Download pdf - OFFERING MEMORANDUM CBRE CAPITAL MARKETS CEDAR …...HEADQUARTERS Minneapolis, MN WEBSITE SQUARE FOOTAGE 4,059 % OF CENTER 33.95% Plato’s Closet is a secondhand clothing store with

OFFER ING MEMORANDUM

C B R E C A P I TA L M A R K E T S

213 N HWY 67 | CEDAR H I L L , TX 75104

C E DA R H I L L V I L L AG E

213 N HWY 67 | CEDAR HILL, TX 75104

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CEDAR HILL V ILLAGE

OFFERING SUMMARY

EXCLUSIVE MARKETING ADVISORS: M ICHAEL AUSTRYVICE PRES IDENT+1 214 252 1115michae l .aus t r y@cbre . com

JARED AUBREYSENIOR V ICE PRES IDENT+1 214 252 1031ja red .aub rey@cbre . com

PROPERTY SQUAREFEET GLA % LEASE

COMMENCEMENTLEASE

EXPIRATIONANNUAL BASE RENT TOTAL LEASE TYPE

PLATO’S CLOSET 4,059 33.95% MAY 2011 APRIL 2023 $66,974 NNN

TOP NAILS & SPA 1,317 11.01% DECEMBER 2015 DECEMBER 2020 $28,487 NNN

SPORT CLIPS 1,240 10.37% MARCH 2003 FEBRUARY 2023 $31,000 NNN

LOUISIANA CRAB SHACK 5,341 44.67% JULY 2018 JUNE 2028 $112,161 NNN

TOTAL 11,957 SF $238,621

NET OPERATING INCOME $232,015

PRICE PER SQ FT $242.55

GROSS LEASABLE AREA 11,957 SF

OCCUPANCY 100%

YEAR BUILT 2002

$Offering Price:$2,900,000

%Cap Rate:

8.00%


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CEDAR HILL V ILLAGE

INVESTMENT HIGHLIGHTS

+ 100% Occupied - Plato’s recently extended, showing a commitment to the location

+ Shadow Anchored by 24 Hour Fitness - 24 Hour Fitness recently renewed for an additional 15 years

+ Triple Net Leases - Allow an investor to have limited landlord responsibilities and ease of management

+ Ground Lease - Shopping Center is on a 99 year prepaid ground lease with a purchase option for $1.00

+ Strategically Situated within the DFW metroplex located approximately 40 minutes southeast of downtown Fort Worth and 20 minutes southwest of Downtown Dallas

+ Densely Populated Submarket - Currently over 210,015 in a 7-mile radius

+ Area Retailers Include 24 Hour Fitness, Chase Bank, Red Robin, CareNow Urgent Care, JCPenney, Smoothie Factory, Cinemark, Pier 1, Hobby Lobby, Chili’s, DSW Shoe Warehouse, Homegoods, Wells Fargo Bank, and more

+ Huge Traffic Counts - Located Just off Hwy 67 with over 66,990 vpd and over 26,000 vpd on Belt Line Road

+ Located in Affluent Dallas|Fort Worth Suburb - Average household income is over $90,548, well above the national average

+ Far More Greenspace than any other Texas City and More than Double the National Average - The City of Cedar Hill recognized the importance of preserving the natural character of the terrain and has set aside 20% of its area for parks and green space

+ Texas has no State Income Tax


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CEDAR HILL V ILLAGE

PROPERTY LOCATION


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CEDAR HILL V ILLAGE

67

1382

HILLSIDE VILLAGE

VillageCEDAR HILL

ESTES PARK

WALMART SUPERCENTER

CEDAR HILL STATE PARK

CEDAR HILL ISD

JOE POOL LAKE

ARLINGTON

CEDAR RIDGE PRESERVE

MANSFIELD

CEDAR HILL HIGH SCHOOL

BELT LINE RD

CEDAR HILL RD

N

PROPERTY AERIAL


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CEDAR HILL V ILLAGE

PROPERTY AERIAL

1382

67

N C

EDA

R H

ILL

RD.

W. BELTLIN

E RD.

E PLEASANT RUN RD

DALLAS

WALMART SUPERCENTER

HILLSIDE VILLAGE

N

PLAZA AT CEDAR HILL

TOP NAILS & SPA

VillageCEDAR HILL


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DEMOGRAPHIC AERIAL | AVERAGE HOUSEHOLD INCOME

Cedar Hill home values have grown 32% since 2003

VillageCEDAR HILL


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SURROUNDING RETAIL


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TYPE Personal Care

YEARS IN BUSINESS 25

NO. OF LOCATIONS 1,000

HEADQUARTERS Georgetown, TX

WEBSITE www.sportclips.com

SQUARE FOOTAGE 1,240

% OF CENTER 10.37%

SportClips Haircuts is a hair salon for men and boys. Sport Clips is like no other place you’ve ever gotten your hair cut. Sports everywhere. TVs everywhere - playing sports. There’s something about the MVP Experience that just can’t be put into words - awesome haircut, hot steamed towel, invigorating shampoo, neck and shoulder treatment. It takes a haircut and turns it into an event.

TENANT INFORMATION

TYPE Retail

YEARS IN BUSINESS 20

NO. OF LOCATIONS 472

HEADQUARTERS Minneapolis, MN

WEBSITE www.platoscloset.com


% OF CENTER 33.95%

Plato’s Closet is a secondhand clothing store with a huge selection of trendy, designer styles as well as those every basics - all at up to 70% off mall retail prices. Plato’s Closet buys gently used teen and young adult style clothing and accessories that are name brands, cool, hip, trendy, clean and in good condition. Most stores buy and sell girls sizes 0 to 22 and guys sizes 28 to 40 waist and typically buy current styles that are still in the mall.


