centre at kirby ridge retail & professional center

CENTRE AT KIRBY RIDGE RETAIL & PROFESSIONAL CENTER

3695 KIRBY DRIVE Pearland, TX 77584

(Suburban – Just South of Houston)

BRAND NEW RETAIL CENTER IN PEARLAND’S STRONG, GROWING, WEST SIDE

23,504 SF BUILDING ON ~3.795 ACRES, INCLUDING 0.97 ACRE ON-SITE DETENTION

ON KIRBY DRIVE – NEWLY WIDENED, 4-LANE, NORTH-SOUTH THOROUGHFARE IN PEARLAND + AT NORTHWEST HARD CORNER OF KIRBY DRIVE & MAGNOLIA PARKWAY (CR 59) + DIRECT ACCESS TO KIRBY DRIVE & MAGNOLIA PARKWAY. TRAFFIC LIGHT AT CORNER. + CR 59 WIDENING WEST OF KIRBY PLANNED FOR 2021 START; ~18 MONTHS TO COMPLETE

100% LEASED TO 11 TENANTS - EXPECT ALL TENANTS OPEN IN 3rd QUARTER 2019

+ DENTIST + ACCOUNTANT + PHARMACY + MAJOR NAIL SALON + HAIR SALON + POOL COMPANY + FITNESS CENTER + CARPET SALES + CENTER STAGE ART SHOP/GALLERY + BAKERY + FROZEN CUSTARD

7 OF 11 TENANTS HAVE MULTIPLE LOCATIONS, ARE RELOCATING, OR FRANCHISE

ALL CONCRETE, WELL-LIT PARKING: + 142 SPACES; 6.0 / 1,000SF RATIO

STRONG DEMOGRAPHICS – 3 MILES + 63,000 POPULATION; 22,000 HH + $175,000 AVG. & $138,000 MED. INC

23,504 SF – NEW CONSTRUCTION - 100% LEASED – 11 TENANTS

FOR SALE $8,625,000

7.4% CAP RATE 8.7% CASH RETURN

EXCLUSIVELY LISTED BY

MARTY MCADAMS /

MCADAMS ASSOCIATES

832-483-7393 [email protected]

2206 Parkdale Drive Kingwood TX 77339

DID NOT

FLOOD

OCT 3, 2019

I 45

Centre at Kirby Ridge – Oct 3, 2019 – Marty McAdams – MCADAMS ASSOCIATES – 832-483-7393 / [email protected] 2

RADIUS FROM SITE 1-Mile* 3-Mile 5-Mile

2019 Population 19,981 58,664 149,414 2010 – 2019 Population Growth 17% 20% 21%

2019 Households 6,736 20,131 48,422

2019 Total Families 5,189 15,319 37,267

2019 Families as % of Households 77% 76% 77%

2019 Median HH Income $151,247 $138,440 $96,915 2019 Average HH Income $179,385 $178,167 $129,660

2019 Owner Home Value-Median $237,800 $217,114 $164,631

Pop. > 25 Y.O. Bachelor’s Degree + 66% 63% 40%

Pearland continues in the top growth communities surrounding Houston, adding 20% in 9 years.

Families are a high percentage of households; very educated and with $138,000 median HH incomes.

The Centre at Kirby Ridge is less than a mile south of Broadway & just ¾ mile west of TX 288.

Kirby Drive is a major, 4 lane, north-south thoroughfare; Magnolia Parkway widened to 4-lanes to Kirby.+ Magnolia Parkway widening west of Kirby planned to start 2021; ~ 18 months to complete.

TX 288 is the main connector to three major Houston employment centers: + Central Business District, Texas Medical Center & Galleria/Uptown.

+ TX 288 is adding toll lanes to speed commutes to these job centers; expect open 2020.

BW 8 Toll Road gives access to west Houston, Hobby Airport and major Ship Channel employers.

* Note: 1-mile data population data centered slightly north of Centre since very recent home growth.

BW 8

TX 288

Hwy 6

FM 521

3 MILES

N

CENTRE AT KIRBY RIDGE PEARLAND IS ONE OF STRONGEST SUBURBAN GROWTH CITIES

5 MILES

1 MILE


LOOKING NORTH – CENTRE IS AT THE NORTHWEST CORNER OF KIRBY DR. & MAGNOLIA PKWY (CR 59) KIRBY DRIVE IS A NEW, 4‐LANE NORTH‐SOUTH THOROUGHFARE. SURROUNDED BY NEWER HOMES.

