TEAS CROSSING CONROE, TX (HOUSTON MSA)
CONROE NORTH INDUSTRIAL PARK 1,655 ACRES CONROE MARKETPLACE
THE WOODLANDS
16, 320
10
P 7V 8 4,7
D
VP D FUTURE DEVELOPMENT
VALUE ADD OPPORTUNITY ONE OF NATION’S FASTEST GROWING COMMUNITIES
PRI C I N G & FI N A NC IA L ANALYS IS
T E AS C R O SSING - CO NR O E , T X
Teas Crossing 1140 N FM 3083 Rd W Conroe, TX 77304
OFFERING SUMMARY Price
$14,485,000
Net Operating Income (Current)
$793,556
Net Operating Income (Proforma)
$1,367,305
Proforma Cap Rate*
9.08%
Price PSF
$251
Occupancy
70%
Year Built
2008
Gross Leasable Area
57,612 SF
Lot Size
6.95 Acres
*Proforma Cap Rate adjusted to include TI/LC. See page 8.
F I N A N C I A L A N A LY S I S
2
I N VE S TMENT HI GHLI GHT S •
Value-Add Opportunity at an Attractive Basis: Teas Crossing presents an opportunity to acquire an anchored shopping center with freeway exposure in a booming Texas suburb at approximately 50% of replacement cost and with current occupancy 25% below market.
•
One of the Fastest Growing Cities in America: Conroe ranked No. 6 among the top 100 Fastest Growing Cities in America. Link: SmartAsset Study
•
Home Growth in Immediate Area: There are over 10,000 new homes planned within a 10-minute drive of Teas in the next 10 years.
•
Long-Term Tenancy: 73% of the rental income is from tenants that have occupied space for over 10 years.
•
Medical Tenancy: 35% of the rental income is from medical tenants.
•
Frontage and Visibility: Over 1,000 feet of prime frontage on Interstate 45, one of Texas’ busiest highways, with visibility to 104,000+ vehicles per day.
•
Sagecrest Preserve Community: KB Homes has planned 351 homes across 383 acres directly behind Teas Crossing. A direct access road is planned to go from I-45 through Teas Crossing to Sagecrest homes.
•
The Woodland Hills: Located less than a 5-minute drive from Teas Crossing, the Howard Hughes masterplanned community will have 4,600 homes spanning 2,000 acres at completion.
•
Conroe Park North: Located less than three miles from Teas Crossing, Conroe Park North is a 1,655-acre industrial park, home to more than 40 companies and 3,000+ employees.
T E AS C R O SSING - CO NR O E , T X
PROPERTY DESCRIPTION
3
M A R KET S U MMARY
T E AS C R O SSING - CO NR O E , T X
Conroe, TX
•
Conroe is one of the fast-growing cities in America - ranked No. 6 among top 100 US cities for economic and population growth for 2022
•
The County seat of Montgomery County, within the Houston-The WoodlandsSugar Land metropolitan area
•
Conroe has doubled in population since 2000; currently over 100,000 residents
•
The city is bordered by 22,000 acre Lake Conroe, Sam Houston National Forest and W. Goodrich Jones State Forest
•
Growth driven by the surge in employment and job opportunities, proximity and ease of access to downtown Houston and unique amenities, such as Lake Conroe.