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Top Nails & Spa is a nail salon and spa offering manicure and pedicure services, eyelash extensions, waxing services, and facials. Staff is highly trained and uses new bag of steamed instruments opened exclusively for you. Each customer ets onetime use pedicure liner to prevent the spread of bacteria. The facility is clean, tidy & state-of-the-art. Top Nails & Spa offers complimentary wi-fi, soft drinks, and wine.

TYPE Personal Care

YEARS IN BUSINESS 4

NO. OF LOCATIONS 1

HEADQUARTERS Cedar Hill, TX

WEBSITE -


% OF CENTER 11.01%

TOP NAILS & SPA

TENANT INFORMATION

Louisiana Crab Shack specializes in serving the special dishes from crab, oyster, shrimp, and chicken. Customers can also enjoy many dishes with the tasty and unique flavor. The restaurant also offers fried dishes such as fried clamari and chicken tender baskets, all served with cajun fries. In addition to providing delicious food, Louisiana Crab Shack always welcomes customers with a friendly serving attitude and professional style so as to bring customers the best impression. Hygiene and food safety is the top priority sing only fresh and healthy food as well as clean items to make customers feel the most comfortable.

TYPE Restaurant

YEARS IN BUSINESS 2

NO. OF LOCATIONS 2

HEADQUARTERS Mesquite, TX

WEBSITE www.louisianacrabshackdallas.com


% OF CENTER 44.67%


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EXECUTIVE SUMMARY

PROPERTY DESCRIPTION

Property Type Retail Size of Improvements 11,957 SFProperty Address 213 N Hwy 67 Currently Vacant as of 7/1/18 0 SF

Cedar Hill, TX Projected Occupancy as of 7/1/18 100.00%Weighted Average Remaining Lease Term (in Years) 6.87Net Operating Income CAGR 2.20%

ACQUISITION AND RESIDUAL SUMMARY LEVERAGE SUMMARY [1]

MARKET LOANPurchase Pr ice as of July 1, 2018 $243 PSF $2,900,000 Initial Loan Funding (as of Jul-18) $1,885,122

In-Place Cap Rate 8.00% Loan-To-Value Ratio (Initial Funding) 65.00%In-Place NOI $232,015 Funding Date Jul-18

Maturity Date Jun-28Year 2 Year 3 Remaining Loan Term During Analysis 10.0 Years

Capitalization Rate 8.19% 8.31% Amortization Period 30 YearsCash Return 8.12% 7.90% Initial Interest Only Period (If Any) -Leveraged Cash Return 11.38% 10.74% Interest Rate 4.75%

Loan Constant 6.26%3-Year 5-Year 7-Year Origination Fee on Initial Loan Funding 1.00%

Average Capitalization Rate 8.17% 8.31% 8.59%Average Cash Return 7.99% 8.10% 8.27% Debt Service Coverage Ratio (NOI) 1.97xAverage Leveraged Cash Return 10.99% 11.31% 11.79% Debt Service Coverage Ratio (CF) 1.95x

Net Residual Value as of June 30, 2028 $3,489,000 Purchase Price as of July 1, 2018 $2,900,188Net Residual Per Square Foot $292 Total Initial Loan Principal (1,885,122)Residual Capitalization Rate 8.50% Total Initial Loan Fees 18,851Residual Cost of Sale 4.00% Initial Equity $1,033,917

ALL CASH IRR 9.74% LEVERAGED IRR 16.26%

[1] Leveraged analysis is based on financing that a particular investor may or may not be able to obtain.


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CEDAR HILL V ILLAGE

IN-PLACE NOI & PRICING SUMMARY

In-Place NOIJul-18 to Jun-19 $ PSF

Size of Improvements 11,957 SF

REVENUESScheduled Base Rent

Shop Gross Potential Rent $239,505 $20.03Shop Absorption & Turnover Vacancy 0 0.00

Total Scheduled Base Rent 239,505 20.03

CAM Reimbursement 15,579 1.30MGT Reimbursement 10,608 0.89INS Reimbursement 1,235 0.10RET Reimbursement 64,876 5.43Bitcoin ATM Revenue 6,000 0.50

TOTAL GROSS REVENUE 337,803 [1] 28.25General Vacancy Loss (16,890) (1.41)

EFFECTIVE GROSS REVENUE 320,913 26.84

OPERATING EXPENSESCommon Area Maintenance (14,173) (1.19)Management Fee (9,627) (0.81)Insurance (1,216) (0.10)Real Estate Taxes (63,882) (5.34)

TOTAL OPERATING EXPENSES (88,898) (7.43)

NET OPERATING INCOME $232,015 $19.40

Capitalization Rate 8.00%

PURCHASE PRICE AS OF JULY 1, 2018 $2,900,188 $242.55

In-Place Occupancy (At Start of Analysis With No Vacant Lease-Up) 100.00%

Average Occupancy (Includes Vacant Lease-Up and Rollover) -

Notes:

Leases that are scheduled to expire within the first fiscal year of the analysis are assumed to continue in place at current rent.

[1] In-Place Net Operating Income is calculated using contractual rents and expense reimbursements from Jul-18 to Jun-19 (less a 5.00% General Vacancy Loss).

In-Place NOI does not include vacant lease-up revenue or downtime due to near-term expirations, but does include future rent increases for existing tenants.

Leases with renewal options that expire within the first fiscal year of the analysis are assumed to roll to the option rents with no downtime.


