baytown village

BAY TOW N VILL AGE
S H O P P I N G
C E N T E R
DOCKERS
SEARS
MARSHALLS
TEXAS ROADHOUSE
OLIVE GARDEN
TACO BELL
WENDY’S
BUFFALO WILD WINGS
JC PENNEY
MACY’S
KROGER
ACADEMY SPORTS
PIZZA HUT
FIREHOUSE SUBS
CARL’S JR
MATTRESS ONE
IH-10 | EAST FREEWAY
SPEC’S
OLD NAVY
OFFICE DEPOT
PETCO
STARBUCKS
LANE BRYANT
DAVITA DIALYSIS
FAMOUS FOOTWEAR
MATTRESS FIRM
RADIO SHACK
SPRINT
SHOGUN
SPORT CLIPS
DOMINO’S
WINGSTOP
DOLLAR TREE
CRICKET WIRELESS
CHICK-FIL-A
CONN’S
T-MOBILE
FIVE GUYS
LOWES
CHPOTLE
CHASE BANK
WALMART
BBVA COMPASS
THE HOME DEPOT
WEST CEADAR BA
YOU LYNCHBURG
RD
HR
RT
GA
Baytown Village Shopping Center
D|
BEST BUY
143
38.
D
VP
RICELAND RD
TARGET
BAY TOW N V I LL AGE
S H O P P I N G
C E N T E R
I NV E S T ME NT HI G HL I G HT S
•
95% Leased Power Center Located in the Explosive Area of Baytown
•
Quality Tenancy | Outstanding Mix of National and Regional Tenants | Big Box National Retailers
Wal-Mart, Best Buy, Home Depot, and Target in the Immediate Area
•
Superior Location and Accessibility in Power Retail Corridor| Located in Baytown’s Most Desirable
Residential Area with Prominent Frontage and Visibility on Garth Road | Five Miles from Baytown’s
Largest Employer - ExxonMobil
•Outstanding Tenant Retention History | 5-year Average Occupancy of 100% and 10-year Average
Occupancy of 96%, Outpacing the Submarket Occupancy of 92.7%
•Stabilized Asset with Upside | Long Term Contractual Rent from Anchor Tenants Ross Dress for Less and
Hobby Lobby with Mark-to-Market Opportunity in Rolling Inline Space at Below Market Rents
• Excellent Demographics | Since 2000, the Surrounding Area Experienced Growth in Excess of 75%
Within a One-Mile Radius | Average Household Incomes within a Five-Mile Radius are Over $67,000
•Thriving Employment Center Home to Houston’s Booming Petrochemical Industry | $60 Billion in
Construction to Refineries and Chemical Plants | Largest Petroleum and Petrochemical Complex in the
United States With Some of the World’s Largest Corporations
3
BAY TOW N V I LL AGE
S H O P P I N G
C E N T E R
ADDRESS:
4553 Garth Road
Baytown, TX 77521
LOCATION:
NWC Riceland Road and Garth Road
YEAR BUILT:
1994
PROPERTY SIZE:
±105,133 SF
LAND AREA:
±8.68 Acres
OCCUPANCY:
95%
PARKING AREA:
536 Spaces (5.10/1,000)
TRAFFIC COUNTS: 29,625 VPDat Garth Road & Riceland Road
38.143 VPD at Garth Road and W. Cedar Bayou Lynch
4
BAY TOW N V I LL AGE
S H O P P I N G
C E N T E R
SITE PLAN
PAPA JOHNS
RADIO SHACK
FRENCHY’S CHICKEN
SPEC’S
OLD NAVY
OFFICE DEPOT
PETCO
LANE BRYANT
DAVITA DIALYSIS
FAMOUS FOOTWEAR
DaVita
Dialysis
Spec’s
Sprint
Vitamin
Shoppe
Hibbet Sports
Mattress
Firm
Anna’s Linens
Petco
The Children’s
Place
NStyle
Rue21
Lane Bryant
Radioshack
Papa
John’s
Old Navy
GARTH ROAD
Catherine’s
Office Depot
Famous
Footwear
Starbucks
Amegy Bank ATM
Hobby Lobby
63,328
Ross
Dress for Less
30,108 SF
Florence
Furniture
6,510 SF
Jason’s
Deli
Mattress
Firm
RICELAND ROAD
STARBUCKS
MARBLE SLAB
VITAMIN SHOP
SPRINT
5
BAY TOW
V I LL
Highl
and NKnol
ls AGE
S H HO OP PP I PN IG N C G E
S
N
CT EE RN T E R
