NWQ Interstate 10 & Hwy 6 14960 PARK ROW BOULEVARD
MEMORIAL BROOK BLVD 54,000 CPD 14960 PARK ROW BOULEVARD OFFERED FOR SALE Location 14960 Park Row Boulevard, Houston, TX 77084 Building Area 13,608 SF Lot Size 95,832 SF Occupancy 0% Parking Spaces 98 (7.2/1,000) Dive-Thru Lanes 6 Lanes Sale Price $2,750,000 Land Price/SF $28.70/SF Multi-Family 229 Units PARK ROW DR SITE Multi-Family 236 Units PARK LINE DR Multi-Family 917 Units Multi-Family 400 Units ADDICKS SATSUMA RD 6 PARK ROW DR 267,013 CPD KATY FWY (TOLL ROAD) 10 305,960 CPD PROPERTY INFORMATION Transwestern is pleased to exclusively offer for sale of 14960 Park Row Boulevard (the property ), a 13,608 square-foot ( SF ) former bank located in West Houston. The building features a diesel generator as an existing improvement and is located on 2.2 acres of land in the Energy Corridor trade area. The area is diverse in both office and medical use and the property is surrounded by 27 million SF of office, medical and flex industrial space within a three mile radius and a daytime population of 250,000 within a five mile radius. The property is located in close proximity to Interstate 10, Houston s major east-west thoroughfare featuring 26 main and frontage lanes and with nearby traffic counts as high as 454,000 CPD.
INVESTMENT HIGHLIGHTS - 13,608 SF Freestanding Building on Approximately 2.2 Acres - Located Among 27 Million SF of Office, Medical and Flex Industrial within a Three Mile Radius - West Houston is Rapidly Expanding with Over 400,000 SF of New Hospitals and Medical Facilities - High Traffic Area along Interstate 10 with Over 305,000 CPD - Property is Offered Free and Clear with no Debt Obligations - Existing Tenant Occupying Building Through 11/30/17* *Subject to change AREA EMPLOYERS AREA RETAILERS
INVESTMENT OVERVIEW ADDRESS: 14960 Park Row Blvd, Houston, TX 77084 ACRES: 2.2 YEAR BUILT: 1995 GROSS AREA: 13,608 SF OCCUPANCY: 0% CONSTRUCTION: Steel and concrete construction, brick façade and concrete parking lot PARKING SPACES: 98 (7.2/1,000) DRIVE-THRU: RESTRICTIONS*: 6 Lanes Apartment or multi-family, liquor store, bar, adult entertainment, retail banking branch (restriction does not apply to financial office) *Restrictions run through 2033, at which point they can be renegotiated
HOUSTON OVERVIEW Houston has a GDP of $503 billion, making it the fourth largest city in the United States and the largest city by population in Texas. Over 6.6 million people call the Houston metro area home. Since 2000, Houston s population has grown by over 26 percent, the second-highest rate in the country. Named the Number One Market to Watch in 2015 by Urban Land Institute, Houston has consistently been a national leader in employment and population growth. According to Moody s Analytics, Houston s population grew by over 600,000 residents between 2010 and 2015 ranking it first out of any metropolitan area in the United States, 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. If Houston maintains its average growth rate, Houston will surpass Chicago as the country s third most populous city by 2030. The Houston MSA has added over 1.2 million jobs over the past 25 years, ranking it third in the nation. The rapid job growth can be attributed to the 26 Fortune 500 headquarters, and 53 Fortune 1000 companies located in Houston, ranking it third among metro areas. From 2000-2015, the city has added a variety of aerospace, technology, manufacturing and medical companies to the economic mix, generating more than 752,000 diverse jobs. The city s healthcare sector is the largest sector in 2016, surpassing energy and is growing rapidly. Houston s Medical Center is the largest in the world with 21 renowned hospitals, 106,000 employees and 8 million visits per year and at $25 billion in GDP, it is the 8th largest business district in the United States. There are currently $3.5 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. The Houston s economy is also anchored by the Port of Houston, one of the world s busiest port. 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 (16% of state GDP). The city boasts a steadily growing housing market as the cost of living falls well below the national average. New home construction and sales have remained steady 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 NATION-LEADING STATISTICS No. 1 Top U.S. Metro for Exports in 2015 Department of Commerce September 2016 No. 1 Top Metro Residential Growth from 2014-2015 U.S. Census March 2016 No. 1 Fastest Growing Cities in 2014 Forbes January 2015 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 2013
