Western Center - Fort Worth, TX

WESTERN CENTERFORT WORTH, TX

WESTERN CENTER

FINA

NC

IAL A

NA

LYSIS

MA

RK

ET

OV

ER

VIE

WP

RO

PE

RT

Y D

ESC

RIP

TIO

N

2This 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. © 2015 Vitorino Group

PRICING & FINANCIAL ANALYSIS

Western Center6600 North FreewayFort Worth, TX 76137

Offering SummaryPrice $8,800,000

Cap Rate 6.05%

Net Operating Income $531,979

Occupancy 91.5%

Year Built 2007

Gross Leasable Area 21,333 SF

Lot Size 3.37 Acres

WESTERN CENTER

FINA

NC

IAL A

NA

LYSIS

MA

RK

ET

OV

ER

VIE

WP

RO

PE

RT

Y D

ESC

RIP

TIO

N


PRICING & FINANCIAL ANALYSIS

incOme & expenSeS current pSf

Base Rent - Occupied Space (91.5%) $549,753 $25.77

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

GROSS POTENTAL RENT $549,753 $25.77

Exp. Reimb.

Real Estate Taxes $124,470 $5.83

Insurance $8,696 $0.41

CAM $34,799 $1.63

Mgmt. Fee $23,750 $1.11

Total Exp. Reimb. $191,714 $8.99

GROSS POTENTIAL INCOME $741,467 $34.76

Vacancy Factor (economic) 0.00% $0 $0.00

EFFECTIVE GROSS INCOME $741,467 $34.76

Expenses

Real Estate Taxes ($136,010) ($6.38)

Insurance ($9,502) ($0.45)

CAM ($38,025) ($1.78)

Mgmt. Fee (% of GPI) 3.50% ($25,951) ($1.22)

Total Expenses ($209,488) ($9.82)

NET OPERATING INCOME $531,979

expenSeS current pSfReal Estate Taxes $136,010 $6.38

Insurance $9,502 $0.45

CAM

Water $11,291 $0.53

Water - Irrigation $386 $0.02

Electricity $8,262 $0.39

Fire System / Security $5,122 $0.24

Dumpster Service $5,000 $0.23

Lawn Maintenance $6,448 $0.30

General Maintenance $2,264 $0.11

Pest Control $854 $0.04

Other ($1,602) ($0.08)

Total CAM $38,025 $1.77

Management Fee (% of GPI) 3.50% $25,951 $1.22

TOTAL EXPENSES $209,488 $9.82

WESTERN CENTER

FINA

NC

IAL A

NA

LYSIS

MA

RK

ET

OV

ER

VIE

WP

RO

PE

RT

Y D

ESC

RIP

TIO

N


RENT ROLL

tenant Sq ft% Of Sq ft

Start endannual

rentpSf eScalatiOn

date

eScalatiOn amOunt

OptiOnSleaSe

type

Genghis Grill 3,400 15.9% 1/1/2008 12/31/2017 $108,800 $32.00 1/1/2018 $36.00 2 x 5 NNN

FedEx-Kinko's 1,800 8.4% 10/8/2007 10/31/2017 $53,460 $29.70 11/1/2017 $34.17 2 x 5 NNN

AT&T 3,505 16.4% 11/3/2007 11/30/2017 $101,189 $28.87 12/1/2017 $33.27 1 x 5 NNN

Jake's Burgers 5,000 23.4% 2/1/2015 1/31/2020 $130,000 $26.00 2/1/2020 $28.60 3 x 5 NNN

Which Wich 1,800 8.4% 3/9/2009 3/7/2019 $45,000 $25.00 3/8/2019 $28.13 2 x 5 NNN

Keva Juice 1,200 5.6% 8/1/2015 7/31/2020 $32,400 $27.00 8/1/2016 $30.00 2 x 5 NNN

Dentist 2,818 13.2% 10/13/2010 10/31/2020 $78,904 $28.00 11/1/2020 $30.80 2 x 5 NNN