TENANT PROFILES
ROSS DRESS FOR LESS
Tenant:
Ross Dress For Less
Parent Company:
N/A
Square Feet:
30,108 Public/Private:
Public
Ticker Symbol:
NYSE: ROST
2015 YE Revenue:
$11.1 Billion
S&P Rating:
A-
Website:
www.rossstores.com
Ross Stores, Inc. is an S&P 500, Fortune 500 and Nasdaq 100 (ROST) company headquartered in Dublin, California, with fiscal 2015 revenues of $11.1 billion. The Company
operates Ross Dress for Less® (Ross), the largest off-price apparel and home fashion
chain in the United States with 1,259 locations in 33 states, the District of Columbia and
Guam as of August 1, 2015. Ross offers first-quality, in-season, name brand and designer apparel, accessories, footwear and home fashions for the entire family at savings of
20% to 60% off department and specialty store regular prices every day. The Company
also operates 165 dd’s DISCOUNTS® in 15 states as of August 1, 2015 that feature a
more moderately-priced assortment of first-quality, in-season, name brand apparel,
accessories, footwear and home fashions for the entire family at savings of 20% to 70%
off moderate department and discount store regular prices every day.
HOBBY LOBBY
Tenant:
Hobby Lobby
Parent Company:
N/A
Square Feet:
63,328
Public/Private:
Private
Ticker Symbol:
N/A
2013 YE Revenue:
$3.4 Billion
S&P Rating:
N/A
Website:
www.hobbylobby.com
Hobby Lobby operates 600-plus stores in about 40 states and sells arts and crafts
supplies, baskets, beads, candles, frames, home-decorating accessories, and silk
flowers. It also has operations in China, Hong Kong, and the Philippines, and it is the
#3 craft and fabric retailer (behind Michaels Stores and Jo-Ann Stores). Sister companies include: Mardel, a seller of Christian and educational products; and Hemispheres,
a supplier of home furnishings and other merchandise to Hobby Lobby stores. CEO
David Green, who owns the company, founded Hobby Lobby in 1972 and operates it
according to biblical principles, including closing shop on Sunday. The company is
listed in Forbes and Fortune’s list of Largest Private Companies.
6
BAY TOW N V I LL AGE
S H O P P I N G
C E N T E R
LOCATION SUMMARY
SUBMARKET OVERVIEW
Baytown Village Shopping Center has an
excellent location in East Houston in the
city of Baytown, which is considered one
of the communities of Bay Area Houston.
Submarket
Total
Rentable
Sq. Ft.
Percent
Occupied
Overall
Percent
Leased
Overall
Total Net
Sq. Ft.
Absorption
Under
T-12 Mo. Construction
Sq. Ft.
Delivered
4Q 2015
Total
Deliveries
T-12 Mo.
Average
NNN Asking
Rental Rate
Houston
Overall
321,434,295
94.5%
94.9%
3,320,113
2,481,117
602,528
2,682,192
$15.20
East
12,953,163
92.7%
92.7%
(40,237)
10,442
10,000
18,691
$12.92
Power
Centers
25,703,712
96.1%
96.1%
6,061
1,117,386
0
5,500
$15.41
The Bay Area is arguably Houston’s
premier outlying region, consisting of
300 square miles of prime employment,
countless
shopping
centers,
and
innumerable outdoor and water-based
recreational opportunities bordered by beautiful Galveston Bay and the Gulf of Mexico.