ENERGY CORRIDOR TRADE OVERVIEW The Energy Corridor is a master-planned business district that extends along Interstate 10 and is home to several of the largest international energy companies in the world as well as 300 multi-national, national and local companies. Headquarters and regional offices of prominent international energy and energy service firms include BP America, Shell Oil Company, ConocoPhillips, CITGO, AMEC Foster Wheeler and McDermott International. With an educated workforce comprised of more than 94,000 employees, the Energy Corridor is the second largest employment center in the Houston MSA and will continue to expand to an estimated 45.2 million square feet of office/mixed-use space by 2030. Medical is rapidly expanding in the area with the construction of the University of Texas M.D. Anderson Cancer Center, a new $113 million outpatient diagnostic and treatment center to be completed in 2018, in addition to the ongoing expansions of the Texas Children s Hospital West Campus and Houston Methodist West Hospital with a total combined expansion investment of $220 million. Due to the regional employment in the immediate trade area and the adjacent 24 million SF of office in the Energy Corridor, the property is surrounded by an average daytime population of 250,000 within a five mile radius. 249 Tomball Spring 45 290 6 8 610 288 59 Houston Sugar Land Pearland 90 10 225 Pasadena Park Row Dr Groeschke Rd 6 I-10 Patterson Rd Memorial Dr Briar Forest Dr N Eldridge Pkwy DEMOGRAPHICS 1 MILE 3 MILES 5 MILES Population 2,984 43,432 238,527 Daytime Population 10,540 65,954 251,115 Average HH Income $107,445 $117,064 $99,033 Owner Occupied Median Housing Value $366,866 $303,426 $200,026 2016 STDB Demographic Estimates TRAFFIC COUNTS Interstate 10 West of Hwy 6 Hwy 6 North of Interstate 10 267,013 cpd 54,000 cpd
16 19 11 11 14960 PARK ROW BOULEVARD LEASING PLAN 13,608 SF FREESTANDING BUILDING Park Line Drive 10 13,608 SF 11 3 11 Park Row Drive 6 *Representative leasing plan, not to scale.
FLOOR PLAN VAULT *Representative floor plan, subject to change.
14960 PARK ROW BOULEVARD AREA DEVELOPMENT PLAN 267,013 CPD 54,000 CPD SITE 305,960 CPD 10 73,613 CPD 6 KATY FREEWAY (TOLL ROAD) 10
NON-BINDING LETTER OF INTENT Via e-mail: Date: Members Choice Credit Union PO Box 2197 Houston, Texas 77252 Re: 14960 Park Row Boulevard Houston, Texas 77084 To Whom It May Concern: This letter is to serve as the letter of intent setting forth the basic business terms upon which Members Choice Credit Union as Owner (hereinafter referred to as Seller ) and are interested in negotiating the purchase and sale of the Property (as such term is defined below). The basic business terms are as follows: 1. Seller. Members Choice Credit Union 2. Buyer.. 3. Property. 14960 Park Row Blvd, Houston, TX 77084 4. Purchase Price. For the property: U.S. Dollars ($ ). The Purchase Price shall be payable in full in immediately available funds at the Closing. 5. Due Diligence; As-Is Sale. Buyer understands that Buyer shall rely entirely upon its own due diligence in completing the purchase. Buyer shall be afforded until the date ( ) days after full execution of a contract for sale and purchase (the Feasibility Date ) to complete its inspections of the Property and undertake all due diligence. A deposit of $, of which $ is non-refundable subject only to Seller default and standard casualty and condemnation provisions, shall be credited to the Purchase Price at closing and shall be paid to Chicago Title Commercial, 712 Main Street, Suite 2000E, Houston, TX 77002, attention: Karen Highfield (713) 238-9145 as Escrow Agent simultaneously upon Buyer s execution of a contract for sale and purchase. If Buyer is not satisfied with the Property the Buyer may terminate the contract at any time prior to or on the Feasibility Date and receive a refund of the remainder of the deposit. If Buyer does not terminate the contract prior to or on the Feasibility Date, an additional deposit of $, which shall also be credited to the Purchase Price at closing, shall be paid to the Escrow Agent.
