Cash America - EXP Realty Advisors

REP PHOTO
Exclusive OFFERING | $1,182,000 - 7.00% CAP
Cash America
614 South commercial road, aransas pass, tx (CORPUS CHRISTI)
EXP DALLAS
214.522.7200
JOE CAPUTO
joe@exp1031.com
BOB MOORHEAD
bob@exp1031.com
property. Relocation to new 6,533+ SF building under construction.
tenant. Lessee: Cash America, Inc. | Financials as of September 29, 2012: $1.74 billion in revenue and net income of $120.82 million over previous 12-months.
lease structure. Brand new, 10-year, corporate NNN lease with 10% rent increases every 5-years and 3, 5-year options to renew.
location. Cash America is located along Commercial Road (10,128 Cars / Day) in the heart of the Aransas Pass retail corridor. The subject property is next to an
HEB grocery store and is caddy-corner to a Dollar General. Other retailers nearby include Bank of America, Days Inn, Hawthorn Suites, Super 8 Motel, Radio
Shack, Prosperity Bank, and Value Bank.
Table of contents | Disclaimer
Cash america
614 South commercial road, aransas pass, tx
Disclaimer
PAGE 1:
COVER
PAGE 2:
TABLE OF CONTENTS | DISCLAIMER
PAGE 3:
INVESTMENT | TENANT | LEASE OVERVIEW
PAGE 4-5:
SITE PLAN | ELEVATIONS
PAGE 6:
AERIAL PHOTO
PAGE 7:
LOCATION OVERVIEW
PAGE 8-9:
LOCATION MAPS
PAGE 10:
DEMOGRAPHICS
REP
REPPHOTO
PHOTO
EXP Realty Advisors, Inc. (“Agent”) has been engaged as an agent for the sale of the
property located at 614 Commercial Road, Aransas Pass, TX the owner of the Property
(“Seller”). The Property is being offered for sale in an “as-is, where-is” condition and Seller
and Agent make no representations or warranties as to the accuracy of the information
contained in this Offering Memorandum. The enclosed materials include highly confidential
information and are being furnished solely for the purpose of review by prospective
purchasers of the interest described herein. The enclosed materials are being provided
solely to facilitate the prospective investor’s own due diligence for which it shall be fully and
solely responsible. The material contained herein is based on information and sources
deemed to be reliable, but no representation or warranty, express or implied, is being made
by Agent or Seller or any of their respective representatives, affiliates, officers, employees,
shareholders, partners and directors, as to the accuracy or completeness of the information
contained herein. Summaries contained herein of any legal or other documents are not
intended to be comprehensive statements of the terms of such documents, but rather only
outlines of some of the principal provisions contained therein. Neither the Agent nor the
Seller shall have any liability whatsoever for the accuracy or completeness of the
information contained herein or any other written or oral communication or information
transmitted or made available or any action taken or decision made by the recipient with
respect to the Property. Interested parties are to make their own investigations, projections
and conclusions without reliance upon the material contained herein. Seller reserves the
right, at its sole and absolute discretion, to withdraw the Property from being marketed for
sale at any time and for any reason. Seller and Agent each expressly reserves the right, at
their sole and absolute discretion, to reject any and all expressions of interest or offers
regarding the Property and/or to terminate discussions with any entity at any time, with or
without notice. This offering is made subject to omissions, correction of errors, change of
price or other terms, prior sale or withdrawal from the market without notice. Agent is not
authorized to make any representations or agreements on behalf of Seller. Seller shall
have no legal commitment or obligation to any interested party reviewing the enclosed
materials, performing additional investigation and/or making an offer to purchase the
Property unless and until a binding written agreement for the purchase of the Property has
been fully executed, delivered, and approved by Seller and any conditions to Seller’s
obligations hereunder have been satisfied or waived. By taking possession of and
reviewing the information contained herein, the recipient agrees that (a) the enclosed
materials and their contents are of a highly confidential nature and will be held and treated
in the strictest confidence and shall be returned to Agent or Seller promptly upon request;
and (b) the recipient shall not contact employees or tenants of the Property directly or
indirectly regarding any aspect of the enclosed materials or the Property without the prior
written approval of the Seller or Agent; and (c) no portion of the enclosed materials may be
copied or otherwise reproduced without the prior written authorization of Seller and Agent.