The East’s robust economy fueled by the petrochemical industry is running in high gear,
The local economic base is robust and diverse, comprised of more than 12,500
with strong population growth, rising consumer retail sales volumes, and the return of
businesses including a large number of manufacturing, aerospace, engineering,
residential development providing an increasingly favorable setting for retailing and
industrial, medical, and biomedical companies and a workforce of more than 188,000.
retail real estate. According to CoStar Inc., total retail inventory in the East submarket
Significant growth in population and tourism in recent years has prompted continued
area totaled 13.0 msf in 541 buildings, as of the end of fourth quarter 2015. Developers
commercial development and expansion activities across the area. Baytown is
are cautious and new retail centers are planned strategically and based on long-term
the largest city in Bay Area Houston and the third largest in the Houston MSA with
area growth. Moreover, given the East Submarket’s existing stock of over 13.0 million
81,151 residents. It is approximately 24 miles east of Downtown Houston. Baytown is
square feet, the deliveries of 18,691 square feet over the past 12 months pose no threat
a prosperous industrial community next to the Houston Ship Channel with a healthy
to the area’s retail market fundamentals. In fourth-quarter 2015, only 10,000 square
tax base provided by multi-national corporations such as Bayer Corporation, Chevron
feet of retail space was delivered to the market, boding well for existing properties in
Phillips Chemical Company, and ExxonMobil.
the market such as Baytown Village Shopping Center. As developers proceed with
caution in breaking ground on new projects, Baytown retail has settled into a stable
Baytown Village Shopping Center is located in Baytown’s most desirable residential
occupancy model. The East submarket occupancy has remained stable historically,
area with prominent frontage and visibility on Garth road, a primary local thoroughfare.
averaging over 91% over the past ten years, finishing at 92.7% in Q4 2015. Given the
The Property is within five minutes of Baytown’s largest employer, ExxonMobil, its
explosive employment and economic growth of Baytown, the area has seen a steady
regional medical district anchored by the San Jacinto Methodist Hospital, in its power
rise in rental rates throughout the years, with a 12% increase in rental rates over the last
retail corridor with abundant national grocers and Big Box retailers.
5 years. Since the first quarter of 2015 rents of $12.33/sf, rents have gone up $0.59/sf
to $12.92 in fourth-quarter 2015, showing a 4.8% increase.
With over 75% growth in population within a 1-mile radius since 2000, reaps the
benefits from a densely populated trade area with continuing growth and expansion.
As of April 2016, there are an estimated 109,072 residents who live within a five-mile
radius of the property. Also within a five-mile radius, the area also boasts an average
household income of over $67,000 per year. In addition, the area is projected to grow
by more than 12% over the next five years.
7
BAY TOW N V I LL AGE
S H O P P I N G
C E N T E R
BAYTOWN ECONOMIC OVERVIEW
GROWTH AND DEMOGRAPHICS
A flood of construction workers is credited with boosting sales tax revenue in the city even
From 1990 to 2010, population in the area bounded by Interstates 10 and 45 east of Beltway 8
as consumer spending falls heavily in cities, like Houston, with economies closely tied to the
grew by about 100,000. The area is expected to add 174,000 people over the next 25 years, a
oil industry. While Houston took a 7.5 percent hit in March, the state comptroller last week
36 percent growth rate. During the same period, the region is expected to add 67,000 jobs, a
announced that in Baytown, sales tax revenue was up 9.6 percent over the same month last
29 percent growth rate.
year and up 5.6 percent thus far in 2016.
DEMOGRAPHICS
Description
In the past five years, Baytown has seen a 36 percent increase in home sales and a 50 percent
1 Mile Radius
3 Mile Radius
5 Mile Radius
2021 Projection
8,452
62,511
109,072
2016 Estimate
7,524
57,586
100,952
Population
spike in the median sales price, to $145,000, according to the Houston Association of Realtors.
Whether the east side emerges with a permanent makeover will depend on what happens after
the plant construction wraps and thousands of temporary workers pack up for the next job site.