Vacant 1,810 8.5% - - - - - - - -

Occupied 19,523 91.5% $549,753

Vacant 1,810 8.5%

Total 21,333 100.0%

WESTERN CENTER

FINA

NC

IAL A

NA

LYSIS

MA

RK

ET

OV

ER

VIE

WP

RO

PE

RT

Y D

ESC

RIP

TIO

N


TENANT INFORMATION

FedEx Office (officially FedEx Office Print & Ship Services, Inc., formerly FedEx Kinko’s, and earlier simply Kinko’s) is a chain of stores that provide a retail outlet for FedEx Express and FedEx Ground (including Home Delivery) shipping, as well as printing, copying, and binding services. Unlike its main competitor, The UPS Store, all FedEx Office stores are corporate-owned.

tenant Overview

Tenant FedEx Office

Ownership Public (NYSE: FDX)

Years In Business 46 Years

Number of Locations 1,800+ U.S. & Canada

Headquarters Plano, TX

Website www.fedex.com

Genghis Grill, the largest build your own stir-fry chain in the United States, is well known for its fresh, hot and healthy food, and for its style of fun service. The first Genghis Grill opened in 1998 in Dallas, TX. As of March 2014, there are 105 locations in 23 states nationwide. The Chalak Group under the banner, Genghis Grill Franchise Concepts, LP acquired the Genghis Grill system in 2004. The Chalak Group encompasses a team of young, intelligent and focused entrepreneurs who also own and operate all Genghis Grill locations in the Dallas/Fort Worth Metroplex.

tenant Overview

Tenant Chalak Mitra Group

Ownership Private


Number of Locations 105+

Headquarters Dallas, TX

Website www.genghisgrill.com

WESTERN CENTER

FINA

NC

IAL A

NA

LYSIS

MA

RK

ET

OV

ER

VIE

WP

RO

PE

RT

Y D

ESC

RIP

TIO

N


TENANT INFORMATION

Jakes Burgers opened its first location over 30 years ago. Today there are eight locations throughout Dallas/Fort Worth. The Jakes burger is as simple as the business plan. The flattop grill sears quarter-pound burgers and serves them on a heavily studded poppy-seed bun. Men in ties, SMU coeds, and moms on the run sit shoulder to shoulder to get their hands on some good, cheap grub.

tenant Overview

Tenant Jakes Uptown

Ownership Private


Number of Locations 8


Website www.jakesuptown.com

AT&T Inc. is an American multi-national telecommunications corporation, headquartered at Whitacre Tower in downtown Dallas, Texas. AT&T is the second largest provider of mobile telephone and the largest provider of fixed telephone in the United States, and also provides broadband subscription television services. AT&T is the third-largest company in Texas (the largest non-oil company, behind only ExxonMobil and ConocoPhillips, and also the largest Dallas company). As of May 2014, AT&T is the 23rd-largest company in the world as measured by a composite of revenues, profits, assets and market value, and the 16th-largest non-oil company. As of 2016, it is also the 18th-largest mobile telecom operator in the world, with 130.4 million mobile customers.

tenant Overview

Tenant AT&T Inc.

Ownership Public (NYSE: T)


Number of Locations 2,200+ (Corporate Retail)


Website www.att.com

WESTERN CENTER

FINA

NC

IAL A

NA

LYSIS

MA

RK

ET

OV

ER

VIE

WP

RO

PE

RT

Y D

ESC

RIP

TIO

N


TENANT INFORMATION

Founded by restaurateur Jeff Sinelli, CEO of Genghis Grill, in 2003, Which Wich began with one location in downtown Dallas. It began franchising in 2005. Which Wich Superior Sandwiches is an American fast casual restaurant chain specializing in sandwiches and salads. It has its headquarters in Downtown Dallas, Texas. It currently has over 400 operating units locations open in 37 states across the US, six locations in Mexico City, and locations in Guatemala City, Panama City, and Dubai.

tenant Overview

Tenant Which Wich

Ownership Private


Number of Locations 400+ (U.S./International)


Website www.whichwich.com

Keva Juice was founded in 1998. They offer fresh-squeezed juices, real fruit, nonfat yogurt, sherbet and fat-free milk. Fresh bananas, vitamins, minerals and energizers are some of the vast options added to the blends. Keva Juice currently has over 30 locations in 7 states.