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Investment overview
Cash america
614 South commercial road, aransas pass, tx
Lease overview
Initial Lease Term:
10-Years, Plus 3, 5-Year Options to Renew
Projected Rent Commencement:
April 2013
Projected Lease Expiration:
April 2023
Lease Type:
Absolute NNN | No Landlord Responsibility
Rent Increases:
10% in Lease Year 6 & Escalating Every 5-Yrs.
0.48+ Acres
Year 1-5 Annual Rent (Current):
$82,728
YEAR BUILT:
2013 (Under Construction)
Year 6-10 Annual Rent:
$90,996
LANDLORD RESPONSIBILITY:
None
Year 11-15 Annual Rent (Option 1):
$100,100
OWNERSHIP:
Fee Simple Interest
Year 16-20 Annual Rent (Option 2):
$110,110
Year 21-25 Annual Rent (Option 3):
$121,122
OCCUPANCY:
100%
PRICE:
$1,182,000
CAP RATE:
7.00%
NET OPERATING INCOME:
$82,728
BUILDING AREA:
6,533+ Square Feet
LAND AREA:
Tenant overview
Cash America, Inc.
CASH AMERICA | http://www.cashamerica.com
Cash America International, Inc. (NYSE: CSH) is a Fort Worth, Texas based company offering specialty financial services to individuals. In 1983, Cash America
founder Jack Daugherty opened the first Cash America Pawn in Irving, Texas. The company is now public and has expanded to become one of the largest
pawnshop chains in the country. Today, Cash America owns and operates over 1,000 locations in the United States and Mexico, and via the Internet, in the United
Kingdom, Australia and Canada. They are the largest provider of secured non-recourse loans, commonly referred to as pawn loans, and operate under the brand
names Cash America Pawn, SuperPawn, Pawn X-Change and Prenda Fácil.
The company also offers short-term cash advances in many of their locations, including over 200 stores that offer this service under the brand names Cash
America Payday Advance and Cashland.
SUBJECT PROPERTY
TOtraining
PANDAsystem
EXPRESS
Cash America was one of the first companies to raise capital to build a chain of pawnshops. They were early adopters of PRIOR
a formal
forEXPANSION
their
employees and one of the first to network their stores. They also created a centralized jewelry processing center, sophisticated practices to verify gold content and
confirm the quality of diamonds, and a proprietary pricing system to help them set consistent guidelines for lending, buying and selling merchandise. Most
importantly, Cash America created a culture based on positive core values.
As of September 29, 2012 Cash America International, Inc. reported total revenues of $1.74 billion and a net income of $120.82 million over the previous 12month period. The company reported a net worth of $902.45 million on this day as well.
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SITE PLAN
Cash america
614 South commercial road, aransas pass, tx
4
ELEVATIONS
Cash america
614 South commercial road, aransas pass, tx
5
AERIAL PHOTO
Cash america
614 South commercial road, aransas pass, tx
Previous Site
Redfish Bay
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Location overview
Cash america
614 South commercial road, aransas pass, tx
IMMEDIATE TRADE AREA
CORPUS CHRISTI-KINGSVILLE COMBINED STATISTICAL AREA
Cash America is located along Commercial Road (10,128 Cars / Day) in the
heart of the Aransas Pass retail corridor. Commercial Road is the main northsouth surface street in Aransas Pass and provides direct access to the gulf
resort town of Rockport to the north. The site is also 2-blocks south of the
Commercial Road intersection with Goodnight Avenue (7,730 Cars / Day).
Goodnight Avenue connects Aransas Pass with Mustang Island, where Port
Aransas, another nearby popular tourism destination, is located.
The Corpus Christi-Kingsville Combined Statistical Area (CSA) is made up of 5
counties in the Corpus Christi area and has a population of 514,111. Corpus
Christi and the surrounding region are strategically located on the Gulf of
Mexico and globally connected. Served by an excellent network of highways
which includes Interstate 37 and US Highway 77, 3 class I railroads, and
deepwater shipping, the area is a major international business center in the
Americas.
The subject property is next to an HEB grocery store and is caddy-corner to a
Dollar General. As a result of the thriving tourism industry in Aransas Pass
there are numerous hotels near the site. A Days Inn, Hawthorn Suites, and
Super 8 Motel are located within 3-blocks of Cash America. Other retailers
nearby include Bank of America, Radio Shack, Prosperity Bank, and Value
Bank.