2010 Census
6,149
51,265
90,666
2000 Census
4,006
42,958
77,873
Growth 2016 - 2021
12.3%
8.6%
8.0%
The multibillion-dollar petrochemicals boom injects new life into Baytown. Low oil prices
Growth 2010 - 2016
22.4%
12.3%
11.3%
Growth 2000 - 2010
53.5%
19.3%
16.4%
dragging down the rest of Houston are feeding a $50 billion to $60 billion construction burst at
2016 Est. Median Age
37
33
33
east-side refineries and chemical plants now flush with cheap natural gas and oil - feedstock for
2016 Est. Average Age
39
35
35
plastics and other products they make. Developers are building houses, apartments and stores
2021 Projection
2,020
15,426
27,554
2016 Estimate
1,777
14,159
25,404
Wal-Mart and Kroger have expanded, and other grocers are interested. Baytown will have
2010 Census
1,413
12,537
22,695
2000 Census
955
10,966
20,098
doubled its grocery retail space in the span of about a year, Davis said. In addition to Kroger
Growth 2016 - 2021
13.7%
8.9%
8.5%
Growth 2010 - 2016
25.8%
12.9%
11.9%
Growth 2000 - 2010
48.0%
14.3%
12.9%
2016 Est. Average Household Income
$66,331
$62,822
$67,369
acres with plans for a large retail development with an 84,000-square-foot H-E-B store. The
2016 Est. Median Household Income
$49,550
$47,838
$52,952
developers hope to attract various retailers and hoteliers to an adjacent 30-acre tract.
$161,465
$116,632
$122,209
Hunington Properties, traditionally a west Houston builder, is moving forward this summer with a
SIGNIFICANT CAPITAL INVESTMENT AND DEVELOPMENTS
from the ground up for the first time in years.
Households
Income
Marketplace, which replaces an existing Garth Road store and opens this week, the chain will
replace a second location in the city with a bigger store expected to create 150 jobs.
In nearby Mont Belvieu, a joint venture with Fidelis and San Antonio-based H-E-B acquired 41
Housing Value
2016 Est. Median All Owner-Occupied Housing Value
With over 75% growth in population within a 1-mile radius since 2000, reaps the benefits from a
densely populated trade area with continuing growth and expansion. As of April 2016, there are
an estimated 109,072 residents who live within a five-mile radius of the property. Also within a
five-mile radius, the area also boasts an average household income of over $67,000 per year. In
addition, the area is projected to grow by more than 12% over the next five years.
“high-end” apartment complex in Baytown, although it shelved a more ambitious plan to create
Baytown’s first mixed-use project with room for retail, apartments, hotels and office.
Goose Creek Reserve and Goose Creek Landing, among the first new subdivisions in Baytown
since 2008, have about 800 homes under construction, with 1,850 new single-family homes
planned over the next five years.
BAY TOW N V I LL AGE
S H O P P I N G
C E N T E R
BAYTOWN ECONOMIC OVERVIEW
EMPLOYMENT
•
ExxonMobil has started construction on a multi-billion dollar expansion to the complex that
BAYTOWN’S LARGEST EMPLOYERS
will employ about 10,000 construction workers, create 4,000 related jobs in nearby Houston
Baytown is a thriving employment center
Employer
and home to some of the world’s largest
ExxonMobil
3,785
corporations. Its primary economic driver is
Goose Creek Consolidated ISD
3,012
the petrochemical industry. ExxonMobil is
San Jacinto Methodist Hospital
1,687
Baytown’s largest employer and taxpayer.
Bayer Corporation
1,100
Its Baytown site is the largest petroleum
City of Baytown
800
and petrochemical complex in the United
JSW Steel
800
•
The Property is 8.8 miles from Chevron Phillips Chemical Cedar Bayou Plant, a 1,200-acre
States. Bayer Industrial Park is the largest
Chevron Phillips
685
site with 685 employees and approximately 300 contract workers on site. Chevron Phillips
Bayer MaterialScience manufacturing site
Lee College
600
Chemical is building a new ethane cracker facility, the first in the United States in this decade,
in North America. Cedar Crossing Industrial
Walmart (Distribution Center)
600
and it will be the size of 50 football fields when it comes online in 2017. The expansion at the
Park is the world’s fifth largest industrial park
Home Depot (Distribution Center)
325
Cedar Bayou Plant and Old Ocean facilities in Sweeny, Texas cumulatively will represent a
and is the home to major regional warehouse
Borusan Mannesmann Piep
250
TMK IPSCO
245
$6 billion investment for Chevron Phillips and will create 10,000 construction jobs and 400
and distribution centers for Home Depot
and Walmart. The Cedar Bayou Chemical
Excel Logistics
200
Plant in Baytown is Chevron Phillips largest
Flexsteel Pipeline Technologies
130
manufacturing site.