LOOKING SOUTH TOWARD NEW HOME GROWTH PATH

TRAFFIC SIGNAL AT CORNER ‐ KIRBY DRIVE & MAGNOLIA PARKWAY; LEFT TURN LANES.

CENTRE AT KIRBY RIDGE MAJOR HIGHWAYS CONNECT TO MED. CENTER, CBD & UPTOWN/GALLERIA

IN HEART OF SOLID SOUTH SUBURBAN HOUSTON GROWTH


LOOKING SOUTH ‐ DIRECT ACCESS FROM / TO KIRBY DRIVE AND MAGNOLIA PARKWAY. TRAFFIC LIGHT & LEFT‐TURN LANES ALL WAYS. MAGNOLIA PKWY WIDENING WEST OF KIRBY

SCHEDULED FOR 2021 START & ~18 MONTHS TO FINISH.

LOOKING EAST ‐ CENTRE AT KIRBY RIDGE – ¾ MILE EAST ON MAGNOLIA PARKWAY TO TX 288& NEW TOLL ROAD TO HOUSTON UNDER CONSTRUCTION

CENTER AT KIRBY RIDGE – ACCESS & TRAFFIC CONTROL

DIRECT ACCESS TO TX 288 AND NEW TOLL ROAD


CENTRE AT KIRBY RIDGE – 6 OF 11 TENANTS OPEN; ALL OTHERS UNDERWAY

COVERED WALKWAYS ALONG ENTIRE FRONT. LARGE FASCIA SIGNS

ALL‐CONCRETE PARKING AT 142 SPACES; 6 SPACES / 1,000 SF. HIGH EFFICIENCY LIGHTING.

BACK DOORS AND SIDEWALKS FOR DELIVERIES AND TRASH

CENTER AT KIRBY RIDGE– ALL BRICK DESIGN


ACCESS FROM ALL POINTS. TRAFFIC SIGNAL AT CORNER; LEFT‐TURN LANES ALL WAYS. NORTHBOUND LEFT TURN AT TURNING LANE

MONUMENT SIGN ON KIRBY QUALITY FASCIA SIGNS

ON‐SITE, 0.97 ACRE DETENTION POND. THIS SITE DID NOT FLOOD DURING HURRICANE HARVEY.

CENTER AT KIRBY RIDGE – PRIME ACCESS LOCATION


CENTRE AT KIRBY RIDGE – 7 TENANTS OPEN, 4 NEARING COMPLETION

23,504 SF CENTER KIRBY SMILES DENTISTRY OPEN FOR BUSINESS

F 45 TRAINING OPEN FOR BUSINESS SWEET TOOTH BAKERY OPEN FOR BUSINESS

ROLLIES FROZEN CUSTARD OPEN FOR BUSINESS CAREY BUSINESS SOLUTIONS OPEN

CENTER STAGE GALLERY OPEN FOR BUSINESS PREMIER POOLS OPEN FOR BUSINESS


STE 101 PREMIER POOLS & SPAS Open for business. Long-standing franchisee of California-based pool company. Relocating for more visibility. In business since 1988. 9 Texas locations; this is only Houston store. At last location more than 10 years. Term ends July 2027. One 5-year renewal option. https://premierpoolsandspas.com 4,960 SF

STE 105 CENTER STAGE GALLERY Open of business. This is third suburban Houston location. In business 7 years. An eclectic art gallery, offering art classes and vibrant, multipurpose events space. Term ends June 2024. One 5-year renewal option. https://center-stage-events.com/ 1,830 SF

STE 107 F 45 TRAINING Open for business. Franchise of national fitness training company. Operated by successful personal trainer. Fitness classes, personal training in group setting. Term ends July 2024. One 5-year renewal option. https://f45-training-pearland-west.business.site/ 2,440 SF

STE 109 BOTTOM DOLLAR CARPET Expect October opening. Long-time carpet retailer operating in ~20,000 SF Freeport store more than 10 years. This is their second store. Commercial & residential flooring and counter tops. Term ends August 2024. One 5-year renewal option. http://www.bottomdollarcarpet.com/ 2,440 SF

STE 113 COVERGIRLS BY TRE HAIR SALON Expect October opening. First location for owner-operated hair salon. Owner has over 25 years experience; bringing her long-standing team from area location to increase visibility. Term ends Aug. 2024. One 5-year renewal option. 1,159 SF