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CEDAR HILL V ILLAGE

EXISTING VS MARKET COMPARISON

PercentageSquare Lease Lease Existing Rent Market Rent Above/(Below)

Suite Tenant at July 1, 2018 Feet Star t End as of Jul 1, 2018 as of Jul 1, 2018 Market Rent [1]

Ex ist ing Tenant s

110 Plato's Closet 4,059 May-11 Apr-23 $16.50 PSF NNN $17.00 PSF NNN -2.94%112 Top Nails and Spa 1,317 Dec-15 Dec-20 $21.63 PSF NNN $22.00 PSF NNN -1.68%114 Sport Clips 1,240 Mar-03 Feb-23 $25.00 PSF NNN $26.00 PSF NNN -3.85%116 Louisiana Crab Shack 5,341 Jul-18 Jun-28 $21.00 PSF NNN $22.00 PSF NNN -4.55%

Total Existing Square Feet 11,957 $19.96 $20.72 -3.67%

The calculation of total "Percentage Above/(Below) Market Rent" only includes existing tenants as noted in this schedule.


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CEDAR HILL V ILLAGE

EXISTING LEASE EXPIRATIONS

Suite Tenant End 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 Thereafter Available112 Top Nails and Spa Dec-20 1,317114 Sport Clips Feb-23 1,240110 Plato's Closet Apr-23 4,059116 Louisiana Crab Shack Jun-28 5,341

Totals: 0 0 1,317 0 0 5,299 0 0 0 0 5,341 0Percent: 0% 0% 11% 0% 0% 44% 0% 0% 0% 0% 45% 0%Count: 0 0 1 0 0 2 0 0 0 0 1 0

Cumulative SF: 0 0 1,317 1,317 1,317 6,616 6,616 6,616 6,616 6,616 11,957 11,957Cumulative %: 0% 0% 11% 11% 11% 55% 55% 55% 55% 55% 100% 100%

Summary of Lease Expirations

Year Leases SF Percent Cumu. SF Cumu. %

2018 0 0 0% 0 0%

2019 0 0 0% 0 0%

2020 1 1,317 11% 1,317 11%

2021 0 0 0% 1,317 11%

2022 0 0 0% 1,317 11%

2023 2 5,299 44% 6,616 55%

2024 0 0 0% 6,616 55%

2025 0 0 0% 6,616 55%

2026 0 0 0% 6,616 55%

2027 0 0 0% 6,616 55%

Thereafter 1 5,341 45% 11,957 100%

Available 0 0 0% 11,957 100%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

90.00%

100.00%

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

Ther

eaft

er

Avai

labl

e

Annual Cumulative


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CEDAR HILL V ILLAGE

RENT ROLL AS OF 7/1/2018

MarketSquare % of Lease Term Rental Rates Recovery Tenant Leasing Assumption /

Suite Tenant Name Feet Proper ty Begin End Begin Monthly Annually PSF Type Improvements Commissions Market Rent Comments/Options

110 Plato's Closet 4,059 33.95% May-2011 Apr-2023 Current $5,581 $66,974 $16.50 - - Market May-2021 $5,750 $69,003 $17.00

112 Top Nails and Spa 1,317 11.01% Dec-2015 Dec-2020 Current $2,374 $28,487 $21.63 - - Market Jan-2019 $2,469 $29,633 $22.50 Jan-2020 $2,623 $31,476 $23.90

114 Spor t Clips 1,240 10.37% Mar-2003 Feb-2023 Current $2,583 $31,000 $25.00 - - Market Mar-2019 $2,661 $31,930 $25.75 Mar-2020 $2,740 $32,885 $26.52 Mar-2021 $2,823 $33,877 $27.32 Mar-2022 $2,908 $34,894 $28.14

116 Louisiana Crab Shack 5,341 44.67% Jul-2018 Jun-2028 Current $9,347 $112,161 $21.00 - - Option Jul-2019 $9,627 $115,526 $21.63 Jul-2020 $9,916 $118,997 $22.28 Jul-2021 $10,215 $122,576 $22.95 Jul-2022 $10,522 $126,261 $23.64 Jul-2023 $10,833 $130,000 $24.34 Jul-2024 $11,163 $133,952 $25.08

Jul-2025 $11,497 $137,958 $25.83 Jul-2026 $11,839 $142,071 $26.60 Jul-2027 $12,195 $146,343 $27.40

TOTALS / AVERAGES 11,957 $19,885 $238,621 $19.96

OCCUPIED SqFt 11,957 100.0%VACANT SqFt 0 0.0%

TOTAL SqFt 11,957 100.0%

NNN+MGT+15%AF Analysis assumes a 07/01/18 RCD with seller crediting buyer at closing for all outstanding leasing costs. Two 5 year renewal options @ $28.22 /sf/yr and $32.72 /sf/yr. Analysis takes one option with a 2% leasing commission. % Rent @ 5% of gross sales over a natural breakpoint. 10% cumulative cap on CAM excluding SEC, SNOW, UTIL, INS, and RET.

$22.00 NNN [Shop]

NNN+MGT+15%AF (CMIT)

$26.00 NNN [Shop]

NNN+MGT+15%AF One 5 year renewal option @ FMV. % Rent @ 4% of gross sales over: (CY2018) $674,962.50, (CY2019) $683,193.75, (CY2020) $691,425; (Option Yr 1) $724,350, (Option Yr 2) $740,812.50, (Option Yr 3) $757,275, (Option Yr 4) $773,737.50, and (Option Yr 5) $790,200.

$22.00 NNN [Shop]

NNN+MGT 7% cumulative compounding cap on CAM excluding TRASH, SEWER, SNOW, UTIL, INS, and RET.