6. Closing. Closing shall occur on the date within ( ) days of the Feasibility Date. 7. Prorations; Expenses. Taxes and other customarily apportioned items shall be prorated or apportioned as of Closing. Buyer and Seller shall each pay one-half of all costs of recording, all documentary stamp taxes, surtaxes, transfer taxes and recording taxes. Seller shall provide Buyer upon full execution of this Non-Binding Letter of Intent a copy of (i) the Title Commitment. Buyer shall pay the cost of any survey update or other survey obtained by Buyer. Seller shall pay the cost of the owner s title insurance premium for a standard owner s title insurance policy to be delivered by Seller to Buyer at closing. Buyer shall pay the cost of any extended coverage and/or endorsements to the owner s title insurance policy requested or required by Buyer. Each party shall bear its own attorney s fees. 8. Conveyance. The Property shall be conveyed by Special Warranty Deed. 9. Brokerage. Buyer represents that it has dealt with no broker or finder other than Transwestern Property Company SW GP, L.L.C. (the Disclosed Broker ) in connection with the Property. Seller will pay the Disclosed Broker a commission pursuant to a separate agreement, which commission shall be paid only if, as, and when the closing actually occurs. 10. Confidentiality Agreement. Buyer has previously executed or shall simultaneously herewith execute a Confidentiality Agreement in the form delivered by Seller to Buyer. All terms thereof shall continue in full force and effect and shall survive Closing. If the foregoing terms are acceptable to you, please execute a copy of this letter and return the same on or before this day, 2017. We will then start the preparation of a contract containing all terms and conditions of sale. This letter of intent shall not under any circumstances be deemed to be a contract. Furthermore no prior or subsequent correspondence or course of dealing between Buyer and Seller shall be construed to create any contract or to vest any rights in Buyer with respect to the Property. No contract shall be deemed to exist unless and until a formal document containing all terms and provisions is prepared. Neither Buyer nor Seller shall have any rights or obligations to each other nor shall Buyer have any rights with respect to the Property unless and until a contract of sale and purchase is executed by both parties. Sincerely, Buyer Acknowledged and Agreed: By: Name: Title: Date: Members Choice Credit Union By:
Approved by the Texas Real Estate Commission for Voluntary Use Texas law requires all real estate licensees to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords. Information About Brokerage Services Before working with a real estate broker, you should know that the duties of a broker depend on whom the broker represents. If you are a prospective seller or landlord (owner) or a prospective buyer or tenant (buyer), you should know that the broker who lists the property for sale or lease is the owner s agent. A broker who acts as a subagent represents the owner in cooperation with the listing broker. A broker who acts as a buyer s agent represents the buyer. A broker may act as an intermediary between the parties if the parties consent in writing. A broker can assist you in locating a property, preparing a contract or lease, or obtaining financing without representing you. A broker is obligated by law to treat you honestly. IF THE BROKER REPRESENTS THE OWNER: The broker becomes the owner s agent by entering into an agreement with the owner, usually through a written - listing agreement, or by agreeing to act as a subagent by accepting an offer of subagency from the listing broker. A subagent may work in a different real estate office. A listing broker or subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first. The buyer should not tell the owner s agent anything the buyer would not want the owner to know because an owner s agent must disclose to the owner any material information known to the agent. IF THE BROKER REPRESENTS THE BUYER: The broker becomes the buyer s agent by entering into an agreement to represent the buyer, usually through a written buyer representation agreement. A buyer s agent can assist the owner but does not represent the owner and must place the interests of the buyer first. The owner should not tell a buyer s agent anything the owner would not want the buyer to know because a buyer s agent must disclose to the buyer any material information known to the agent. IF THE BROKER ACTS AS AN INTERMEDIARY: A broker may act as an intermediary between the parties if the broker complies with The Texas Real Estate License Act. The broker must obtain the written consent of each party to the transaction to act as an intermediary. The written consent must state who will pay the broker and, in conspicuous bold or underlined print, set forth the br ker s obligations as an intermediary. The broker is required to treat each party honestly and fairly and to comply with The Texas Real Estate License Act. A broker who acts as an intermediary in a transaction: (1) shall treat all parties honestly; (2) may not disclose that the owner will accept a price less than the asking price unless authorized in writing to do so by the owner; (3) may not disclose that the buyer will pay a price greater than the price submitted in a written offer unless authorized in writing to do so by the buyer; and (4) may not disclose any confidential information or any information that a party specifically instructs the broker in writing not to disclose unless authorized in writing to disclose the information or required to do so by The Texas Real Estate License Act or a court order or if the information materially relates to the condition of the property. With the parties consent, a broker acting as an intermediary between the parties may appoint a person who is licensed under The Texas Real Estate License Act and associated with the broker to communicate with and carry out instructions of one party and another person who is licensed under that Act and associated with the broker to communicate with and carry out instructions of the other party. If you choose to have a broker represent you, you should enter into a written agreement with the broker that clearly establishes the broker s obligations and your obligations. The agreement should state how and by whom the broker will be paid. You have the right to choose the type of representation, if any, you wish to receive. Your payment of a fee to a broker does not necessarily establish that the broker represents you. If you have any questions regarding the duties and responsibilities of the broker, you should resolve those questions before proceeding. Real estate licensee asks that you acknowledge receipt of this information about brokerage services for the licensee s records. Buyer, Seller, Landlord or Tenant Date Texas Real Estate Brokers and Salespersons are licensed and regulated by the Texas Real Estate Commission (TREC). If you have a question or complaint regarding a real estate licensee, you should contact TREC at P.O. Box 12188, Austin, Texas 78711-2188 or 512-465-3960. 01A TREC No. OP-K
FOR INFORMATION CONTACT: Micha van Marcke, CCIM Senior Vice President Micha.vanMarcke@transwestern.com 713.272.1231 Chace Henke Vice President Chace.Henke@transwestern.com 713.272.1274 Transwestern 1900 West Loop South, Suite 1300 Houston, TX 77027 P: 713.270.7700 www.twhoustonretail.com 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.