•
Low cost of living continues to drive population expansion as well as residential home development
•
With Conroe growing at a faster rate than any other city in the nation, the city’s expansion - both in number of residents and its borders through annexation - is sparking a building boom MARKET OVERVIEW
4
PRI C I N G & FI N A NC IA L ANALYS IS ( CURRE NT )
PROJECTED INCOME & EXPENSES Base Rent - Occupied Space
70%
Sign Rent GROSS POTENTIAL RENT
T E AS C R O SSING - CO NR O E , T X
CURRENT
PSF
$987,889
EXPENSES
CURRENT
PSF
$24.36
Real Estate Taxes
$299,502
$5.20
$3,300
$0.06
Insurance
$60,035
$1.04
$991,189
$17.20
CAM Utilities
$56,200
$0.98
Expense Reimbursements Real Estate Taxes
$199,335
$3.46
Supplies and Services
$93,145
$1.62
Insurance
$39,957
$0.69
Repairs and Maintenance
$40,000
$0.69
CAM
$125,828
$2.18
Total CAM
$189,345
$3.29
Management Fee
$27,604
$0.48
Management Fee
$41,475
$0.72
Total Expense Reimbursements
$392,724
$6.82
Total Expenses
$590,357
$10.25
GROSS POTENTIAL INCOME
$1,383,913
$24.02
EFFECTIVE GROSS REVENUE
$1,383,913
$24.02
Real Estate Taxes
($299,502)
($5.20)
Insurance
($60,035)
($1.04)
CAM
($189,345)
($3.29)
($41,475)
($0.72)
Total Recoverable Expenses
($590,357)
($10.25)
Net Operating Income
$793,556
$13.78
3.00%
Operating Expenses
Management Fee
3.00%
For Financing Options, Please Contact: Greg Holley | Managing Partner High St Capital (O) 469-998-7200 | (C) 714.514.2990 gholley@highstcapital.com
F I N A N C I A L A N A LY S I S
5
RE NT RO L L ( C UR R EN T )
Suite
T E AS C R O SSING - CO NR O E , T X
Tenant
SQ FT
% of SQFT
Start
End
Annual Rent
PSF
Escalation Date
Escalation Amount
Options
Lease Type
-
-
-
A1
Vacant
2377
4.13%
-
-
-
-
A2
Yeti Eddy
1400
2.43%
12/29/2023
12/31/2028
$33,810
$24.15
1/1/2025
$24.88
1x5
NNN
A3
Verizon (1)
1400
2.43%
10/15/2009
10/31/2025
$36,400
$26.00
-
-
-
NNN
A4
Vacant
1159
2.01%
-
-
-
-
-
-
-
A5
The Dental Centre of Conroe
3190
5.54%
3/19/2012
3/31/2032
$93,588
$29.34
-
-
-
NNN
A7
Freedom Chiropractic
2163
3.75%
2/17/2013
5/31/2026
$54,072
$25.00
-
-
-
NNN
A9
Massage Envy (2)
3446
5.98%
11/19/2012
11/30/2027
$94,777
$27.50
-
-
-
NNN
A11
Vacant
1500
2.60%
-
-
-
-
-
-
-
A14
Weng's Wok
2170
3.77%
7/10/2011
7/31/2026
$56,680
$26.12
-
-
-
NNN
B1
Benihana (3)
6928
12.03%
3/25/2023
3/31/2038
$173,225
$25.00
4/1/2028
$27.50
3x5
NNN
B7
Vacant
1300
2.26%
-
-
-
-
-
-
-
B8
Vacant
1563
2.71%
-
-
-
-
-
-
-
B11
Vacant
3074
5.34%
-
-
-
-
-
-
-
C2
Vacant
1818
3.16%
-
-
-
-
-
-
-
C3
Uniform Factory Outlet of Texas
4174
7.25%
10/6/2023
11/30/2028
$58,436
$14.00
$15.00
-
NNN
C4
Vacant
2000
3.47%
-
-
-
-
-
-
-
C5
SAS Shoes
2207
3.83%
3/2/2011
6/30/2024
$42,000
$19.03
-
-
-
Gross
C6
DaVita (4)
8258
14.33%
10/8/2011
10/31/2026
$197,366
$23.90
-
-
-
NNN
C7
Vacant
2270
3.94%
-
-
-
-
-
-
-
D1
Firehouse Subs
1800
3.12%
2/18/2012
4/30/2025
$45,000
$25.00
-
-
-
NNN
D3
Nails of America
3415
5.93%
10/26/2012
10/31/2027
$102,450
$30.00
-
-
-
NNN
Occupied
42,051
72.99%
$987,804
$24.36
Vacant
15,561
27.01%
Total
57,612
100.00%
(1) 8% CAM Cap on prior year common area expenses (2) 6% Cumulative CAM Cap on 2023 base year (3) 3% Controllable CAM Cap
12/1/2026
(4) 7% CAM cap on 2021 Base Year *Analysis takes into consideration a 12-month hold from 02/01/2024.