$17.00 NNN [Shop]


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CEDAR HILL V ILLAGE

SALES ANALYSIS

TenantSuiteSqFt

Sales Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total

SalesPSF

%Increase

HealthRatio [1]

Plato's Closet 2017 48,070 52,951 65,048 57,341 57,731 68,989 T12: $725,805 $178.81 0.37% 13.32%Suite 110 2016 60,648 56,360 61,421 56,257 53,102 59,697 64,201 72,003 51,280 64,256 63,130 60,805 $723,160 $178.16 -4.34% 13.37%4,059 SqFt 2015 51,877 47,481 60,297 56,211 59,148 63,567 68,282 92,255 60,144 70,686 64,742 61,257 $755,947 $186.24 9.26% 12.79%

2014 38,653 51,985 57,228 49,739 56,999 55,299 59,203 87,057 52,173 54,458 68,061 61,044 $691,899 $170.46 13.98%

Top Nails and Spa 2017Suite 112 2016 766 7,415 11,561 13,550 16,114 16,185 20,509 18,0691,317 SqFt 2015

2014

Sport Clips 2017Suite 114 2016 32,624 31,744 33,093 35,110 33,025 34,934 34,072 35,785 29,708 T12: $395,233 $318.74 11.44% 10.49%1,240 SqFt 2015 27,635 22,404 31,159 29,837 30,757 29,262 28,128 32,990 27,346 32,557 29,971 32,610 $354,656 $286.01 16.52% 11.69%

2014 23,338 22,213 25,260 23,368 27,210 25,429 25,514 29,168 24,022 27,043 24,764 27,039 $304,368 $245.46 13.62%

[1] Tenant health ratio calculations are based on annualized July 2018 base rent and reimbursement calculations. See the rent roll for details.


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CEDAR HILL V ILLAGE

7 MI

3 MI

1 MI

5 MI

SITE DEMOGRAPHICS

50,000 25,000 075,000

HIGHWAY 1382

POPULATION

261,086 89,480

26,045

66,991

41,986

19,625

3,028

$76,664

$89,764

$89,570

$83,014

122,912

57,700

8,683

100,000 50,000200,000 100,000300,000 150,000

50,000

400,000 200,000

100,000

0 0

0

HOUSEHOLDS

AVERAGE HOUSEHOLD INCOME TRAFFIC COUNTS (2016)

US HIGHWAY 67

7 MI

3 MI

1 MI

5 MI

7 MI

3 MI

1 MI

5 MI

25,000 75,000

16,630 W BELT LINE ROAD


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CEDAR HILL V ILLAGE

WHY DALLAS/FORT WORTH?

TREMENDOUS JOB GROWTH

ECONOMY

The Dallas/Fort Worth Metroplex (DFW) is a dynamic 12-county region made up of Dallas, Fort Worth, and another 150 municipalities. The DFW Metroplex is the largest urban agglomeration in Texas

and the fourth largest in the United States spanning an area of 9,286 square miles with a population of approximately 6.9 million people. As the fourth fastest growing region in the United States, the

DFW population in 2016 is 33.6% higher than in 2000 according to data from Nielsen Claritas; by the year 2030, it is projected that over 10.5 million people will be living in the Metroplex according

to the Dallas Regional Chamber. The DFW region is the most economically diverse region in the state of Texas. The GDP of North Texas is estimated to be $447 Billion, and if DFW were its own state

it would be the 12th largest in the country, just ahead of Massachusetts. Eighteen Fortune 500 companies have their headquarters in DFW. DFW is connected to the world by the nation’s fourth busiest

airport and is served by 55 international flights. DFW has the largest workforce in the state of Texas totaling over 3.3 million people, and 31.4% of the population 25 and older have a bachelor’s

degree or higher. In DFW, there are 33 colleges and universities, 157 public school districts and 96 public charter schools, according to the North Texas Commission.

Dallas/Fort Worth consistently ranks as a top market for job growth over the short and long term due to its central

location, pro-business environment and strong economy. Historically a leader with respect to job growth, DFW added

101,000 jobs between November 2014 and November 2015 for a 3.03% growth rate nearly double the national rate

of 1.8%. As of January 2016, DFW had an unemployment rate of 3.9% below the national rate of 5.0%.

Bolstered by positive job/population growth, Dallas/Fort Worth continues to outperform the national economy.

Dallas/Fort Worth was ranked the No. 3 “Best Performing Economy Through the Recession and Recovery” by

the Brookings Institute in April 2014 due to its impressive job growth, low unemployment, high gross domestic

product and healthy home prices. The constant stream of new businesses and residents moving to the Metroplex

has created a construction boom across the MSA. Forbes ranked DFW the No. 2 “U.S. City with the Most New

Construction”. The MSA experienced $16.3 billion in new construction starts between January 2012 and May

2013. In January 2016, construction and mining was the second fastest growing employment sector in DFW, with

job growth reaching an impressive 17.8% in 2015. Commercial construction is at a new high with more than 6

million square feet of office space being built in North Texas, 16.5 million square feet of warehouse space in the

pipeline and 27,000 rental units being built. Professional and Business Services was the fastest growing sector in

DFW growing 18.3% over the past year. Due to this immense growth, the DFW economy reached $486.7 billion

in 2015, ranking it 6th in the nation.


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CEDAR HILL V ILLAGE

OUR EMPLOYMENT

HEALTHCARE

• 21,000+ health-related establishments

• $5.4 billion spent on facility upgrades

per year

• $52 billion gross medical services

• 2 of 14 proton beam cancer therapy

centers in the U.S.

90 MEMBER HOSPITALSIN THE DALLAS/FORT WORTH HOSPITAL COUNCIL

Source: North Texas Commission, Dallas/Fort Worth Hospital Council, 2017.

AIRPORT SYSTEM & LOGISTICS

3RDNOBELLAUREATES6

OUR ECONOMY

OVERALL EMPLOYMENT REMAINS STRONGDiversified economy has helped drive robust job growth.

JOBS (MILLIONS)

Source: Bureau of Labor Statistics, May 2017.

