marybeth - loopnet...building sf land area lease term recovery options date monthly rent annual rent...
TRANSCRIPT
MaryBethNWC W Lovers Lane & Linwood AvenueDallas, Texas
4438 W Lovers LnDallas, Texas 75209
T 214.396.1810VireoRE.com
Stroud [email protected]
Clay [email protected]
CONFIDENTIAL OFFERING MEMORANDUM
MaryBeth / 2
Property InformationLocation4719 W Lovers LnDallas, TX 75209
Size3,200 SF
PriceMake Offer
Occupancy100%
Parking11 spaces (3.52/1,000 SF)
ZoningPD-326
Tax Authority / IDDallas County / 00000361423000000
Building ExteriorBrick
RoofPitched
HVACCentral Units
Site LightingPole and building mounted lights
Parking LotGood condition, concrete
The information contained herein was obtained from sources deemed reliable; however, no guarantees, warranties or representations as to the completeness or accuracy thereof.The presentation of this real estate information is subject to errors; omissions; change of price; prior sale or lease; or withdrawal without notice.
MaryBeth / 3
Executive Summary
Investment Overview• 3,200 SF retail asset sitting on 0.16 acres in Dallas, Texas• Situated in major retail corridor of highly affluent, dense residential neighborhood• High-profile Park Cities demographics• Close proximity to Dallas Love Field Airport• Desirable local retail real estate near “Lovers Lane Miracle Mile,” a strip of shops and
restaurants on Lovers Lane• Income growth via rent escalations
Top Investor MarketThe Dallas-Fort Worth Metroplex (“DFW”) is the 4th largest metropolitan area in the nation, and is currently experiencing significant growth making it a mecca for real-estate investment. DFW adds another person every four minutes, according to data from the US Census Bureau. Ease of transportation and low cost of living have fueled business expansion, attracting new employers. The local economy has outpaced the national economy for roughly a decade, resetting the bar for market performance.
Ideal LocationMaryBeth (The “Property”) is strategically located along W Lovers Lane between Lemmon Avenue and Inwood Road in Dallas, Texas. The Property is situated within the “Lovers Lane Miracle Mile,” a strip made up of independently owned shops and restaurants. Some of them are family-owned and have been on Lovers Lane for decades. Heavy traffic on the thoroughfare can be attributed to the extensive residential area that the Lovers Lane retail corridor serves. The location attracts a much bigger residential area than which it is located, extending to the Park Cities (Highland Park and University Park) which have some of the highest per capita incomes in the Dallas-Fort Worth Metroplex as well as the state of Texas.
The Property is located less than three miles from Dallas Love Field Airport, and less than a mile from Inwood Village with retailers such as Trader Joe’s, Neiman Marcus Last Call, Ulta, BreadWinners Café, Saint Bernard Sports and more. Also in close proximity is Preston Center, which includes multiple retailers and office buildings. The prime location and city’s healthy business climate allow an investor to realize true value through these assets.
Demographics 1 Mile 3 Mile 5 Mile
Total Population 11,873 147,391 385,990
Daytime Population 7,903 145,438 477,229
Median HH Income $114,787 $109,411 $92,205
Median Age 38.1 35.2 34.5
MaryBeth / 4
WA XA HACHIE
DESOTO
DUNCANVILLE
CLEBURNE
FORT WORTH
G RAPEVINE
CARROLLTON
FRISC OLITTLE ELM
DENTON
MCKI NNEY
WEATHER FOR D
MINERAL W ELLS
DA LLASMESQUI TE
ENNI S
DFW AIRPORT
PROSPER
THE C OLONY
C OPPELL
FLOWERMOUND
LEWISVILLE
ALLEN
PLANO
ROANOKE
NORTHRICHLAND
HILLSLA K E WO RTH
AZLE
BURLESON
B ENBROO K
MANSFIELD
MIDLOTHIAN
C EDAR HILL
KAUFMAN
TERRELL
FORNEY
RIC HARDSON
GRANBURY
IRVING
ARLINGTON
30
30
35E20
820
35W
35W
635
75
175
121
121
288
161
360
114
12
35E
380
380
287
ROCKWALL
HEATH
GARLAND
ROW LETT
W YLI E
20
63520
205
287
67
67
80
FARMERSVI LLE
Location Map
MaryBeth
MaryBeth / 5
Aerial - East View
MaryBeth / 6
Aerial - South View
MaryBeth / 7
Survey
MaryBeth / 8
Tenant Profile
MaryBethMaryBeth is a women’s clothing and accessories store previously located in The Shops of Highland Park on Oak Lawn Avenue in Dallas, Texas. MaryBeth has been open since 1991 and offers brands such as Acrobat, Alice & Trixie, DL 1961, Lafayette 148, PJ Harlow, Trina Turk,
ZOA and more.