STE 115 DISCOUNT MEDICINE PHARMACY Expect October opening; depending on State permits. Third suburban Houston location offering full-service pharmacy and medical supplies. Term ends August 2025. One 5-year renewal option. 1,830 SF

STE 119 CINDERELLA NAILS Expect October opening. Houston-area nail salon operator for 10 years; three other, large store locations; each employs 40+ stylists. Term ends August 2028. One 5-year renewal option. https://cinderella-nails-spa.business.site/ 3,050 SF

STE 121 PEARLAND SWEET TOOTH BAKERY Open for business. Owner-operator has successfully sold baked-goods from home kitchen. First retail bakery. Term ends July 2024. One 5-year renewal option. 915 SF

STE 123 ROLLIES FROZEN CUSTARD Open for business. First location for owner-operator who trained in Chicago at long-standing frozen custard firm. Term ends April 2024. One 5-year renewal option. https://rolliesfrozencustard.com/ 1,525 SF

STE 125 CAREY BUSINESS SOLUTIONS Open for business. Owner-operated, Pearland area accounting & business services and tax preparer. Relocating for more visibility. Term ends June 2024. One 5-year renewal option 915 SF

STE 129 KIRBY SMILES DENTISTRY Open for business. Dr. Joseph Illustre is an experienced pediatric and adult dentist and anesthesologist working with other dentists. This is his first owner-operated practice. Term ends April 2029. One 5-year renewal option. https://kirbysmiles.com/ 2,440 SF

EXPECT ALL OPEN OCTOBER 2019; PERMITTING CONTINGENT

NOTICE: DETAILED RENT ROLL IS AVAILABLE UPON REQUEST- FORM ON LAST PAGE

CENTRE AT KIRBY RIDGE – 23,504 SF – 11 TENANTS ‐ BACKGROUND


SOLID RENT GROWTH:

OVER $636,000 BASE RENTS

$23,664+ 1st RENT INCREASES

TOTAL $53,200+ ALL BUMPS

AVERAGE 2% / YEAR

ALL LEASES HAVE MULTIPLE RENT INCREASES

$53,244 TOTAL

NEW CENTER – LEASES JUST STARTING

EXPIRATIONS SPREAD OVER 10 YEARS

52% OF SF RUNS 6 TO 10 YEARS

ALL LEASES HAVE RENEWAL OPTIONS

MOST TENANTS ARE EXPERIENCED

7 OF 11 HAVE MULTIPLE LOCATIONS, ARE RELOCATING OR FRANCHISEE

MULTI-LOCATION AND RELOCATION TENANTS LIKE VISIBILITY & HOUSING GROWTH

HARD CORNER & TRAFFIC LIGHT

52% OF SF RUNS 6 – 10

YEARS

CENTER AT KIRBY RIDGE – RENT INCREASES & LEASE TERMS


CENTRE AT KIRBY RIDGE PROFORMA P&L

FYB DECEMBER 1, 2019 CURRENTLY 100% LEASED

COMMENTS / NOTES OCTOBER 3, 2019

SF PERCENT LEASED 100.0%

TOTAL CENTER NRA SF 23,504 CURRENTLY 100% LEASED TO 11 TENANTS

TOTAL CENTER LEASED 23,504 100.0%

INCOME: $/ SF/YR

Base Rent $638,796 $27.18 BASE RENTS AS OF DECEMBER 1 2019

Tenant's CAM Recoveries $138,204 $5.88 LEASES REQUIRE 100% NNN RECOVERY

CAM Recovery Increase to balance 2019 $28,936 $1.23 SELLER CONTRIBUTION TOWARD 2019 CAM

Total: Net Expense Recoveries $167,140 $7.11

Gross Operating Income $805,936 $34.29

EXPENSES:EXPENSES ESTIMATED BASED ON PRORATING 2018

ACTUAL & 2019 PROJECTIONS AT NEARBY CENTRE AT

Repairs & Maintenance/Porter $11,500 $0.49 NEW CENTER, MINIMAL R&M + PORTER

Common Utilities (Water/Electric/Trash) $8,000 $0.34 CONTRACTS (WATER IS NET OF TENANT REIMBURSEMENT)

Sprinkler Monitoring $1,200 $0.05 CONTRACT ESTIMATE

Property Taxes / Protest $100,000 $4.25 2019 TAX ESTIMATE

Insurance $14,500 $0.62 ESTIMATED 2019 POLICY

Management Fee $31,940 $1.36 MANAGEMENT FEE 5% ON BASE RENT

Total Recoverable Expenses $167,140 $7.11Memo - NNN Expenses $/SF $7.11

NET OPERATING INCOME $638,796 $27.18MORE THAN $23,600/YEAR IN FIRST RENT INCREASES

NOT INCLUDED. $53,000 IN ALL RENT INCREASES.