717,000#1 3.5% 120,500JOBS ADDED SINCE 2010

JOBS ADDED IN 2016


1.5

2.0

2.5

3.0

3.5

4.0

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

RECESSIONS:EMPLOYMENT:

HIGHER EDUCATION

15 MAJOR UNIVERSITIES

• 370,899 students enrolled

• 3 of 7 Emerging Research

universities in Texas pursuing “tier

one” status

Source: Dallas Regional Chamber, 2017. Source: DFW International Airport, Love Field, Hillwood, 2017.

45,481BACHELORS, MASTERS AND PHD DEGREES AWARDED IN 2015

BUSIEST AIRPORT IN U.S. (DFW INTERNATIONAL)

• 78 million annual passengers

(DFW International + Love Field)

• 9,600 acres of inland port

designated as Foreign-Trade Zone

(Alliance Global Logistics Hub)

• Top 10 ranked container ports

(BNSF Intermodal Facility),

Coordinating nearly 3,000 trucks

and 16 intermodal trains per day

1 OF 7 AIRPORTSGLOBALLY WITH 200+ DIRECT DESTINATIONS (DFW INTL)

MARKET FOR NUMBER OF JOBS ADDED

EXPANSION OF EMPLOYMENT BASE IN 2016

(Not seasonally adjusted)

CBRE | WHYDFW? 2 Q117

OUR EMPLOYMENT

HEALTHCARE



per year



centers in the U.S.




3RDNOBELLAUREATES6

OUR ECONOMY


JOBS (MILLIONS)


717,000#1 3.5% 120,500JOBS ADDED SINCE 2010

JOBS ADDED IN 2016


1.5

2.0

2.5

3.0

3.5

4.0 19

90

1991

1992

1993

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1999

2000

2001

2002

2003

2004

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2007

2008

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2010

2011

2012

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2014

2015

2016

2017


HIGHER EDUCATION





one” status


















OUR EMPLOYMENT

HEALTHCARE



per year



centers in the U.S.




3RDNOBELLAUREATES6

OUR ECONOMY


JOBS (MILLIONS)


717,000#1 3.5% 120,500JOBS ADDED SINCE 2010

JOBS ADDED IN 2016


1.5

2.0

2.5

3.0

3.5

4.0

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

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2006

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2011

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2014

2015

2016

2017


HIGHER EDUCATION





one” status


















OUR EMPLOYMENT

HEALTHCARE



per year



centers in the U.S.




3RDNOBELLAUREATES6

OUR ECONOMY


JOBS (MILLIONS)


717,000#1 3.5% 120,500JOBS ADDED SINCE 2010

JOBS ADDED IN 2016


1.5

2.0

2.5

3.0

3.5

4.0

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

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2002

2003

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2011

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2015

2016

2017


HIGHER EDUCATION





one” status


















DFW GDP

9 out of 10 of the major industry supersectors make up 17% or less of the total metro economy

DALLAS/FORT WORTH HAS THE MOST DIVERSE ECONOMY IN TEXAS

$485.7BILLION

CURRENT GDPIN 2015

Source: Bureau of Economic Analysis, September 2016.

INFO

TECHNOLOGY

WHEN COMPARING JOBS ADDED TO DEGREES AWARDED

#2 MARKETFOR TECH “BRAIN GAIN”

• 5th largest concentration of technology-related employees in the U.S. (162,060 tech talent total)

• 46 coworking spaces

• 26 incubators/accelerators

Source: CBRE Research, 2016; Dallas Regional Chamber, 2017.

• Office and Administrative

• Sales

• Food Preparation and Service

• Transportation and Material Moving

• Production

• Business and Financial Operations

LABOR FORCE


TRADE, TRANSPORTATION, + UTILITIES

PROFESSIONAL + BUSINESS SERVICES

EDUCATION + HEALTH SERVICES

GOVERNMENT

LEISURE + HOSPITALITY

FINANCIAL ACTIVITIES

MANUFACTURING

MINING, LOGGING, + CONSTRUCTION

OTHER SERVICES

6th

9th

1/3

IN THENATION

OF THE STATE’SGDP

DFW MAKES

UP

IF DFW WAS A STATE

LARGEST GDP

IF DFW WAS A COUNTRY

23rd

LARGEST GDP AND RANK JUST BELOW TAIWAN

• Education, Training, and Library

• Healthcare Practitioners and

Technical

• Installation, Maintenance, and

Repair

• Management

• Computer and Mathematical

• Construction and Extraction

• Personal Care and Service

• Building, Grounds Cleaning and

Maintenance

• Healthcare Support

• Protective Service

• Architecture and Engineering

• Arts, Design, Entertainment, Sports,

and Media

• Community and Social Service

• Legal

• Life, Physical, and Social Science

• Farming, Fishing, and Forestry

CBRE3 WHYDFW? | CBREQ117

OUR EMPLOYMENT

HEALTHCARE



per year



centers in the U.S.




3RDNOBELLAUREATES6

OUR ECONOMY


JOBS (MILLIONS)


717,000#1 3.5% 120,500JOBS ADDED SINCE 2010

JOBS ADDED IN 2016


1.5

2.0

2.5

3.0

3.5

4.0

1990

1991

1992

1993

1994

1995

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1997

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2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017


HIGHER EDUCATION





one” status


















OUR EMPLOYMENT

HEALTHCARE



per year



centers in the U.S.




3RDNOBELLAUREATES6

OUR ECONOMY


JOBS (MILLIONS)


717,000#1 3.5% 120,500JOBS ADDED SINCE 2010

JOBS ADDED IN 2016


1.5

2.0

2.5

3.0

3.5

4.0

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017


HIGHER EDUCATION





one” status


















OUR EMPLOYMENT

HEALTHCARE



per year



centers in the U.S.




