NORTH FM 730 AZLE, TX 76020

Transcription

CLICK HERE
OFFERING MEMORANDUM
REPRESENTATIVE PHOTO
14511
NORTH FM 730
AZLE, TX 76020
Exclusively Listed By:
MIKE JAMES
Senior Director
Net Leased Properties Group
P: 818.212.2755
F: 818.212.2710
mike.james@marcusmillichap.com
License: CA 01869890
AREA PHOTO
A
INVESTMENT OVERVIEW
TABLE OF CONTENTS
Investment Overview
Tenant Overview
Property Overview
Site Plan
Retail Aerial
Market Overview
Demographics
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7
11
14
16
17
35
AZLE HIGH SCHOOL
FAMILY DOLLAR | OFFERING MEMORANDUM
MARCUS & MILLICHAP
INVESTMENT
OVERVIEW
INVESTMENT OVERVIEW
2
Investment Highlights
Investment Overview
•
•
•
•
Marcus & Millichap is please to present a brand new Family Dollar investment opportunity located at
14511 North FM 730 in Azle, Texas. The subject property is a 8,320 square foot building situated on a 1.17
acre lot. This Family Dollar store is set to operate under an Absolute-Triple Net Lease with a base term of
15 years. The asset benefits from its ideal location that service over 14,000 people within the 5 mile trade
area.
Brand New 15-Year Absolute Triple-Net NNN Lease
Corporate Guarantee with Over 8,100 Family Dollar Locations in 45 States
New 2016 Construction | Slated for April 2016 Delivery
Infill Fort Worth Location | Fort Worth Has Over 6.4 Million Residents in its MSA
Azle is a city located in Tarrant County, the third-most populous county in Texas and the sixteenth-most
populous in the United States. Its county sear is Fort Worth. These days, Azle is part of the greater Dallas
- Fort Worth metropolitan area (total population of 6.5 million). Fort Worth is just down the highway and
offers the Fort Worth Nature Center and Refuge, museums, Bass Performance Hall, theatres, and malls.
Highway 199 joins Azle to the regional interstate system and provides connectivity for the metropolitan’s
residents. Many people living in the area work, attend school and enjoy activities both in Azle and in
the Metroplex.
MARCUS & MILLICHAP
INVESTMENT OVERVIEW
Investment Summary
Purchase Price
CAP Rate
Price/SF
GLA
Lot Size
Year Built
Tenant Trade Name
Ownership
Credit Rating (S&P)
Years in Business
Number of Locations
Headquarters
Family Dollar
Public
BBB56 Years
8,100+
Matthews, NC
Vital Data
Net Operating Income
Lease Type
Lease Term
Lease Commencement
Lease Expiration
Lease Term Remaining
Increases
Options
$1,423,101
6.35%
$171.04
8,320 SF
1.17 Acres
2016
$90,366.96
Absolute Triple-Net (NNN)
15 Years
Est. 3/12016
Est. 3/31/2031
15 Years
10% in Year 11 and In Each
Option
Six, Five-Year
MARCUS & MILLICHAP
6
TENANT
OVERVIEW
TENANT OVERVIEW
Tenant Profile
Property Name
Property Type
Total GLA
Tenant Trade Name
Headquarters
Number of Locations
Website
Lease Commencement
Lease Expiration Date
Term Remaining on Lease
Lease Type
Roof Maintenance
Structure Maintenance
Original Lease Term
Net Operating Income
Increases
Options
Family Dollar
Net Leased Discount
8,320 SF
Family Dollar
Matthews, NC
8,100+
www.familydollar.com
Est. 3/1/2016
Est. 3/31/2031
15 Years
Absolute Triple-Net (NNN)
Tenant Responsibility
Tenant Responsibility
15 Years
$90,366.96
10% in Year 11 and In Each
Six, Five-Year
MARCUS & MILLICHAP
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TENANT OVERVIEW
Family Dollar Stores, Inc. operates a chain of general merchandise
retail discount stores primarily for low and middle income
consumers in the United States. Its merchandise assortment
includes consumables, such as batteries, diapers, food products,
hardware and automotive supplies, health and beauty aids,
household chemicals, paper products, pet food and supplies,
and tobacco; and home products, including blankets, sheets,
towels, giftware home décor products, and housewares. The
company also offers apparel and accessories comprising boys’
and girls’, infants’, men’s, and women’s clothing, as well as fashion
accessories and shoes; and seasonal and electronic products,
such as toys, stationery and school supplies, and seasonal goods,
as well as personal electronics, including pre-paid cellular phones
and services. As of April 8, 2015, it operated approximately 8,100
stores in 46 states. In June 2015, Family Dollar was acquired by
Dollar Tree, Inc. and became a wholly-owned subsidiary of Dollar
Tree. The company was founded in 1959 and is headquartered in
Matthews, North Carolina.