Tapco International
100
Employees
The Property is within walking distance of the San Jacinto Methodist Hospital, the largest, acutecare medical facility in the area with 275 total beds and 1,687 medical professionals on staff. The
hospital is ranked #10 in the Houston MSA and #20 in the state according the US News & World
Report’s 2014 “Best Hospitals” report.
Baytown Village Shopping Center is 1.5
miles east of ExxonMobil’s Baytown campus
and effectively Houston’s Ship Channel.
ExxonMobil’s 3,400-acre campus is the
largest petrochemical complex in the US.
There are 3,785 total employees and an
estimated 2,000 contract workers on-site
daily at the refinery, two chemical plants,
a regional engineering office and a global
technology center that are located there.
communities, and add 350 permanent positions in Baytown.
•
Property is 8.2 miles from Bayer Industrial Park, which spans 1,700 acres along Cedar
Bayou at the Gulf of Mexico. There are 1,100 employees on site, and it is the largest Bayer
MaterialScience manufacturing site in North America.
permanent jobs in the Houston area. Additionally, the company plans to hire more than 500
people a year during the next six years.
BAY TOW N V I LL AGE
S H O P P I N G
C E N T E R
BAYTOWN ECONOMIC OVERVIEW
•
Baytown Village Shopping Center is roughly 10 miles from Cedar Crossing Industrial Park. It
•
The Port of Houston is consistently ranked 1st in the United States in foreign waterborne
comprises 15,000 prime acres with utilities and an industrial and commercial transportation
tonnage, 1st in US imports, 1st in US export tonnage and 2nd in the US in total tonnage. The
infrastructure. It is the world’s fifth largest industrial park, located across the Houston Ship
Port Authority plans to undertake significant infrastructure improvements in the next few
Channel from the Barbours Cut and Bayport container terminals. There are 56 miles of rail
years to ensure that the Port of Houston can accommodate the advent of larger vessels and
with storage capacity of 1,750 rail cars and a barge dock for commercial/industrial use for
increased cargo resulting from the pending Panama Canal expansion in 2016, as well as the
improved efficiency of transporting goods and containers from the Port Of Houston. Excel
expected future demographic growth in the region.
Logistics, Home Depot, JSW Steel, TMK IPSCO, and Walmart are amongst the major corporate
tenants located there.
•
Comcast Corp recently announced it will provide advanced fiber Internet services into Cedar
Crossing Industrial Park, providing Baytown with an extra boost to attract new businesses.
The Internet-service provider is placing 11 miles of fiber cable at the site, a significantly bigger
project than traditional projects in the Houston area, where a traditional project is around
500 to 1,000 feet. This build-out gives the park an added incentive when attracting new
businesses.
•
The Texas Enterprise Fund, a financial incentive tool for projects that offer significant projected
job creation and capital investment, has proven to be a successful recruiting tool in the
Baytown area over the last four years. The city has attracted three major projects using funding
from the Texas Enterprise Fund that are located in and near the Cedar Crossing Industrial Park,
•
Between 2012 and 2015, a total of $35 billion is expected to be invested in capital
improvements at the Port of Houston creating 111,700 direct and 154,100 indirect jobs. Current
projects include the dredging of the Barbours Cut Channel, the deepening and widening of
the Bayport Channel by the summer of 2015, construction of 1,300 feet of wharf at Barbours
Cut Terminal, redevelopment of 20 acres at Barbours Cut Terminals 4 and 5 and continued
buildout and improvements to both the Bayport Channel and Turning Basin.
including Borusan Mannesmann Pipe’s first manufacturing site in the United States (250 direct
Most significantly, Baytown Village Shopping Center is proximate to the Port of Houston and the
jobs, 1,027 total jobs), Flexsteel Pipeline Technology’s steel and plastic pipe manufacturing site
Houston Ship Channel. The Port of Houston is one of the top performing seaports in the US and
(130 direct jobs, 472 total jobs) and Tapco International’s refinery components manufacturing
world in multiple categories. The Port of Houston supports 53,952 direct jobs and 1,026,820
site (100 direct jobs, 390 total jobs).
total jobs in the state of Texas. It has an overall economic impact of $178.5 billion in Texas.
