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INVESTMENT OFFERING | $6,389,000 / 8.25 cap
Noah’s
18918 Ridgewood Parkway, San Antonio, TX
REPRESENTATIVE PHOTO
Property. Brand new construction. 10,300+ SF building on 3.58+ acre site.
Tenant. Noah Corporation develops and operates innovative multi-use facilities for all life’s events to include conference center space for business, corporate,
and community events as well as weddings, parties, and other social gatherings. Today you can find Noah’s operating in Texas, Colorado, Utah & Arizona. Each
location hosts an average of 30,000 plus visitors at over 300 events annually. There are currently 28 Noah’s underway in 20 states.
Lease structure. 20-year, Absoute NNN lease beginning January 2015 with 10% rent increases in year 6 and 2% every year after in base term & options.
Location. Noah’s is located along Ridgewood Parkway off of US 281 (137,725 Cars / Day) and Loop 1604 (126,560 Cars / Day) in one of the fastest growing
and dynamic parts of San Antonio. The population within a 3-mile radius is projected to grow by 8.6% over the 5-year period ending in 2018 and in 2013, the
average household income within the same radius was $101,062. Noah’s is positioned in Ridgewood Park, a 122 acre master-planned business community,
anchored by Tesoro Corporation’s (618,000 SF) iconic $150 million Leed-Silver certified headquarters. Ridgewood Park is positioned less than 5.5 miles north of
the San Antonio International Airport and 8.5 miles north of San Antonio’s Central Business District. Ridgewood Park is adjacent to a 440,000 SF mixed-use
lifestyle center including Lifetime Fitness, numerous restaurants and retailers and a 107-room Courtyard by Marriott hotel. There are 12 hotels within a 4-mile
radius including the 1002-room JW Marriott Hill County Resort and Spa. San Antonio is located 80 miles south of Austin and 200 miles east of Houston.
214.915.8890
BOB MOORHEAD
bob@trivanta.com
JOE CAPUTO
joe@trivanta.com
RUSSELL SMITH
rsmith@trivanta.com
Disclaimer
PAGE 3: INVESTMENT OVERVIEW
PAGE 1: COVER
PAGE 2: TABLE OF CONTENTS | DISCLAIMER
PAGE 12-13: LOCATION MAPS
PAGE 14: DEMOGRAPHICS
Table of contentsNoah’s
18918 Ridgewood Parkway, San Antonio, TX
PAGE 5: AERIAL / PHOTOS – RIDGEWOOD PARK
PAGE 7: LOCATION OVERVIEW
REPRESENTATIVE PHOTO
Trivanta (“Agent”) has been engaged as an agent for the sale of the property located at
18918 Ridgewood Parkway, San Antonio, TX by the owner of the Property (“Seller”). The
Property is being offered for sale in an “as-is, where-is” condition and Seller and Agent
make no representations or warranties as to the accuracy of the information contained in
this Offering Memorandum. The enclosed materials include highly confidential information
and are being furnished solely for the purpose of review by prospective purchasers of the
interest described herein. The enclosed materials are being provided solely to facilitate the
prospective investor’s own due diligence for which it shall be fully and solely responsible.
The material contained herein is based on information and sources deemed to be reliable,
but no representation or warranty, express or implied, is being made by Agent or Seller or
any of their respective representatives, affiliates, officers, employees, shareholders,
partners and directors, as to the accuracy or completeness of the information contained
herein. Summaries contained herein of any legal or other documents are not intended to be
comprehensive statements of the terms of such documents, but rather only outlines of
some of the principal provisions contained therein. Neither the Agent nor the Seller shall
have any liability whatsoever for the accuracy or completeness of the information contained
herein or any other written or oral communication or information transmitted or made
available or any action taken or decision made by the recipient with respect to the Property.
Interested parties are to make their own investigations, projections and conclusions without
reliance upon the material contained herein. Seller reserves the right, at its sole and
absolute discretion, to withdraw the Property from being marketed for sale at any time and
for any reason. Seller and Agent each expressly reserves the right, at their sole and
absolute discretion, to reject any and all expressions of interest or offers regarding the
Property and/or to terminate discussions with any entity at any time, with or without notice.