tenant Overview

Tenant Keva Juice

Ownership Private


Number of Locations 33

Website www.kevajuice.com

WESTERN CENTER

FINA

NC

IAL A

NA

LYSIS

MA

RK

ET

OV

ER

VIE

WP

RO

PE

RT

Y D

ESC

RIP

TIO

N


INVESTMENT HIGHLIGHTS

• Located on Hard Corner of I-35 & Western Center Blvd in Booming Fort Worth, Texas

• High Growth Area - Population is More Than 256,000 People – a 75% Increase Since 2000

• Strong Tenant Line up including FedEx Kinko’s, AT&T, Genghis Grill, Which Wich, Keva Juice and a Dentist Office

• 90% Occupied with NNN Leases with Upside Potential – Vacant Suite has Great Visibility Along I-35

• Beautiful High End 2007 Construction

• Elevated Parking Deck Adding Approximately 100 Extra Parking Spaces Above Code

• Surrounding Retailers Include Kroger, CVS Pharmacy, Walgreens, Home Depot, Target Costco, WinCo Foods, McDonald’s, 24 Hour Fitness and Many Others

• Strong Demographics in and Around the Immediate Area

• Traffic Counts Along I-35 Exceed 120,000 Vehicles per Day and Exceed 29,000 Vehicles per Day Along Western Center Blvd

WESTERN CENTER

FINA

NC

IAL A

NA

LYSIS

MA

RK

ET

OV

ER

VIE

WP

RO

PE

RT

Y D

ESC

RIP

TIO

N


AERIAL MAP

Inte

rstate

35

W

Western Center Blvd

WESTERN CENTER

FINA

NC

IAL A

NA

LYSIS

MA

RK

ET

OV

ER

VIE

WP

RO

PE

RT

Y D

ESC

RIP

TIO

N


LOCAL MAP

WESTERN CENTER

FINA

NC

IAL A

NA

LYSIS

MA

RK

ET

OV

ER

VIE

WP

RO

PE

RT

Y D

ESC

RIP

TIO

N


REGIONAL MAP

WESTERN CENTER

FINA

NC

IAL A

NA

LYSIS

MA

RK

ET

OV

ER

VIE

WP

RO

PE

RT

Y D

ESC

RIP

TIO

N


MARKET SUMMARY

FORT WORTH, TX

The city of Fort Worth is often referred to as “Where the West Begins.” Fort Worth is the 17th-largest city in the United States of America and the fifth-largest city in the state of Texas. Located in North Central Texas, and covers nearly 350 square miles (910 km2) in Tarrant, Denton, Parker and Wise counties. According to the 2013 census estimates, Fort Worth had a population of 792,727. The city is also home to Texas Christian University, Texas Wesleyan University, University of North Texas Health Science Center, Texas A&M University School of Law, and many multinational corporations including Bell Helicopter, Lockheed Martin, American Airlines, American Airlines Group (and subsidiaries American Airlines and Envoy Air), the John Peter Smith Hospital, Pier 1 Imports, RadioShack, the BNSF Railway, and Lockheed Martin. In 2013, Fort Worth-Arlington ranked No. 15 on Forbes’ list of the Best Places for Business and Careers.

The Fort Worth Stockyards now celebrates Fort Worth’s long tradition as a part of the cattle industry and was listed on the National Register as a historical district in 1976. The listing included 46 contributing buildings and one other contributing structure.

The Stockyards consist of mainly entertainment and shopping venues that capitalize on the “Cowtown” image of Fort Worth. Home to the famous boot making company M.L. Leddy’s which is located in the heart of the Stockyards and The Maverick Fine Western Wear and Saloon where customers “can ‘belly up’ to the bar, relax and have a cold beer while in the Stockyards; just like they did in the days of the big cattle drives”, as they shop around the store. Many bars and nightclubs (including Billy Bob’s Texas) are located in the vicinity, there is also an opry and a rodeo.