SALES PRICE $8,625,385 $367

CAP RATE / ALL-CASH RETURN 7.41% 100% LEASED TO 11 TENANTS; MOST ARE EXPERIENCED

WITH MULTIPLE LOCATIONS OR RELOCATED

CASH FLOW AFTER DEBT SERVICE $225,728

CASH-ON-CASH RETURN 8.7%CURRENT OPPORTUNITY TO LOCK IN LOWER INTEREST

RATES HELPS CASH RETURN SIGNIFICANTLY

DOWN PAYMENT $2,587,615

PROPOSED NEW LOAN TERMS:

LOAN TO VALUE 70.0%EXPECT 70% LTV WITH SOLID, REGIONAL TENANTS, NEW

CONSTRUCTION, STRONG PEARLAND DEMOGRAPHICS

LOAN AMOUNT (PROPOSED NEW LOAN) $6,037,769INTEREST RATE (5 YEAR FIXED) 4.75% RATES DECLINING RIGHT NOW; MIGHT DO EVEN BETTER

AMORTIZATION - YEARS 25 NEW BUILDING; 25 YEARS MOST LIKELY; 30 YRS POSSIBLY

CALL- YEARS 5 NEW BUILDING; COULD GET 7 TO 10 YEAR TERM

DEBT SERVICE (25 YR AMORT / 5 YR CALL) ($413,068) DEBT SERVICE ON NEW LOAN

CENTRE AT KIRBY RIDGE PROFORMA P&L AND RETURNS

$638,796 FIRST YEAR NOI. FIRST BASE RENT INCREASES ADD $23,644

$53,200+ ALL INCREASES

CASH RETURN UP WITH RECENT INTEREST RATE DROPS

11 TENANTS, MOST MULTI-LOCATION OR FRANCHISE OPERATORS

IN HEART OF PEARLAND’S GROWING, STRONGEST DEMOGRAPHICS


THE PROPERTY

BRAND NEW RETAIL & PROFESSIONAL CENTER

+ 23,504 SF BUILDING ON 3.795 ACRES, INCLUDING 0.97 ACRE DETENTION

+ ALL STEEL FRAME & STUD, BRICK VENEER CONSTRUCTION

+ CONCRETE, WELL-LIT PARKING. 142 SPACES, 6:1,000 SF PARKING RATIO

ON KIRBY DRIVE LESS THAN ONE MILE SOUTH OF BROADWAY

+ IN PEARLAND’S STRONG / GROWING WEST SIDE

+ ON ROAD TO NEW, UPPER-SCALE RESIDENTIAL

100% LEASED TO 11 TENANTS:

+ DENTIST + ACCOUNTANT + PHARMACY + MAJOR NAIL SALON + HAIR SALON + FITNESS CENTER + POOL COMPANY + CARPET/FLOORING + CENTER STAGE GALLERY + BAKERY + FROZEN CUSTARD

MANY ARE EXPERIENCED TENANTS: 7 OF 11 HAVE MULTI-LOCATIONS OR HAVE RELOCATED FOR MORE VISIBILITY; 1 IS FRANCHISEE; ONLY 3 FIRST LOCATION

STRONG DEMOGRAPHICS – 3 MILES & SURROUNDED BY NEWER HOMES

+ 63,000 POPULATION; 22,100 HOUSEHOLDS

+ $175,000 AVG. & $138,000 MEDIAN INCOME

+ PEARLAND - UPSCALE HOMES FOR MEDICAL CENTER / CBD / GALLERIA / SHIP CHANNEL WORKERS

THE FINANCIAL OPPORTUNITY

NEW CENTER / 23,504 SF / 3.795 ACRES ON HARD CORNER

$638,796 CURRENT NOI BEGINNING OCTOBER 2019 FROM 11 TENANTS; RISES WITH FIRM RENT INCREASES FOR ALL.