QUALITY OF LIFE | RECREATION
Baytown Village Shopping Center is less than one mile from the Goose Creek Country Club and
Golf Course, the premier golf course in Baytown with athletic facilities for tennis and swimming,
as well as the preferred event venue in the city for social functions.
There are 45 parks totaling 967 acres in the city of Baytown, in addition to 117 acres of undeveloped
and planned park land within city boundaries. There are a handful of these neighborhood and
community parks near the Property. Because of its close proximity to the Gulf Coast and
Galveston Bay, The Property is only minutes from miles of beaches and a multitude of waterbased recreational activities including fishing and boating.
BAY TOW N V I LL AGE
S H O P P I N G
C E N T E R
BAYTOWN ECONOMIC OVERVIEW
PORT OF HOUSTON OVERVIEW
QUICK FACTS
Source: Port Of Houston Authority
Employees The Baytown area facilities are staffed by approximately 3,785 ExxonMobil employees
The Port of Houston is made up of the Port of Houston Authority and the 150+ private industrial
companies along the 52-mile Houston Ship Channel. All together, the port authority and its
neighbors along the ship channel are a large and vibrant component of the regional economy.
As one of the world’s largest seaports, The Port of Houston has been instrumental in Houston’s
development as a center of international trade. About 100 steamship lines offer service linking
and contract personnel, who manage, operate, and maintain all of the manufacturing facilities
on a 24-hour, year-round basis. Economic Impact ExxonMobil is Baytown’s largest employer and
taxpayer. It pays more than $410 million annually in salary, wages, and benefits and contributes
approximately $78 million annually in taxes. Its overall local economic impact is more than $1
billion annually.
Houston with 1,053 ports in 203 countries. Each year, more than 200 million tons of cargo move
New Development ExxonMobil Chemical Company has started construction of a multi-billion
through the Port of Houston, carried by more than 8,000 vessel and 200,000 barge calls.
dollar ethane cracker at its Baytown, Texas, complex and associated premium product facilities
Overall, it is a $15 billion petrochemical complex, the largest in the nation and second largest
in nearby Mont Belvieu. The project will employ about 10,000 construction workers, create
worldwide.
4,000 related jobs in nearby Houston communities and add 350 permanent positions at the
EXXONMOBIL BAYTOWN OVERVIEW
Baytown complex. It is expected to increase regional economic activity by roughly $870 million
per year and generate more than $90 million per year in additional tax revenues. Production is
Source: ExxonMobil
projected to begin in 2017.
The ExxonMobil Baytown area is the largest petroleum & petrochemical complex in the United
FACILITIES
States. Founded in 1920, the complex covers five square miles or 3,400 acres along the Houston
Ship Channel. The complex includes a refinery, two chemical plants, a regional engineering
office and a global technology center. A plastics plant is located in nearby Mont Belvieu.
•
The Baytown Refinery has been in operation since 1920, and at that time, processed about
10,000 barrels of crude oil per day. Today, it has the capability to process up to 584,000
barrels per day.
•
The Baytown Chemical Plant began operations in 1940. It produces products such as the
butyl in tires and the polypropylene in car bumpers.
•
The Baytown Olefins Plant began operations in 1979 and is one of the largest ethylene plants
in the world.
•
The Mont Belvieu Plastics Plant is located 13 miles northeast of the main complex and was
built in 1982. It produces high and low density polyethylene, which goes into products such as
grocery bags and packaging films.
•
The Baytown Technology & Engineering Complex has been on-site since the 1920s. It is now
the headquarters for ExxonMobil Chemical Technology and is home to the research and
development activities in Baytown. This site has produced innovative technology, such as the
lithium-ion battery separator film and numerous plastics light-weighting technologies that
help make vehicles more fuel efficient.
