western center marketplace - loopnet...u.s. with a population of over 895,000. the dallas-fort worth...

WESTERN CENTERMARKETPLACE

(DALLAS-FORT WORTH MSA)

TABLE OF CONTENTS

EXCLUSIVELY OFFERED BY:

executive summaryInvestment Highlights 4Property Overview 5Demographic Summary 6

property summaryFort Worth Location Map 8Texas Location Map 9Site Plan 10Retail Aerials 11Property Pictures 13Property Description 18

financial summaryCurrent Rent Roll 20Income & Expense Summary 21Lease Expiration Schedule 22

tenant summaryKey Tenant Profiles 24Lease Term Summary 25

market overviewAlliance/Fort Worth Market Overview 27 DFW Market Overview 28Demographics 29Statement of Confidentiality & Disclosure 30

section i

section ii

section iii

section iv

trip greenSr. Vice President - Investment Sales

817.377.7763

[email protected]

section v

WESTERN CENTER MARKETPLACE EXECUTIVE SUMMARY

WESTERN CENTER MARKETPLACE // 4

HIGH GROWTH, AFFLUENT AREA

The property has an established presence in the “Alliance

Texas” area of north Fort Worth; one of the fastest

growing regions in the nation. Situated near major

employers and several large residential communities, the

property’s tenants enjoy tremendous exposure to area

shoppers.

EXCELLENT RETAIL FUNDAMENTALS

Western Center Marketplace is located along Western

Center Blvd, a major thoroughfare used by residents,

employees and shoppers to access nearby Interstate 35.

Existing tenant mix at the project consists mainly of a

complimentary mix of established restaurant concepts

and service providers. The overall project is well insulated

from e-commerce exposure and the “Amazon Effect”.

STABLE MIX OF PROVEN TENANTS

Over 40% of the projects GLA is occupied by Regional

Credit tenants operating multiple locations. With an

average length of existing tenant occupancy of nearly

5yrs, the property has a strong historical occupancy of

successful tenants.

INVESTMENTINVESTMENT OVERVIEWThe Woodmont Company is pleased to present the opportunity to purchase Western Center

Marketplace Shopping Center, a Class A retail strip center located in Fort Worth, Texas.

This location serves an extended trade area and is located just off a major intersection

within the retail market. Current tenants consist of a complimentary and stable mix of well-

established Regional Credit and Local Tenants. The property was constructed in 2007 and

is currently 80% occupied with an economic occupancy of 100%.

INVESTMENTINVESTMENT HIGHLIGHTS

PROPERTY OVERVIEW

SALES PRICE - CAP RATE: $2,250,000 - 6.65%

IN PLACE NOI: $149,531

2024 PROJECTED NOI - CAP RATE: $155,263

2029 PROJECTED NOI - CAP RATE: $166,869

GROSS LEASABLE AREA: 9,961

CURRENT OCCUPANCY: 80% (100% w/ Lease in Neg.)

ECONOMIC OCCUPANCY: 100.00%

NUMBER OF BUILDINGS: 1

YEAR OF CONSTRUCTION: 2007

LOCATION: 2720 Western Center Blvd. Fort Worth, TX 76131


PROPERTYPROPERTY OVERVIEW

BELOW MARKET RENTAL RATES

The average rental rate for the property’s tenants is $15.07 PSF, well below quoted rental

rates ranging from $25.00 - $38.00 PSF for similar properties in the immediate vicinity.

SUSTAINED INCOME GROWTH

Almost all leases have built in rent increases during their existing terms and/or renewals. The

strong tenant line-up, lease guarantees, NNN lease structures and staggered lease expirations

gives stability to the property and cash flow; providing for an increasing revenue year over year.

These scheduled increases on base rents provides investors a tremendous hedge against inflation.

FREE AND CLEAR OFFERINGThe property is being offered free and clear of any existing debt.

