Frito Lay Distribution Building OFFERING MEMORANDUM · 2014-01-06 · Frito Lay Distribution Building Laredo, Texas OFFERING MEMORANDUM Christopher Sheldon 415-677-0441 [email protected]

Frito Lay Distribution BuildingLaredo, Texas

OFFERING MEMORANDUM

Christopher Sheldon [email protected] #01806345

In association with:

Douglas Longyear [email protected] #00829911

Andrew [email protected] #00913825

J. P. [email protected] Licensee

The Offering

• A 20,970 square feet industrial building completed in 2012 and leased to ROLLING FRITO–LAY SALES, LP, a subsidiary of FRITO LAY, INC.

• Price – $3,554,000 Cap Rate – 7.20%

Lease / Tenant

• Frito Lay is the largest snack food manufacturer in the world.

• Rolling Frito–Lay Sales, LP is owned by Frito Lay, Inc., which in turn is owned by PepsiCo, Inc., a Fortune 50 company.

• 8 year remaining lease term with a 5% rent increase in 2016. The tenant has two renewal options and expansion potential on site.

Real Estate

• The property is conveniently located off of the Bob Bullock Loop in Laredo.

• The building can be expanded by 22% on site.

Area Strengths

• Laredo is the primary port of trade for U.S. – Mexico exports and imports.

• Laredo has the third highest dollar volume of exports and imports through sea or land ports in the U.S.

• Laredo has the second highest number of foreign car imports of any sea or land port in the U.S.

• Mexico’s cheap labor and lower shipping costs and time to the U.S. are making Mexico competitive with China for new manufacturing locations. Honda Motor Co, Mazda Motor Corp, Nissan Motor Co Ltd and Audi AG are planning to open plants in Mexico in the next two years. This will increase U.S. – Mexico trade, and imports and exports passing through Laredo.

• Laredo is one of the primary cities servicing the Eagle Ford Shale Formation, the most active oil and gas fracking area in Texas.

• Laredo grew 29% between 2000 and 2010. Texas A&M projects that Laredo will be the fastest growing area in Texas between 2000 and 2020.

Investment Highlights

SKF USA, Inc. 2Frito Lay i

LAREDO INTERNATIONAL AIRPORT

Clark Boulevard

LAREDO MEDICAL CENTER

TEXAS DEPT OF TRANSPORTATION DISTRICT OFFICE / LAREDO AREA

MAINTENANCE OFFICE

FESCO, LTD. PETROLEUM ENGINEERING

SERVICES

TEXAS DEPT OF PUBLIC SAFETY

E Saunders Street

PONDEROSA INDUSTRIAL PARK

TEX-MEX INDUSTRIAL PARK

CITY OF LAREDO CITY HALL ANNEX

Bob Bullock Loop

Fesco Boulevard



Andrew Bogardus [email protected] #00913825



Investment Highlights i

Aerial ii

Investment Offering 1

Financing 2

Property Description Location / Bob Bullock Loop 3 Aerial 4 Site Plan 5

About the Tenant 6

Laredo 7 U.S. – Mexico Trade 7 International Trends Leading to Increased U.S. – Mexico Trade 10 Bloomberg Businessweek Article 11 Map / Monterrey, Mexico Top Manufacturers 12 Rail and Trucking 13 Eagle Ford Shale 14 Higher Education & Airport 15 Demographics 16

Disclaimer 17

Frito Lay Distribution Building

Table of Contents

Location 4810 Fesco Boulevard, Laredo, Texas

Lot Size Approximately 3.41 acres – 148,639+/- square feet

Improvements A 20,790 square feet distribution building completed in January, 2012. The building design includes the following: steel frame with a metal seam roof and metal exterior; approximately 3,000 square feet of office space; 30’clear height ceiling in the warehouse area; sprinklers; and 10 dock doors for route vans (28” high docks) and 5 dock doors for tractor trailers (48” high docks). The dock wells are concrete. The site plan has parking for 34 cars, 11 trailers, 8 boxes, and 17 vans. A security fence surrounds the site.

