Net Leased Industrial Property

Transcription

714 34th Street, Lubbock, TX 79404
FOR SALE ~ 31,275 SF AVAILABLE
Purchase Price: $699,000
Total Acres: 2.05
Zoning: IHI
Highway Access: Access of I-27
Year Built: 1963/1970; Year Renovated: 2012
Percent Occupied: 100%
Yard: Fenced Stackyard
Property
FM 179
NNN leased property occupied by Goodwill Industries. The
property is leased below market as tenant spent close to
$1 million dollars on improvements. There are six plus years
remaining on the initial lease term with a 10 year renewal
option. Rent escalations are in place during the primary
lease term and at renewal. This strong tenant provides
a stable investment for years to come with lots of future
upside potential once property is leased at market rates.
Priced at $22.35 per sq. ft. makes this is a safe, yet great
long-term speculative investment opportunity.
David Haymes
806.776.2831 office
[email protected]
Dan Williams
806.776.2977 office
[email protected]
4105 84th St, Lubbock, TX 79423
www.westmarkcommercial.com
The statements and figures presented herein, while not guaranteed, are secured from sources deemed to be reliable. This information is subject to changes and withdrawal without notice. You are encouraged to perform due
diligence. THIS PROPERTY IS OFFERED “AS IS, WHERE IS, WITH ALL FAULTS.” Broker is advising lessee to conduct its own independent evaluation, valuation and assessment of the property.
Property
Demographics - Lubbock County (2014)
Population 295,359
Average Household Income $45,728
Traffic Counts
I-27 & 34th Street
22,439 VPD
Lubbock Texas
As the 11th largest city in Texas, Lubbock boasts a regional population base of more than 295,000 people. Lubbock’s size affords
businesses access to both dedicated community leaders personalized service. Home to Texas Tech University, Lubbock Christian
University, Wayland Baptist University and South Plains College, Lubbock County boasts more than 50,000 college students. Texas Tech
University is the only campus in the nation with a comprehensive university, a health sciences center, and agriculture college and a law
school in one location, making it the second largest contiguous university campus in the United States. Lubbock serves as the “Hub
City” - the economic, educational, and health care hub for a multi-county trade area of almost 700,000 people.
Texas Tech University
• Population: 35,134 students (Fall 2014) • Projected Population: 40,000 students by 2020 • Founded in 1923
• 11 Colleges • 2 Graduate and Professional Schools • Degrees: 150 Undergraduate, 100 Master’s and 50 Doctoral
• Athletic Conference: Big XII • $70 million capital campaign for a new state-of-the-art business building
• $84 million renovations to the football stadium, of which $25 million is for the addition of 20 new luxury suites and 500 club seats to
the East side of the stadium, increasing the capacity by 1,000 seats. The East side expansion is expected to be completed by
the 2010 season.
David Haymes • office 806.776.2831
[email protected]
Dan Williams • office 806.776.2977
[email protected]
About Goodwill Industries International, Inc.
Mission:
Goodwill works to enhance the dignity and quality of life of individuals and families by strengthening communities,
eliminating barriers to opportunity, and helping people in need reach their full potential through learning and the
power of work.
Our History:
Goodwill was founded in 1902 in Boston by Rev. Edgar J. Helms, a Methodist minister and early social innovator.
Helms collected used household goods and clothing in wealthier areas of the city, then trained and hired those who
were poor to mend and repair the used goods. The goods were then resold or were given to the people who repaired them. The system worked, and the Goodwill philosophy of “a hand up, not a hand out” was born.
Our Results (2014):
•
•
•
89 million total employment and community services
More than 318,000 people placed into employment
As a result of the educational credentials attained, these individuals increased their collective lifetime
earnings by more than $11 billion
26.4 million total persons served
More than 2 million people received job training and placement services through Goodwill agencies
