woodbridge centre - loopnet...than 650 restaurants either open or in development. the chain has its...

WYLIE, TX

WOODBRIDGE CENTRE & LONG-TERM GROUND LEASE

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PRICING & FINANCIAL ANALYSIS

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2017 STRIVE

Offering SummaryPrice $11,440,000

Cap Rate 6.25%

Net Operating Income (2019) $714,874

Occupancy 100.0%

Year Built 2013

Gross Leasable Area 29,763 SF

Lot Size 4.13 Acres

Woodbridge Centre803-805 Woodbridge Pkwy & 2600 W FM 544Wylie, TX 75098

Opening 2018

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3This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2017 STRIVE

PRICING & FINANCIAL ANALYSIS

expenSeS Current pSfReal Estate Taxes $136,667 $4.59

Insurance $9,200 $0.31

CAM

Alarm Monitoring $1,500 $0.05

Electric-Parking Lot $10,800 $0.36

Extermination $1,884 $0.06

Landscaping $16,320 $0.55

Mulch $3,250 $0.11

Fire Ant Treatment $650 $0.02

Irragation Repairs $2,100 $0.07

Maintenance & Repairs-Other $900 $0.03

Parking Lot Lighting Repairs $1,500 $0.05

Parking Lot Sweeping $4,704 $0.16

Maintenance Service/Porter $3,600 $0.12

Maintenance Service/Labor $2,700 $0.09

Telephone $4,380 $0.15

Trash $13,800 $0.46

Building Water $7,740 $0.26

Utilities - Water Irrigation $79,828 $0.15

Building Water $39,190 $0.35

Total CAM $79,828 $2.68

Management Fee (% of GPI) 4.00% $39,190 $1.32

TOTAL EXPENSES $264,885 $8.90

inCOme & expenSeS Current pSfBase Rent - Occupied Space (2019) (100%) $766,440 $25.75

Base Rent - Vacant Space (0%) $0.00 $0.00

GROSS POTENTIAL RENT $766,440 $25.75

Expense Reimbursements

Real Estate Tax Reimb. $136,667 $4.59

Insurance Reimb. $9,200 $0.31

CAM Reimb. $79,828 $2.68

Mgmt./Admin. Fee Reimb. $39,190 $1.32

Total Expense Reimbursements $264,885 $8.90

GROSS POTENTIAL REVENUE $1,031,325 $34.65

Vacancy Factor 5.00% ($51,566.26) ($1.73)

EFFECTIVE GROSS REVENUE $979,759 $32.92

Expenses

Real Estate Taxes ($136,667) ($4.59)

Insurance ($9,200) ($0.31)

CAM ($79,828) ($2.68)

Mgmt. Fee (% of GPI) 4.00% ($39,190) ($1.32)

Total Expenses ($264,885) ($8.90)

NET OPERATING INCOME $714,874 $24.02

Note: The base rent in the analysis takes into consideration a 12-month hold from 1/1/2019

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RENT ROLL

Suite tenant Sq ft% Of Sq ft

Start endannual

rentpSf eSCalatiOn

dateeSCalatiOn

amOunttOtal

2019 rentOptiOnS

leaSetype

805-100 Pending Lease 1,952 8.8% 8/1/2018 - $58,560 $30.00 - - $58,560 - NNN

805-200 Papa John's 1,600 7.3% 11/3/2014 12/31/2019 $44,800 $28.00 1/1/2020 $30.80 $44,800 2 x 5 NNN

805-300 Rice Garden 1,600 7.3% 11/25/2013 12/31/2025 $43,200 $27.00 1/1/2021 $29.70 $43,200 1 x 5 NNN

805-400 Ideal Dental 2,114 9.6% 11/25/2013 12/31/2023 $52,850 $25.00 1/1/2019 $27.50 $58,135 1 x 5 NNN

805-600 Sports Clips 1,300 5.9% 9/18/2013 12/31/2023 $32,500 $25.00 1/1/2019 $27.50 $35,750 1 x 5 NNN

805-800 Castle Nails 2,400 10.9% 10/26/2013 12/31/2023 $55,200 $23.00 1/1/2019 $25.00 $60,003 1 x 5 NNN