PROPERTY
OVERVIEW
PROPERTY OVERVIEW
MARCUS & MILLICHAP
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SITE PLAN
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14
PROPERTY OVERVIEW
NORTH FM 730
MARCUS & MILLICHAP
RETAIL AERIAL
LOCATION MAP
AZLE POPULATION
7
1 MI.
3 MI.
5 MI.
2000 Population
1,184
5,741
14,420
2010 Population
1,327
6,048
16,585
2015 Population
1,412
6,356
17,381
2020 Population
1,359
6,207
18,215
2000 Households
409
2,085
5,161
2010 Households
466
2,285
6,173
2015 Households
495
2,410
6,487
2020 Households
483
2,389
6,861
2
2015 Avg. Household Size
2.68
2.63
2.69
71
695
3,167
1
2015 Daytime Population
1
3
3
5
2
1
6
2
4
3
FAMILY DOLLAR
9
8
4
5
RETAIL
1
CARTER’S COUNTRY STORE
RETAIL
6
JUST RIGHT TRANSPORTATION SRVS
CHURCHES
1
FIRST BAPTIST CHURCH
1
BRIAR FIRE DEPARTMENT
2
BRIAR DONUTS & CAFE
2
BRIAR SHORT STOP
7
DAVES TIRES
2
RANCH COWBOY CHURCH
3
BRIAR CHURCH
3
BRIAR BEER & TOBACCO
8
RED BARN STORAGE
4
SISSY’S COMPLETE CATERING
9
NORTH AMERICAN GRANITE LLC
5
TRI-COUNTRY DOG TRAINING
OTHER
3
STEVE’S WELDING
4
TOMMY’S CARPORTS
5
KNOB HILL KWIK STOP (GAS)
A
MARKET
OVERVIEW
MARKET OVERVIEW
MARKET OVERVIEW
MARCUS & MILLICHAP
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AREA PHOTO
AZLE, TX
Azle is a city located in Parker and Tarrant counties in the U.S. state of Texas. Azle is on State Highway
199, 16 miles northwest of downtown Fort Worth, in the northwest corner of Tarrant County; the town
extends partly into Parker County and Wise County.
The community’s economy was based on agriculture. Multiple crops were grown, including wheat,
corn, peanuts, sorghum, and cotton. Watermelons, cantaloupes, peaches, plums, and pears were also
produced. Dairy farming became important in the early decades of the twentieth century, when local
milk products were sold to creameries in Fort Worth. By 1933, State Highway 34 (later State Highway 199),
had reached Azle from Fort Worth, greatly improving transportation capabilities between the town and
the city. Also, Eagle Mountain Lake was formed by a dam on the Trinity River, east of Azle.
Located in Tarrant County, it is the third-most populous county in Texas and the sixteenth-most populous
in the United States. Its county sear is Fort Worth. These days, Azle is part of the greater Dallas - Fort Worth
metropolitan area (total population of 6.5 million). Highway 199 joins Azle to the regional interstate
system and provides connectivity for the metropolitan’s residents. Many people living in the area work,
attend school and enjoy activities both in Azle and in the Metroplex. In fact, many newcomers are drawn
to Azle’s affordable housing, land and easy access to Fort Worth’s amenities.