F I N A N C I A L A N A LY S I S
6
PRI C I N G & FI N A NC IA L ANALYS IS ( PRO FO RMA)
PROJECTED INCOME & EXPENSES
T E AS C R O SSING - CO NR O E , T X
PROJECTED
PSF
EXPENSES
PROJECTED
PSF
Base Rent - Occupied Space
70%
$987,861
$24.36
Real Estate Taxes
$299,502
$5.20
Base Rent - Lease Up Space
30%
$402,508
$23.59
Insurance
$60,035
$1.04
$3,300
-
CAM
$1,393,669
$24.19
Utilities
$56,200
$0.98
Supplies and Services
$93,145
$1.62
Sign Rent GROSS POTENTIAL RENT Expense Reimbursements Real Estate Taxes
$288,029
$5.00
Repairs and Maintenance
$40,000
$0.69
Insurance
$57,735
$1.00
Total CAM
$189,345
$3.29
CAM
$181,900
$3.16
Management Fee
$59,185
$1.04
Management Fee
$57,339
$1.00
Total Expenses
$608,067
$10.56
Total Expense Reimbursements
$585,003
$10.15
GROSS POTENTIAL INCOME
$1,975,372
$34.29
EFFECTIVE GROSS REVENUE
$1,975,372
$34.29
Real Estate Taxes
($299,502)
($5.20)
Insurance
($60,035)
($1.04)
CAM
($189,345)
($3.29)
($59,185)
($1.03)
Total Recoverable Expenses
($608,067)
($10.55)
Net Operating Income
$1,367,305
$23.73
3.00%
Operating Expenses
Management Fee
3.00%
F I N A N C I A L A N A LY S I S
7
RE NT RO L L ( PROFOR MA)
Suite
Tenant
T E AS C R O SSING - CO NR O E , T X
SQ FT
% of SQFT
Start
End
Annual Rent
PSF
TI/SF
LC (%)
TI Total
LC Total
Lease Type
A1
Lease Up
2377
4.13%
02/01/2024
01/31/2029
$66,556
$28.00
$20.00
6.00%
$47,540
$19,977
NNN
A2
Yeti Eddy
1400
2.43%
12/29/2023
12/31/2028
$33,810
$24.15
-
-
-
-
NNN
A3
Verizon (1)
1400
2.43%
10/15/2009
10/31/2025
$36,400
$26.00
-
-
-
-
NNN
A4
Lease Up
1159
2.01%
02/01/2024
01/31/2029
$30,134
$26.00
$20.00
6.00%
$23,180
$9,045
NNN
A5
The Dental Centre of Conroe
3190
5.54%
3/19/2012
3/31/2032
$93,588
$29.34
-
-
-
-
NNN
A7
Freedom Chiropractic
2163
3.75%
2/17/2013
5/31/2026
$54,072
$25.00
-
-
-
-
NNN
A9
Massage Envy (2)
3446
5.98%
11/19/2012
11/30/2027
$94,777
$27.50
-
-
-
-
NNN
A11
Lease Up
1500
2.60%
02/01/2024
01/31/2029
$33,000
$22.00
$25.00
6.00%
$37,500
$9,905
NNN
A14
Weng's Wok
2170
3.77%
7/10/2011
7/31/2026
$56,680
$26.12
-
-
-
-
NNN
B1
Benihana (3)
6928
12.03%
3/25/2023
3/31/2038
$173,225
$25.00
-
-
-
-
NNN
B7
Lease Up
1300
2.26%
02/01/2024
01/31/2029
$36,400
$28.00
$25.00
6.00%
$32,500
$10,925
NNN
B8
Lease Up
1563
2.71%
02/01/2024
01/31/2029
$40,638
$26.00
$25.00
6.00%
$39,075
$12,198
NNN
B11
Lease Up
3074
5.34%
02/01/2024
01/31/2029
$61,480
$20.00
$30.00
6.00%
$92,220
$18,454
NNN
C2
Lease Up
1818
3.16%
02/01/2024
01/31/2029
$36,360
$20.00
$45.00
6.00%
$45,450
$13,642
NNN
C3
Uniform Factory Outlet
4174
7.25%
10/6/2023
11/30/2028
$58,436
$14.00
-
-
-
-
NNN
C4
Lease Up
2000
3.47%
02/01/2024
01/31/2029
$48,000
$24.00
$25.00
6.00%
$50,000
$14,407
NNN
C5
SAS Shoes
2207
3.83%
3/2/2011
6/30/2024
$42,000
$19.03
-
-
-
-
Gross
C6
DaVita (4)
8258
14.33%
10/8/2011
10/31/2026
$197,366
$23.90
-
-
-
-
NNN
C7
Lease Up
2270
3.94%
02/01/2024
01/31/2029
$49,940
$22.00
$25.00
6.00%
$56,750
$14,990
NNN
D1
Firehouse Subs
1800
3.12%
2/18/2012
4/30/2025
$45,000
$25.00
-
-
-
-
NNN
D3
Nails of America
3415
5.93%
10/26/2012
10/31/2027
$102,450
$30.00
-
-
-
-
NNN
Occupied
57,561
100%
$1,390,284
$23.73
$460,575
$120,818
Vacant
0
0.00%
Total
57,612
100.00%
(1) 8% CAM Cap on prior year common area expenses (2) 6% Cumulative CAM Cap on 2023 base year (3) 3% Controllable CAM Cap
(4) 7% CAM cap on 2021 Base Year *Analysis takes into consideration a 12-month hold from 02/01/2024.