More than 24 million people used Goodwill mobile and online learning to improve their skills or accessed virtual services, which constituted an increase of nearly three times the number from 2013
Goodwill Industries of Northwest Texas
Website: www.goodwillnwtexas.org
2013 Annual Report: http://goodwillnwtexas.org/files/2014/09/ginwt_2013_Annual-Report.pdf
[email protected]
[email protected]
Lease Abstract
Lessee:
Lease Term: Net Rentable SF:
Current Rent (NNN): Goodwill Industries of Northwest Texas
10 years (October 2012 - October 2022)
31,275 SF
$1.42
Rental Schedule:
October 1, 2012 - January 31, 2013:
February 1, 2013 - October 31, 2015:
November 1, 2015 - October 31, 2017:
November 1, 2017 - August 30, 2020:
September 1, 2020 - October 31, 2022:
Free Rent
$3,700 per month NNN
Option to Renew:
Tenant has a right to renew for an additional 10 years
from November 1, 2022 - October 31, 2032 at a starting rate of $4,000 per month NNN on November 1,
2022 with 2% annual increases.
Tenant Improvements:
Tenant invested approximately $1 million dollars
into renovating the property in 2012. Improvements
include a new office and restroom as well as renovations to the existing offices, restrooms, new HVAC,
fencing and lighting. Landlord put a new roof on the
property in 2014.
[email protected]
[email protected]
Property
Property Highlights
•
•
•
•
•
•
•
•
Tenant spent approximately $1,000,000 on renovations to the property in 2012 including new
office area and restrooms, renovated existing office and restrooms, new HVAC, fencing and lighting.
The main warehouse area of approximately 17,000 sq. ft. is fully heated and cooled with eight HVAC
units the tenant installed in 2012.
Adjacent warehouse building of approximately 9,075 sq. ft. features gas hung heaters and swamp
coolers. Office area in this building is heated and cooled with a ductless split system.
Property has a total of seven ADA compliant restrooms
New roof on north portion of west building in 2014
Tenant spent approximately $80,000 to have parking lot resurfaced in 2016
Other property features include a loading dock and three overhead doors
Excellent location in an industrial area with easy access from Interstate 27
[email protected]
[email protected]
Aerial
Surrounding Area Retail & Industrial
Aerial
[email protected]
[email protected]
Additional Photos
[email protected]
[email protected]
Additional Photos
[email protected]
[email protected]
Industrial Market Report
Lubbock Industrial Market Statistics
[email protected]
[email protected]
Industrial Market Report
State & Regional Industrial Market Statistics
Lease Comparables & Active Listings
Recently Leased
Address
Size
Year Built
Class
Lease Date
Price/SF
Lease Type
117 E. 70th St.
27,140
1981
B
4/1/2015
$3.65
Modified Gross
110 Slaton Hwy
37,800
1965
B
7/24/2015
$3.30
Modified Gross
102 SE Loop 289
29,479
1975
B
4/21/2016
$4.48
NNN
Address
Size
Year Built
Class
Price/SF
Lease Type
4612 Locust Street
39,744
1976, 1983, 1984
B
$3.10
Negotiable
709 E. 44th Street
34,000
1980
B
$3.35
NNN
515 I-27
29,840
1972
B
$3.50
NNN
2024 Avenue C
30,750
1956
B
$3.55
Modified Gross
Address
Size
Year Built
Class
Price/SF
515 I-27
29,840
1972
B
$23.42
10101 Hwy. 87
33,956
B
$35.34
8402 Avenue H
43,972
1993
B
$24.00
4612 Locust Street
39,744
1976, 1983, 1984
B
$30.80
Currently For Lease
Currently For Sale
[email protected]
[email protected]
Information About Brokerage Services
Approved by the Texas Real Estate Commission for Voluntary Use
Texas law requires all real estate licensees to give the following information about brokerage services to
prospective buyers, tenants, sellers and landlords.
Before working with a real estate broker, you should know that the duties of a broker depend on whom the broker represents. If you are a
prospective seller or landlord (owner) or a prospective buyer or tenant (buyer), you should know that the broker who lists the property for sale or
lease is the owner’s agent. A broker who acts as a subagent represents the owner in cooperation with the listing broker. A broker who acts as a
buyer’s agent represents the buyer. A broker may act as an intermediary between the parties if the parties consent in writing.
A broker can assist you in locating a property, preparing a contract or lease, or obtaining financing without representing you. A broker is obligated by
law to treat you honestly.
