Embed Size (px)
Citation preview
FUQUA ST
207,000 CPD
99,000 CPD
FAMILY DOLLAR ANCHORED CENTER FOR SALEHOUSTON, TEXAS
CATALINA SPRINGS SHOPPING CENTER
45
8
CATALINA SPRINGS SHOPPING CENTER
PROPERTY INFORMATION
Transwestern and Ten-X are pleased to exclusively offer for sale Catalina Springs Shopping Center (the “property”), a 15,568 square-foot (“SF”) Family Dollar anchored center located in Houston, Texas. The building is located on 1.21 acres of land in southeast Houston, approximately 12 miles from the Houston
Central Business District. The asset is surrounded by a dense population of 265,000 people within a five-mile radius with over 85,000 total households. The property is located in close proximity to both the highly trafficked Interstate 45 South and Beltway 8, an 88-mile loop encircling Houston.
OFFERED FOR SALE
Location10002 Fuqua Street, Houston, TX 77075
Building Area 15,568 SF
Lot Size 1.21 acres
Occupancy 68.7%
Parking Spaces 75 spaces (4.82/1,000)
Auction Date May 7 -9, 2018
Auction Wesbite www.ten-x.com
SAM HOUSTON TOLLWAY
GULF FWY
45
FUQUA ST
KINGSPOIN
T RD
GALVESTON RDBL
ACKH
AWK
BLVD
SABO RD
BEAM
ER R
D
FUQUA ST
ALMEDA GENOA RD
S SHAVER ST
24,550 CPD
207,000 CPD
99,000 CPD
13,924 CPD10,150 CPD
5,970 CPD
14,3
14 C
PD
SITESITE
Laura Welch BushElementary School
MorrisMiddle School
AtkinsonElementary School
Laura Welch BushElementary School
MorrisMiddle School
AtkinsonElementary School
MeadorElementary School
MeadorElementary School
Beverly HillsIntermediateBeverly HillsIntermediate
2
CATALINA SPRINGS SHOPPING CENTER
AREA RETAILERS
INVESTMENT HIGHLIGHTS » Prominent location on the hard corner at signalized intersection with good visibility from Fuqua Street
» Surrounded by established neighborhoods consisting of over 40,000 homes within a three-mile radius
» In close proximity to major employers including Hobby Airport and Ellington Field, which support a combined 62,000 local jobs and contribute over $5 billion dollars to the local economy
» Significant buyer upside at 69% occupancy
» Average tenure of existing tenants in excess of 10 years
» Anchored by strong daily needs traffic generator
AREA EMPLOYERS
3
CATALINA SPRINGS SHOPPING CENTER
INVESTMENT OVERVIEW Address: 10002 Fuqua Street, Houston, Texas 77075
Building Size: 15,568 SF
Lot Size: 1.21 acres
Year Built: 2004
Occupancy: 68.7%
NOI (Current): $82,295
NOI (Stabilized): $151,114
Weighted Average Rents: $9.68 PSF/YR
Construction: Steel with brick and concrete block facade and concrete parking lot
Parking Spaces: 75 spaces (4.82/1,000)
TENANT OVERVIEW
State Farm | 1,500 SF, Lease Expiration 3/31/2022
State Farm is a mutual company that makes its primary focus its policyholders. With more than 65,000 employees and 18,000 independent contractor agents, State Farm services 83 million policies and accounts throughout the United States. State Farm was founded in 1922 with corporate headquarters located in Bloomington, Illinois. In 2016, State Farm was the 35th Ranked Company on the Fortune 500 list and has been rated as the number one auto insurer in the United States since 1942. Tenant, Juan Gonzalez, is licensed to sell auto, home, business, property, life and health insurance and has been servicing State Farm customers since 2011.
www.statefarm.com
Family Dollar | 8,000 SF, Lease Expiration 12/31/2020
One of the nation’s fastest growing retailers, Family Dollar (NASDAQ: DLTR) offers a compelling assortment of merchandise for the whole family ranging from household cleaners to name brand foods, from health and beauty aids to toys, from apparel for every age to home fashions, all for everyday low prices. Family Dollar was founded in 1959 in Charlotte, North Carolina and currently has over 8,000 locations nationwide. Family Dollar was acquired in 2015 and is a wholly-owned subsidiary of Dollar Tree, Inc.
www.familydollar.com
MW Exclusive Hair Salon | 1,200 SF, Lease Expiration 2/28/2023
MW Exclusive Hair Salon is a full service beauty salon offering a variety of hair services for the entire family. MW Exclusive Hair Salon offers haircuts for both adults and children as well as specialized treatments including highlights, perms, Brazilian blow outs, color correction and waxing. They have been in business and serving the community for over 12 years and recently renewed their lease.
4
CATALINA SPRINGS SHOPPING CENTER
DEMOGRAPHICS
TRAFFIC COUNTS
Fuqua St 13,924 CPD
Kingspoint Rd 5,970 CPD
1 Mile 3 Miles 5 Miles
Population 22,291 130,720 265,233
Daytime Population 15,894 108,675 239,177
Average HH Income $66,365 $69,774 $69,926
Median Home Value $129,705 $132,739 $138,872 8
Gulf Fwy
Almeda Genoa Rd
Sabo Rd
Beam
er R
d
Kinspoint Rd
45
610
10
45
288
249
225
86
29090
59
Houston
Pasadena
Sugar Land Pearland
REAL ESTATE TAXESThe property falls under the jurisdiction of Harris County Texas and the Pasadena Independent School District.
