VILLAGE AT CAMP BOWIE FORT WORTH, TEXAS OFFERING MEMORANDUM
2 VILLAGE AT CAMP BOWIE THE OFFERING Holliday Fenoglio Fowler, L.P. ( HFF ) is pleased to exclusively present to qualified investors the opportunity to acquire Village at Camp Bowie (the Property ), a 179,792 square-foot, Sprouts Farmers Market anchored center located in the heart of one of Fort Worth s most historic commerce districts Camp Bowie. The Property benefits from its positioning at the confluence of a multitude of Fort Worth s most affluent neighborhoods. The Property provides an ideal destination for retail to meet the evergrowing demands of the urban in-fill, high-density nature of the market. Located near the interchange of Camp Bowie Boulevard (31,000 VPD) and Interstate-30 (102,000 VPD), the Property benefits from superior visibility and unmatched accessibility. Currently 88.9% leased, Village at Camp Bowie s diverse, necessity-based tenant roster features a longstanding history of success, with nearly 45% of the tenants having been in occupancy since 2012 or earlier. Village at Camp Bowie offers a rare opportunity to acquire a grocery-anchored center boasting attractive and durable cash on cash returns and the potential to realize immediate upside through lease-up of remaining available space. The Property is being offered unencumbered, allowing investors to take advantage of existing aggressive capital markets and significantly bolster investment returns.
PROPERTY SUMMARY 3 ADDRESS Southeast corner of Camp Bowie Blvd & Ridglea Ave Fort Worth, Texas 76116 PROPERTY GLA 179,792 Square Feet OCCUPANCY 88.9% LAND AREA 21.13 Acres YEAR BUILT / RENOVATED 1956 & 2015 / 2007 PARKING 4.33 1,000 Square Feet ANCHORS ASKING PRICE PURCHASE PRICE $47,000,000 CAP RATE 6.75% AVERAGE CoC 11.6% UNENCUMBERED from existing debt
4 DURABLE LONG-TERM CASH FLOW WITH UPSIDE THE PROPERTY BOASTS ATTRACTIVE & DURABLE GOING-IN CASH YIELDS POTENTIAL TO CAPTURE $185K+ OF CONTRACTUAL RENT ESCALATIONS ABILITY TO LEASE-UP 20K SQUARE FEET OF VACANCY GENERATING OVER $490,000 OF REVENUE WITHIN THE FIRST 3 YEARS, ROLLOVER EXPOSURE TO 21% OF GLA, AVERAGING 10% BELOW-MARKET RENTS NO TENANT REPRESENTS MORE THAN 15% OF INCOME NEARLY HALF (44%) OF THE TENANTS HAVE FIXED-RATE OPTIONS ABILITY TO ACTIVATE APPROX. 10,000* SF OF HISTORICALLY OCCUPIED BELOW-GRADE SPACE, WHICH COULD BE REACTIVATED FOR THE RIGHT TENANT *NOT INCLUDED IN OVERALL GLA HIGH TENANT RETENTION & ROBUST RECENT LEASING MOMENTUM OVER 45% OF THE TENANTS HAVE OPERATED AT THE PROPERTY SINCE 2012 OR PRIOR CUMULATIVE YEAR-OVER-YEAR LEASING ACTIVITY 140,000 120,000 100,000 80,000 60,000 40,000 20,000 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD SINCE 2017, VILLAGE AT CAMP BOWIE HAS ATTRACTED OVER 36,000 SQUARE FEET OF NEW TENANCY
VILLAGE AT CAMP BOWIE THE DESIGNATED NEIGHBORHOOD, GROCERY-ANCHORED CENTER OF THE CAMP BOWIE DISTRICT INSTITUTIONAL OWNERSHIP & SIGNIFICANT CAPITAL INVESTMENT Current ownership has demonstrated the strength and attractiveness of the Property, by successfully adding the grocery anchor (27,000 SF of new construction) and by constructing an additional 15,000 SF of shop space since acquisition Village at Camp Bowie boasts limited deferred maintenance with significant recent new improvements (totaling approximately $3.2 million), including new roofs throughout the Property Historical presence of institutional ownership within the Camp Bowie District 5 DYNAMIC, NECESSITY-BASED MERCHANDISING MIX: COMPRISED OF 38 DIVERSE TENANTS, MITIGATING RISK EXPOSURE TO ANY ONE TENANT % of rental revenue 7% 8% 9% 14% 16% 46% FITNESS HOME GOODS EDUCATION RESTAURANTS SPECIALTY GROCER SERVICE & SMALL SHOPS Frequent and sustained in-person visits with crossshopping to service, small shop, grocer and restaurant tenants Provides an experiential aspect to the Property and is internet-resistant Drivers of strong foot traffic and repeated visits Drives consistent, daytime traffic to the Property Desirable and highperforming grocer Everyday use that caters to the surrounding communities and rounds out tenancy