Expansion Potential The site plan designates approximately 4,600 square feet for a future building expansion, which could bring the total building size to 25,390 square feet. If the tenant desires to have the building expanded, this creates an opportunity for the landlord to seek higher rent and a lease term extension.

Lease Leased to ROLLING FRITO-LAY SALES, LP, a Delaware limited partnership (“RFL”), from January 25, 2012 until January 31, 2022. The annual net rent is $257,000. The rent increases 5% at the beginning of year 6. The tenant is responsible for real estate taxes, property insurance and maintenance. Instead of tenant liability insurance, the tenant indemnifies the landlord for damages to persons or property caused by tenant. The landlord is responsible for repair and replacement of the structure, foundation, roof, exterior and floor slabs. There are two five-year renewal options with the rent equal to the greater of the current rent or 95% of market.

The tenant will use the building for distributing potato chips and snacks to grocery stores and retailers. The large site area is needed to park the truck drivers’ cars during the day and the delivery trucks overnight.

Tenant Option to Purchase The tenant has the option to purchase the property. Contact the agent for more information.

Annual Rent

Price: $3,554,000 – 7.20% Cap Rate

Investment Offering

Investment Years 1–3 Years 4–8

Rent $257,000 $269,850

Insurance < 1,000> < 1,000>

Rent Less insurance $256,000 $268,850

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Possible Financing & Cash Flow

Financing

Interest Rate – Fixed 4.50%

Amortization 25

Payment Constant 6.67%

CAPITALIZATION CASH FLOW YEARS 1 – 3 YEARS 4 – 8

Rent $257,000 $269,850

Liability Insurance < 1,000> < 1,000>

Price $3,554,000 Rent Less Insurance $256,000 $268,850

Loan 60% LTV <2,132,400> Debt Service <142,231> <142,231>

Equity (Cash) $1,421,600 Cash Flow $113,769 $126,619

Cash on Cash Return 8.00% 8.90%

Cash on Cash Return – 8 Year Average 8.56%

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Location

LaredoInternational

Airport

NUEVO LAREDO

LAREDO

LARGA VISTA

SANTO NINO

HEIGHTS

SHILOH RD

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35

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59

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The Bob Bullock Loop (Loop 20) is a highway loop that runs around the north and east sides of Laredo. Loop 20 extends from the World Trade International Bridge at its northern point to Mangana-Hein Road at its southern point.

In recent years, much of Laredo’s growth has occurred along Loop 20. A few of the most prominent projects include a new passenger terminal at Laredo International Airport, the Laredo Entertainment Center, the new campus of Texas A&M International University, and Doctors Hospital.

Future Expansion – The Texas Department of Transportation’s Laredo District is preparing for future growth with plans to upgrade Loop 20 into a freeway by building overpasses at major intersections and constructing frontage roads. A short freeway section currently exists from the World Trade International Bridge east to Interstate 35, and the Texas Dept. of Transportation recently constructed a diamond interchange at Loop 20’s intersection with U.S. Highway 59, three-quarters of a mile north of the Frito Lay Building.

Location / Bob Bullock Loop (Loop 20)Doctor’s Hospital

Laredo Country Club Texas A&M International University

Lakeside Residential Subdivision

Casa Blanca Country Club

Tex-Mex Industrial Park

Ponderosa Industrial Park

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Fesco Boulevard

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Building Site Plan

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FESCO

BLVD

Building ExpansionArea

Security Fence

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About the Tenant

The tenant is Rolling Frito-Lay Sales, LP, a Delaware limited partnership (“RFL”), and a subsidiary of Frito-Lay, Inc. and PepsiCo Inc. Frito-Lay, Inc. is wholly owned by PepsiCo Inc., and is the largest snack food maker in the world. Frito-Lay leases and owns over 1,500 properties in the United States. Frito-Lay created RFL to hold a majority of its real estate assets. PepsiCo Inc. is a Fortune 50 company and is traded on the NYSE under the symbol PEP. The lease is not guaranteed by Frito-Lay, Inc. or PepsiCo, Inc.