Account Number 0450410000035
2017 Tax Rate 2.88%
2017 Appraised Value $1,045,849
5
CATALINA SPRINGS SHOPPING CENTER
PROJECTED ANNUAL OPERATING STATEMENT
CURRENT STABILIZED
Base Rent
Occupied Space 103,620 103,620
Vacant Space at Market — 63,284
Total Base Rental Revenue 103,620 166,904
Total Reimbursements 31,345 49,223
Gross Income 134,965 216,127
Less: General Vacancy 5% — 10,806
Effective Gross Revenue 134,965 205,321
Reimbursable Operating Expenses
Management Fee (4,056) (6,163)
Repair & Maintenance (7,850) (7,850)
Utilities (5,340) (5,340)
Insurance (5,618) (5,618)
Real Estate Taxes (30,149) (30,149)
Total Operating Expenses (53,013) (55,120)
Additional Reimbursable Income
Admin Fee (15% of CAM) 343 914
Total Additional Reimbursable Income 343 914
Net Operating Income $82,295 $151,114
Notes:(1) Market rents are estimated at $13.00/sqft & NNN charges are estimated at $3.67/sqft.
6
CATALINA SPRINGS SHOPPING CENTER
LEASING PLAN
8
Family DollarLorem ipsum dolor sit amet, consectetuer adipisc-ing elit, sed diam
Kingspoint R
d
Mango St
Fuqua St
8,000 SFVacant
1,142 SFVacant
1,142 SF
Hair Salon1,200 SF
Vacant2,584 SF
17
3 5
33
17
1,500 SF
Pylon
TENANT Vacant Vacant State Farm Family Dollar MW Exclusive Hair Salon Vacant
SQ. FT. 1,142 1,142 1,500 8,000 1,200 2,584
CATALINA SPRINGS SHOPPING CENTER
SAM HOUSTON TOLLWAY
GULF FWY
45
FUQUA ST
KINGSPOIN
T RD
GALVESTON RD
BLAC
KHAW
K BL
VD
SABO RD
BEAM
ER R
DFUQUA ST
ALMEDA GENOA RD
S SHAVER ST
24,550 CPD
207,000 CPD
99,000 CPD
13,924 CPD10,150 CPD
5,970 CPD
14,3
14 C
PD
SITESITE
Laura Welch BushElementary School
MorrisMiddle School
AtkinsonElementary School
Laura Welch BushElementary School
MorrisMiddle School
AtkinsonElementary School
MeadorElementary School
MeadorElementary School
Beverly HillsIntermediateBeverly HillsIntermediate
TRADE AREA MAP
9
CATALINA SPRINGS SHOPPING CENTER
HOUSTON OVERVIEWHouston has a GDP of $524 billion, making it the fourth largest city in the United States and the largest city by population in Texas. The Perryman Group, a Texas-based economic and financial analysis firm, recently released its latest GDP, population and employment forecasts. The group expects the Houston metro area’s GDP to grow at a compound annual growth rate of 3.1 percent from 2015 to 2040 and reach $998.8 billion in 2040. Over 6.8 million people call the Houston metropolitan statistical area (MSA) home. Houston has consistently been a national leader in employment and population growth. The Houston MSA population grew by over 852,000 residents between 2010 and 2017, with an average of 120,000 projected new residents added each year. It also boasts the second fastest-growing housing market in the United States.
The Houston MSA has added over 1.2 million jobs over the past 25 years, ranking it third in the nation and currently hosts a record high 3,061,600 people employed with an additional 45,000 new jobs forecasted for 2018. The rapid job growth can be attributed to the 20 Fortune 500 headquarters, and 53 Fortune 1000 companies located in Houston, ranking it third among metro areas. The Houston MSA is currently ranked the number two metro for new and expanded corporate facilities and is the number one region in the state for corporate growth. The city’s healthcare sector was the largest sector in 2017, surpassing energy and continues to grow rapidly. The Texas Medical Center (TMC) is the largest medical complex in the world and the largest single employer in the city of Houston. With 21 renowned hospitals, 106,000 employees, 10 million visits per year, the TMC generates $25 billion in GDP, and is the 8th largest business district in the United States. There are currently $3 billion in construction projects underway, including the planned $1.5 billion TMC3 Collaborative Institute, a new research campus to leverage the collective power of TMC’s renowned institutions in a shared, centrally managed environment. Houston’s economy is also anchored by the Port of Houston, one of the world’s busiest ports. The Port of Houston is ranked first in the U.S. in both domestic import and export tonnage and second in the U.S. in total tonnage and creates more than one million Texas jobs, generating more than $265 billion in statewide economic impact equating to 16% of state GDP.