3RDNOBELLAUREATES6

OUR ECONOMY


JOBS (MILLIONS)


717,000#1 3.5% 120,500JOBS ADDED SINCE 2010

JOBS ADDED IN 2016


1.5

2.0

2.5

3.0

3.5

4.0

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017


HIGHER EDUCATION





one” status



















20

CEDAR HILL V ILLAGE


DFW FORTUNE 500 COMPANIES

Company Revenues ($B)

2 Exxon Mobile $246.20

10 AT&T $146.801

65 Energy Transfer Equity $42.126

67 American Airlines $40.99

140 Tenet Healthcare $20.11

142 Southwest Airlines $19.82

151 Kimberly-Clark $18.59

155 Fluor $18.11

214 HollyFrontier $13.23

219 Texas Instruments $13.00

228 JCPenney $12.62

260 D.R. Horton $10.82

302 GameStop $9.36

336 Dean Foods $8.12

404 Alliance Data Systems $6.44

407 Trinity Industries $6.39

413 Dr. Pepper Snapple Group $6.28

417 Commercial Metals $6.16

453 Celanese $5.67

475 Energy Future Holdings $5.37


21

CEDAR HILL V ILLAGE


DFW GDP



$485.7BILLION

CURRENT GDPIN 2015


INFO

TECHNOLOGY








• Sales



• Production


LABOR FORCE





GOVERNMENT



MANUFACTURING


OTHER SERVICES

6th

9th

1/3

IN THENATION

OF THE STATE’SGDP

DFW MAKES

UP

IF DFW WAS A STATE

LARGEST GDP


23rd




Technical


Repair

• Management





Maintenance





and Media


• Legal




DFW GDP



$485.7BILLION

CURRENT GDPIN 2015


INFO

TECHNOLOGY








• Sales



• Production


LABOR FORCE





GOVERNMENT



MANUFACTURING


OTHER SERVICES

6th

9th

1/3

IN THENATION

OF THE STATE’SGDP

DFW MAKES

UP

IF DFW WAS A STATE

LARGEST GDP


23rd




Technical


Repair

• Management





Maintenance





and Media


• Legal




DFW GDP



$485.7BILLION

CURRENT GDPIN 2015


INFO

TECHNOLOGY








• Sales



• Production


LABOR FORCE





GOVERNMENT



MANUFACTURING


OTHER SERVICES

6th

9th

1/3

IN THENATION

OF THE STATE’SGDP

DFW MAKES

UP

IF DFW WAS A STATE

LARGEST GDP


23rd




Technical


Repair

• Management





Maintenance





and Media


• Legal




DFW GDP



$485.7BILLION

CURRENT GDPIN 2015


INFO

TECHNOLOGY








• Sales



• Production


LABOR FORCE





GOVERNMENT



MANUFACTURING


OTHER SERVICES

6th

9th

1/3

IN THENATION

OF THE STATE’SGDP

DFW MAKES

UP

IF DFW WAS A STATE

LARGEST GDP


23rd




Technical


Repair

• Management





Maintenance





and Media


• Legal




DFW GDP



$485.7BILLION

CURRENT GDPIN 2015


INFO

TECHNOLOGY








• Sales



• Production


LABOR FORCE





GOVERNMENT



MANUFACTURING


OTHER SERVICES

6th

9th

1/3

IN THENATION

OF THE STATE’SGDP

DFW MAKES

UP

IF DFW WAS A STATE

LARGEST GDP


23rd




Technical


Repair

• Management





Maintenance





and Media


• Legal




DFW GDP



$485.7BILLION

CURRENT GDPIN 2015


INFO

TECHNOLOGY








• Sales



• Production


LABOR FORCE





GOVERNMENT



MANUFACTURING


OTHER SERVICES

6th

9th

1/3

IN THENATION

OF THE STATE’SGDP

DFW MAKES

UP

IF DFW WAS A STATE

LARGEST GDP


23rd




Technical


Repair

• Management





Maintenance





and Media


• Legal




DFW GDP



$485.7BILLION

CURRENT GDPIN 2015


INFO

TECHNOLOGY








• Sales



• Production


LABOR FORCE





GOVERNMENT



MANUFACTURING


OTHER SERVICES

6th

9th

1/3

IN THENATION

OF THE STATE’SGDP

DFW MAKES

UP

IF DFW WAS A STATE

LARGEST GDP


23rd




Technical


Repair

• Management





Maintenance





and Media


• Legal




DFW GDP



$485.7BILLION

CURRENT GDPIN 2015


INFO

TECHNOLOGY








• Sales



• Production


LABOR FORCE





GOVERNMENT



MANUFACTURING


OTHER SERVICES

6th

9th

1/3

IN THENATION

OF THE STATE’SGDP

DFW MAKES

UP

IF DFW WAS A STATE

LARGEST GDP


23rd




Technical


Repair

• Management





Maintenance





and Media


• Legal




DFW GDP



$485.7BILLION

CURRENT GDPIN 2015


INFO

TECHNOLOGY








• Sales



• Production


LABOR FORCE





GOVERNMENT



MANUFACTURING


OTHER SERVICES

6th

9th

1/3

IN THENATION

OF THE STATE’SGDP

DFW MAKES

UP

IF DFW WAS A STATE

LARGEST GDP


23rd




Technical


Repair

• Management





Maintenance





and Media


• Legal




DFW TRADE SECTORS A DEGREE IN HIGHER LEARNING

DEMOGRAPHICS

Anglo

Hispanic

African American

Asian

Other

DIVERSITY

7.2MILLION RESIDENTS

143,435

370,899 STUDENTS

45,481 DEGREES

272,745 GRADUATES

DFW WAS THE FASTEST GROWING METRO IN THE

NATION IN 2016.