Size3,200 SF
Lease Expiration12/31/2023
WebsiteMaryBethBoutique.com
MaryBeth / 9
Financial Summary & Rent Roll
Analysis Summary
Analysis Start 8/1/2017
Hold Period 5 years
GLA 3,200
Occupied GLA 3,200
Purchase Summary
Price Make Offer
NOI $70,404
Building SF Land Area Lease Term Recovery Options Date Monthly Rent Annual Rent
MaryBeth 3,200 SF 7,150 SF 1/1/2019-12/31/2023
N/A - Tenant pays CAM and insurance directly; Landlord pays real estate taxes (not reimbursed by Tenant)
2, 5-year terms, FMV, 180 days written notice
Current1/1/20201/1/20211/1/20221/1/20231/1/2024 (Option 1)1/1/2029 (Option 2)
$7,000$7,200$7,400$7,600$7,800FMVFMV
$84,000$86,400$88,800$91,200$93,600FMVFMV
Total Leased 3,200 SF Total Current Annual Rent $84,000
Total Vacant -
Total Area 3,200 SF
MaryBeth / 10
Cash Flow
Effective Gross Revenue Year 1 Year 2 Year 3 Year 4 Year 5
January 2019 January 2020 January 2021 January 2022 January 2023
Income
Base Rental Revenue $84,000 $86,400 $88,800 $91,200 $93,600
Expense Reimbursement Revenue - - - - -
Total Effective Gross Revenue $84,000 $86,400 $88,800 $91,200 $93,600
Expenses
Real Estate Taxes $13,596 $14,004 $14,424 $14,857 $15,302
Total Operating Expenses $13,596 $14,004 $14,424 $14,857 $15,302
Net Operating Income $70,404 $72,396 $74,376 $76,343 $78,298
MaryBeth / 11
Lease Abstract
Tenant MaryBeth
Square Footage (Building) 3,200 SF
Land Area 7,150 SF
Specific Use The operation of a retail clothing and jewelry boutique.
Documentation Lease dated November 2016.
Rent Commencement Date January 1, 2019
Lease Expiration Date December 31, 2023
Term 5
Security Deposit $7,800
Base Rent Period Per Month Annual PSF
January 1, 2019 - December 31, 2019 $7,000.00 $84,000.00 $26.25
January 1, 2020 - December 31, 2020 $7,200.00 $86,400.00 $27.00
January 1, 2021 - December 31, 2021 $7,400.00 $88,800.00 $27.75
January 1, 2022 - December 31, 2022 $7,600.00 $91,200.00 $28.50
January 1, 2023 - December 31, 2023 $7,800.00 $93,600.00 $29.25
Remaining Renewal Options
January 1, 2024 - December 31, 2028 FMV
January 1, 2029 - December 31, 2033 FMV
Renewal Option(s) Two, 5-year renewal options with 180 days written notice.
CAM Payments Tenant shall pay all CAM payments directly.
Insurance Payments Tenant shall pay all insurance payments directly.
RE Tax Payments Landlord shall pay all real estate taxes due.
Utilities Tenant shall pay cost of all utility services for the Demised Premises.
Tenant Maintenance Tenant shall keep all portions of the Demised Premises in good, clean and habitable condition and shall at its sole cost and expense keep the Demised Premises free of insects, rodents, vermin and other pests and make all needed repairs and replacements, including replacement of cracked or broken glass.
Landlord Maintenance Landlord shall keep the foundation and roof of the Demised Premises in good repair.
MaryBeth / 12
Lease Abstract (Continued)
Executor Marybeth F. Johnston GP, LLC
Estoppel Certificate Tenant shall provide an estoppel certificate within five business days after written request from Landlord.
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 broker’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.
BUYER, SELLER, LANDLORD OR TENANT
BROKER FIRM NAME LICENSE NO. EMAIL PHONE
DATE
Real estate licensee asks that you acknowledge receipt of this information about brokerage services for the licensee’s records.
Approved by the Texas Real Estate Commission for Voluntary Use
INFORMATION ABOUT BROKERAGE SERVICES
Texas law requires all real estate licensees to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords.
Vireo Realty Partners [email protected] 214.396.1810
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.