803-700 Subway 1,500 6.8% 10/26/2013 1/31/2019 $37,500 $25.00 2/1/2019 $28.00 $42,000 2 x 5 NNN

803-900 Game Trade 1,600 7.3% 12/11/2013 12/31/2023 $41,600 $26.00 1/1/2019 $27.50 $44,000 2 x 5 NNN

803-1300 Orange Leaf 1,600 7.3% 7/17/2014 12/31/2019 $41,600 $26.00 1/1/2020 $28.60 $41,600 1 x 5 NNN

803-1400 Woodbridge Vision 2,070 9.4% 7/2/2014 12/31/2024 $53,820 $26.00 7/1/2019 $28.00 $55,890 2 x 5 NNN

803-1200 Wing Stop 1,700 7.7% 5/24/2015 12/31/2020 $44,200 $26.00 1/1/2021 $28.60 $44,200 2 x 5 NNN

803-1100 Loco Gringo Taco Shack 2,627 11.9% 8/5/2017 12/31/2022 $68,302 $26.00 1/1/2023 $28.60 $68,302 1 x 5 NNN

Pad 1 The Rock 7,700 0.0% 1/31/2015 12/31/2029 $170,000 $22.08 1/1/2020 $24.29 $170,000 3 x 5 GroundLease

Occupied 29,763 (100.0%) $744,132 $25.00 $766,440

Vacant 0 (0.0%)

Total 29,763 (100.0%)

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TENANT INFORMATION

Papa John’s is the third largest take-out and pizza delivery chain in the United States. Papa John’s prides themselves on using fresh ingredients and never-frozen pizza dough. Currently there are over 4,700 Papa John’s restaurants operating in all 50 U.S. states and in 30 other countries.

tenant OverviewTenant Papa Johns

Ownership Public

Number of Locations 4,700+

Years In Business 32 Years

Headquarters Jeffersontown, KY

Website www.papajohns.com

tenant OverviewTenant Sports Clips

Ownership Private



Headquarters Georgetown, TX

Website www.sportsclips.com

Sport Clips is an American-based chain of haircut salons which caters primarily to men and boys. The chain touts the broadcasting of sports programming throughout the stores. Sports memorabilia and logo items are displayed and are offered for sale at some locations. In February 2009, Sport Clips was listed in Entrepreneur Magazine as one of the fastest growing franchises based on operating units.

tenant SummaryCompany The Rock Wood Fired Kitchen

Ownership Private

Number of Locations 20+


Headquarters Tacoma, WA

Website www.therockwfk.com

The Rock is edgy, gritty and all about good ol’ classic rock. 1995 marked the first year The Rock opened up in Tacoma as a local pizza joint. Their gourmet hand-tossed pies and unique atmosphere made The Rock a staple in Tacoma and earned the company recognition as America’s Number One Independently Owned Pizza Chain by Pizza Today Magazine. After almost 20 years, The Rock has expanded to numerous locations across the Pacific Northwest, Alaska, Colorado, and Texas.

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TENANT INFORMATION

tenant OverviewCompany Subway

Ownership Private, Doctor’s Associates Inc.

Number of Locations 44,800+ Worldwide


Headquarters Milford, CT

Website www.subway.com

Subway IP Inc. is a privately held American fast food restaurant franchise that primarily sells submarine sandwiches (subs) and salads. It is owned and operated by Doctor’s Associates Inc., doing business as Subway IP Inc. Subway is one of the fastest growing franchises in the world, with 44,852 restaurants in 112 countries and territories as of September 11, 2016. The United States alone has 26,646 outlets. It is the largest single-brand restaurant chain and the largest restaurant operator in the world.

Wingstop Restaurants, Inc., is a chain of nostalgic, aviation-themed restaurants where the sole focus is on chicken wings. Wingstop locations are decorated following a 1930s and 1940s “pre-jet” aviation theme. The restaurant chain was founded in 1994 in Garland, Texas, and began offering franchises in 1998. Since then, Wingstop has grown into a chain with more than 650 restaurants either open or in development. The chain has its headquarters in Dallas, Texas.

tenant OverviewTenant Wingstop

Ownership Public



Headquarters Garland, TX

Website www.wingstop.com

tenant OverviewCompany Ideal Dental

Ownership Private

Number of Locations 39 Locations in Texas


Headquarters Addison, TX

Website www.myidealdental.com

Ideal Dental offers general dentistry, orthodentia, teeth whitening, extraction, and emergency dentistry for the entire family.