RESIDENTS ADDED FROM JULY 2015 TO JULY 2016

ENROLLED AT MAJOR UNIVERSITIES AND COMMUNITY COLLEGES IN DFW

BACHELORS, MASTERS, AND PHD DEGREES AWARDED IN 2015 IN DFW COLLEGES AND UNIVERSITIES

IN 2015 FROM 100+ COLLEGES WITHIN TEXAS AND ADJACENT STATES

POPULATIONTRENDS

Source: U.S. Census Bureau, March 2017.

Source: Dallas Regional Chamber, 2017

OUR DIVERSITY

RESIDENTS PER DAY

393

COMPUTER AND ELECTRONICPRODUCTS

CHEMICALS

TRANSPORTATIONEQUIPMENT

MACHINERY, EXCEPTELECTRICAL

MISC. MANUFACTUREDCOMMODITIES

TRADE VALUE$6.70 B

DFW EXPORT24.70%

TRADE VALUE$3.40 B

DFW EXPORT12.80%

TRADE VALUE$5.50 B

DFW EXPORT20.30%

TRADE VALUE$3.20 B

DFW EXPORT12%

TRADE VALUE$1.70 B

DFW EXPORT6.40%



DEMOGRAPHICS

Anglo

Hispanic

African American

Asian

Other

DIVERSITY


143,435

370,899 STUDENTS

45,481 DEGREES

272,745 GRADUATES


NATION IN 2016.





POPULATIONTRENDS



OUR DIVERSITY

RESIDENTS PER DAY

393


CHEMICALS




TRADE VALUE$6.70 B

DFW EXPORT24.70%

TRADE VALUE$3.40 B

DFW EXPORT12.80%

TRADE VALUE$5.50 B

DFW EXPORT20.30%

TRADE VALUE$3.20 B

DFW EXPORT12%

TRADE VALUE$1.70 B

DFW EXPORT6.40%



DEMOGRAPHICS

Anglo

Hispanic

African American

Asian

Other

DIVERSITY


143,435

370,899 STUDENTS

45,481 DEGREES

272,745 GRADUATES


NATION IN 2016.





POPULATIONTRENDS



OUR DIVERSITY

RESIDENTS PER DAY

393


CHEMICALS




TRADE VALUE$6.70 B

DFW EXPORT24.70%

TRADE VALUE$3.40 B

DFW EXPORT12.80%

TRADE VALUE$5.50 B

DFW EXPORT20.30%

TRADE VALUE$3.20 B

DFW EXPORT12%

TRADE VALUE$1.70 B

DFW EXPORT6.40%



22

CEDAR HILL V ILLAGE

DFW GDP



$485.7BILLION

CURRENT GDPIN 2015


INFO

TECHNOLOGY








• Sales



• Production


LABOR FORCE





GOVERNMENT



MANUFACTURING


OTHER SERVICES

6th

9th

1/3

IN THENATION

OF THE STATE’SGDP

DFW MAKES

UP

IF DFW WAS A STATE

LARGEST GDP


23rd




Technical


Repair

• Management





Maintenance





and Media


• Legal




DFW GDP



$485.7BILLION

CURRENT GDPIN 2015


INFO

TECHNOLOGY








• Sales



• Production


LABOR FORCE





GOVERNMENT



MANUFACTURING


OTHER SERVICES

6th

9th

1/3

IN THENATION

OF THE STATE’SGDP

DFW MAKES

UP

IF DFW WAS A STATE

LARGEST GDP


23rd




Technical


Repair

• Management





Maintenance





and Media


• Legal




DFW GDP



$485.7BILLION

CURRENT GDPIN 2015


INFO

TECHNOLOGY








• Sales



• Production


LABOR FORCE





GOVERNMENT



MANUFACTURING


OTHER SERVICES

6th

9th

1/3

IN THENATION

OF THE STATE’SGDP

DFW MAKES

UP

IF DFW WAS A STATE

LARGEST GDP


23rd




Technical


Repair

• Management





Maintenance





and Media


• Legal



CBRE3 WHYDFW? | CBREQ117 DFW TRADE SECTORS A DEGREE IN HIGHER LEARNING

DEMOGRAPHICS

Anglo

Hispanic

African American

Asian

Other

DIVERSITY


143,435

370,899 STUDENTS

45,481 DEGREES

272,745 GRADUATES


NATION IN 2016.





POPULATIONTRENDS



OUR DIVERSITY

RESIDENTS PER DAY

393


CHEMICALS




TRADE VALUE$6.70 B

DFW EXPORT24.70%

TRADE VALUE$3.40 B

DFW EXPORT12.80%

TRADE VALUE$5.50 B

DFW EXPORT20.30%

TRADE VALUE$3.20 B

DFW EXPORT12%

TRADE VALUE$1.70 B

DFW EXPORT6.40%


DFW GDP



$485.7BILLION

CURRENT GDPIN 2015


INFO

TECHNOLOGY








• Sales



• Production


LABOR FORCE





GOVERNMENT



MANUFACTURING


OTHER SERVICES

6th

9th

1/3

IN THENATION

OF THE STATE’SGDP

DFW MAKES

UP

IF DFW WAS A STATE

LARGEST GDP


23rd




Technical


Repair

• Management





Maintenance





and Media


• Legal





DEMOGRAPHICS

Anglo

Hispanic

African American

Asian

Other

DIVERSITY


143,435

370,899 STUDENTS

45,481 DEGREES

272,745 GRADUATES


NATION IN 2016.





POPULATIONTRENDS



OUR DIVERSITY

RESIDENTS PER DAY

393


CHEMICALS




TRADE VALUE$6.70 B

DFW EXPORT24.70%

TRADE VALUE$3.40 B

DFW EXPORT12.80%

TRADE VALUE$5.50 B

DFW EXPORT20.30%

TRADE VALUE$3.20 B

DFW EXPORT12%

TRADE VALUE$1.70 B

DFW EXPORT6.40%



DEMOGRAPHICS

Anglo

Hispanic

African American

Asian

Other

DIVERSITY


143,435

370,899 STUDENTS

45,481 DEGREES

272,745 GRADUATES


NATION IN 2016.