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• Laredo has one of the highest valued volumes of imports and exports of any U.S. sea or inland port.**

• A majority of the U.S. – Mexico inland imports and exports pass through Laredo.

• Laredo is benefiting from the Eagle Ford fracking activity.

• The Laredo MSA is projected to be the fastest growing MSA in Texas between 2000 and 2020.

** Source: WorldCity analysis of the latest U.S. Census Bureau data. January through September 2013.

Laredo and U.S. – Mexico TradeLaredo is one of the primary beneficiaries of growing trade between the U.S. and Mexico due to the following factors:

1. Its strategic location at the juncture of the U.S. border and Interstate 35;

2. Two Class I railroads; and

3. Proximity to northern Mexico manufacturing centers.

Interstate 35 is a north/south highway that bisects the Southwest and Midwest. I-35 runs from Laredo to Duluth, MN and passes through the following Texas cities and U.S. states: San Antonio; Austin; Dallas; Oklahoma; Kansas; Missouri; Iowa; and Minnesota. I-35 intersects with the following east-west interstates: I-10; I-20; I-40; I-70; I-80; and I-90.

Union Pacific Railroad and Kansas City Southern Railway are two Class I railroad companies that provide service to both the U.S. and Mexico through Laredo.

Laredo has excellent proximity to two major manufacturing centers in northern Mexico, Monterrey (the second largest in Mexico) and Saltillo. The following companies have operations in Monterrey: BMW de Mexico; Sony; Toshiba; Carrier; Whirlpool; Samsung; Toyota; Daewoo; Ericsson; Nokia; Dell; Boeing; HTC; and General Electric. Almost 40% of cars and more than 60% of trucks manufactured in Mexico are assembled in Saltillo. In Saltillo, General Motors has an assembly plant and Chrysler has a truck assembly plant, two engine facilities and a car transmissions plant. Other major companies in Saltillo include Freightliner, Lennox, and Delphi Diesel Systems.

Laredo handles approximately 57% of the trade shipped inland between the two countries. Laredo’s volume has vaulted its ranking compared to the volumes at U.S. sea ports. The following statistics show Laredo’s trade volume.

Laredo

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Laredo and U.S. – Mexico Trade (Continued)The import and export volume of shipments through the top ten customs districts for the first nine months of 2013 is presented below (Source: WorldCity analysis of the latest U.S. Census Bureau data. January through September 2013).

The import and export volume of shipments through the top four customs districts along the U.S.-Mexico border for the first nine months of 2013 is presented below (Source: WorldCity analysis of the latest U.S. Census Bureau data. January through September 2013).

Laredo (continued)

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Rank Port Exports Imports Total Trade

1 Los Angeles $ 93,948,889,808 $214,733,770,605 $308,682,660,413

2 New York $118,550,477,951 $166,270,778,207 $284,821,256,158

3 Laredo $ 83,223,121,515 $104,604,446,025 $187,827,567,540

4 Houston $ 93,401,821,396 $ 93,057,444,187 $186,459,265,583

5 Detroit $ 90,218,333,920 $ 91,241,326,877 $181,459,660,797

6 New Orleans $ 65,212,673,491 $105,819,446,379 $171,032,119,870

7 Chicago $ 29,246,969,683 $111,388,336,976 $140,635,306,659

8 Seattle $ 66,172,010,443 $ 47,266,422,582 $113,438,433,025

9 Savannah $ 51,818,376,230 $ 60,400,513,625 $112,218,889,855

10 San Francisco $ 39,180,314,968 $ 51,818,376,230 $ 90,998,691,198

Rank Port Exports Imports Total Trade % of Total

1 Laredo $83,223,121,515 $104,604,446,025 $187,827,567,540 57%

2 El Paso $29,695,978,044 $ 39,643,362,213 $ 69,339,340,257 21%

3 San Diego $15,311,949,164 $ 27,829,686,795 $ 43,141,635,959 13%

4 Phoenix/Nogales $10,379,961,165 $ 16,772,118,533 $ 27,152,079,698 8%

$327,460,623,454

Laredo and U.S. – Mexico Trade (Continued)The following tables show that most of the goods being shipped through Laredo between the U.S. and Mexico are car parts, vehicles, appliances and electrical equipment (Source: WorldCity analysis of the latest U.S. Census Bureau data. January through September 2013).