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INVESTMENT HIGHLIGHTS

• Newly Constructed Class ‘A’ NNN Retail Center & Long-Term Absolute Ground Lease Pad (The Rock - Corporate Guarantee - 20+ Unit Operator)

• Shadow Anchored By 123,000 SF Kroger Marketplace with Annual Sales of $52.1 Million - $695 psf (75K Sales Area) - Weekly Sales is in Top 5% of All Grocers in DFW*

• Adjacent to B&B Theatres – a Top 10 National Movie Theatre Chain that Draws Additional Traffic and Customer Base

• Located in Highly Desirable, High Growth North Dallas Market

• Complimentary Mix of National, Regional and Local Tenants with Staggered Lease Expiration Dates

• Average Rents of $25 PSF – Stabilized Center w/Replaceable Rents & Future Growth Opportunities

• Surrounding Retailers Include: Kroger, Target, Starbucks, Home Depot, Tom Thumb, IHOP, TJ Maxx, Bank of America, Ross, CVS, Aldi, QuikTrip and Many Others

• Located on a Main Thoroughfare in Prestigious Suburb of North Dallas - Traffic Counts Along FM 544 Reach Nearly 34,000 Vehicles per Day, & 15,000+ on Woodbridge Pkwy

• Adjacent to Wylie High School (2,000 students), and Future Home of 360,000 SF Collin Community College (Opening 2020) with an Estimated 7,500 Students

• Strong Shopping Demographics – Average Household Income within 1-Mile Radius Exceeds $135,000 – Almost Twice the National Average

• Densely Populated Area - More than 153,000 Residents Within a 5 Mile Radius – a 22% Increase Over Last Several Years & Projected to Grow by Another 12% in the Next 5 Years

*Source: MTN Retail Advisors

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SITE PLAN

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AERIAL MAP

W FM 544

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YWylie High School

Raymond Cooper Jr High School

Dr. Al Draper Intermediate School

33,940 Vehicles per Day

FUTURE SITE

Collin College Wylie Campus

15,000 Vehicles per Day

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LOCAL MAP

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REGIONAL MAP

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MARKET SUMMARY

Dallas encompasses half of the Dallas/Fort Worth Metroplex and is the third-largest city in Texas and the ninth-largest city in the United States. Dallas is home to the third-largest concentration of Fortune 500 companies in the country and is the largest economic center of the Dallas/Fort Worth metropolitan area. The Metroplex has strong submarket occupancy rates, is home to more shopping centers per capita and has one of the largest concentrations of corporate headquarters for publicly traded companies in the United States.

The city is the largest economic center of the 12-county Dallas–Fort Worth–Arlington metropolitan area, which had a population of 6,810,913 people as of July 1, 2013. The metropolitan economy is the sixth largest in the United States, with a 2012 real GDP of $420.34 billion. In 2013 the metropolitan area led the nation with the largest year-over-year increase in employment, and advanced to become the fourth-largest employment center in the nation (behind New York City, Los Angeles, and Chicago) with more than three million non-farm jobs. In the

latest rankings released in 2013, Dallas was rated as a “beta plus” world city by the Globalization and World Cities Study Group & Network. Dallas is also ranked 14th in world rankings of GDP by the Organization for Economic Co-operation and Development. The Dallas-Fort Worth Metroplex has one of the largest concentrations of corporate headquarters for publicly traded companies in the United States. The city of Dallas has 12 Fortune 500 companies, and the DFW region as a whole has 20.

Dallas is the best-ranked city on the Regulatory Climate Index thanks to its efficient local regulations. Entrepreneurs and small businesses can expect a welcoming business environment across all five areas of local regulation. Dallas scores above average across each meaningful measure of an interaction that a business has with a local government agency through procedure, time, and cost. These rankings reflect the city’s continuing efforts to develop programs and initiatives to strengthen the business environment, provide access to capital, and encourage economic growth at the local level.