F I N A N C I A L A N A LY S I S
8
TE NA NT INF ORMAT I ON
T E AS C R O SSING - CO NR O E , T X
DBA
Benihana
Locations
116 Locations
Line of Business
Benihana is the leading Japanese restaurant chain in the United States. Our Benihana restaurants are a place to meet new friends, celebrate special occasions or just enjoy an entertaining meal. Our highly skilled teppanyaki chefs slice and dice your meal on teppanyaki grills, providing entertainment as you enjoy traditional Japanese cooking using American favorites like steak, chicken, seafood and vegetables. Benihana restaurants pioneered the communal dining concept in the early 1960’s where up to eight people are seated around a Japanese hibachi grill waiting anxiously for their personal show to begin.
DBA
Firehouse Subs
Locations
1,210+ Locations
Line of Business
Firehouse Subs is an American restaurant chain based in Jacksonville, Florida. It was founded in 1994 by former firefighter brothers Chris and Robin Sorensen. Firehouse Subs has over 1,210 restaurants in 46 states, Puerto Rico, Switzerland, Canada and soon Mexico, United Kingdom and The Middle East by 2024 too. People come back when they’re treated well and fed well. Turns out, people absolutely LOVE the same things as our Founders – the best meats, cheeses, and toppings we can find. Take our Hook & Ladder® Sub for example, with Virginia honey ham, smoked turkey breast, and melted Monterey Jack. People come back again and again because, unlike other sub places, we steam our meats and cheeses, releasing a rush of flavors, then stuff a serving that’s way over code on one of our toasted private-recipe sub rolls
DBA
Massage Envy
Locations
1,100+ Locations
Line of Business
Massage Envy is a nationwide wellness franchise providing massage, stretch, and skin care services. The brand is built upon the belief that regular massage, stretch, and facials are integral components of whole-body wellness and keep your body working. Positivity and empathy are the cornerstones for every member and guest who walks through the door of a Massage Envy franchised location. Massage Envy strives to earn and to keep the trust of those served by delivering exceptional and memorable service.
PROPERTY DESCRIPTION
9
TE NA NT INF ORMAT I ON
T E AS C R O SSING - CO NR O E , T X
DBA
Davita Kidney Care
Locations
3,000+ Locations
Line of Business
DaVita is guided by its Mission—to become the provider, partner and employer of choice—and a set of Core Values—Service Excellence, Integrity, Team, Continuous Improvement, Accountability, Fulfillment and Fun—which are reinforced at all levels of the organization. We are on a quest to Build the Greatest Health Care Community the World Has Ever Seen. Learn how DaVita—which is Italian for “giving life”—is working to provide quality service to patients, partners and teammates.
DBA
Verizon Wireless
Locations
6,300+ Locations
Line of Business
Verizon Communications Inc. (NYSE, Nasdaq: VZ) was formed on June 30, 2000 and is one of the world’s leading providers of technology and communications services. Headquartered in New York City and with a presence around the world, Verizon generated revenue of 136.8 billion in 2022. The company offers voice, data and video services and solutions on its award-winning networks and platforms, delivering on customers’ demand for mobility, reliable network connectivity, security and control. Verizon was the first company in the world to launch commercial 5G for mobility, fixed wireless and mobile edge computing.