Laredo (continued)

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EXPORTS

Rank Commodity Total YTD Exports

1 Motor vehicle parts $9,691,065,824

2 Gasoline, other fuels $2,171,317,162

3 Phone equipment $2,071,923,000

4 Motor vehicles $1,798,284,737

5 Plastics $1,369,148,762

6 Car & aircraft engines $1,274,962,029

7 Electrical supplies $1,223,142,357

8 Computer chips $1,099,317,916

9 Petroleum gases $1,078,370,408

10 Engine parts $1,075,675,170

IMPORTS

Rank Commodity Total YTD Imports

1 Motor vehicle parts $10,906,987,221

2 Commercial vehicles $ 8,511,868,472

3 Phone equipment $ 6,357,872,266

4 Motor vehicles $ 6,130,217,253

5 Tractors $ 3,832,769,054

6 Seats $ 2,947,455,360

7 Insulated wire, cable $ 2,797,758,708

8 Refrigerators, freezers $ 2,107,785,121

9 Car & aircraft engines $ 1,930,749,916

10 Electrical boards & panels $ 1,783,604,348

Laredo and U.S. – Mexico Trade (Continued)The following table lists the most active U.S. ports of entry for foreign car imports in 2012 (Source: Car and Drive Blog, June 20, 2013).

International Trends Leading to Increased Mexico – U.S. TradeMexico’s manufacturing sector is growing which is leading to more import/export business with the U.S. and shipments through Laredo. The following competitive advantages are increasing Mexico’s attractiveness to multinational companies for new manufacturing locations.

1. Mexico’s low-cost, high-skilled workforce. While Mexico’s labor costs are lower than many of its global competitors, the skills of its workforce are rising. The pool of working-age individuals is approaching 62 million, and workers are becoming increasingly affluent and well educated, with the literacy rate now more than 93%. According to a 2010 U.S. Department of Labor Survey, hourly manufacturing pay was $4.30 in Mexico, which is half of the rate in Taiwan and Brazil, one-third of the Republic of Korea, and one-eighth of the U.S. and Canada.

2. Mexico’s proximity to U.S. manufacturers and markets. China suffers from lengthy lead times needed to ship cargo to U.S. ports – 15 to 20 days compared with two to three days from Mexico to the U.S. via highways.

3. Supply chain investments. Investment in supply-chain infrastructure, spurred by the privatization of the country’s major industries, has resulted in $226 billion in rail, roadway and port improvements since 2006, a 50% increase over the previous six years.

4. Mexico’s pro-business attitude. Mexico now has free-trade agreements with 43 nations, compared to 20 for China and 15 for the U.S.

5. Mexico’s strengthening economy. Mexico’s economy exhibited favorable growth in 2012, due largely to its manufacturing sector. Mexico is now the seventh-leading auto manufacturer in the world and the second-largest supplier of electronic products to the U.S. market.

Kansas City Southern, the fourth largest railroad in the U.S. with rail lines in Mexico, reports that Honda Motor Co, Mazda Motor Corp, Nissan Motor Co Ltd and Audi AG will open plants there in Mexico in the next two years. Five steel plants are also opening. This is evidence that these competitive advantages are attracting significant capital commitments from multinational companies.

Laredo (continued)

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Rank Port of Entry Car Ports

1 Detroit MI 1,182,142

2 Laredo TX 606,966

3 Brunswick GA 483,719

4 Los Angeles / Long Beach CA 450,448

5 New York City / New Jersey 426,943

6 Buffalo NY 407,131

7 Port Huron MI 406,658

8 Eagle Pass TX 379,072

9 San Diego CA 328,723

10 Baltimore MD 323,200

Laredo (continued)

Bloomberg BusinessweekGlobal Economics

http://www.businessweek.com/articles/2013-06-27/four-reasons-mexico-is-becoming-a-global-manufacturing-power