Residents can enjoy the recreation surrounding Eagle Mountain Lake and the shopping in and near our
City, as the Dallas/Fort Worth Metroplex is a major market shopping area with every month more new
retail, entertainment and service businesses come into our market.
MARCUS & MILLICHAP
21
MARKET OVERVIEW
City of Azle (continued)
MARKET OVERVIEW
Azle Historical Museum
The Azle Historical Museum is located at the corner of W. Main and Church Street and
has two stories of historical artifacts, documents, and photos of generations of Azle
families and business merchants. The museum building was originally the home of the
Nation family in 1936, and was the site of the Azle Library from 1966 - 1977.
Music in the Park
The City offers free concerts to the community which are held at the amphitheater in
Central Park, 263 W. Main Street. Concerts are held on Friday evenings at 8 PM during
the months of June and July. These concerts are a wonderful opportunity for family and
friends to gather and listen to a variety of music.
Their area has many talented performing musicians, some who are regulars and others
less known. Their concerts give local performers an opportunity to shine and provide
great entertainment for the community.
Cross Timbers Golf Course
Designed by Jeffery Brauer, Cross Timbers opened in 1995. Its Azle location is convenient
to Fort Worth, Weatherford, Springtown, and Lake Worth. It has grown into a favorite of
locals and visitors from all over the Dallas-Fort Worth area.
The par-72, 18 hole tract winds its way through the hilly, wooded land next to Ash Creek
in the “Cross Timbers” area of north Texas. The design takes full advantage of this unique
topography, with multiple elevation changes that create a true “Hill Country” feel.
Cross Timbers is the home course for Robert Landers, an Azle farmer who gained fame
and worldwide attention as a player on the PGA Champions Tour.
MARCUS & MILLICHAP
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A
TARRANT
COUNTY
MARKET OVERVIEW
Tarrant County is an urban county located in the
north central part of Texas. Fort Worth serves as the
county seat to a county population of approximately
1.8 million citizens. Tarrant County is a member of the
North Central Texas Council of Governments.
Today much of the flavor and attitudes that are
the history of Tarrant County live on. The frontier has
changed, but not the pioneering spirit. Tarrant County
is now home to a diverse spectrum of businesses and
lifestyles. Cattle and agriculture, as well as aerospace
companies and defense contractors, play a major role
in the economic foundation of the County. Tarrant
MARCUS & MILLICHAP
AREA PHOTO
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The following are points of interests in Fort Worth and Tarrant County
TARRANT COUNTY
•
Bass Performance Hall
• Kimbell Art Museum
•
Amon Carter Museum of American Art
•
Modern Art Museum of Fort Worth
•
Fort Worth Zoo
•
Fort Worth Botanic Garden
•
Fort Worth Symphony Orchestra
•
Botanical Research Institute of Texas
•
Texas Motor Speedway
•
Pines Theater
•
Cowtown Marathon
•
Fort Worth Opera
MARCUS & MILLICHAP
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Dallas-Fort Worth-Arlington, TX
Metropolitan Statistical Area
City Demographics
2015 Estimated Population
11,286
2015 Primary Trade Area
Population
129,225
Average Household Income
$81,028
Average Household Size
TOP EMPLOYERS
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2
3
4
5
6
7
8
9
10
EMPLOYER
AMR/AMERICAN AIRLINES
LOCKHEED MARTIN
FORT WORTH ISD
TEXAS HEALTH RESOURCES
NRS - FORT WORTH - JRB
ARLINGTON ISD
CITY OF FORT WORTH
JPS HEALTH NETWORK
ALCON LABORATORIES INC.