WESTERN CENTER

FINA

NC

IAL A

NA

LYSIS

MA

RK

ET

OV

ER

VIE

WP

RO

PE

RT

Y D

ESC

RIP

TIO

N


DEMOGRAPHIC SUMMARY

PoPulation

HouseHolds

income

Race and etHnicity

Housing

emPloyment

Geography: 5 miles

In the identified area, the current year population is 256,939. The rate of change since 2000 was 75.8%. The five-year projection for the population in the area is 281,760 representing a change of 9.7% from 2015 to 2020. Currently, the population is 49.4% male and 50.6% female. The median age in this area is 32.2, compared to the U.S. median agoe of 37.9.

There are currently 86,567 households in your selected georgraphy. The number of households has changed by 73.8% since 2000. It is estimated that the number of households in your area will be 94,701 five years from now, which represents a change of 9.4% from the current year. The average household size in your area is 2.96 persons.

In 2015, the median household income for your selected georgraphy is $66,288, compare this to the Entire U.S. average, which is currently $53,217. It is estimated that the median household income in your area will be $76,924 five years from now, which represents a change of 16.0% from the current year.

The current year per capita income in your area is $26,548, compare this to the Entire U.S. average, which is $28,597. The current year average household income in your area is $78,642, compare this to the Entire U.S. average, which is $74,699.

The current year racial makeup of your selected area is as follows: 70.2% White, 7.9% Black, 0.7% Native American and 6.6% Asian/Pacific Islander. Compare these to the Entire U.S. Averages which are: 71.60% White, 12.70% Black, 0.18% Native American and 5.02% Asian/Pacific Islander.

People of Hispanic origin are counted independently of race. People of Hispanic origin make up 31.6% of the current year population in your selected area. Compare this to the Entire U.S. average of 17.6%.

In 2015, there were 58,020 owner occupied housing units in your area and there were 28,546 renter occupied housing units in your area. Median home value in the area is $169,474, compared to a median home value of $200,006 for the U.S.

In 2015, there are 132,746 employees in your selected area, this is also known as the daytime population. Currently, 61.5% of employees are employed in white-collar occupations in this geography, and 24.0% are employed in blue-collar occupations. In 2015, unemployment in this area is 4.6%.

Demographic data © 2015 esri

WESTERN CENTER

FINA

NC

IAL A

NA

LYSIS

MA

RK

ET

OV

ER

VIE

WP

RO

PE

RT

Y D

ESC

RIP

TIO

N


DEMOGRAPHIC STATISTICS

traffic cOuntS

incOme 1 mile 3 mileS 5 mileS

$ 0 - $14,999 6.7% 5.2% 6.3%

$ 15,000 - $24,999 4.4% 4.6% 7.0%

$ 25,000 - $34,999 11.4% 7.8% 8.6%

$ 35,000 - $49,999 13.7% 13.0% 13.8%

$ 50,000 - $74,999 21.4% 20.5% 19.6%

$ 75,000 - $99,999 18.7% 19.2% 16.9%

$100,000 - $149,999 15.8% 18.9% 18.5%

$150,000 - $199,999 6.0% 7.8% 6.6%

$200,000 + 1.8% 3.1% 2.7%

2015 Median Household Income $63,578 $73,171 $66,288

2015 Per Capita Income $30,907 $29,117 $26,548

2015 Average Household Income $74,061 $83,751 $78,642

pOpulatiOn 1 mile 3 mileS 5 mileS

2000 Population 3,788 47,894 146,150

2010 Population 12,372 79,911 233,877

2015 Population 14,551 87,741 256,939

2020 Population 16,181 96,168 281,760

HOuSeHOldS 1 mile 3 mileS 5 mileS

2000 Households 1,657 16,372 49,800

2010 Households 5,225 27,856 79,120

2015 Households 6,068 30,573 86,567

2020 Households 6,729 33,461 94,701

2015 Daytime Population 8,790 48,571 132,746

2015 Average Household Size 2.40 2.86 2.96

2010 Owner Occupied Housing Units 32.7% 61.3% 65.1%

2010 Renter Occupied Housing Units 60.2% 32.0% 28.9%

2010 Vacant 7.0% 6.7% 6.0%



2015 Vacant 2.9% 4.2% 4.1%



2020 Vacant 2.0% 3.6% 3.7%

102,710

29,520

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 Vitorino Group and it should not be made available to any other person or entity without the written consent of Vitorino Group. 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 Vitorino Group.