Four Reasons Mexico Is Becoming a Global Manufacturing Power

By Peter Coy, Bloomberg Businessweek’s economics editor, June 27, 2013

Mexico is beginning to beat China as a manufacturing base for many companies despite its higher crime rate, according to a new report from Boston Consulting Group. Mexico’s gain is a plus for the U.S. because Mexican factories use four times as many American-made components as Chinese factories do, says the consulting firm. Here are Mexico’s four key advantages:

1. Manufacturing wages, adjusted for Mexico’s superior worker productivity, are likely to be 30 percent lower than in China by 2015. China’s wages have soared. They were about one-quarter as high as Mexico’s in 2000 but are catching up rapidly and will be slightly higher by 2015. And labor productivity remains higher in Mexico, even though the gap is narrowing. The crossover point was 2012, when unit labor costs in China (i.e., wages adjusted for productivity) grew to equal those in Mexico. By 2015, Mexico will be around 29 percent less expensive.

2. Mexico has more free-trade agreements than any other country. The North American Free Trade Agreement gives Mexican goods easy access to the world’s largest market, the U.S., as well as to Canada. But that’s not all. Mexico has free-trade agreements covering 44 countries. That’s more than the U.S. (20 partners) and China (18) combined.

3. Mexican manufacturing has a significant advantage in energy costs. Natural gas prices in Mexico are tied to those of the U.S., which are exceptionally low because of a glut of supply on the market. China pays from 50 percent to 170 percent more for industrial natural gas. Mexico also has an edge over China in electricity costs, although power isn’t as cheap in Mexico as in the U.S.

4. Industry clusters, especially in autos and appliances, are growing. Mexico has developed a national expertise in certain industries, which makes it more attractive for companies to locate or expand plants there. Because Mexico is a major auto manufacturer, 89 of the world’s top 100 auto parts makers have production in the country. The companies are concentrated in five Mexican states, reducing transportation costs. In appliances, more than 70 manufacturers are in the country, ranging from components makers to assemblers of both small and large appliances.

Mexico’s progress relative to China is major good news for the country because manufacturing accounts for 35 percent of Mexico’s gross domestic product (vs. 12 percent of U.S. GDP), Harold Sirkin, the report’s lead author, says in an interview. The U.S. benefits in two ways, he says. First, by selling more components to Mexican manufacturers. Second, by selling more consumer products, such as American-made beef, to Mexicans, who will have more money for imported products if their living standards rise.

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LAREDO

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SALTILLO

GULF OF MEXICO

SAN ANTONIO

Monterrey, Mexico’s Top Manufacturers:

• Pemex (Mexican state petroleum co.)

• Cemex (World's 3rd largest cement co.)

• FEMSA (Coca-Cola Latin America)

• Mercedes-Benz Mexico

• BMW de Mexico

• DINA (Automotive producer)

• Mabe (appliance producer)

• Alfa (engine parts producer)

• Vitro (glass producer)

Other International Companies with Manufacturing Facilities in Monterrey/Saltillo:

• Sony

• Toshiba

• Whirlpool

• Samsung

• Toyota

• Nokia

• Ericsson

• Boeing

• HTC

• General Electric

• Chrysler (Saltillo)

• General Motors (Saltillo)

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Laredo (continued)

Rail and Truck ShippingIn March 2013, the Laredo Development Foundation provided the following comments regarding many of the transportation companies serving the growing U.S – Mexico trade volume.

U.S. rail and trucking companies are making big investments on both sides of the border with Mexico to capitalize on booming trade between the two countries. Every day, about 10 Kansas City Southern trains hauling everything from cars to chemicals crisscross the border between Mexico and the United States at Laredo, Texas, up from about six just three years ago.

The fourth-largest U.S. public railroad is leading the charge to take advantage of the swelling freight between the countries as manufacturing booms south of the border because of the rising costs of goods from China and other overseas exporters. Over the past five years, Kansas City Southern has spent about $300 million to lay roughly 90 miles of new track in Texas, buy and update terminals in Mexico and make other network upgrades.