DBA
SAS Shoes
Locations
100+ Locations
Line of Business
They started small, with just 13 shoemakers and no marketing beyond word of mouth. The SAS reputation grew and became a name people could trust for comfortable, quality footwear. In 1985, SAS opened a factory in Del Rio, Texas, keeping their business in Texas while allowing for expansion. Carried in 100+ SAS stores and in retailers in the United States, Canada, Mexico, Australia, Korea, Kuwait, UAE, Saudi Arabia, Panama, Chile, Israel and England —the San Antonio Shoemakers brand is a humble American success story, and continues to be a family-owned enterprise driven by an obsession with fit and quality.
PROPERTY DESCRIPTION
10
S I T E PL A N
C3
T E AS C R O SSING - CO NR O E , T X
C4C5
D1
B1
C6
D3
B7
C2
NAP
B8 C7
B11
A1 Suite
Tenant
SQ FT
Suite
Tenant
SQ FT
A1
Vacant
2,377
C2
Vacant
1,818
A2
Yeti Eddy
1,400
C3
Uniform Factory Outlet of Texas
4,174
A3
Verizon
1,400
C4
Vacant
2,000
A4
Vacant
1,159
C5
SAS Shoes
2,207
A5
The Dental Centre of Conroe
3,190
C6
DaVita
8,258
A7
Freedom Chiropractic
2,163
C7
Vacant
3,818
A9
Massage Envy
3,446
D1
Firehouse Subs
1,800
D3
Nails of America
3,415
A11
Vacant
1,500
A14
Weng’s Wok
2,170
B1
Benihana
6,928
B7
Vacant
1,300
B8
Vacant
1,563
B11
Vacant
3,074
A14
A2 A3 A4 A11
A9
A7
A5
PROPERTY DESCRIPTION
11
A E R I AL MA P
T E AS C R O SSING - CO NR O E , T X
CHAMBERS CREEK 4,800 LOTS
200 MILES TO DALLAS
THE MARKET AT WILLIS LAKE CONROE
M/I HOMES & LENNAR WOODLAND HILLS
262 ACRES 900 LOTS
2,500 ACRES 4,800 LOTS
104,787 VPD
WATERCREST 800 LOTS
TEASWOOD 326+ LOTS
CONROE NORTH INDUSTRIAL PARK
OUTLETS AT CONROE
TEAS CROSSING
DEISON TECHNOLOGY PARK CONROE-NORTH HOUSTON REGIONAL AIRPORT
40 MILES TO DOWNTOWN HOUSTON
MARKET OVERVIEW
12
A E R I AL MA P
T E AS C R O SSING - CO NR O E , T X FUTURE MULTI FAMILY SAGECREST PRESERVE 342 UNITS KB HOMES
266 HOUSES
FUT U E X T R E ROA ENS ION D PENDING DEVELOPMENT
TEAS CROSSING
TEAS CROSSING
104,787 VP D
N FM 3083 RD W
PD 20 V 3 , 6 1
GRAYSTONE HILLS 331 ACRES 780 HOMES
DOWNTOWN HOUSTON 45 MINUTES
CONROE WATERFRONT CENTER FUTURE MIXED USE
MARKET OVERVIEW
13
REG IONA L MA P
T E AS C R O SSING - CO NR O E , T X
TEAS CROSSING
44 miles to Houston’s CBD
MARKET OVERVIEW
14
M A R KET S U MMARY
T E AS C R O SSING - CO NR O E , T X
Houston, TX
OVERVIEW Houston is the most populous city in Texas and the fourth-most populous city in the U.S., with an estimated 2020 population of 2,304,580. The seat of Harris County, Houston is the principal city of the Greater Houston metropolitan area, which is the fifth most populous MSA in the country (2021 population estimate of 7,206,841). Houston has one of the fastestgrowing and most diverse populations anywhere in the world. From 2010 to 2018, Houston added 1.1 million new residents, an 18.2 percent increase, the fastest rate of population growth among the 10 most populous U.S. Metros. The Houston region is made up of 12 unique counties, and the region’s geographic location makes it easy to move both goods and people around the globe. Houston's strategic, central location coupled with the infrastructure of four of the country's largest ports, two international airports and major highway and rail service make this a dynamic hub for a large cross-section of industries. As these industries digitize, Houston is a hotbed of rapid technological development thanks to access to customers and expertise. Houston’s economy has a broad industrial base in energy, manufacturing, aeronautics, and