*Actual location. Boundary lines shown are approximate*Actual location. Boundary lines shown are approximate

BUILDING 2720BUILDING 2720


DEMOGRAPHIC SUMMARY - WESTERN CENTER MARKETPLACE

1 MILES1 MILES 3 MILES3 MILES 5 MILES5 MILES

2018 POPULATION (EST.)2018 POPULATION (EST.) 15,986 89,672 267,540

AVG. HOUSEHOLD INCOMEAVG. HOUSEHOLD INCOME $77,731 $86,699 $88,916

HOUSEHOLDSHOUSEHOLDS 5,738 30,694 87,948

EMPLOYEESEMPLOYEES 7,580 36,507 81,048

DEMOGRAPHICDEMOGRAPHIC SUMMARY



MARKET OVERVIEWWESTERN CENTER MARKETPLACE


LOCATIONLOCATION MAP


BNSF CORPORATECAMPUS

BNSF


LOCATIONLOCATION MAP

WESTERN CENTER MARKETPLACE

DFWDFWINTERNATIONALINTERNATIONAL

AIRPORTAIRPORT

FORT WORTHFORT WORTH

ARLINGTONARLINGTON

DALLASDALLAS


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WESTERN CENTER DENTAL

HIGHLAND CLEANERS

FIRSTDONUTS

WOODSINSURANCE

AGENCY

HEAVENLY BLISS

DAY SPA

SITESITE PLAN

MEDICALBUILDING

NOT A PART

NO

T A

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2720 BUILDING

Ste Tenant SF

320 Master Lease 2,000

316Western Center Eye Care

1,800

312 Premier Rehab 4,000

300Zombie Krew Jiu Jitsu

2,161

Total 9,961

N

WESTERN CENTER BLVDWESTERN CENTER BLVD


NOT A PART


RETAILRETAIL AERIAL

SEDONA PLACESEDONA PLACEAPARTMENTSAPARTMENTS

131 UNITS131 UNITS

35W


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SUPERIOR SANDWICHES

Print & Ship SerivcesSM

35W

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CANTRELL SAMSOM ROADCANTRELL SAMSOM ROAD FOSSIL CREEK BLVDFOSSIL CREEK BLVD

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SKYVIEW WEST SKYVIEW WEST APARTMENTSAPARTMENTS

976 UNITS976 UNITS

SANDSHELL ATSANDSHELL ATFOSSIL CREEKFOSSIL CREEK

204 UNITS204 UNITS

AVINGTON PARK AVINGTON PARK AT FOSSIL CREEKAT FOSSIL CREEK

680 UNITS680 UNITSTHE GREENS OF THE GREENS OF

FOSSIL LAKEFOSSIL LAKE141 UNITS141 UNITS

THE CLUB ATTHE CLUB ATFOSSIL CREEKFOSSIL CREEK

147 UNITS147 UNITS

PARK CREEKPARK CREEKAPARTMENTSAPARTMENTS

213 UNITS213 UNITS

GARDEN GATEGARDEN GATEAPARTMENTSAPARTMENTS

239 UNITS239 UNITS

THE LAUREL THE LAUREL BY CORTLANDBY CORTLAND

161 UNITS161 UNITS

WALTON MARINE WALTON MARINE CONSTRUCTION CONSTRUCTION & ENGINEERING & ENGINEERING

COMPANYCOMPANY

BASSWOOD BLVDBASSWOOD BLVD

BNSF RAILWAYBNSF RAILWAYCORPORATE CAMPUSCORPORATE CAMPUSSILVERSAGE POINT AT SILVERSAGE POINT AT

WESTERN CENTERWESTERN CENTER145 UNITS145 UNITS

951 HOMES951 HOMES 1,403 HOMES1,403 HOMES

360 HOMES360 HOMES

674 HOMES674 HOMES

269 HOMES269 HOMES

765 HOMES765 HOMES

1,455 HOMES1,455 HOMES

530 HOMES530 HOMES



RETAILRETAIL AERIAL

35W


BNSFBNSFRAILWAYRAILWAY

SUPERIOR SANDWICHES

Print & Ship SerivcesSM

35W

BNSF RAILWAYBNSF RAILWAYCORPORATE CAMPUSCORPORATE CAMPUS



PROPERTYPROPERTY PICTURES




DOWNTOWNFORT WORTH

1,107 UNITS




BNSFBNSFCORPORATECORPORATE

CAMPUSCAMPUS

35


ADDRESS:ADDRESS: 2720 Western Center Blvd. Fort Worth, TX 76131

LOCATION:LOCATION: SWQ I-35 & Western Center Blvd.

INGRESS/EGRESS:INGRESS/EGRESS: 1 Curb Cut along Western Center Blvd.

TRAFFIC COUNTS:TRAFFIC COUNTS: I-35: 136,000 VPD Western Center Blvd: 21,000 VPD

SIGNAGE:SIGNAGE:One multi-tenant monumnet

sign along Western Center Blvd. Building signage for each tenant.