POPULATIONTRENDS



OUR DIVERSITY

RESIDENTS PER DAY

393


CHEMICALS




TRADE VALUE$6.70 B

DFW EXPORT24.70%

TRADE VALUE$3.40 B

DFW EXPORT12.80%

TRADE VALUE$5.50 B

DFW EXPORT20.30%

TRADE VALUE$3.20 B

DFW EXPORT12%

TRADE VALUE$1.70 B

DFW EXPORT6.40%



DEMOGRAPHICS

Anglo

Hispanic

African American

Asian

Other

DIVERSITY


143,435

370,899 STUDENTS

45,481 DEGREES

272,745 GRADUATES


NATION IN 2016.





POPULATIONTRENDS



OUR DIVERSITY

RESIDENTS PER DAY

393


CHEMICALS




TRADE VALUE$6.70 B

DFW EXPORT24.70%

TRADE VALUE$3.40 B

DFW EXPORT12.80%

TRADE VALUE$5.50 B

DFW EXPORT20.30%

TRADE VALUE$3.20 B

DFW EXPORT12%

TRADE VALUE$1.70 B

DFW EXPORT6.40%



DEMOGRAPHICS

Anglo

Hispanic

African American

Asian

Other

DIVERSITY


143,435

370,899 STUDENTS

45,481 DEGREES

272,745 GRADUATES


NATION IN 2016.





POPULATIONTRENDS



OUR DIVERSITY

RESIDENTS PER DAY

393


CHEMICALS




TRADE VALUE$6.70 B

DFW EXPORT24.70%

TRADE VALUE$3.40 B

DFW EXPORT12.80%

TRADE VALUE$5.50 B

DFW EXPORT20.30%

TRADE VALUE$3.20 B

DFW EXPORT12%

TRADE VALUE$1.70 B

DFW EXPORT6.40%



DEMOGRAPHICS

Anglo

Hispanic

African American

Asian

Other

DIVERSITY


143,435

370,899 STUDENTS

45,481 DEGREES

272,745 GRADUATES


NATION IN 2016.





POPULATIONTRENDS



OUR DIVERSITY

RESIDENTS PER DAY

393


CHEMICALS




TRADE VALUE$6.70 B

DFW EXPORT24.70%

TRADE VALUE$3.40 B

DFW EXPORT12.80%

TRADE VALUE$5.50 B

DFW EXPORT20.30%

TRADE VALUE$3.20 B

DFW EXPORT12%

TRADE VALUE$1.70 B

DFW EXPORT6.40%




23

CEDAR HILL V ILLAGE

CBRE, Inc. operates within a global family of companies with many subsidiaries and/or related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different Affiliates may represent various clients with competing interests in the same transaction. For example, this Memorandum may be received by our Af-filiates, including CBRE Investors, Inc. or Trammell Crow Company. Those, or other, Affiliates may express an interest in the property described in this Memorandum (the “Property”) may submit an offer to purchase the Property and may be the success-ful bidder for the Property. You hereby acknowledge that possibility and agree that neither CBRE, Inc. nor any involved Affiliate will have any obligation to disclose to you the involvement of any Affiliate in the sale or purchase of the Property. In all instances, however, CBRE, Inc. will act in the best interest of the client(s) it represents in the transaction described in this Memorandum and will not act in concert with or otherwise conduct its business in a way that benefits any Affiliate to the detriment of any other offeror or prospective offeror, but rather will conduct its business in a man-ner consistent with the law and any fiduciary duties owed to the client(s) it represents in the transaction described in this Memorandum.

This is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property.

This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of the state of affairs of the Property or the own-er of the Property (the “Owner”), to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, mar-ket conditions, competition and other factors beyond the control of the Owner and CBRE, Inc. Therefore, all projections, assumptions and other information provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made available to interested and qual-ified prospective purchasers. In this Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not

purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this Memorandum in any manner.

Neither the Owner or CBRE, Inc, nor any of their respective directors, officers, Affil-iates or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Mem-orandum or use of its contents; and you are to rely solely on your investigations and inspections of the Property in evaluating a possible purchase of the real property.

The Owner expressly reserved the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discus-sions with any entity at any time with or without notice which may arise as a result of review of this Memorandum. The Owner shall have no legal commitment or obli-gation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered and approved by the Owner and any conditions to the Owner’s obligations therein have been satisfied or waived.

By receipt of this Memorandum, you agree that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or CBRE, Inc. You also agree that you will not use this Memorandum or any of its contents in any manner detrimental to the interest of the Owner or CBRE, Inc.

If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return this Memorandum to CBRE, Inc.

DISCLAIMERS


24

CEDAR HILL V ILLAGE

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 as-sist 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 repre-sent the buyer, usually through a written buyer representation agreement. A buy-er’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 con-sent of each party to the transaction to act as an intermediary.

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

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:

(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 sub-mitted 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.

With the parties’ consent, a broker acting as an intermediary between the par-ties 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 in-structions 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.

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

INFORMATION ON BROKERAGE SERVICES

EXCLUSIVE MARKETING ADVISORS

OFFER ING MEMORANDUM

C E DA R H I L L V I L L AG E

C B R E C A P I TA L M A R K E T SJARED AUBREYSENIOR V ICE PRES IDENT+1 214 252 1031ja red .aub rey@cbre . com

M ICHAEL AUSTRYVICE PRES IDENT+1 214 252 1115michae l .aus t r y@cbre . com

213 N HWY 67 | CEDAR H I L L , TX 75104