$8,625,000 PRICE AT 7.4% CAP RATE

POSSIBLE 70% LTV NEW FINANCING AT 4.75% FIXED WITH RECENT RATE DROPS BY MULITPLE LENDER TYPES

8.7% CASH RETURN GROWS WITH MULTIPLE RENT INCREASES + MOST AT 2 YEAR INTERVALS; AVERAGE 2%/YEAR

LEASES STRETCH OVER 10 YEARS + 55% OF SF RUNS 6 THRU 10 YEARS + SPREADS RENEWAL RISKS

CENTRE AT KIRBY RIDGE THE INVESTMENT OPPORTUNITY

DIVERSE TENANT MIX NEW CONSTRUCTION STRONG DEMOGRAPHICS ATTRACTIVE RETURNS


CENTRE AT KIRBY RIDGE – PRELIMINARY SURVEY


NOTICE: The information in this document has been obtained from sources we deem reliable. However, we make no guarantee, warranty or representation, expressed or implied, as to its accuracy or completeness. References to age, rentable areas and land areas are approximate and operating / financial projections are for example only. Buyer should investigate to verify the information and bears all risk for any inaccuracies or omissions.

MCADAMS ASSOCIATES 2019.

IMPORTANT NOTICE

EXCLUSIVELY LISTED BY:

MARTY MCADAMS / MCADAMS ASSOCIATES Office: 281-358-0799 Cell: 832-483-7393

[email protected]


NOTICE


CONFIDENTIALITY AGREEMENT RENT ROLL DETAILS WILL BE PROVIDED UPON RECEIPT OF AN EXECUTED

CONFIDENTIALITY AGREEMENT AS SHOWN BELOW. PLEASE COMPLETE & RETURN TO:

[email protected] OR FAX 281‐358‐7510

SUBJECT PROPERTY: CENTRE AT KIRBY RIDGE – 3695 KIRBY DRIVE, PEARLAND TX 77584 LAND & IMPROVEMENTS

THIS CONFIDENTIALITY AGREEMENT (“Agreement”) is made and agreed to between Marty McAdams / McAdams Associates (“Owner’s Broker”), and ______________________ (“Buyer or Buyer’s Broker”) in response to requirements of the Owner of the Subject Property (“Property”). BUYER OR BUYER’S BROKER HAS REQUESTED information from Owner solely for the purpose of evaluating a possible purchase of the Property. The Owner of the property has advised Buyer /Buyer’s Broker that information concerning the Property is highly confidential and may only be used by Buyer and Buyer’s Broker’s prospects so long as they agree to abide by its requirement for confidentiality. THE PARTIES AGREE, in consideration of the covenants and agreements contained herein, as follows:

1. Buyer, Buyer’s Broker and others with whom this information will be shared by them, will not disclose, permit the disclosure of, release, disseminate or transfer, any information obtained hereunder (“Information”) to any other person or entity.

2. If Buyer or Buyer’s Broker is a corporation, partnership, limited liability company or other non‐natural legal entity, the person(s) signing this Agreement on its behalf will take all appropriate precautions to limit the dissemination of the Information only to those persons within the entity who have a need to know of the Information, and who are specifically aware of the Agreement and agree to honor it.

3. This Agreement applies to all information received from Owner or Owner’s Broker, now or in the future, which is not readily available to the general public. Buyer and Buyer’s Broker understand that all information shall be deemed confidential, valuable and proprietary such that its unauthorized disclosure, even without intent to harm, could cause substantial and irreparable harm to Owner and Owner’s Broker.

4. All information shall be used for the sole purpose of evaluating the potential acquisition of the Property, and it shall not at any time, or in any manner, be used for any other purpose.

5. Buyer and Buyer’s Broker, or individuals with whom they may share this Information, shall not contact directly any persons concerning the Property without Owner’s written permission. Such persons include, without limitation, Owner’s employees, suppliers and tenants.

6. Owner or Owner’s broker make no representations or warranty, express or implied, as to the accuracy or completeness of any information provided.

7. This Agreement shall be governed and construed in accordance with the laws of the State of Texas.

Agreed and accepted this _______ day of _________________________, 2019.

Buyer: ___________________________ Buyer’s Broker: ___________________________ Name: ___________________________ Name: _______________________________ Email: ___________________________ Email: _______________________________ Phone: __________________________ Phone: ______________________________


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$638,796 first year base rents.

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centre at kirby ridge retail & professional center

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