Corpus Christi is a coastal city in South Texas with a population of 307,953.
The majority of the population is employed in the services, wholesale and retail
trades, and Government sectors. Amenities such as the city’s coastal location,
low cost of doing business, and skilled labor force have provided a sound
foundation for businesses that operate locally. Forbes ranked Corpus Christi
46th out of the 200 largest US metropolitan areas for low cost of doing
business. Moody’s Economy.com ranked Corpus Christi in the top 30% for low
costs. Employment opportunities in petrochemicals, heavy fabrication, water
transport, aerospace, and marine research are the main industries that employ
white collar employees locally. The city also has a sizable pipeline of fresh
skilled labor through Texas A&M University - Corpus Christi (16,000 Students).
This campus is the fastest growing campus in the Texas A&M System. Corpus
Christi is also home to 2 installations of the United States military: the Corpus
Christi Army Depot, and Naval Air Station Corpus Christi. Combined, these
installations provide 6,200 civilian jobs to the local economy, making them the
single largest employers in the city.
ARANSAS PASS / PORT ARANSAS, TX
Aransas Pass, TX is located 20-miles northeast of Corpus Christi, TX along the
Texas Gulf Coast. The city has a population of 9,431 residents, a 15.9% 10year increase. This growth has been driven largely by expansion of the
petroleum industry in Corpus Christi which has carried over into the local
tourism and shipping industries.
Port Aransas is located 8.2-miles east of Aransas Pass directly across Redfish
Bay. The location of Port Aransas on the Gulf of Mexico coupled with its
proximity to Corpus Christi have made the city a popular tourism destination.
Port Aransas draws over 5 million visitors annually to enjoy the 6.3-miles of
beach along the warm waters of the Gulf of Mexico.
ISLAND MOORINGS MARINA, PORT ARANSAS, TX
The Port of Corpus Christi, which is the 5th largest U.S. port and deepest
inshore port on the Gulf of Mexico, handles mostly oil and agricultural products.
The Port was also ranked as the 47th largest in the world by cargo tonnage.
The city is able to enhance the economic benefits from the ports through its
classification as a Foreign Trade Zone (FTZ). Foreign Trade Zone 122. The
FTZ was the first in the continental U.S. to have oil refsubzones and is one of
the largest FTZs in the nation, encompassing 24,000 acres.
Kingsville, which is located south of Corpus Christi also contributes significantly
to the local economy, primarily through agriculture and education. One of the
main drivers of the agricultural industry in Kingsville is the King Ranch. At
825,000 acres it is the 2nd largest contiguous ranch in the US. Kingsville is also
home to Texas A&M University - Kingsville (8,067 Students).
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Location map
Cash america
614 South commercial road, aransas pass, tx
8
Location map
Cash america
614 South commercial road, aransas pass, tx
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Demographics
Cash america
614 South commercial road, aransas pass, tx
Demographic snapshot
Radius
1 Mile
3 Mile
5 Mile
2016 Projection
4,085
10,825
20,344
2011 Estimate
4,157
11,048
20,368
2010 Census
4,169
11,112
20,337
Growth 2011-2016
-1.70%
-2.00%
-0.10%
Growth 2010-2011
-0.30%
-0.60%
0.20%
2016 Projection
1,634
4,262
7,628
2011 Estimate
1,634
4,284
7,548
2010 Census
1,640
4,312
7,538
Growth 2011-2016
0.00%
-0.50%
1.00%
Growth 2010-2011
-0.30%
-0.70%
0.10%
1,008
2,747
5,046
Population:
Households:
Owner Occupied
626
1,536
2,502
2011 Avg Household Income
Renter Occupied
$44,685
$44,651
$48,826
2011 Med Household Income
$37,077
$35,696
$39,034
2011 Per Capita Income
$18,237
$17,641
$18,413
Income Less than $15,000
338
842
1,342
Income $15,000 - $24,999
278
861
1,176
Income $25,000 - $34,999
126
385
737
Income $35,000 - $49,999
376
791
1,476
Income $50,000 - $74,999
309
776
1,571
Income $75,000 - $99,999
110
338
639
Income $100,000 - $149,999
59
198
414
Income $150,000 - $199,999
23
65
112
Income $200,000+
16
27
81
DOWNTOWN CORPUS CHRISTI, TX
2011 Households by Household Inc:
PORT ROYAL OCEAN RESORT, PORT ARANSAS, TX
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