COOK CHILDREN’S HEALTH CARE SYSTEM
MARKET OVERVIEW
# OF EMPLOYEES
24,000
13,690
12,000
12,000
11,000
8,126
6,161
6,000
5,922
5,876
*Source: Fort Worth Economic Development
2.52
Median Age
41
2015 Estimated Households
9,359
2020 Projected Households
9,408
MARCUS & MILLICHAP
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MARKET OVERVIEW
51,700+ STUDENTS
Tarrant County College District (TCCD or TCC) is a community
college serving Fort Worth and other cities in Tarrant County. TCC is
a comprehensive 2-year institution established in 1965, is dedicated
to providing quality education that exceeds the expectations of the
people of Tarrant County. More than 50,000 students are enrolled in
TCC’s associate degree and technical programs, making it the 7th
largest among Texas colleges and universities.
The college has 6 major campuses spanning Tarrant County:
• Northeast Campus
• Northwest Campus
• South Campus
• Southeast Campus
• Trinity River Campus
• TCC Connect Campus
Fall 2015 Enrollment: 51,727
TCC has
6 campuses located in Fort Worth,
Arlington, Hurst and online.
We are the seventh-largest college
or university in Texas, based on annual
enrollment.
Districtwide full-time employees:
approximately 2,247
MARCUS & MILLICHAP
AREA PHOTO
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FORT WORTH CULTURAL DISTRICT
Masterpieces abound in the museums of the Fort Worth Cultural District, located a few miles west
of downtown. This is, without question, one of the finest collections of museums in America. In a
single, park-like setting, you can span virtually the entire history of art, from priceless antiquities to
Impressionist milestones to modern artworks. It’s a wonderful place to find inspiration, broaden your
horizons and spend some quality time with your family.
The Cultural District is also home to the Will Rogers Memorial Center, home of the Annual Fort Worth
Stock Show & Rodeo, as well as the acclaimed theater, Casa Mañana.
MODERN ART MUSEUM OF FORT WORTH
Near the Cultural District, explore nature’s masterpieces at the Fort Worth Botanic Gardens, The
Fort Worth Zoo and the Botanical Research Institute of Texas, or go jogging or biking along the river
in Trinity Park. Explore the Fort Worth Cultural District by foot as all five museums are within walking
distance or pick up a bike at one of the many Fort Worth Bike Sharing stations along the way.
MARCUS & MILLICHAP
AREA PHOTO
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Fort Worth Cultural District Continued
Will Rogers Memorial Center
Established in Fort Worth, Texas in 1936, the Will Rogers Memorial Center now
attracts in excess of 2 million visitors each year to the Cultural District. This
120-acre facility plays host to an extensive variety of cultural, corporate,
educational and sporting events including many international-level equestrian
and livestock shows.
Fort Worth Botanic Gardens
Home to more than 2,500 species of plants in its 23 specialty gardens, the Fort
Worth Botanic Gardens is the oldest botanic garden in Texas. Visit the worldrenowned Japanese Garden, where the koi-filled pools, Japanese architecture,
meticulously-maintained plants, and dramatic waterfalls create a serene
environment for this strolling garden.
Follow the winding paths through luxuriant, tropical foliage in the 10,000-squarefoot conservatory. Stop and smell the roses in the European-style rose garden
filled with vibrant colors, velvety petals, and zestful aromas that will stimulate
your senses. Take a walk past 13 interactive, educational stations on the
elevated boardwalk that winds through a forest of native trees.
Fort Worth Zoo
Home to more than 7,000 native and exotic animals and several indoor and outdoor exhibits, the Fort
Worth Zoo provides an entire day of fun for any family. Kids can learn how to round ’em up and move
’em out at Texas Wild!, a hands-on exhibit that showcases the unique wildlife of the Lone Star State and
includes a petting zoo. They can visit all four great ape species in the 2.5-acre world of primates or get
eye-to-eye with some of the most endangered reptiles and amphibians on the planet at the Museum of
Living Art (MOLA).
34
Bass Performance Hall
The hall was built with limestone and designed by David M. Schwarz/Architectural Services, Inc. in 1998.
It is characteristic of the classic European opera house form. An 80-foot-diameter Great Dome, artfully
painted by Scott and Stuart Gentling, tops the Founders Concert Theater. Two 48-foot-tall angels sculpted
by Marton Varo from Texas limestone grace the Grand Façade.
