EXCLUSIVE OFFERING | $1,347,000

Rep Photo
EXCLUSIVE OFFERING | $1,347,000
Dollar general | S&P Rating BBBIowa park road & hirschi lane, wichita falls, Texas
EXP DALLAS
214.522.7200
JOE CAPUTO
[email protected]
BOB MOORHEAD
[email protected]
property. Relocation to brand new 9,100+ SF building on 2.79+ acres. Metal building with brick and glass storefront. Concrete parking lot.
lease structure. Corporate, 15-year, NNN lease beginning August 2013 with a 3% rent increase in year-11 and 10% at the beginning of each option.
location. Dollar General is located along Old Iowa Park Road (8,820 Cars / Day) near the Interstate 44 (77,215 Cars / Day) and US Highway 287 (25,002 Cars /
Day) interchange. A Walmart Supercenter with outparcels including Cracker Barrel, Gamestop, Taco Bell, Subway, and Papa Murphy’s is located just north of the
subject property. United Supermarkets is located just east of the subject property at the Iowa Park Road and Interstate 44 intersection. Other nearby retailers
include Harley Davidson, Ashley Furniture, a Mazda and Volkswagen dealership, Motel 6, Whataburger, Carl’s Jr., Ramada Inn, and 7-Eleven.
Table of contents | Disclaimer
Dollar General
Iowa park road & hirschi lane, wichita falls, Texas
PAGE 1:
COVER
PAGE 2:
TABLE OF CONTENTS | DISCLAIMER
PAGE 3:
INVESTMENT OVERVIEW
PAGE 4:
SITE PLAN
PAGE 5:
AERIAL PHOTO
PAGE 6:
LOCATION OVERVIEW
PAGE 7-8:
LOCATION MAPS
PAGE 9:
DEMOGRAPHICS
Disclaimer
EXP Realty Advisors, Inc. (“Agent”) has been engaged as an agent for the sale of the
property located at Iowa Park Road & Hirschi Lane, Wichita Falls, Texas by the owner of
the Property (“Seller”). The Property is being offered for sale in an “as-is, where-is”
condition and Seller and Agent make no representations or warranties as to the accuracy of
the information contained in this Offering Memorandum. The enclosed materials include
highly confidential information and are being furnished solely for the purpose of review by
prospective purchasers of the interest described herein. The enclosed materials are being
provided solely to facilitate the prospective investor’s own due diligence for which it shall be
fully and solely responsible. The material contained herein is based on information and
sources deemed to be reliable, but no representation or warranty, express or implied, is
being made by Agent or Seller or any of their respective representatives, affiliates, officers,
employees, shareholders, partners and directors, as to the accuracy or completeness of the
information contained herein. Summaries contained herein of any legal or other documents
are not intended to be comprehensive statements of the terms of such documents, but
rather only outlines of some of the principal provisions contained therein. Neither the Agent
nor the Seller shall have any liability whatsoever for the accuracy or completeness of the
information contained herein or any other written or oral communication or information
transmitted or made available or any action taken or decision made by the recipient with
respect to the Property. Interested parties are to make their own investigations, projections
and conclusions without reliance upon the material contained herein. Seller reserves the
right, at its sole and absolute discretion, to withdraw the Property from being marketed for
sale at any time and for any reason. Seller and Agent each expressly reserves the right, at
their sole and absolute discretion, to reject any and all expressions of interest or offers
regarding the Property and/or to terminate discussions with any entity at any time, with or
without notice. This offering is made subject to omissions, correction of errors, change of
price or other terms, prior sale or withdrawal from the market without notice. Agent is not
authorized to make any representations or agreements on behalf of Seller. Seller shall
have no legal commitment or obligation to any interested party reviewing the enclosed
materials, performing additional investigation and/or making an offer to purchase the
Property unless and until a binding written agreement for the purchase of the Property has
been fully executed, delivered, and approved by Seller and any conditions to Seller’s
obligations hereunder have been satisfied or waived. By taking possession of and
reviewing the information contained herein, the recipient agrees that (a) the enclosed
materials and their contents are of a highly confidential nature and will be held and treated
in the strictest confidence and shall be returned to Agent or Seller promptly upon request;
and (b) the recipient shall not contact employees or tenants of the Property directly or
indirectly regarding any aspect of the enclosed materials or the Property without the prior
written approval of the Seller or Agent; and (c) no portion of the enclosed materials may be
copied or otherwise reproduced without the prior written authorization of Seller and Agent.