CONSTRUCTION TYPE:CONSTRUCTION TYPE: Concrete panels with EIFS & Ma-sonry wall coverings

ROOF:ROOF: TPO

HVAC:HVAC: Individual roof mounted HVAC units

DRIVE AREA:DRIVE AREA: Concrete with concrete curbs

PARKING:PARKING: 217 parking spaces (4.8/1,000sf)

COUNTY:COUNTY: Tarrant

TAX ASSESOR ID:TAX ASSESOR ID:41479904

PROPERTYPROPERTY DESCRIPTION

FINANCIAL SUMMARYWESTERN CENTER MARKETPLACE


annual operating income current per sf2024

(proj.) per sf2029

(proj.) per sf

Base Rent $159,745 $16.04 $165,719 $16.64 $178,633 $17.93

Percentage Rent $0 $0.00 $0 $0.00 $0 $0.00

Reimbursed Expenses $78,094 $7.84 $84,763 $8.51 $93,197 $9.36

Other Income $0 $0.00 $0 $0.00 $0 $0.00

Total Operating IncomeTotal Operating Income $237,839$237,839 $23.88$23.88 $250,482$250,482 $25.15$25.15 $271,830$271,830 $27.29$27.29

Vacancy Allowance 5% ($11,892) -$1.19 ($12,524) -$1.26 ($13,592) -$1.36

Effective Gross RevenueEffective Gross Revenue $225,947$225,947 $22.68$22.68 $237,958$237,958 $23.89$23.89 $258,239$258,239 $25.92$25.92

Building 2720 Direct ExpensesBuilding 2720 Direct Expenses

Real Estate Taxes $44,389 $4.46 $48,048 $4.82 $53,049 $5.33

Property Insurance $4,164 $0.42 $4,507 $0.45 $4,976 $0.50

Management Fee $6,000 $0.60 $6,495 $0.65 $7,171 $0.72

General & Administrative $480 $0.05 $520 $0.05 $574 $0.06

Utilities (Tenant Water) $4,022 $0.40 $4,354 $0.44 $4,807 $0.48

Landscaping $2,772 $0.28 $3,001 $0.30 $3,313 $0.33

Alarm Monitoring $2,847 $0.29 $3,082 $0.31 $3,402 $0.34

Repairs & Maintenance (Buildings Only) $2,720 $0.27 $2,944 $0.30 $3,251 $0.33

Total Direct Expenses 2720Total Direct Expenses 2720 $67,394$67,394 $6.77$6.77 $72,951$72,951 $7.32$7.32 $80,543$80,543 $8.09$8.09

WCMP Assoc. Common Area ExpensesWCMP Assoc. Common Area Expenses

Dues & Prof. Fees $1,200 $0.12 $1,296 $0.13 $1,440 $0.14

Utilities (Elect. & Irrigation) $2,085 $0.21 $2,251 $0.23 $2,501 $0.25

Trash Service $3,544 $0.36 $3,828 $0.38 $4,253 $0.43

Day Porter $1,308 $0.13 $1,413 $0.14 $1,570 $0.16

Pest Control $336 $0.03 $363 $0.04 $403 $0.04

Repairs & Maintenance (Common Areas Only) $150 $0.02 $162 $0.02 $180 $0.02

Insurance (Common Areas Only) $400 $0.04 $432 $0.04 $480 $0.05

Total WCMP Assoc. Common Area ExpensesTotal WCMP Assoc. Common Area Expenses $9,023$9,023 $0.91$0.91 $9,744$9,744 $0.98$0.98 $10,827$10,827 $1.09$1.09

Total Operating ExpensesTotal Operating Expenses $76,417$76,417 $7.67$7.67 $82,695$82,695 $8.30$8.30 $91,370$91,370 $9.17$9.17

Net Operating IncomeNet Operating Income $149,531$149,531 $15.01$15.01 $155,263$155,263 $15.59$15.59 $166,869$166,869 $16.75$16.75

INCOMEINCOME EXPENSE SUMMARY

• Current Operating Income is based on the current Rent Roll and reimbursements.

• Vacancy Allowance is based on a market vacancy factor of 5%.

• Current Operating expenses based on 2018 Actual Expenses and 2019 Budgeted Expenses.

• Real Estate Taxes based on 2019 tax assessment.

• WCMP Association Expenses are pro-rata share of expenses pertaining to the projects shared Common Areas.

• WCMP Association

Expenses are assessed to Tenant’s as part of CAM’s.

• 2024 & 2029 Projected Income and Expenses based on Current Rent Roll’s in-place schedule rent increases and renewal options and Operational Expenses adjusted for inflation.