transportation. Only New York City is home to more Fortune 500 companies. The city is also home of the Texas Medical Center, the world's largest concentration of health care and research institutions, and NASA's Johnson Space Center. The Port of Houston ranks first in the U.S. in international waterborne tonnage handled and second in total cargo tonnage handled. Houston is ranked third in the entire world in the Financial Times Cities of the Future global rankings. Houston secures the third spot for being “a reputable talent hub,” boasting five of the world’s Top 500 universities and placing second in the world in business expansion with 53 new projects between 2015 and 2020. Houston has many cultural institutions and exhibits which attract more than 7 million visitors a year to the Houston Museum District. The U.S. Bureau of Economic Analysis (BEA) estimates Houston’s gross domestic product (GDP) at $512.2 billion in 2019, ranking it as the nation’s seventh largest metro economy. The Houston region has a GDP greater than 37 states and accounts for 27.8 percent of Texas’ GDP. Once predominantly oil and gas focused, today Houston is a diverse, vibrant metro with a dynamic quality of life and a variety of growing industries.
Q U I C K S TAT S
1 3rd 4th 7th 24 st
Most-Populous City in the State of Texas Best Global Cities of the Future (Financial Times, 2020)
Most-Populous City in the United States
Largest Metro Economy in the United States
Fortune 500 Companies Call Houston Home (Fortune) MARKET OVERVIEW
15
D E M OG RA PHIC STAT I ST I CS
T E AS C R O SSING - CO NR O E , T X
3 Mile
5 Mile
10 Mile
Population
3 Mile
5 Mile
10 Mile
Households:
2023 Population
47,262
98,708
254,113
2023 Households
17,489
34,938
92,681
2028 Population Projection
52,117
108,563
278,876
2028 Household Projection
19,311
38,484
101,746
Annual Growth 2010-2023
5.50%
5.00%
4.60%
Annual Growth 2010-2023
5.70%
5.30%
4.60%
Annual Growth 2023-2028
2.10%
2.00%
1.90%
Annual Growth 2023-2028
2.10%
2.00%
2.00%
Median Age
37.3
36.2
38.4
Owner Occupied
10,527
22,048
73,333
Bachelor's Degree or Higher
25%
22%
28%
Renter Occupied
8,784
16,436
28,413
U.S. Armed Forces
66
83
89
Avg Household Size
2.5
2.7
2.7
Avg Household Vehicles
2
2
2
Total Consumer Spending
$535.7M
$1.1B
$3.3B
Population by Race White
39,487
81,017
219,143
Black
4,929
11,688
19,187
American Indian/Alaskan Native
498
1,546
3,055
Avg Household Income
$90,596
$86,681
$110,207
Asian
1,446
2,473
7,307
Median Household Income
$65,122
$61,915
$83,241
Hawaiian & Pacific Islander
53
103
279
< $25,000
2,438
5,360
11,062
Two or More Races
849
1,882
5,141
$25,000 - 50,000
4,144
8,314
17,905
Hispanic Origin
15,573
39,762
70,697
$50,000 - 75,000
3,119
6,378
14,036
$75,000 - 100,000
1,871
4,176
10,126
Housing
Income
Median Home Value
$212,271
$196,216
$264,025
$100,000 - 125,000
2,316
4,396
11,151
Median Year Built
2005
2003
2004
$125,000 - 150,000
776
1,436
5,823
$150,000 - 200,000
1,574
2,390
10,521
$200,000+
1,253
2,488
12,058
Demographic data © CoStar 2023
MARKET OVERVIEW
16
CONFIDENTIALITY AGREEMENT The information contained in the following offering memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from STRIVE and it should not be made available to any other person or entity without the written consent of STRIVE. By taking possession of and reviewing the information contained herein the recipient agrees to hold and treat all such information in the strictest confidence. The recipient further agrees that recipient will not photocopy or duplicate any part of the offering memorandum. If you have no interest in the subject property at this time, please return this offering memorandum to STRIVE. This offering memorandum has been prepared to provide summary, unverified financial and physical information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. STRIVE has not made any investigation, and makes no warranty or representation with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCBs or asbestos, the compliance with local, state and federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this offering memorandum has been obtained from sources we believe to be reliable; however, STRIVE has not verified, and will not verify, any of the information contained herein, nor has STRIVE conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Prospective buyers shall be responsible for their costs and expenses of investigating the subject property. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT STRIVE AGENT FOR MORE DETAILS.