DALLAS, TX

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DEMOGRAPHIC STATISTICS

Demographic data © CoStar 2017

Radius 1 Mile 3 Mile 5 MilePopulation:

2022 Projection 3,919 91,541 170,5462017 Estimate 3,483 81,624 152,3092010 Census 3,078 69,038 124,489Growth 2017-2022 12.52% 12.15% 11.97%Growth 2010-2017 13.16% 18.23% 22.35%2017 Population Hispanic Origin 537 12,283 21,699

2017 Population by Race:White 2,083 56,656 104,886Black 731 9,503 16,346Am. Indian & Alaskan 26 637 1,195Asian 525 12,603 25,809Hawaiian & Pacific Island 3 62 133Other 114 2,163 3,940U.S. Armed Forces: 0 5 56

Households:2022 Projection 1,226 29,513 55,8352017 Estimate 1,090 26,270 49,7912010 Census 959 21,732 39,871Growth 2017 - 2022 12.48% 12.34% 12.14%Growth 2010 - 2017 13.66% 20.88% 24.88%Owner Occupied 918 22,838 42,471Renter Occupied 171 3,432 7,320

2017 Avg Household Income (National Avg - $75,558) $120,028 $110,264 $118,340 2017 Med Household Income (National Med - $53,889) $101,389 $97,415 $100,408 2017 Households by Household Inc:

<$25,000 36 1,436 2,895$25,000 - $50,000 141 3,385 5,961$50,000 - $75,000 183 4,233 7,972$75,000 - $100,000 176 4,552 7,938$100,000 - $125,000 153 4,890 7,927$125,000 - $150,000 241 2,832 5,401$150,000 - $200,000 21 2,905 6,180$200,000+ 138 2,038 5,517

The information contained in the following offering memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from STRIVE and it should not be made available to any other person or entity without the written consent of STRIVE. By taking possession of and reviewing the information contained herein the recipient agrees to hold and treat all such information in the strictest confidence. The recipient further agrees that recipient will not photocopy or duplicate any part of the offering memorandum. If you have no interest in the subject property at this time, please return this offering memorandum to STRIVE.

This offering memorandum has been prepared to provide summary, unverified financial and physical information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. STRIVE has not made any investigation, and makes no warranty or representation with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCBs or asbestos, the compliance with local, state and federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this offering memorandum has been obtained from sources we believe to be reliable; however, STRIVE has not verified, and will not verify, any of the information contained herein, nor has STRIVE conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Prospective buyers shall be responsible for their costs and expenses of investigating the subject property.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT STRIVE AGENT FOR MORE DETAILS.

CONFIDENTIALITY AGREEMENT

STRIVE hereby advises all prospective purchasers of Net Leased property as follows:

The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, STRIVE has not and will not verify any of this information, nor has STRIVE conducted any investigation regarding these matters. STRIVE makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any information provided.

As the Buyer of a commercial property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase. This Marketing Brochure is not a substitute for your thorough due diligence investigation of this investment opportunity. STRIVE expressly denies any obligation to conduct a due diligence examination of this Property for Buyer.

Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance of this property. The value of a commercial property to you depends on factors that should be evaluated by you and your tax, financial and legal advisors. Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any commercial property to determine to your satisfaction with the suitability of the property for your needs.

Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request and carefully review all legal and financial documents related to the property and tenant. While the tenant’s past performance at this or other locations is an important consideration, it is not a guarantee of future success. Similarly, the lease rate for some properties, including newly-constructed facilities or newly-acquired locations, may be set based on a tenant’s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; the tenants and any guarantors may fail to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in whole due to market, economic, environmental or other conditions. Regardless of tenants history and lease guarantees, Buyer is responsible for conducting his/her own investigation of all matters affecting the intrinsic value of the property and the value of any long-term leases, including the likelihood of locating replacement tenants if any of the current tenants should default or abandon the property, and the lease terms that Buyer may be able to negotiate with any potential replacement tenants considering the location of the property, and Buyer’s legal ability to make alternate use of the property.

By accepting this Marketing Brochure you agree to release STRIVE and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this net leased property.