Investment overview
Dollar General
Iowa park road & hirschi lane, wichita falls, Texas
PRICE:
$1,347,000
NET OPERATING INCOME:
$86,187
BUILDING AREA:
9,100+ Square Feet
LAND AREA:
2.79+ Acres
YEAR BUILT:
Lease overview
Initial Lease Term:
15-Years, Plus 3, 5-Year Options to Renew
Projected Rent Commencement:
August 2013
Projected Lease Expiration:
August 2028
Lease Type:
Absolute NNN
2013 (Under Construction)
Rent Increases:
3% in Lease Year 11, 10% in Option Periods
OWNERSHIP:
Fee Simple Interest
Year 1-10 Annual Rent (Current):
$86,187
OCCUPANCY:
100%
Year 11-15 Annual Rent:
$88,773
CONSTRUCTION TYPE:
Concrete Parking Lot
Year 16-20 Annual Rent (Option 1):
$97,650
Year 21-25 Annual Rent (Option 2):
$107,416
Year 26-30 Annual Rent (Option 3):
$118,157
Metal Building
Brick & Glass Storefront
Tenant overview
Dollar General | www.dollargeneral.com | S&P Rating BBB- (upgraded from BB+ in April, 2012)
Cal Turner founded J. L. Turner & Son, Inc. in 1939, and opened the first Dollar General store in Scottsville, Kentucky in June 1955. Today, Dollar General
Corporation operates as the country’s largest small-box discount retailer with stores in the southern, southwestern, midwestern, and eastern United States. The
stores are typically located in local neighborhoods and small communities deemed “too small” for big-box retailers. Dollar General offers both name-brand and
generic merchandise—including off-brand goods and closeouts of name-brand items. Although it has the word “dollar” in the name, Dollar General is not a dollar
store. Many of its offerings are priced at more than one dollar. However, goods are usually sold at set price points of penny items and up to the range of 50 to 60
dollars, not counting phone cards and loadable store gift cards. The company provides paper and cleaning products (paper towels, bath tissues, paper
dinnerware, trash and storage bags, laundry, and other home cleaning supplies), packaged food and perishables (cereals, canned soups and vegetables, sugar,
flour, milk, eggs, and bread), beverages, snacks (such as candies, cookies, crackers, salty snacks, and carbonated beverages), over-the-counter medicines,
personal care products (soap, body wash, shampoo, dental hygiene, and foot care products), pet supplies and pet food products, seasonal products (decorations,
toys, batteries, small electronics, greeting cards, and stationery) prepaid cell phones and accessories, gardening supplies, hardware, automotive, home office
supplies, home products (kitchen supplies, cookware, small appliances, light bulbs, storage containers, frames, candles, and craft supplies, as well as kitchen,
bed, and bath soft goods), and casual, everyday apparel (for infants, toddlers, girls, boys, women, and men, as well as socks, underwear, disposable diapers,
shoes, and accessories). Since the turn of the century, Dollar General has added stores that carry a greater selection of grocery items, which operate under the
name “Dollar General Market”.
In 2007 Kohlberg Kravis Roberts & Co. (KKR) acquired Dollar General, privatized the company for restructuring, and took the company public again in 2009. As of
March 1 2013, Dollar General operated 10,557 stores in 40 states. The company ranks 183rd within the Fortune 500 Companies. Fiscal 2012 revenues exceeded
$16.02 billion (up 8.21% from 2011) with profits of $952.66 million (up 24.25% from 2010). The company’s current market value is estimated to be $16.58 billion.
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Site Plan
Dollar General
Iowa park road & hirschi lane, wichita falls, Texas
4
Aerial photo
Dollar General
Iowa park road & hirschi lane, wichita falls, Texas
City View
Jr / Sr High School
Burgess
Elementary School
City View School
Hirschi
High School
Previous
Site
5
Location overview
Dollar General
Iowa park road & hirschi lane, wichita falls, Texas
IMMEDIATE TRADE AREA
Dollar General is located along Old Iowa Park Road (8,820 Cars / Day) near
the Interstate 44 (77,215 Cars / Day) and US Highway 287 (25,002 Cars / Day)
interchange. Interstate 44 runs from Wichita Falls to St. Louis, MO by way of
Oklahoma City and Tulsa. As a result of the direct access to downtown Wichita
Falls and Sheppard Air Force Base Interstate 44 has significant regional
prominence. US Highway 287 provides Wichita Falls with direct access to Fort
Worth, TX to the southeast and Amarillo, TX to the northwest.
This well-travelled junction has drawn numerous national retailers to the
immediate trade area. A Walmart Supercenter with outparcels including
Cracker Barrel, Gamestop, Taco Bell, Subway, and Papa Murphy’s is located
just north of the subject property. United Supermarkets is located just east of
the subject property at the Iowa Park Road and Interstate 44 intersection.
Other nearby retailers include Harley Davidson, Ashley Furniture, a Mazda and
Volkswagen dealership, Motel 6, Whataburger, Carl’s Jr., Ramada Inn,
Atwoods Home & Ranch, and 7-Eleven.
In addition to the confluence of freeways nearby the traffic volumes in the trade
area are enhanced by the 4 schools nearby. Dollar General is 1-block south of
Hirschi High School (705 Students) and 2-blocks south of Burgess Elementary
School (368 Students). City View Junior / Senior High School (373 Students)
and City View Elementary School (545 Students) are near the site to the west.
WICHITA FALLS, TX
Wichita Falls is located on the Texas side of the Texas-Oklahoma state line
approximately 100-miles northwest of the Dallas / Fort Worth Metroplex. The
City of Wichita Falls is the economic hub of a 60-mile radius trade area. Out of
the surrounding population, an estimated 240,000 are currently in the
workforce, and look to Wichita Falls for their employment, shopping,
entertainment, educational, cultural, and healthcare needs. Being the largest
community within 100 miles, Wichita Falls boasts a larger retail trade than a
community of its size would normally enjoy.
Many national retailers and restaurants have found Wichita Falls to be a
superb location. Wichita Falls historically has been centered around the oil and
gas industry. Today, Wichita Falls has a more diversified economy.
While agriculture and the oil and gas industry remain cornerstones of the
regional economy, Wichita Falls has emerged as a regional hub for all forms of
commerce ranging from the strong presence of manufacturing to regional
health care services and regional retail centers. Employers that located to
Wichita Falls in recent years include Latex International, Armor Controls, and
WDS Global.
Companies that have recently gone through substantial
expansions locally include United Regional Healthcare System, Pratt & Whitney
Components Repair, Cyovac, Wichita Clutch, and MagicAire.
WICHITA FALLS, TX – LAWTON, OK MARKET AREA
The Wichita Falls, TX – Lawton, OK Market Area is a 19-county area in Texas
and Oklahoma that are significantly economically integrated. This area has a
combined population of 434,327 and its principal cities are Wichita Falls, TX
(Population: 104,553) and Lawton, OK (Population: 98,177).
Wichita Falls and the surrounding vicinity house a robust manufacturing sector,
with many of these companies having employment in excess of 100 persons.
Large durable goods manufacturing represents a major portion of the area’s
employment base including metal fabrication, industrial and commercial
equipment, and assorted plastic, glass, and fiberglass producers. This sector of
the economy generates almost $261 million in annual payroll, includes over 9%
of the area's total employment, and accounts for more than $933 million in
gross sales annually. Sheppard Air Force Base (SAFB) is the largest employer
in the area providing 14,807 jobs. The annual estimated combined economic
impact of the base on the community is $803 million.
Lawton is primarily centered on government, manufacturing and retail trade
industries. Lawton MSA ranks 4th in Oklahoma with Gross Metropolitan Product
of $4.2 billion produced in 2008 with a majority ($2.1 billion) in the government
sector. Fort Sill is the largest employer of jobs in Lawton, employing over 5,000
full-time employees. In the private sector, the largest employer is Goodyear
Tire and Rubber Company with 2,400 full-time employees. Major employers in
the Lawton area also include: Lawton Public Schools, Comanche County
Memorial Hospital, City of Lawton, Cameron University, and Assurant
Solutions. Lawton includes 2 major industrial parks. One is located in the
southwest region of town while the second is located near the Lawton-Fort Sill
Regional Airport.
6
Location map
Dollar General
Iowa park road & hirschi lane, wichita falls, Texas
7
Location map
Dollar General
Iowa park road & hirschi lane, wichita falls, Texas
8
Demographics
Dollar General
Iowa park road & hirschi lane, wichita falls, Texas
DEMOGRAPHIC SNAPSHOT
Radius
1 Mile
3 Mile
5 Mile
2016 Projection
3,948
35,065
80,471
2011 Estimate
3,915
34,837
80,044
2010 Census
3,880
34,731
79,784
Growth 2011-2016
0.80%
0.70%
0.50%
Growth 2010-2011
0.90%
0.30%
0.30%
2016 Projection
1,522
13,795
30,642
2011 Estimate
1,502
13,691
30,310
2010 Census
1,489
13,658
30,185
Growth 2011-2016
1.30%
0.80%
1.10%
Growth 2010-2011
0.90%
0.20%
0.40%
Owner Occupied
951
7,376
16,659
Renter Occupied
550
6,315
13,651
2011 Avg Household Income
$39,497
$41,870
$48,849
2011 Med Household Income
$33,140
$31,145
$35,386
2011 Per Capita Income
$15,301
$17,476
$21,720
Income Less than $15,000
322
2,967
5,845
Income $15,000 - $24,999
225
2,369
4,583
Income $25,000 - $34,999
237
2,196
4,525
Income $35,000 - $49,999
304
2,398
5,386
Income $50,000 - $74,999
279
2,186
4,988
Income $75,000 - $99,999
78
809
2,261
Income $100,000 - $149,999
42
505
1,583
Income $150,000 - $199,999
9
109
573
Income $200,000+
4
151
567
Population:
Households:
Sheppard Air Force Base, Wichita Falls, TX
2011 Households by Household Inc:
Cameron University, Lawton,OK
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