The rail company now generates one-quarter of its revenue moving parts and finished goods across the border. Union Pacific Corp, the No. 1 U.S. railroad company, owns a 26 percent stake in Mexican railway company Ferromex. Like its rivals CSX Corp and Norfolk Southern Corp, Union Pacific partners with Kansas City Southern to haul carloads in the United States to locations not served by the railroad. As the U.S. economy creaks along, the growing business with Mexico is a cause for cheer: Both Kansas City Southern and Union Pacific are reporting much bigger increases in cross-border shipments than in overall volume.

Two areas that are “just exploding” are transporting automobiles into the United States and intermodal shipping - moving goods in containers that are shifted from truck to train or train to ship, said William Galligan, vice president of investor relations at Kansas City Southern. The Kansas City, Missouri-based company, which took full ownership in 2005 of a Mexican railroad now known as Kansas City Southern de Mexico, has built the first intermodal network between the countries.

The company, which started investing in the Mexican rail company a decade earlier, said it was betting the North American Free Trade Agreement would significantly alter shipping. U.S. government data show total cross-border freight by train and truck between the countries has surged nearly 35 percent in the past five years. At $291 billion through September, the volume of goods crossing the border this year is set to top the $352 billion of 2011 and $308 billion in 2010. The Mexican automobile industry’s double-digit production and export growth heightens transportation needs. . Kansas City Southern expects Mexico’s vehicle output to leap 30 to 40 percent by 2015, citing Wallenius Wilhelmsen Logistics data. The company, which already serves nine auto plants in Mexico, said Honda Motor Co, Mazda Motor Corp, Nissan Motor Co Ltd and Audi AG will open plants there in the next two years. Five steel plants are also opening.

Galligan said Kansas City Southern was in talks with Asian and European manufacturers looking for space near the locations it serves in Mexico. Of course, companies with business in Mexico must deal with the drug war. Kansas City Southern posts guards on trains in high-risk areas and scans cargo as trains cross the border.

Partner, Buying, ExpandingThe Laredo trains and trucks compete, but they are also partnering to keep up with demand. “We don’t have containers, we don’t have intermodal customers. So we approached J.B. Hunt, Schneider and Swift Transportation, to name three big ones, and convinced them that this was a real huge opportunity,” said Galligan. Swift runs 700 trucks south of the U.S. border and plans to add up to 100 next year, Chief Operating Officer Richard Stocking said in mid-November.

“Mexico has increasingly been advantaged over Asia,” said Foster Finley, co-head of the transportation practice at AlixPartners. “China’s real wage rates and cost of raw materials, overhead, the exchange rate, the freight costs - in ocean, inclusive of peak season surcharges and time on the water - have risen faster than the equivalent costs in Mexico.” Kansas City Southern’s cross-border volume jumped 21 percent in the first nine months of 2012, compared with a 6 percent rise in overall volume and generated about one-quarter of its $1.67 billion in revenue. Union Pacific’s cross-border carloads rose 6 percent in the first nine months, far outpacing its 1 percent overall volume rise, said Chief Financial Officer Rob Knight.

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Eagle Ford FrackingThe Eagle Ford Shale formation is the largest oil and natural gas fracking area in Texas. This formation stretches from San Antonio to Laredo and is benefitting the entire area. In March 2013, the Laredo Morning Times reported the following regarding the Eagle Ford’s favorable impact on Webb County, which Laredo is the county seat of.

“The University of Texas at San Antonio’s latest study on the economic impact of the Eagle Ford Shale oil and gas play shows a 20-county area, including Webb, generated about $61 billion in economic impact in 2012 and about 116,000 jobs. In 2011, the economic impact was about $25.5 billion. At that time, 88 active oil and gas wells were in Webb County. In total, county governments impacted by the lucrative fracking industry earned about $1 billion from the oil and gas industry last year. The study estimates continued growth, with the industry’s economic impact increasing from about $61 billion to almost $90 billion by 2022.”