It seats 2,056 people. Built as a multi-purpose facility, the Hall is able to house symphony, ballet, opera,
stage, musicals, and rock concerts and it is now the permanent home to the Fort Worth Symphony
Orchestra, Texas Ballet Theater, Fort Worth Opera, and the Van Cliburn International Piano Competition
and Cliburn Concerts. Performing Arts Fort Worth, which manages the Hall, also hosts its own performances
here, including national touring Broadway productions and a family series.
BASS PERFORMANCE HALL
MARCUS & MILLICHAP
DEMOGRAPHICS
DEMOGRAPHICS
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DEMOGRAPHICS
Demographic Analysis
Income
POPULATION
1 MI.
3 MI.
5 MI.
2000 Population
2010 Population
2015 Population
2020 Population
1,184
1,327
1,412
1,359
5,741
6,048
6,356
6,207
14,420
16,585
17,381
18,215
2000 Households
2010 Households
2015 Households
2020 Households
409
466
495
483
2,085
2,285
2,410
2,389
5,161
6,173
6,487
6,861
2000 Owner Occupied Housing Units
2000 Renter Occupied Housing Units
2000 Vacant
76.92%
14.80%
8.28%
76.10%
15.35%
8.56%
76.07%
15.25%
8.68%
2015 Vacant
84.05%
15.95%
9.72%
82.43%
17.57%
10.37%
82.23%
17.77%
8.04%
2020 Vacant
83.89%
16.11%
10.02%
82.18%
17.82%
10.76%
82.31%
17.69%
7.91%
2015 Median Household Income
2015 Per Capita Income
2015 Average Household Income
$55,029
$24,920
$71,116
$54,624
$26,305
$69,382
$59,016
$27,855
$74,636
38
Employment
In 2015, there were 3,167 employees in Azle, this is also known as the daytime
population. The 2000 Census revealed that 52.94% of employees are employed in whitecollar occupations and 47.16% are employeed in blue-collar occupations. In 2015,
unemployment in this area is 5.72%. In 2000, the average time traveled to work was 38.6
minutes.
Housing
In 2000, there were 4,298 owner occupied housing units in your area and there were 861
renter occupied housing units with a median rent of $412.
Race & Ethnicity
The current year racial makeup is as follows: 91.17% White, 0.91% Black, 0.09% Native
American and 0.59% Asian/Pacific Islander. Compare these to Entire US averages
which are: 71.60% White, 12.70% Black, 0.18% Native American and 5.02% Asian/Pacific
Islander. People of Hispanic origin make up 10.37% of the current year population.
MARCUS & MILLICHAP
Marcus & Millichap hereby advises all prospective purchasers of Net Leased property as follows:
A
DEMOGRAPHICS
The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, Marcus & Millichap has not and will not verify any
of this information, nor has Marcus & Millichap conducted any investigation regarding these matters. Marcus & Millichap 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. Marcus & Millichap 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 Marcus & Millichap Real Estate Investment Services 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.
CONFIDENTIALITY AND DISCLAIMER
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus
& Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared
to provide summary, unverified 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. Marcus & Millichap 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, PCB’s or asbestos, the compliance with 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 Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not
verify, any of the information contained herein, nor has Marcus & Millichap 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.
FORT WORTH MUSEUM OF SCIENCE AND HISTORY
NON-ENDORSEMENT NOTICE
Marcus & Millichap Real Estate Investment Services, Inc. (“M&M”) is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this
marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation
of M&M, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of M&M, and is solely included for the purpose of providing tenant lessee
information about this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
Timothy Speck | Marcus & Millichap | 5001 Spring Valley Road, Suite 100W Dallas, TX 75244 | 432723
Exclusively Listed By:
MIKE JAMES
Senior Director
Net Leased Properties Group
P: 818.212.2755
F: 818.212.2710
mike.james@marcusmillichap.com
License: CA 01869890

NORTH FM 730 AZLE, TX 76020

Transcription

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