Commercial Disclaimer

TYPES OF REAL ESTATE LICENSE HOLDERS:• ABROKERisresponsibleforallbrokerageactivities,includingactsperformedbysalesagentssponsoredbythebroker.• ASALESAGENT mustbesponsoredbyabrokerandworkswithclientsonbehalfofthebroker.

A BROKER’S MINIMUM DUTIES REQUIRED BY LAW (A client is the person or party that the broker represents):• Puttheinterestsoftheclientaboveallothers,includingthebroker’sowninterests;• Informtheclientofanymaterialinformationaboutthepropertyortransactionreceivedbythebroker;• Answertheclient’squestionsandpresentanyoffertoorcounter-offerfromtheclient;and• Treatallpartiestoarealestatetransactionhonestlyandfairly.

A LICENSE HOLDER CAN REPRESENT A PARTY IN A REAL ESTATE TRANSACTION:

AS AGENT FOR OWNER (SELLER/LANDLORD): Thebrokerbecomesthepropertyowner’sagentthroughanagreementwiththeowner,usuallyinawrittenlistingtosellorpropertymanagementagreement.Anowner’sagentmustperformthebroker’sminimumdutiesaboveandmustinformtheownerofanymaterialinformationaboutthepropertyortransactionknownbytheagent,includinginformationdisclosedtotheagentorsubagentbythebuyerorbuyer’sagent.

AS AGENT FOR BUYER/TENANT: Thebrokerbecomes thebuyer/tenant’sagentbyagreeing to represent thebuyer,usually throughawrittenrepresentationagreement.Abuyer’sagentmustperformthebroker’sminimumdutiesaboveandmustinformthebuyerofanymaterialinformationaboutthepropertyortransactionknownbytheagent,includinginformationdisclosedtotheagentbythesellerorseller’sagent.

AS AGENT FOR BOTH - INTERMEDIARY: Toactasanintermediarybetweenthepartiesthebrokermustfirstobtainthewrittenagreementofeachpartytothetransaction.Thewrittenagreementmuststatewhowillpaythebrokerand,inconspicuousboldorunderlinedprint,setforththebroker’sobligationsasanintermediary.Abrokerwhoactsasanintermediary:• Musttreatallpartiestothetransactionimpartiallyandfairly;• May,withtheparties’writtenconsent,appointadifferentlicenseholderassociatedwiththebrokertoeachparty(ownerand• buyer)tocommunicatewith,provideopinionsandadviceto,andcarryouttheinstructionsofeachpartytothetransaction.• Mustnot,unlessspecificallyauthorizedinwritingtodosobytheparty,disclose:

ӽ thattheownerwillacceptapricelessthanthewrittenaskingprice;ӽ thatthebuyer/tenantwillpayapricegreaterthanthepricesubmittedinawrittenoffer;andӽ anyconfidentialinformationoranyotherinformationthatapartyspecificallyinstructsthebrokerinwritingnottodisclose,unlessrequiredtodosobylaw.

AS SUBAGENT: Alicenseholderactsasasubagentwhenaidingabuyerinatransactionwithoutanagreementtorepresentthebuyer.Asubagentcanassistthebuyerbutdoesnotrepresentthebuyerandmustplacetheinterestsoftheownerfirst.

TO AVOID DISPUTES, ALL AGREEMENTS BETWEEN YOU AND A BROKER SHOULD BE IN WRITING AND CLEARLY ESTABLISH:• Thebroker’sdutiesandresponsibilitiestoyou,andyourobligationsundertherepresentationagreement.• Whowillpaythebrokerforservicesprovidedtoyou,whenpaymentwillbemadeandhowthepaymentwillbecalculated.

LICENSE HOLDER CONTACT INFORMATION: Thisnoticeisbeingprovidedforinformationpurposes.Itdoesnotcreateanobligationforyoutousethebroker’sservices.Pleaseacknowledgereceiptofthisnoticebelowandretainacopyforyourrecords.

Texas law requires all real estate license holders to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords.

Regulated by the Texas Real Estate Commission Information available at www.trec.texas.gov

Information About Brokerage Services

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woodbridge centre - loopnet...than 650 restaurants either open or in development. the chain has its...

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