vacant 1,142 SF 1,500 SF 8,000 SF Hair Salon 1,200 SF Vacant 2,584 SF Pylon Fuqua St 8

8 CATALINA SPRINGS SHOPPING CENTER TRADE AREA MAP R VE HA ST SS ALMEDA GENOA RD LF GU BLA CKH AW K BL VD Y FW PD C 70 9 Meador KI SITE NG SP OI PD NT 14,314 CPD 0C RD 00 7, 5, 20 10,150 CPD FUQUA ST PD 0C 55 24, Morris Middle School 13,924 CPD SA BO Atkinson BEAMER RD Laura Welch Bush 45 SAM HOUSTON TOLLWAY RD Beverly Hills Intermediate 99,000 CPD 9

9 HOUSTON OVERVIEW Houston has a GDP of $524 billion, making it the fourth largest city in the United States and the largest city by population in Texas. The Perryman Group, a Texasbased economic and financial analysis firm, recently released its latest GDP, population and employment forecasts. The group expects the Houston metro area s GDP to grow at a compound annual growth rate of 3.1 percent from 2015 to 2040 and reach $998.8 billion in Over 6.8 million people call the Houston metropolitan statistical area (MSA) home. Houston has consistently been a national leader in employment and population growth. The Houston MSA population grew by over 852,000 residents between 2010 and 2017, with an average of 120,000 projected new residents added each year. It also boasts the second fastest-growing housing market in the United States. The Houston MSA has added over 1.2 million jobs over the past 25 years, ranking it third in the nation and currently hosts a record high 3,061,600 people employed with an additional 45,000 new jobs forecasted for The rapid job growth can be attributed to the 20 Fortune 500 headquarters, and 53 Fortune 1000 companies located in Houston, ranking it third among metro areas. The Houston MSA is currently ranked the number two metro for new and expanded corporate facilities and is the number one region in the state for corporate growth. The city s healthcare sector was the largest sector in 2017, surpassing energy and continues to grow rapidly. The Texas Medical Center (TMC) is the largest medical complex in the world and the largest single employer in the city of Houston. With 21 renowned hospitals, 106,000 employees, 10 million visits per year, the TMC generates $25 billion in GDP, and is the 8th largest business district in the United States. There are currently $3 billion in construction projects underway, including the planned $1.5 billion TMC3 Collaborative Institute, a new research campus to leverage the collective power of TMC s renowned institutions in a shared, centrally managed environment. Houston s economy is also anchored by the Port of Houston, one of the world s busiest ports. The Port of Houston is ranked first in the U.S. in both domestic import and export tonnage and second in the U.S. in total tonnage and creates more than one million Texas jobs, generating more than $265 billion in statewide economic impact equating to 16% of state GDP. The city boasts a steadily growing housing market, currently ranked second in the nation in housing starts, behind Dallas. According to the Houston Association of Realtors, in 2017 Houston had multiple record-breaking months of single-family home sales, surpassing the historical 8,000 homes per month mark, while prices have continued on an upward trend. Tax rates are low and the city s political climate is aggressively pro-business, with officials consistently opposing new zoning laws so as not to stifle the city s growth. HOUSTON S NATION-LEADING STATISTICS No. 1 Most Industrial Construction in the Past Decade CommercialCafe October 2017 No. 1 Top Destination Cities U-Haul May 2017 No. 1 Top U.S. Metro for Exports in 2015 Department of Commerce September 2016 No. 1 Top Metro Residential Growth from U.S. Census March 2016 No. 1 Top Market for Real Estate Investment for 2015 Houston Chronicle October 2014 No. 1 Market to Watch in 2015 Urban Land Institute October 2014 No. 1 Best Cities for Manufacturing Forbes June 2014 No. 1 Top U.S. Manufacturing Cities Manufacturers News January 2014 No. 1 Strongest Economy PPR Global December 2013 No. 1 Top Cities for Global Trade Global Trade August

10 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 counteroffer 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 the seller or seller s agent. AS AGENT FOR BOTH - INTERMEDIARY: To act as an intermediary between the parties the broker must first obtain the writtenagreement of each party to the transaction. The written agreement must state who will pay the broker and, in conspicuous bold orunderlined 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: that the owner will accept a price less than the written asking price; that the buyer/tenant will pay a price greater than the price submitted in a written offer; and any confidential information or any other information that a party specifically instructs the broker in writing not todisclose, 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. Transwestern Property Company SW GP, L.L.C Licensed Broker/Broker Firm Name or Primary Assumed Business Name License No. Phone Steve Ash Designated Broker of Firm License No. steve.ash@transwestern.com Phone Micha van Marcke Sales Agent/Associate's Name License No. micha.vanmarcke@transwestern.com Phone Buyer/Tenant/Seller/Landlord Initials Date Reglated by the Texas Real Estate Commission Information available at IABS 1-0

11 FOR INFORMATION CONTACT: Micha van Marcke, CCIM Senior Vice President Chace Henke Vice President Transwestern 1900 West Loop South, Suite 1300 Houston, TX P: The information contained herein was obtained from sources believed reliable. However, Transwestern makes no guarantees, warranties or representations as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions, prior sale or lease, or withdrawal without notice.