7340 WASHINGTON AVE, HOUSTON, TX

Transcription

1 7340 WASHINGTON AVE, HOUSTON, TX

2 I H , V P D EXECUTIVE SUMMARY INVESTMENT SUMMARY Location 7340 Washington Ave, Houston, TX Tenant Guarantor Propert Size Land Area Aguplus, LLC, a Hawaii limited liabilit compan Corporate guarant and partial personal 3,388 SF w/ approximate 500 SF patio 0.29 Acres 10 YEAR Term Absolute NNN GUARANTY on Lease Lease Tpe Absolute NNN Parking Visibilit 27 spaces (8.51/1,000 SF) Over 350,000 Vehicles Per Da Added bonus to propert with 20 ears of billboard income via Clear Channel Outdoor, Inc. AGU Ramen, one of Houston s most successful restaurant concepts is located along the Washington Corridor within close proximit to Interstate 10. The Washington Corridor is known as Houston s restaurant row and is surrounded b the strongest performing residential subsets in the cit. The influx of growing neighborhoods such as The Heights and Rice Militar coupled with proximit to Houston s longstanding premier neighborhoods such as River Oaks and Memorial Villages have a profoundl positive impact on the location and the restaurant s success. While there are six Agu Ramen locations in Houston, alternative locations are more than 12 miles awa which allows the Washington location to draw upon the Houston s premier residential areas. TEXAS D.O.T WASHINGTON DENNY S HAMPTON INN W A S H I N G T O N A V E N U E 2 7, 0 K A T Y F R E E W A Y F E E D E R R O A D 10 V P D 10 K A T Y F R E E W AY F E E D E R R O A D 2

3 PROPERTY PHOTOGRAPHY 3

4 TENANT PROFILE Houston s onl Inner Loop Agu Ramen and 3 more on the wa in Houston suburbs (Sugar Land, Nassau Ba and Kat) Closest AGU Ramen Locations are More than 12 miles awa Chef/Owner Hisashi Uehara moved from Hawaii to Houston, TX 69 Grand Pk w M O N T G O M E RY Pursue Full-scale Expansion in the Cit HARRIS Pro se d Gran d Sam Houston Pkw owner Hisashi Uehara personall moved to Houston and commenced expansion in Pkw Lake Houston 69 st Frw th we Sheldon Reservoir w Fr Road rth r No No stores in Houston and has plans to open three additional units in suburban areas: Toll Hard the Houston metro area. Under the brand Agu Ramen, the chef/owner opened three North w H ont um Bea Sugar Land, Nassau Ba, and Kat. The concept is simple which features 20+ ramen n East Batow Loop Frw Kat Frw George Bush Park Westheimer Rd Westpark Tollwa brick and a rough-hewn wood decorate and also includes 27 parking spaces. Agu hw ut So F O RT B E N D rw tf es West Loop South Loop Barbour s Cut Terminal 69 w Pk ulf w Fr nd Be Fort Galveston Ba William P. Hobb Airport Sam Houston Tollwa G his premier ramen bistros, AGU which means fellowship or best friends in Miako, San Jacinto Ba Pasadena Frw South Frw beer and whiske. The space was finished out to the highest standards with exposed East Loop bowls, a few appetizers, and donburi and poke bowls plus a full bar including Japanese Zagat, Eater Houston, Houston Chronicle, and Culturemap Houston. Hishasi named po George Bush Intercontinental Airport AGU Ramen originated in Hawaii and after opening five restaurants there, chef/ Ramen is one of Houston s most criticall acclaimed restaurants with accolades from L I B E RT Y East ExxonMobil Corporate Headquarters Lake Houston State Park ex Fr w 3 AGU Ramen Locations in Houston Armand Baou Park Baport Terminal Clear Lake his native dialect. Smithers Lake Proposed Grand Pkw BRAZORIA G A LV E S TO N 4

5 TENANT ACCOLADES

6 STRONG DEMOGRAPHICS AGU Ramen is surrounded b some of Houston s highest-end and fastest growing residential neighborhoods including River Oaks ( miles), Washington/Rice Militar (0 1) miles, Montrose ( miles), The Heights ( miles), and downtown ( ). The neighborhoods are projected to continue to expand substantiall over the next five ears through the addition of lifestle amenities and state-of-the-art apartment buildings, condominium projects, and townhomes. CBD Shepherd Drive IH ,000 VPD T C Jester BLVD The District at Washington Pearl Washington 10 Elan Memorial Park Apartments Washington Avenue 27,000 VPD 6