The city boasts a steadily growing housing market, currently ranked second in the nation in housing starts, behind Dallas. According to the Houston Association of Realtors, in 2017 Houston had multiple record-breaking months of single-family home sales, surpassing the historical 8,000 homes per month mark, while prices have continued on an upward trend. Tax rates are low and the city’s political climate is aggressively pro-business, with officials consistently opposing new zoning laws so as not to stifle the city’s growth.
HOUSTON’S NATION-LEADING STATISTICSNo. 1 Most Industrial Construction in the Past Decade CommercialCafe October 2017
No. 1 Top Destination Cities U-Haul May 2017
No. 1 Top U.S. Metro for Exports in 2015 Department of Commerce September 2016
No. 1 Top Metro Residential Growth from 2014-2015 U.S. Census March 2016
No. 1 Top Market for Real Estate Investment for 2015 Houston Chronicle October 2014
No. 1 Market to Watch in 2015 Urban Land Institute October 2014
No. 1 Best Cities for Manufacturing Forbes June 2014
No. 1 Top U.S. Manufacturing Cities Manufacturers’ News January 2014
No. 1 Strongest Economy PPR Global December 2013
No. 1 Top Cities for Global Trade Global Trade August 2013
10
INFORMATION ABOUT BROKERAGE SERVICES
TYPES OF REAL ESTATE LICENSE HOLDERS• A BROKER is responsible for all brokerage activities, including
acts performed by sales agents sponsored by the broker.• A SALES AGENT must be sponsored by a broker and works with
clients on behalf of the broker.
A BROKER’S MINIMUM DUTIES REQUIRED BY LAW (A client is the person or party that the broker represents):• Put the interests of the client above all others, including the
broker’s own interests;• Inform the client of any material information about the property
or transaction received by the broker;• Answer the client’s questions and present any offer to or counter-
offer from the client; and• Treat all parties to a real estate transaction honestly and fairly.
A LICENSE HOLDER CAN REPRESENT A PARTY IN A REAL ESTATE TRANSACTION:
AS AGENT FOR OWNER (SELLER/LANDLORD): The broker becomes the property owner's agent through an agreement with the owner, usually in a written listing to sell or property management agreement. An owner's agent must perform the broker’s minimum duties above and must inform the owner of any material information about the property or transaction known by the agent, including information disclosed to the agent or subagent by the buyer or buyer’s agent.
AS AGENT FOR BUYER/TENANT: The broker becomes the buyer/tenant's agent by agreeing to represent the buyer, usually through a written representation agreement. A buyer's agent must perform the broker’s minimum duties above and must inform the buyer of any material information about the property or transaction known by the agent, including information disclosed to the agent by the seller or seller’s agent.
AS AGENT FOR BOTH - INTERMEDIARY: To act as an intermediary between the parties the broker must first obtain the writtenagreement of each party to the transaction. The written agreement must state who will pay the broker and, in conspicuous bold orunderlined print, set forth the broker's obligations as an intermediary. A broker who acts as an intermediary:• Must treat all parties to the transaction impartially and fairly;• May, with the parties' written consent, appoint a different license
holder associated with the broker to each party (owner and buyer) to communicate with, provide opinions and advice to, and carry out the instructions of each party to the transaction.
• Must not, unless specifically authorized in writing to do so by the party, disclose:
• that the owner will accept a price less than the written asking price;
• that the buyer/tenant will pay a price greater than the price submitted in a written offer; and
• any confidential information or any other information that a party specifically instructs the broker in writing not todisclose, unless required to do so by law.
AS SUBAGENT: A license holder acts as a subagent when aiding a buyer in a transaction without an agreement to represent the buyer. A subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first.
TO AVOID DISPUTES, ALL AGREEMENTS BETWEEN YOU AND A BROKER SHOULD BE IN WRITING AND CLEARLY ESTABLISH:• The broker’s duties and responsibilities to you, and your
obligations under the representation agreement.• Who will pay the broker for services provided to you,
when payment will be made and how the payment will be calculated.
LICENSE HOLDER CONTACT INFORMATION: This notice is being provided for information purposes. It does not create an obligation for you to use the broker’s services. Please acknowledge receipt of this notice below and retain a copy for your records.
Buyer/Tenant/Seller/Landlord Initials
Reglated by the Texas Real Estate Commission Information available at www.trec.texas.govIABS 1-0
Date
Licensed Broker/Broker Firm Name or Primary Assumed Business Name
Designated Broker of Firm
Sales Agent/Associate's Name
License No.
License No.
License No.
Phone
Phone
PhoneTranswestern Property Company SW GP, L.L.C
Steve Ash
Micha van Marcke
466196 713.270.7700
713.270.3365
713.272.1231
392519
489879
Texas law requires all real estate license holders to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords.
Transwestern | 1900 West Loop South, Suite 1300 | Houston, TX 77027 | P: 713.270.7700 | www.twhoustonretail.comThe information contained herein was obtained from sources believed reliable. However, Transwestern makes no guarantees, warranties or representations as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions, prior sale or lease, or withdrawal without notice.
Micha van Marcke, CCIMSenior Vice [email protected]
713.272.1231
Chace HenkeVice President [email protected]
713.272.1274
FOR INFORMATION CONTACT:
