Westworth Village (Fort Worth), TX

Transcription

Westworth Village
(Fort Worth), TX
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 Marcus & Millichap and it should not be made available to any other person or entity without the written
consent of Marcus & Millichap. 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 Marcus
& Millichap.
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. 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,
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, 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. Prospective buyers shall be responsible for their costs and expenses of investigating the subject property.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT THE MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
Net Lease Disclaimer
Marcus & Millichap hereby advises all prospective purchasers of Net Leased property as follows:
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
Pricing & Financial Analysis
Sonic
FINANCIAL ANALYSIS
Sonic Ground Lease
6640 Westworth Boulevard
Westworth Village, TX 76114
Offering Summary
$1,615,000
5.50%
$88,800
2007
1,642 SF
0.873 Acres
PROPERTY DESCRIPTION
Price
Cap Rate
Net Operating Income
Year Built
Gross Leasable Area (GLA)
Lot Size
Lease Summary
15 Years
11/01/2007
10/31/2022
8 Years
Ground Lease
Tenant
11% Every Five Years
Four Five-Year
No
No
No
Annualized Operating Data
Years
Yrs 1-5
Yrs 6-10
Yrs 11-15
Option 1
Option 2
Lease Dates
11/01/2007 - 10/31/2012
11/01/2012 - 10/31/2017
11/01/2017 - 10/31/2022
11/01/2022 - 10/31/2027
11/01/2027 - 10/31/2032
Annual
$80,000
$88,800
$98,568
$109,410
$121,456
Option 3
Option 4
11/01/2032 - 10/31/2037
11/01/2037 - 10/31/2041
$134,805
$149,633
Net Operating Income
MARKET OVERVIEW
Lease Term
Lease Commencement
Lease Expiration
Years Remaining in Lease
Lease Type
Roof & Structure
Increases
Options
Options to Terminate
Options to Purchase
First Right of Refusal
$88,800
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are
approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future
performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2013 Marcus & Millichap ACT ID V0060564
4
Tenant & Lease Information
Sonic
Sonic
Corporate
SONC
N/R
N/A
Corporate
Oklahoma City, OK
3,517
www.sonicdrivein.com
$545.9 Million
1.238 Billion
50+ Years
Sonic Corp. is an American drive-in fast-food restaurant chain based
in Oklahoma City, Oklahoma. As of August 31, 2011, there were
3,561 restaurants in 43 U.S. states, serving approximately three million
customers per day. In 2011, it was ranked 10th in QSR Magazine’s
rankings of the top 50 quick-service and fast-casual restaurant brands in
the nation. Known for its use of carhops on roller skates, the company
annually hosts a competition to determine the top skating carhop in its
system. It also hosts, with Dr Pepper, an internal competition between
drive-in employees. The company’s slogan is “America’s Drive-In.”
Tenant Name
Ownership
NASDAQ
Rating
Agency
Lease Guarantor
Headquartered
No. of Locations
Website
Sales Volume
Market Cap
Years in Business
FINANCIAL ANALYSIS
Tenant Summary
MARKET OVERVIEW
5
Investment Highlights
Sonic
FINANCIAL ANALYSIS
• Rare Corporate Sonic Ground Lease
• Phenonmenial Location with Below Market Rent
• Guaranteed by Investment Grade Tenant - $1.23 Billon
Dollar Market Cap
• Adjacent to Walmart, Sam’s, Lowe’s, and Target
• 11 Percent Rent Increases Every Five Years, Protection
Against Inflation
• Traffic Counts exceed 32,000 Vehicles per Day - Located
on Highway 183, Just North of Interstate 30
• 195,000 People in Five-Mile Radius - 13 Percent Increase
Since 2000
Marcus & Millichap is pleased to present Sonic, a 1,682-square foot property situated on
0.873 acres in Westworth Village, Texas. Sonic is backed by a corporate guarantee, and
currently has eight years remaining on a 15-year ground lease. Overall, Sonic provides
an investor the ability to acquire a national credit tenant with four five-year options to
renew and zero landlord responsibility in a growing area in Fort Worth, Texas.
Sonic is located on West Westworth Boulevard, surrounded by both Shady Oaks Golf
Club and Hawks Creek Golf Club. Sonic is just east of Naval Air Station Joint Reserve
Base in Fort Worth, Texas, and the Lockheed Martin Corporation. The property is
surrounded by many national retailers including Sam’s Club, Party City, Walmart,
Target, Lowe’s and many others. Sonic is also located less than two miles from Ridgmar
Mall which hosts many national retailers including Dillard’s, Macy’s, GNC, Sears,
JCPenney, American Eagle Outfitters, Sunglass Hut, Lens Crafters, Foot Locker, and
many others.
MARKET OVERVIEW
• Located between Chick-fil-A and Wells Fargo, Surrounded
by Shady Oaks and Hawks Creek Golf Club, Ridgmar Mall,
LA Fitness, and Many Other National Credit Tenants
Overview
Overall, Sonic provides an investor the ability to acquire a national credit tenant with
zero landlord responsibility in a growing area in Fort Worth, Texas.
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Aerial Map
Sonic
FINANCIAL ANALYSIS
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MARKET OVERVIEW
7
Local Map
Sonic
FINANCIAL ANALYSIS
MARKET OVERVIEW
8
Regional Map
Sonic
FINANCIAL ANALYSIS
MARKET OVERVIEW
9
Market Summary
Sonic
FINANCIAL ANALYSIS
The Fort Worth Stockyards now celebrates Fort Worth’s
long tradition as a part of the cattle industry and was listed
on the National Register as a historical district in 1976.
The listing included 46 contributing buildings and one
other contributing structure.
The Stockyards consist of mainly entertainment and
shopping venues that capitalize on the “Cowtown” image
of Fort Worth. Home to the famous boot making company
M.L. Leddy’s which is located in the heart of the Stockyards
and The Maverick Fine Western Wear and Saloon where
customers “can ‘belly up’ to the bar, relax and have a cold
beer while in the Stockyards; just like they did in the days
of the big cattle drives”, as they shop around the store.
Many bars and nightclubs (including Billy Bob’s Texas) are
located in the vicinity, there is also an opry and a rodeo.
The Fort Worth Stockyards are the last standing stockyards
in the United States.
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MARKET OVERVIEW
The city of Fort Worth is often referred to as “Where the
West Begins.”Fort Worth is the 17th-largest city in the
United States of America and the fifth-largest city in the
state of Texas. Located in North Central Texas, and covers
nearly 350 square miles (910 km2) in Tarrant, Denton,
Parker, and Wise counties. According to the 2013 census
estimates, Fort Worth had a population of 792,727.
The city is also home to Texas Christian University,
Texas Wesleyan University, University of North Texas
Health Science Center, Texas A&M University School
of Law, and many multinational corporations including
Bell Helicopter, Lockheed Martin, American Airlines,
American Airlines Group (and subsidiaries American
Airlines and Envoy Air), the John Peter Smith Hospital,
Pier 1 Imports, RadioShack, the BNSF Railway, and
Lockheed Martin. In 2013, Fort Worth-Arlington ranked
No. 15 on Forbes’ list of the Best Places for Business and
Careers.
FORT WORTH, TEXAS
Demographic Summary
Sonic
Geography: 5 Miles
FINANCIAL ANALYSIS
Population
In 2013, the population in your selected geography was 195,565. The population has changed by 13.14% since 2000. It is estimated that the population in your area will be
203,657 five years from now, which represents a change of 4.13% from the current year. The current population is 49.4% male and 50.5% female. The median age of the
population in your area is 32.8, compare this to the U.S. average which is 37. The population density in your area is 2,390.34 people per square mile.
Households
There are currently 73,584 households in your selected geography. The number of households has changed by 16.16% since 2000. It is estimated that the number of
households in your area will be 77,543 five years from now, which represents a change of 5.37% from the current year. The average household size in your area is 2.58
persons.
Income
In 2013, the median household income for your selected geography is $39,670, compare this to the U.S. average which is currently $53,535. The median household income
for your area has changed by 10.21% since 2000. It is estimated that the median household income in your area will be $42,526 five years from now, which represents a
change of 7.20% from the current year. The current year per capita income in your area is $23,471, compare this to the U.S. average, which is $28,888. The current year
average household income in your area is $61,409, compare this to the U.S. average which is $75,373.
Race and Ethnicity
The current year racial makeup of your selected area is as follows: 72.28% White, 7.99% African American, 0.82% Native American and 1.39% Asian/Pacific Islander.
Compare these to U.S. averages which are: 72.20% White, 12.65% African American, 0.96% Native American and 5.01% Asian/Pacific Islander. People of Hispanic origin
are counted independently of race. People of Hispanic origin make up 44.82% of the current year population in your selected area. Compare this to the U.S. average of
16.55%.
Housing
The median housing value in your area was $65,890 in 2000, compare this to the U.S. average of $110,781 for the same year. In 2000, there were 33,160 owner occupied
housing units in your area and there were 29,794 renter occupied housing units in your area. The median rent at the time was $468.
MARKET OVERVIEW
Employment
In 2013, there are 160,294 employees in your selected area, this is also known as the daytime population. The 2000 Census revealed that 55.7% of employees are employed
in white-collar occupations in this geography, and 44.2% are employed in blue-collar occupations. In 2013, unemployment in this area is 3.98%. In 2000, the median
time traveled to work was 21.4 minutes.
Demographic data © 2010 by Experian/Applied Geographic Solutions.
12
Demographic statistics
Sonic
Population
1-Mile
3-Miles
5-Miles
2000 Population
10,572
76,573
172,841
2010 Population
11,168
78,342
187,022
2013 Population
11,614
81,455
195,565
2018 Population
11,654
82,520
203,657
1-Mile
3-Miles
5-Miles
2000 Households
3,608
27,575
63,342
2010 Households
3,487
28,176
70,038
2013 Households
3,653
29,365
73,584
2018 Households
3,667
30,159
77,543
2013 Average Household Size
2.71
2.67
2.59
2013 Daytime Population
4,863
37,580
160,294
2000 Median Housing Value
$79,148
$68,051
$65,890
2000 Owner Occupied Housing Units
60.05%
51.54%
48.29%
2000 Renter Occupied Housing Units
29.16%
41.09%
43.39%
6.17%
7.14%
7.72%
64.72%
53.23%
51.47%
35.28%
46.77%
48.53%
2013 Vacant
6.05%
7.11%
8.32%
64.56%
52.59%
51.38%
35.44%
47.41%
48.62%
2018 Vacant
5.99%
7.09%
8.34%
15.2%
17.4%
16.6%
$ 15,000 - $24,999
14.7%
15.4%
14.3%
$ 25,000 - $34,999
14.5%
13.3%
13.5%
$ 35,000 - $49,999
15.0%
16.0%
15.8%
$ 50,000 - $74,999
21.9%
17.3%
17.3%
$ 75,000 - $99,999
8.9%
7.8%
9.0%
$100,000 - $124,999
6.0%
5.0%
5.1%
$125,000 - $149,999
1.2%
2.2%
2.6%
$150,000 - $199,999
1.7%
2.2%
2.4%
$200,000 - $249,999
0.4%
1.2%
1.3%
$250,000 +
0.5%
2.2%
2.2%
2013 Median Household Income
$39,057
$38,164
$39,670
2013 Per Capita Income
$16,848
$21,846
$23,471
2013 Average Household Income
$50,350
$59,750
$61,409
Traffic Counts
MARKET OVERVIEW
2000 Vacant
$ 0 - $14,999
Households
1-Mile 3-Miles 5-Miles
FINANCIAL ANALYSIS
Income
32,120
13

Westworth Village (Fort Worth), TX

Transcription

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