6 EXCEPTIONAL DEMOGRAPHICS Surrounded by highly concentrated pockets of wealth, the Property is strategically positioned for long-term value appreciation. With continued urbanization in every direction, Village at Camp Bowie is a regional draw for local shoppers and visitors alike. DOWNTOWN FORT WORTH RIVERCREST COUNTRY CLUB UNT HEALTH SCIENCE CENTER 760 EMPLOYEES 2,500 STUDENTS WEST 7TH WESTOVER HILLS $176,429 AHHI RIVERCREST $168,000 AHHI WILL RODGERS MEMORIAL CENTER 30 102,000 VPD ARLINGTON HEIGHTS $105,000 AHHI ARLINGTON HEIGHTS HIGH SCHOOL RIDGLEA HILLS $96,000 AHHI TRADE AREA DEMOGRAPHICS 1-Mile 3-Mile 5-Mile 2018 Est. Population 13,041 87,027 243,476 2023 Projected Population 13,854 92,367 257,616 2018-2023 Population Growth 6.23% 6.14% 5.81% # Households 6,274 39,722 99,680 Average Household Income $87,778 $94,131 $86,618 Total Buying Power $550,720,000 $3,739,000,000 $8,634,000,000 CAMP BOWIE BLVD 31,000 VPD RIDGLEA COUNTRY CLUB
BERNIE ANDERSON BLVD 6333 CAMP BOWIE 244 245 250 252 250A 256 260 268 272 280 240 232 236 200 224 228 220 216 212 208 3501 BERNIE ANDERSON 6324 WAVERLY 101 100 145 149 CAMP BOWIE BLVD 6323 CAMP BOWIE 151 157 167 175 141 135 129 125 117 115 111 107 101 6300 WAVERLY 125 680 670 (Shadow) (Shadow) Suite 119 Decommissioned Basement Area totaling approx. 10,000 SF available for future lease-up 6201 SUNSET 650 640 Ridglea Presbyterian Church (Shadow) SUNSET DR 630 600 WAVERLY WAY WESTRIDGE AVE 3501 BERNIE ANDERSON 3501.300 Tuesday Morning 17,444 6201 SUNSET 6201.600 The Spanish School 5,583 6201.630 DanceMakers of Texas 6,410 6201.640 La Playa Maya 4,277 6201.650 Phenix Salon Suites 8,461 6201.670 Available 2,550 6201.680 Orangetheory Fitness 3,427 6300 WAVERLY 6300.001 Sprouts Farmers Market 28,037 6323 CAMP BOWIE 6323.101 Providence Title Company 2,917 6323.107 Available 1,300 6323.111 Available 1,905 6323.115 Brain Balance 2,715 6323.117 Available 2,009 6323.125 Oscar's Pub 3,513 6323.129 Available 2,955 6323.135 Hand and Stone Spa 3,387 6323.141 Not Just Soccer 3,685 6323.145 Babies on the Boulevard 1,917 6323.149 Available 2,277 6323.151 B Kids 2,112 6323.157 Spectrum 4,185 6323.167 Winners All Sports 1,863 6323.175 Salon West 4,425 6324 WAVERLY 6324.100 Champion School of Real Estate 7,000 6324.101 Highlands Residential Mortgage 1,908 6333 CAMP BOWIE 6333.200 Available 6,659 6333.208 Keeping Up With The Joneses 826 6333.212 Available 612 6333.216 Gavrel Furs 2,697 6333.220 Salon Service Group 1,591 6333.224 Verizon 937 6333.228 Toy Works 3,225 6333.232 Stanley Eisenman's Fine Shoes 4,164 6333.236 The Lunch Box 4,718 6333.240 Olivella's NEO Pizza 3,662 6333.244 McAlister's Deli 3,541 6333.245 I Love Kickboxing 4,016 6333.250 Cruises, Etc. 1,702 6333.250A Fair Boot Shop 806 6333.252 Fullbars Cell Phones & Gadgets 799 6333.256 Available 1,622 6333.260 Young Chef Academy 2,200 6333.268 Keller Williams 2,690 6333.272 Eyes on Camp Bowie 2,378 6333.280 First Watch 3,423 SUNSET DR WINTHROP AVE CONTACTS ACQUISITION DEBT INFORMATION JIM BATJER BARRY BROWN RYAN SHORE AARON JOHNSON PHOEBE BRENT WESLEY GILMER JIM CURTIN Senior Managing Director Senior Managing Director Managing Director Director Analyst Analyst Managing Director 469-232-1970 469 232-1968 469-232-1919 469-232-1987 214-692-4714 469-232-1932 469-221-7781 jbatjer@hfflp.com bbrown@hfflp.com rshore@hfflp.com ajohnson@hfflp.com pbrent@hfflp.com wgilmer@hfflp.com jcurtin@hfflp.com 2323 Victory Park, Suite 1200 Dallas, TX 75219 214-265-0880 214-265-9564 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 26 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 advisory, 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 Twitter @HFF. HFF has been engaged by the owner of the property to market it for sale. Information concerning the property 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.