TENANT SUMMARYWESTERN CENTER MARKETPLACE

Parent Company: Tran Vision Associates PLLC Parent Company: Premier Rehab Fort Worth, PLLC DBA: Confidential

Locations: 1 Locations: 6 Locations: 1

Website: www.wceyecare.com Website: www.premiererehab.com Website: TBD

As a fully licensed and equipped optometric practice,

Western Care Eye Care offers a complete range of

eye care services under one roof in a modern facility.

Offering every patient the absolute best in vision

care--whether through fitting them with eyeglasses

or contact lenses, diagnosing cataracts, glaucoma,

diabetic retinopathy and other eye diseases, or

recommending LASIK and other eye surgery

procedures.

Established in 2003 with a goal of empowering all

people to return to an active and healthy lifestyle

using world class physical therapy services, Premiere

Rehab Physical Therapy works in collaboration with

area physicians to help patients recover quickly and

safely. Six state of the art facilities offering physical

therapy, aquatic therapy, knee therapy, dry needling,

fitness assesments, Gastron technique, lower back

therapy, mat and pilates programs, pre and post natal

programs, vestibular rehabilitation, Dartfish video

analysis and pneumatic compression.

Led by experienced developer of national restaurant

brands and a well-known D/FW catereer, this exciting

new addition to Western Center Marketplace will offer

a full menu of classic items with a made from scratch

flair. From classic dishes, to original updates on

everybody’s favorites, this new concept will sure to be

a fun place for the whole family to enjoy.

NEWNEWRESTAURANTRESTAURANT

TENANTTENANT


KEY TENANTKEY TENANT PROFILES

PROPERTY SUMMARYWESTERN CENTER MARKETPLACE


ALLIANCE TEXAS:

The Alliance Texas area of Fort Worth is centered around a 26,000-acre (nearly double the size of Manhattan) master-planned, mixed-use development, spanning two counties and six municipalities and four school districts over 44.9 million square feet of development. 500+ companies and +61,600 jobs.

FORT WORTH:

Fort Worth is the 5th largest city in Texas and the 13th largest in the U.S. with a population of over 895,000. The Dallas-Fort Worth area has remained one of the country’s fastest-growing metropolitan areas for several years in a row. In 2014, census figures found that Fort Worth had the highest population growth rate in the United States with growth of more than 42% between 2000 and 2013.

MARKET MARKET OVERVIEW

4TH LARGEST METRO AREA IN THE UNITED STATES

The Dallas-Fort Worth Metroplex (DFW, the Metroplex) is the largest Metropolitan Statistical Area (MSA) in Texas and the fourth largest in the United States. This dynamic 12-county region is the economic and cultural hub of the region commonly referred to as North Texas or the Metroplex.

PROJECTED 37% POPULATION INCREASE BY 2030

As the nation’s fasting growing metropolitan area, DFW has led population growth over the last decade, adding 1.3 million people – a 25 percent increase. The official 2015 U.S. Census estimate is 7,117,896, an increase of 131,879 residents from the prior year. It is projected that by year 2030, the Dallas/Fort Worth population will increase by an additional 29% to over 9.2 million people living the Metroplex.

DFW LEADS THE NATION IN JOB GROWTH

According to the U.S. Bureau of Labor Statisvtics, total employment in the Dallas-Fort Worth MSA stood at 3,148,400 in October 2014, up 96,100 over the prior year. The DFW MSA consists of two separately identifiable employment divisions within the larger metropolitan area. The Dallas-Plano-Irving Metropolitan Division, which accounted for 70 percent of the area’s workforce, added 77,500 jobs from July a year ago, a gain of 3.7 percent. The Fort Worth- Arlington Metropolitan Division, which accounted for the remaining 30 percent of the area workforce, added 34,300 jobs during the 12-month period, a 3.8 percent increase. Moody’s Economy.com projects consistent positive job growth for DFW over the next five years, adding more than 300,000 jobs; further solidifying DFW as the top metropolitan area in terms of job growth.

STRONG BASE OF CORPORATE HEADQUARTERS

DFW has the 4th largest number of corporate headquarters in the nation and is home to 18 Fortune 500 companies, including 4 Global 500 companies, and 40 Fortune 1000 companies. The 18 Fortune 500 companies collectively brought in more than $813 billion last year. DFW has capitalized on its central U.S. location, unparalleled transportation network, operating and living costs well below the national average, pro-business government, critical mass of existing corporate headquarters and offices, and favorable year-round climate.