Ryan West
Senior Managing Director
713.852.3535
rwest@hfflp.com
Robbie Kilcrease
Real Estate Analyst
713.852.3533
rkilcrease@hfflp.com
ction (ETA 2016)
y Under Cons t ru
and Pkw
Gr
The Woodlands
MONTGOMERY
COUNTY
ExxonMobil
Corporate Headquarters
HFF HOUSTON
9 Greenway Plaza, Suite 700
Houston, Texas 77046
Tel: 713.852.3500
Fax: 713.852.3490
hfflp.com
LIBERTY
COUNTY
69
Lake
Houston
State Park
wy
DEBT UNDERWRITING
Tyler Ford
Associate Director
713.852.3517
tford@hfflp.com
Eas
tex
Fr
INVESTMENT SALES
Rusty Tamlyn, CCIM, SIOR
Senior Managing Director
713.852.3561
rtamlyn@hfflp.com
HARRIS
COUNTY
Pr
op
George Bush
Intercontinental
Airport
Greenspoint
os
ed
Gran
d
Sam Houston Pkwy
Pkw
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Lake
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69
st
Frw
rth
we
wy
Fr
y
Sheldon
Reservoir
Baytown Village Shopping
Center
Road
rth
y Toll
Hard
No
No
William Duncan
Real Estate Analyst
713.852.3435
wduncan@hfflp.com
ont
aum
Be
North
Downtown
Westchase
Westheimer Rd
The Galleria
Barbour’s Cut
Terminal
wy
Pk
nd
Sam Houston Tollway
Be
Fort
Galveston
Bay
William
P. Hobby
Airport
wy
This Offering Memorandum and the contents, except such information, which is a matter of public record orSmithers
is provided in sources available to
Lake
the public, are of a confidential nature. By accepting this Offering Memorandum, you agree that you will hold
and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose this Offering Memorandum or any of the contents to any other entity
(except to outside advisors retained by you, if necessary, for your determination of whether or not to make a proposal and from whom you have
obtained an agreement of confidentiality) without the prior written authorization of Owner or HFF and that you will use the information in this
Offering Memorandum for the sole purpose of evaluating your interest in the property and you will not use the Offering Memorandum or any
Proposed Grand Pkwy
of the contents in any fashion or manner detrimental to the interest of Owner or HFF If you have no interest in the property,
please return the
Offering Memorandum forthwith.
1/16
Loop
Fr
Owner and HFF each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the property and/or terminate discussions with any entity at any time with or without notice. Owner shall have no legal commitment or obligations to
any entity reviewing this Offering Memorandum or making an offer to purchase the property unless and until such offer is approved by Owner,
a written agreement for the purchase of the property has been fully executed, delivered and approved by Owner and its legal counsel, and any
obligations set by Owner thereunder have been satisfied or waived.
Sou
Frwy
San
Jacinto
Bay
Pasadena Frwy
lf
Additional information and an opportunity to inspect the property will be made available upon written request to interested and qualified
prospective investors.
Texas
Medical
Centerth
Gu
The Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the property or
Owner since the date of preparation of the Offering Memorandum. Analysis and verification of the information contained in the Offering Memorandum is solely the responsibility of the prospective purchaser.
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Fr
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ut
So
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West Loop
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arksources
Westp
This Offering Memorandum has been prepared by HFF for use by a limited number of parties and has been obtained
from
reliable. While we do not doubt its accuracy, we have not verified it, and make no guarantee, warranty or representation about it. It is your
responsibility to confirm, independently, its accuracy and completeness. All projections have been developed by HFF, Owner and designated
sources, are based upon assumptions relating to the general economy, competition, and other factors beyond the control of Owner, and therefore are subject to variation. No representation is made by HFF or Owner as to the accuracy or completeness of the information contained herein, and nothing contained herein is or shall be relied on as a promise or representation as to the future performance of the property. Although
the information contained herein is believed to be correct, Owner and its employees disclaim any responsibility for inaccuracies and expect
prospective purchasers to exercise independent due diligence in verifying all such information. Further, HFF, Owner and its employees disclaim
69
FORT
any and all liability for representations and
warranties,BEND
expressed and implied, contained in, or for omissions from, the Offering Memorandum
or any other written or oral communication transmitted
or made available to the recipient.
COUNTY
East Loop
George Bush
Park
Energy
Corridor
n East
Baytow
Loop
South Frwy
Katy Frwy
y
Hw
BRAZORIA
COUNTY
GALVESTON
COUNTY
Armand
Bayou
Park
Clear
Lake
Bayport
Terminal