7 LOCATION OVERVIEW PROXIMATE RESIDENTIAL NEIGHBORHOODS Transitioning to a Higher Qualit Residential Model The neighborhoods surrounding 7340 Washington are among Houston s premier housing options man of which have experienced % price appreciation over the last 20 ears. The area is nearl at capacit in terms of adding net new homes, however, developers and residential owners are taking advantage of demand for high qualit infill residential stock. For this reason, man of the older single famil bungalows and apartments are being torn down and replaced with high qualit residential product evidenced b the 10%-20% average annual home price appreciation seen in the area. LAZYBROOK / TIMBERGROVE: A neighborhood located inside the 610 loop and just west of Houston Heights surrounded b restaurants, education opportunities, entertainment venues, shopping and more. The average home sale in this neighborhood is $533,205 and consists mostl of single tenant homes. CAMP LOGAN: A blend of townhomes and single famil homes ranging from $500,000 to $1.5 million. This neighborhood is tucked into the northeast corner of Memorial Park, and man homes front on unique triangular pocket parks. CRESTWOOD / GLEN COVE: Residents are immediatel adjacent to the 1508-acre Memorial Park that features Houston s first golf course, a soft jogging trail along with hiking and biking trails, picnic grounds, ball fields, tennis courts, multiple children s plagrounds, a public swimming pool, and The Houston Arboretum and Nature Center. The neighborhood is primaril composed of single famil homes that range in price from $800,000 to $2.5 million. COTTAGE GROVE: Comprised of 1,100 single-famil homes and townhomes, Cottage Grove properties range in price from $500,000 to over a million dollars. Cottage Grove was originall an independent cit located at Houston and Texas Central s first rail stop. The nearb banks of White Oak Baou and a tree-shaded neighborhood park with a little league field and outdoor basketball court are popular recreation spots for the residents. OLD SIXTH WARD: The Old Sixth Ward contains the cit s most intact collection of Victorian Era structures, and in 2007 it was designated as the Cit of Houston s first Protected Historic District. With its downtown skline views and its proximit to Sabine Street and the Buffalo Baou trail sstem, Old Sixth Ward is trul one of Houston s residential gems. Homes in the area start at $300,000 with some priced over $1.0 million. Description 1-Mile 3 Mile 5 Mile Total % Total % Total % Population 2022 Projection 13, , , Estimate 12, , , Census 9, , , Census 7, , ,323 Growth % 8.92% 7.32% Growth % 16.12% 11.97% Growth % 11.31% 7.19% 2017 Est. Avg HH Income $165,446 $142,766 $126,298 THE HEIGHTS: The neighborhood is primaril comprised of townhomes that range in value from $300,000 up to $1.0 million. Established as a developer-created TIRZ, this communit abuts the western boundar of the historic Washington and Glenwood Cemeteries, which 100 ears ago marked Houston s cit limit. The Heights includes Spotts Park, boasts downtown skline views, and has sparked commercial redevelopment along Studemont St. and the Washington Avenue corridor. MAGNOLIA GROVE: The subdivision is surrounded with restaurants, education opportunities, entertainment venues and shopping. The streets in the district retain much of their traditional character but have now transitioned to a higher densit urban residential model. RICE MILITARY: The district is an urban center that started to experience a proliferation of oung professionals in the earl 2000 s due to its proximit to emploment centers, new stock of townhomes, entertainment, shopping, and dining options. Rice Militar proper has about 400 homes that range in value from $400,000 to $1.0 million. RIVER OAKS: Widel considered the most affluent enclave in Houston. The area includes River Oaks Countr Club, Houston s most prestigious golf course, and homes range from $2.0 to $15.0 million. AVALON PLACE: Homes in Avalon Place have more than tripled in value over the last 20 ears driven b the neighborhoods tree lined streets, accessibilit, and proximit to amenities. Homes now range in price from $1.0 to $3.0 million. MONTROSE: Developed in 1911, the four-square-mile area is a pocket of eccentricit and diversit in the heart of the cit. The area comprised of townhomes and single famil homes ranging in price from $400,000 to over $2.0 million. 7

8 The Galleria IH Memorial Park IH ,000 VPD 10 Washington Avenue 27,000 VPD 8

9 ADDITIONAL INFORMATION RYAN WEST Senior Managing Director JOHN INDELLI Associate STERLING CURRY Analst This Offering Memorandum has been prepared b HFF for use b a limited number of recipients. All information contained herein has been obtained from sources other than HFF, and neither Owner nor HFF, nor their respective equit holders, officers, emploees and agents makes an representations or warranties, expressed or implied, as to the accurac or completeness of the information contained herein. Further, the Offering Memorandum does not constitute a representation that no change in the business or affairs of the propert or the Owner has occurred since the date of the preparation of the Offering Memorandum. All analsis and verification of the information contained in the Offering Memorandum is solel the responsibilit of the recipient. HFF and Owner and their respective officers, directors, emploees, equit holders and agents expressl disclaim an and all liabilit that ma be based upon or relate to the use of the information contained in this Offering Memorandum. Additional information and an opportunit to inspect the propert will be made available upon written request to interested and qualified prospective investors. Owner and HFF each expressl reserve the right, at their sole discretion, to reject an or all expressions of interest or offers regarding the propert and/or terminate discussions with an entit at an time with or without notice. Owner shall have no legal commitment or obligations to an recipient reviewing this Offering Memorandum or making an offer to purchase the propert unless and until such offer is approved b Owner, a written agreement for the purchase of the propert has been full executed, delivered and approved b Owner and its legal counsel, and an obligations set b Owner thereunder have been satisfied or waived. The recipient ( Recipient ) agrees that (a) the Offering Memorandum and its contents are confidential information, except for such information contained in the Offering Memorandum, which is a matter of public record, or is provided from sources available to the public (b) the Recipient, the Recipient s emploees, agents and consultants (collectivel, the need to know parties ) will hold and treat it in the strictest of confidence, and the Recipient and the need to know parties will not, directl or indirectl, disclose or permit anone else to disclose its contents to an other person, firm, or entit without the prior written authorization of HFF and the Owner, and (c) the Recipient and the need to know parties will not use or permit to be used this Offering Memorandum or its contents in an fashion or manner detrimental to the interest of the Owner or HFF or for an purpose other than use in considering whether to purchase the propert. The Recipient and the need to know parties agree to keep this Offering Memorandum and all confidential information contained herein permanentl confidential and further agree to use this Offering Memorandum for the purpose set forth above. If the Recipient has no interest in the propert, or if in the future the Recipient or owner discontinue such negotiations, the Recipient will return this Offering Memorandum to HFF.