IF THE BROKER REPRESENTS THE OWNER
The broker becomes the owner’s agent by entering into an agreement with the owner, usually through a written listing agreement, or by agreeing to
act as a subagent by accepting an offer of subagency from the listing broker. A subagent may work in a different real estate office. A listing broker or
subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first. The buyer should not tell the owner’s
agent anything the buyer would not want the owner to know because an owner’s agent must disclose to the owner any material information known
to the agent.
IF THE BROKER REPRESENTS THE BUYER
The broker becomes the buyer’s agent by entering into an agreement to represent the buyer, usually through a written buyer representation
agreement. A buyer’s agent can assist the owner but does not represent the owner and must place the interests of the buyer first. The owner should
not tell a buyer’s agent anything the owner would not want the buyer to know because a buyer’s agent must disclose to the buyer any material
information known to the agent.
IF THE BUYER ACTS AS AN INTERMEDIARY
A broker may act as an intermediary between the parties if the broker complies with The Texas Real Estate License Act. The broker must obtain
the written consent of each party to the transaction to act as an intermediary. The written consent must state who will pay the broker and, in
conspicuous bold or underlined print, set forth the broker’s obligations as an intermediary. The broker is required to treat each party honestly and
fairly and to comply with The Texas Real Estate License Act. A broker who acts as an intermediary in a transaction:
• shall treat all parties honestly;
• may not disclose that the owner will accept a price less than the asking price unless authorized in writing to do so by the owner;
• may not disclose that the buyer will pay a price greater than the price submitted in a written offer unless authorized in writing to do so by
the buyer; and
• may not disclose any confidential information or any information that a party specifically instructs the broker in writing not to disclose unless
authorized in writing to disclose the information or required to do so by The Texas Real Estate License Act or a court order or if the information
materially relates to the condition of the property.
With the parties’ consent, a broker acting as an intermediary between the parties may appoint a person who is licensed under The Texas Real Estate
License Act and associated with the broker to communicate with and carry out instructions of one party and another person who is licensed under
that Act and associated with the broker to communicate with and carry out instructions of the other party.
IF YOU CHOOSE TO HAVE A BROKER REPRESENT YOU,
you should enter into a written agreement with the broker that clearly establishes the broker’s obligations and your obligations. The agreement
should state how and by whom the broker will be paid. You have the right to choose the type of representation, if any, you wish to receive. Your
payment of a fee to a broker does not necessarily establish that the broker represents you. If you have any questions regarding the duties and
responsibilities of the broker, you should resolve those questions before proceeding.
Real estate licensee asks that you acknowledge receipt of this information about brokerage services for the licensee’s records.
WestMark [email protected]
Licensed Broker/Broker Firm Name or Primary Assumed Business Name Licence No.
Email
Phone
Linda [email protected]
Designated Broker of Firm Licence No.EmailPhone
Marty [email protected]
806-794-3300
Licensed Supervisor of Sales Agent/Associate Licence No.
Email
Phone
David [email protected]
806-776-2831
Sales Agent/Associate’s Name Licence No.EmailPhone
Buyer, Seller, Landlord or Tenant Intials
Date
Texas Real Estate Brokers and Salespersons are licensed and regulated by the Texas Real Estate Commission (TREC). If you have a question or complaint regarding a real
estate licensee, you should contact TREC at P.O. Box 12188, Austin, Texas 78711-2188 or 512.465.3960 (http://www.trec.texas.gov)
10-10-11
TREC No. OP-K
TAR 2501

Net Leased Industrial Property

Transcription

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