DFW MARKETDFW MARKET OVERVIEW



DEMOGRAPHICSDEMOGRAPHICS

POPULATION 1 MILE 3 MILES 5 MILES

2018 Estimated Population 15,986 89,672 267,540

2023 Projected Population 17,320 96,995 289,965

2010 Census Population 12,382 72,496 222,087

2000 Census Population 3,587 45,387 135,595

Projected Annual Growth 2018 to 2023 1.7% 1.6% 1.7%

Historical Annual Growth 2010 to 2018 3.6% 3.0% 2.6%

HOUSING

2018 Estimated Households 5,738 30,694 87,948

2023 Projected Households 6,097 32,588 93,593

2010 Census Households 4,548 25,487 74,233

2000 Census Households 1,250 15,534 45,333

Projected Annual Growth 2018 to 2023 1.3% 1.2% 1.3%

Historical Annual Growth 2000 to 2018 19.9% 5.4% 5.2%

INCOME

2018 Est. Average Household Income $77,731 $86,699 $88,916

2018 Est. Median Household Income $67,339 $75,303 $75,645

2018 Est. Per Capita Income $27,903 $29,744 $29,264

AGE

2018 Est. Median Age 30.4 31.7 31.9

BUSINESS

2018 Est. Total Businesses 283 1,990 5,870

2018 Est. Employees 7,580 36,507 81,048

The material contained in this Investment Offering Brochure is furnished solely for the purpose of considering the purchase of enclosed property and is not

to be used for any other purposes. This information should not, under any circumstances, be photocopied or disclosed to any third party without written

consent of The Woodmont Company or Owner, or used for any purpose whatsoever other than to evaluate the possible purchase of the Property.

The only party authorized to represent the Property Owner (“Owner”) in connection with the sale of the Property is The Woodmont Company, and no other

person is authorized by the Owner to provide any information or to make any representations other than contained in this Investment Offering Brochure.

If the person receiving these materials does not choose to pursue a purchase of the Property, this Offering Brochure must be returned to The Woodmont

Company.

Neither The Woodmont Company nor the Owner make any representation or warranty, express or implied, as to the accuracy or completeness of the

information contained herein, and nothing contained herein is or shall be relied upon as a promise or representation as to the future performance of

the Property. This Offering Brochure may include certain statements and estimates by The Woodmont Company with respect to the projected future

performance of the Property. These Assumptions may or may not be proven to be correct, and there can be no assurance that such estimates will be

achieved. Further, The Woodmont Company and the Owner disclaim any and all liability for representations or warranties, expressed or implied, contained

in or omitted from this Investment Offering Brochure, or any other written or oral communication transmitted or made available to the recipient. The

recipient shall be entitled to rely solely on those representations and warranties that may be made to it in any final, fully executed and delivered Real Estate

Purchase and Sale Agreement between it and Owner. The information contained herein is subject to change without notice and the recipient of these

materials shall not look to Owner or The Woodmont Company, nor any of their officers, employees, representatives, independent contractors, or affiliates,

for the accuracy or completeness thereof. Recipients of the Investment Offering Brochure are advised and encouraged to conduct their own comprehensive

review and analysis of the Property.

This Investment Offering Brochure is a solicitation of interest only and is not an offer to sell the Property. The Owner expressly reserves the right, at its sole

discretion, to reject any or all expressions of interest to purchase the Property and expressly reserves the right, at its sole discretion, to terminate discussions

with any entity at any time with or without notice. The Owner shall have no legal commitment or obligation to any entity reviewing the Investment Offering

Brochure or making an offer to purchase the Property unless and until the Owner executes and delivers a signed Real Estate Purchase Agreement on terms

acceptable to Owner, in Owner’s sole discretion. By submitting an offer, a prospective purchaser will be deemed to have acknowledged the foregoing and

agreed to release Owner and The Woodmont Company from any liability with respect hereto.


CONFIDENTIALITY &CONFIDENTIALITY & DISCLOSURE

EXC LUSIVELY OFFERED BY:

WWW.WO ODMON T.C OM

corporate office2100 W. 7th Street

Fort Worth, Texas 76107

817.732.4000

trip greenSr. Vice President - Investment Sales

817.377.7763

[email protected]

dallas office16633 N. Dallas Pkwy, Suite 320

Addison, Texas 75001

214.824.6091

newport beach office620 Newport Center Dr, Suite 1100

Newport Beach, California 92660

949.698.1520

derek anthonyAssistant Vice President - Brokerage

817.377.7150

[email protected]

western center marketplace - loopnet...u.s. with a population of over 895,000. the dallas-fort worth...

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