Laredo (continued)

Frito Lay 14Eagle Ford Shale Oil & Gas Rig

Birmingham (continued)

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Higher EducationThe Texas A&M International University campus is located on the Bob Bullock Loop on the east side of Laredo. This university offers Bachelors, Master’s and Ph.D degrees. TAMIU’s College of Business Administration has been named an outstanding business school in “The Princeton Review’s” “Best 282 Business Schools,” 2007 Edition, and ranked third in the nation for “Greatest Opportunity for Minority Students.”

The University of Texas Health Science Center has a medical school campus located on the east side Laredo near U.S. Highway 59 and the Laredo Medical Center. The Laredo campus is an extension University of Texas Health Science Center in San Antonio, Texas. The Laredo campus offers medical and dental Doctoral degrees.

AirportLaredo is served by the Laredo International Airport. Daily non-stop flights are available to Houston, Dallas, and Las Vegas. The airlines serving Laredo include Allegiant, Continental and American Airlines.

Texas A&M International University

Demographics

Frito Lay 16United States District Courthouse – Laredo

Census 2010 Summary 10 miles 20 miles 30 miles

Population 236,962 248,662 249,662

Households 63,744 66,551 66,875

Families 53,434 55,910 56,165

Average Household Size 3.67 3.68 3.68

Owner Occupied Housing Units 40,609 42,849 43,101

Renter Occupied Housing Units 23,135 23,702 23,774

Median Age 27.8 27.7 27.7

2012 Summary

Population 243,672 255,876 256,888

Households 65,323 68,245 68,572

Families 54,326 56,889 57,144




Median Age 28.1 28.0 28.0

Median Household Income $35,298 $34,462 $34,444

Average Household Income $48,518 $47,728 $47,692

2017 Summary

Population 263,956 277,277 278,342

Households 71,178 74,384 74,731

Families 59,519 62,343 62,615




Median Age 28.6 28.5 28.5

Median Household Income $41,222 $40,084 $40,053

Average Household Income $54,245 $53,362 $53,329

Trends: 2012-2017 Annual Rate

Population 1.61% 1.62% 1.62%

Households 1.73% 1.74% 1.73%

Families 1.84% 1.85% 1.85%

Owner Households 2.10% 2.10% 2.10%

Median Household Income 3.15% 3.07% 3.06%

Disclaimer

The information contained in this marketing brochure (“Materials”) is proprietary and confidential. It is intended to be reviewed only by the person or entity receiving the Materials from Cassidy Turley (“Agent”). The Materials are intended to be used for the sole purpose of preliminary evaluation of the subject property/properties (“Property”) for potential purchase.

The Materials have been prepared to provide unverified summary financial, property, and market information to a prospective purchaser to enable it to establish a preliminary level of interest in potential purchase of the Property. The Materials are not to be considered fact. The information contained in the Materials is not a substitute for thorough investigation of the financial, physical, and market conditions relating to the Property.

Photographs: The aerials in this offering memorandum show the actual property that is being offered for sale.

The information contained in the Materials has been obtained by Agent from sources believed to be reliable; however, no representation or warranty is made regarding the accuracy or completeness of the Materials. Agent makes no representation or warranty regarding the Property, including but not limited to income, expenses, or financial performance (past, present, or future); size, square footage, condition, or quality of the land and improvements; presence or absence of contaminating substances (PCB’s, asbestos, mold, etc.); compliance with laws and regulations (local, state, and federal); or, financial condition or business prospects of any tenant (tenants’ intentions regarding continued occupancy, payment of rent, etc). A prospective purchaser must independently investigate and verify all of the information set forth in the Materials. A prospective purchaser is solely responsible for any and all costs and expenses incurred in reviewing the Materials and/or investigating and evaluating the Property.

By receiving the Materials you are agreeing to the Confidentiality and Disclaimer set forth herein.

Frito Lay 17

For more information please contact:

Cassidy Turleywww.ctbtnnn.com



Andrew Bogardus [email protected] #00913825



Documents

Frito Lay Distribution Building OFFERING MEMORANDUM · 2014-01-06 · Frito Lay Distribution Building Laredo, Texas OFFERING MEMORANDUM Christopher Sheldon 415-677-0441 [email protected]