This offering is made subject to omissions, correction of errors, change of price or other
terms, prior sale or withdrawal from the market without notice. Agent is not authorized to
make any representations or agreements on behalf of Seller. Seller shall have no legal
commitment or obligation to any interested party reviewing the enclosed materials,
performing additional investigation and/or making an offer to purchase the Property unless
and until a binding written agreement for the purchase of the Property has been fully
executed, delivered, and approved by Seller and any conditions to Seller’s obligations
hereunder have been satisfied or waived. By taking possession of and reviewing the
information contained herein, the recipient agrees that (a) the enclosed materials and their
contents are of a highly confidential nature and will be held and treated in the strictest
confidence and shall be returned to Agent or Seller promptly upon request; and (b) the
recipient shall not contact employees or tenants of the Property directly or indirectly
regarding any aspect of the enclosed materials or the Property without the prior written
approval of the Seller or Agent; and (c) no portion of the enclosed materials may be copied
or otherwise reproduced without the prior written authorization of Seller and Agent.
PAGE 9: SITE PLAN
PAGE 10: FLOOR PLAN
PAGE 11: SITE RENDERING
PAGE 8: RIDGEWOOD PARK SITE PLAN
PAGE 6: AERIAL – TRADE AREA
PAGE 4: CORPORATE CLIENT LIST & TESTIMONIALS
2
PRICE: $6,389,000
CAP RATE: 8.25%
NET OPERATING INCOME: $527,099
BUILDING AREA: 10,300+ Square Feet
LAND AREA: 3.58+ Acres
YEAR BUILT: 2014
LANDLORD RESPONSIBILITY: None
OWNERSHIP: Fee Simple Interest
OCCUPANCY: 100%
Investment overviewNoah’s
18918 Ridgewood Parkway, San Antonio, TX
Lease Expiration: January 2035
Rent Commencement: January 2015
Initial Lease Term: 20-Years, Plus 4, 5-Year Options to Renew
Rent Increases: 10% In Year 6, 2% Every Year Thereafter
Lease Type: Absolute NNN
Lease overview
Annual Rent (Year 1-5): $527,099 Annual Rent Year 13: $666,018
Annual Rent Year 14: $679,338
Annual Rent Year 15: $692,925
Annual Rent Year 16: $706,783
Annual Rent Year 17: $720,919
Annual Rent Year 18: $735,337
Annual Rent Year 19: $750,044
Annual Rent Year 20: $765,045
Annual Rent Year 6: $579,808
Annual Rent Year 7: $591,405
Annual Rent Year 8: $603,233
Annual Rent Year 9: $615,297
Annual Rent Year 10: $627,603
Annual Rent Year 11: $640,155
Annual Rent Year 12: $652,959
Option Terms: Continued 2% Annual Rent Increases Tenant overviewLESSEE: NOAH OPERATIONS SAN ANTONIO TEXAS, LLC a Utah llc
CORPORATE GUARANTY: NOAH CORPORATION, a Utah corporation
Noah’s | www.mynoahs.com
Noah Corporation develops and operates innovative multi-use facilities for all life’s events to include conference center space for business, corporate, and
community events as well as weddings, parties, and other social gatherings. Automated features and “state of the art” technology and functionality make each
room customizable. Noah’s offers boardrooms, conference rooms, game rooms, and a beautiful reception area that can accommodate upwards of 350 people.
At no additional charge, the customer has the freedom to bring in whatever food, decorations, or other services that will assist in making the event a success.
Noah’s booking fees are approximately 25% less on average than its competition and each location hosts an average of 30,000 plus visitors at over 300 events
annually.
Noah Corporation is a national brand, with active expansion in several markets. Today you can find Noah’s operating in Texas, Colorado, Utah & Arizona. As of
February 2014, there were 28 projects in various phases of site acquisition and development in 20 states, mostly in the Midwest and Southeast.
The condition of the Event and Conference Center Industry, as it exists today, is largely without product consistency. Though consumers have come to expect
consistency within the retail/restaurant experience it is curiously absent from the conference center marketplace. This Multi-Billion Dollar industry remains in
"Status Quo Condition” and consumers continue to be frustrated by various elements of service, including high cost, lack of control and flexibility, inconsistent
quality, and lack of available facilities. This sleeping, unchanging attitude in the industry has provided an opportunity for Noah Corporation to alleviate frustration
for consumers. To do this Noah’s has standardized the experience with their facilities, creating a national brand that provides four to five star space and an ease of
doing business with Noah’s.
*Rent is based on a formula that includes a % of total improvement costs and will be adjusted accordingly upon building
completion. Annual Rent shown above are estimates. Purchase Price may change but the agreed upon CAP rate will not.
3
CORPORATE Client List & TestimonialsNoah’s
18918 Ridgewood Parkway, San Antonio, TX
Intel
Apple
Wells Fargo
Verizon Wireless
InfusionSoft
eBay
Option1 Nutrition
Cardinal Health
McDonalds
C.R. England
1-800 Contacts
Aflac
American Express
Apple
DirecTV
Discover Card
Frito Lay
GE
Home Depot
Mary Kay
Pfizer
Sherwin Williams
US Bank
Chase Bank
Edward Jones
Verizon
Centura Health
Farmers Insurance
Sashco
Taco Bell
Taco Bueno
Hurst Review
Pure Barre
ACN
Ameriprise
Pinnacle Mortgage
Texas Instruments
Verizon
Pepsico
CEO Netweavers
Juniper
Genband
Arch Fellow
CEO Space DFW
Ziosk
Nestle
LSG Sky Chefs
Mountain Range Dentistry
Jolliffe Capitol, INC
Denver Metro Realtors
Safeco
Century 21
Lte
Chick-fil-a
4
AERIAL / PHOTos – Ridgewood ParkNoah’s
18918 Ridgewood Parkway, San Antonio, TX
Ridgewood Business Center
(129,000 SF Office Project including
PulteGroup & EOG Resources)
TESORO Corporation
(618,000 SF Corporate
Headquarters)
Future Office Development
Future Avnet Offices
(58,000 SF)
5
AERIAL – Trade AreaNoah’s
18918 Ridgewood Parkway, San Antonio, TX
South Texas Spine
and Surgical
HospitalRyland Homes
Ronald Reagan
High School
North Central
Baptist Hospital
Local Retailers
618,000 SF Corporate
Headquarters
122 Acre Master-Planned
Business Community
6
IMMEDIATE TRADE AREA
Noah’s is located along Ridgewood Parkway off of US 281 (137,725 Cars /
Day) and Loop 1604 (126,560 Cars / Day) in one of the fastest growing and
dynamic parts of San Antonio. The population within a 3-mile radius is
projected to grow by 8.6% over the 4-year period ending in 2018 and in 2013,
the average household income within the same radius was $101,062.
Noah’s is positioned in Ridgewood Park, a 122 acre master-planned business
community, anchored by Tesoro Corporation’s (618,000 SF) iconic $150 million
Leed-Silver certified headquarters. Comprehensive protective covenants and
architectural standards along with rigorous barriers to entry at competing sites
will ensure value and quality of development within the park. Ridgewood Park’s
dramatic topography provides for unique view corridors and architectural
design options. There are multiple ingress/egress routes for vehicles allowing
easy access to US 281 and Loop 1604.
Economic Drivers:
In addition to Tesoro’s headquarters, Noah’s is strategically positioned adjacent
to Avnet Inc.’s brand new 2 story 58,000 SF facility projected to open in August
2014 and Ridgewood Business Center which includes PulteGroup Inc. (NYSE:
PHM) and EOG Resources (NYSE: TSO).
The subject property is less than 5.5 miles north of the San Antonio
International Airport, 8.5 miles north of San Antonio’s Central Business District,
and is adjacent to a 440,000 SF mixed-use lifestyle center including Lifetime
Fitness, numerous restaurants and retailers.
In Bexar county, the average number of guests per wedding is 160-180, and
96% have less then 300 guests. Last year there were 12,920 weddings county
wide. Noah's only needs to capture 0.8% of the market to be a highly
successful wedding venue. The average wedding budget for the area is
$25,000 compared to Noah's typical wedding cost of $18,000 - $20,000
A 107-room Courtyard by Marriott borders Ridgewood Park. There are 11 other
hotels within a 4-mile radius including the 1002-room JW Marriott Hill County
Resort and Spa.
The Far North Central Medical Center, featuring 2 full-service hospitals
(Methodist and Baptist) is less than 2 miles away.
Ronald Regan High School, Omar Bradley Middle School, Stone Oak
Elementary, and Hidden Forrest Elementary are nearby as well.
SAN ANTONIO, TX
San Antonio is the 2nd largest city in the state of Texas and the 7th largest city
in the United States, with a population of over 1.3 million. San Antonio also
serves as the seat of Bexar County (population: 1,714,773).
San Antonio’s unique geographical position connects the east and west coasts,
Canada, Mexico, Central and South America. Interstate highways connect San
Antonio to the major Texas population centers and to primary border crossing
points into Mexico including Laredo, Del Rio, Eagle Pass and the ports at
Corpus Christi and Houston.
San Antonio has a strong military presence—it is home to Fort Sam Houston,
Lackland Air Force Base, Randolph Air Force Base, Brooks City-Base, Camp
Bullis, and Camp Stanley. The defense industry in San Antonio employs over
89,000 people and provides a $5.25 billion annually to the city’s economy.
The South Texas Medical Center consists of 900 acres of medical-related
facilities in NW San Antonio. The center directly serves 38 Texas counties,
consists of forty-five medically related institutions: separate medical, dental and
nursing schools, five higher educational institutions, twelve hospitals, and five
specialty institutions. These facilities combined currently total over 4,200 beds.
More than $1 billion in new construction projects are currently planned between
2012 and 2014.
Greater San Antonio has a diversified economy with four primary focuses:
financial services; government; health care, and tourism. Greater San Antonio
is home to 2 of the 140 Fortune Global 500 headquartered in the US: Valero
Energy Corp (#33) and Tesoro Petroleum Corp (#317). Additionally, 5 Fortune
500 companies call the area home: Valero; Tesoro; USAA; Clear Channel
Communications; and NuStar Energy. H-E-B, the 19th largest private company
in the United States, is also headquartered in San Antonio. Other notable
companies with headquarters in the MSA include Kinetic Concepts, Frost
National Bank, Harte-Hanks, Eye Care Centers of America, Bill Miller Bar-B-Q
Enterprises, Taco Cabana, WhataBurger, Rackspace, and Carenet Healthcare
Services. Additionally, Nationwide Mutual Insurance, Kohl’s, Allstate, Chase
Bank, Philips, Wells Fargo, Toyota, Medtronic, Sysco, Caterpillar, AT&T, West
Corp, Citigroup, Boeing, QVC, and Lockheed Martin all have regional
headquarters in the city.
Over 20 million tourists visit the city and its attractions every year, which
provides over $10.7 billion and 100,000 jobs to the local economy. The city is
home to 31 higher education facilities (that serve over 100,000 students)
including campuses of the University of Texas and Texas A&M as well as top-
rated private universities such as Trinity University and St. Mary’s University.
Location overviewNoah’s
18918 Ridgewood Parkway, San Antonio, TX
7
RIDGEWOOD PARK SITE PLANNoah’s
18918 Ridgewood Parkway, San Antonio, TX
8
SITE PLANNoah’s
18918 Ridgewood Parkway, San Antonio, TX
9
Floor PLanNoah’s
18918 Ridgewood Parkway, San Antonio, TX
10
SITE RENDERINGSNoah’s
18918 Ridgewood Parkway, San Antonio, TX
11
Location mapNoah’s
18918 Ridgewood Parkway, San Antonio, TX
12
Location mapNoah’s
18918 Ridgewood Parkway, San Antonio, TX
13
DEMOGRAPHIC SNAPSHOT
DemographicsNoah’s
18918 Ridgewood Parkway, San Antonio, TX
Radius 1 Mile 3 Mile 5 Mile
Population:
2018 Projection 5,096 78,850 215,597
2013 Estimate 4,830 72,590 198,721
2010 Census 4,989 68,465 188,163
Growth 2013-2018 5.51% 8.62% 8.49%
Growth 2010-2013 -3.19% 6.02% 5.61%
Households:
2018 Projection 2,045 30,730 83,137
2013 Estimate 1,939 28,288 76,639
2010 Census 2,012 26,761 72,854
Growth 2013 - 2018 5.47% 8.63% 8.48%
Growth 2010 - 2013 -0.82% 1.62% 2.07%
Owner Occupied 1,021 18,417 51,613
Renter Occupied 918 9,870 25,026
2013 Avg Household Income $87,584 $101,062 $102,404
2013 Med Household Income $73,089 $81,994 $81,993
2013 Households by Household Inc:
<$25,000 181 3,582 8,963
$25,000 - $50,000 405 4,924 14,103
$50,000 - $75,000 411 4,476 12,214
$75,000 - $100,000 300 4,150 10,868
$100,000 - $125,000 234 3,386 9,315
$125,000 - $150,000 194 2,377 6,000
$150,000 - $200,000 150 3,045 8,287
$200,000+ 65 2,346 6,890
Downtown San Antonio, TX
TESORO Corporate Headquarters, San Antonio, TX
14
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