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. Vitorino Group 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, Vitorino Group has not verified, and will not verify, any of the information contained herein, nor has Vitorino Group 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 THE VITORINO GROUP AGENT FOR MORE DETAILS.

CONFIDENTIALITY AGREEMENT

Vitorino Group 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, the Vitorino Group has not and will not verify any of this information, nor has the Vitorino Group conducted any investigation regarding these matters. The Vitorino Group makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any information provided.

As the Buyer of a net leased 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. The Vitorino Group 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 net leased 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 net leased 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 tenant 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 tenant 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 lease, including the likelihood of locating a replacement tenant if the current tenant should default or abandon the property, and the lease terms that Buyer may be able to negotiate with a potential replacement tenant 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 The Vitorino Group 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.

Net Lease Disclaimer

Before working with a real estate broker, you should know that the duties of a broker depend on whom the broker represents. If you are a prospective seller or landlord (owner) or a prospective buyer or tenant (buyer), you should know that the broker who lists the property for sale or lease is the owner’s agent. A broker who acts as a subagent represents the owner in cooperation with the listing broker. A broker

who acts as a buyer’s agent represents the buyer. A broker may act as an intermediary between the parties if the parties consent in writing. A broker can assist you in locating a property, preparing a contract or lease, or obtaining financing without representing you. A broker is obligated by law to treat you honestly.

IF THE BROKER REPRESENTS THE OWNER:The broker becomes the owner’s agent by entering into an agreement with the owner, usually through a written - listing agreement, or by agreeing to act as a subagent by accepting an offer of subagency from the listing broker. A subagent may work in a different real estate office. A listing broker or subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first. The buyer should not tell the owner’s agent anything the buyer would not want the owner to know because an owner’s agent must disclose to the owner any material information known to the agent.

IF THE BROKER REPRESENTS THE BUYER:The broker becomes the buyer’s agent by entering into an agreement to represent the buyer, usually through a written buyer representation agreement. A buyer’s agent can assist the owner but does not represent the owner and must place the interests of the buyer first. The owner should not tell a buyer’s agent anything the owner would not want the buyer to know because a buyer’s agent must disclose to the buyer any material information known to the agent.

IF THE BROKER ACTS AS AN INTERMEDIARY:A broker may act as an intermediary between the parties if the broker complies with The Texas Real Estate License Act. The broker must obtain the written consent of each party to the transaction to act as an

Approved by the Texas Real Estate Commission for Voluntary Use Texas law requires all real estate licensees to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords.

Real estate licensee asks that you acknowledge receipt of this information about brokerage services for the licensee’s records.

Information About Brokerage Services

intermediary. The written consent must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker’s obligations as an intermediary. The broker is required to treat each party honestly and fairly and to comply with The Texas Real Estate License Act. A broker who acts as an intermediary in a transaction:

With the parties’ consent, a broker acting as an intermediary between the parties may appoint a person who is licensed under The Texas Real Estate License Act and associated with the broker to communicate with and carry out instructions of one party and another person who is licensed under that Act and associated with the broker to communicate with and carry out instructions of the other party.

If you choose to have a broker represent you, you should enter into a written agreement with the broker that clearly establishes the broker’s obligations and your obligations. The agreement should state how and by whom the broker will be paid. You have the right to choose the type of representation, if any, you wish to receive. Your payment of a fee to a broker does not necessarily establish that the broker represents you. If you have any questions regarding the duties and responsibilities of the broker, you should resolve those questions before proceeding.

(1) shall treat all parties honestly;(2) may not disclose that the owner will accept a price less than the asking price unless authorized in writing to do so by the owner;(3) may not disclose that the buyer will pay a price greater than the price submitted in a written offer unless authorized in writing to do so by the buyer; and(4) may not disclose any confidential information or any information that a party specifically instructs the broker in writing not to disclose unless authorized in writing to disclose the information or required to do so by The Texas Real Estate License Act or a court order or if the information materially relates to the condition of the property.

exclusively listed

469.844.8880 | VITORINOGROUP.COM

Documents

Western Center - Fort Worth, TX