Commercial Disclaimer STRIVE hereby advises all prospective purchasers of commercial property as follows: The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, STRIVE has not and will not verify any of this information, nor has STRIVE conducted any investigation regarding these matters. STRIVE makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any information provided. As the Buyer of a commercial 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. STRIVE 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 commercial 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 commercial 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 tenants 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 tenants 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 leases, including the likelihood of locating replacement tenants if any of the current tenants should default or abandon the property, and the lease terms that Buyer may be able to negotiate with any potential replacement tenants 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 STRIVE and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this commercial property.
Information About Brokerage Services Texas law requires all real estate license holders to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords. TYPES OF REAL ESTATE LICENSE HOLDERS: A BROKER is responsible for all brokerage activities, including acts performed by sales agents sponsored by the broker. • A SALES AGENT must be sponsored by a broker and works with clients on behalf of the broker. • A BROKER’S MINIMUM DUTIES REQUIRED BY LAW (A client is the person or party that the broker represents): Put the interests of the client above all others, including the broker’s own interests; • Inform the client of any material information about the property or transaction received by the broker; • • Answer the client’s questions and present any offer to or counter-offer from the client; and Treat all parties to a real estate transaction honestly and fairly. • A LICENSE HOLDER CAN REPRESENT A PARTY IN A REAL ESTATE TRANSACTION: AS AGENT FOR OWNER (SELLER/LANDLORD): The broker becomes the property owner’s agent through an agreement with the owner, usually in a written listing to sell or property management agreement. An owner’s agent must perform the broker’s minimum duties above and must inform the owner of any material information about the property or transaction known by the agent, including information disclosed to the agent or subagent by the buyer or buyer’s agent. AS AGENT FOR BUYER/TENANT: The broker becomes the buyer/tenant’s agent by agreeing to represent the buyer, usually through a written representation agreement. A buyer’s agent must perform the broker’s minimum duties above and must inform the buyer of any material information about the property or transaction known by the agent, including information disclosed to the agent by th e seller or seller’s agent. AS AGENT FOR BOTH - INTERMEDIARY: To act as an intermediary between the parties the broker must first obtain the written agreement of each party to the transaction. The written agreement must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker’s obligations as an intermediary. A broker who acts as an intermediary: • Must treat all parties to the transaction impartially and fairly; • May, with the parties’ written consent, appoint a different license holder associated with the broker to each party (owner and • buyer) to communicate with, provide opinions and advice to, and carry out the instructions of each party to the transaction. • Must not, unless specifically authorized in writing to do so by the party, disclose: ӽ that the owner will accept a price less than the written asking price; ӽ that the buyer/tenant will pay a price greater than the price submitted in a written offer; and ӽ any confidential information or any other information that a party specifically instructs the broker in writing not to disclose, unless required to do so by law. AS SUBAGENT: A license holder acts as a subagent when aiding a buyer in a transaction without an agreement to represent the buyer. A subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first. TO AVOID DISPUTES, ALL AGREEMENTS BETWEEN YOU AND A BROKER SHOULD BE IN WRITING AND CLEARLY ESTABLISH: The broker’s duties and responsibilities to you, and your obligations under the representation agreement. • Who will pay the broker for services provided to you, when payment will be made and how the payment will be calculated. • LICENSE HOLDER CONTACT INFORMATION: This notice is being provided for information purposes. It does not create an obligation for you to use the broker’s services. Please acknowledge receipt of this notice below and retain a copy for your records.
Regulated by the Texas Real Estate Commission
Information available at www.trec.texas.gov IABS 1-0
exclusively listed 469.844.8880
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