6631-6635 s zarzamora st - loopnet...1 s zarzamora st w pyron ave - n 18,613 2018 0.06 mi 2 s...

6631-6635 S Zarzamora St

PREPARED BY

Rob Rodriguez, CCIM

Broker-Associate

Underwriting Report - Retail Property

8,800 SF Retail Freestanding

San Antonio, Texas - South Submarket

SUBJECT PROPERTY

Property Details 2

SHOPPING CENTER OVERVIEW

Center Details 8

MARKET SUMMARY

San Antonio Market Summary 12

San Antonio Economic Summary 13

PEER PROPERTIES

Peer Properties Summary 16

Peer Property Photos 19

Peer Property Details 21

Peer Property Comparison 30

LEASING ANALYTICS

San Antonio Vacancy Analytics 36

Rent Analytics 41

Absorption Analytics 43

Leasing Analytics 44

CONSTRUCTION

Overall Construction Summary 47

San Antonio Construction 48

South Construction 49

Construction Activity 53

Completed Construction Past 12 Months 58

Deliveries Past 12 Months Property Details 60

Under Construction Summary 68

Under Construction Property Details 69

SALE COMPS

Investment Trends 71

Sale Comp Details 75

Sales Volume 89

Sales Pricing 90

Cap Rates 92

Top Buyers & Sellers 93

Table Of Contents

4/4/2020Copyrighted report licensed to Verde Commercial Real Estate - 707288.

DEMOGRAPHICS

Income and Spending 96

APPENDIX

Historical Leasing Data 99

Historical Construction Data 101

Table Of Contents


Subject Property6631-6635 S Zarzamora St

6631-6635 S Zarzamora StSan Antonio, TX 78211 - South

OWNER

Sinkin Steven A

S Zarzamora St/W Pyron Ave 18.6K

S Zarzamora/W Pyron Ave 21.1K

W Mayfield Blvd/Kyle St 1.3K

S Zarzamora St/Sas Dr 23.0K

TRAFFIC COUNTS

Location Score: Below National Avg (25)

Walk Score®: Somewhat Walkable (69)

Transit Score®: Good Transit (51)

LOCATION

Type: Strip Center Tenancy: 2 Tenants

Center: - Construction: Masonry

GLA: 8,800 SF Land Acres: 0.79 AC

Yr Blt/Renov: 1970 Building FAR: 0.26

Floors: 1 Total Expenses: $1.50/SF (2012-Est)

Docks: None

Parking: 40 Surface Spaces are available; Ratio of 4.54/1,000 SF

Features: Bus Line, Pylon Sign, Signage

Frontage: 240' on W Mayfield (with 2 curb cuts), 149' on S Zarzamora St

PROPERTY

Property:

Peers Total:

2,250

5,986

Peers Count: 17

Peers Avg: 352

Submarket: 163,487

12 MO. LEASING SF ACTIVITY

Current:

Last Quarter:

$13 - 16 (Est.)

$15.00

Year Ago: $15.00

Peers (Market Rent): $18.84

Submarket (Market Rent): $18.03

NNN ASKING RENTS PER SF

Current:

Last Quarter:

0%

0%

Year Ago: 0%

Peers: 3.1%

Submarket: 4.1%

VACANCY

Currrently No Available Spaces

AVAILABLE SPACES


Page 2

http://gateway.costar.com/Gateway/Redir/RedirectToProduct.aspx?productId=PPW&redirUrl=%2Fredir%2Fdefault.aspx%3Feid%3D957962%26ProductMode%3DProperty%26external%3D1



SITE PLAN

TENANTS

Tenant Chain Move Date Exp DateSF OccupiedStore Type

State Farm Yes Nov 2012 -1,300Insurance

Boost Mobile No Apr 2017 --Wireless Commun


Page 3

http://gateway.costar.com/Gateway/Redir/RedirectToProduct.aspx?productId=TTW&redirUrl=%2FRedir%2FDefault.aspx%3Fcid%3D34113892%26ProductMode%3DTenant





AERIAL VIEW


Page 4


DEMOGRAPHICS

10 Min. Drive10 Miles5 MilesPopulation 1 Mile 3 Miles

Population 125,809851,806276,78215,540 123,238

5 Yr Growth 5.5%7.8%7.1%8.6% 6.8%

Median Age 33323232 33

5 Yr Forecast 34343434 34

White / Black / Hispanic 95% / 2% / 94%88% / 7% / 78%94% / 2% / 92%95% / 1% / 96% 95% / 2% / 93%

5 Yr Forecast 95% / 2% / 95%88% / 8% / 79%94% / 2% / 92%95% / 2% / 96% 95% / 2% / 94%

Employment 54,030328,76694,9719,474 30,235

Buying Power $1.4B$11.0B$3.0B$161.4M $1.4B

5 Yr Growth 6.5%9.3%9.0%8.5% 7.8%

College Graduates 10.2%12.9%7.7%4.6% 6.5%

Household

Households 38,997278,89986,8274,747 38,141

5 Yr Growth 5.0%7.6%6.9%8.5% 6.4%

Median Household Income $36,121$39,609$34,905$34,005 $36,079

5 Yr Forecast $36,622$40,239$35,603$34,003 $36,561

Average Household Income $46,587$53,772$46,168$41,961 $45,356

5 Yr Forecast $47,479$54,806$47,227$42,381 $46,118

% High Income (>$75k) 17%21%16%13% 16%

Housing

Median Home Value $66,047$83,947$65,193$57,026 $63,010

Median Year Built 1960196919631965 1962

Owner / Renter Occupied 61% / 39%53% / 47%56% / 44%54% / 46% 60% / 40%


Page 5


TRAFFIC COUNTS

Count YearTraffic Volume Dist from SubjectCollection Street Cross Street - Direction

COUNTS BY STREETS

S Zarzamora St W Pyron Ave - N 18,613 2018 0.06 mi1

S Zarzamora W Pyron Ave - N 21,117 2012 0.06 mi2

W Mayfield Blvd Kyle St - E 1,284 2018 0.10 mi3

S Zarzamora St Sas Dr - N 23,029 2018 0.20 mi4

S Zarzamora Sas Dr - N 20,989 2012 0.20 mi5


Page 6


PREPARED BY

Rob Rodriguez, CCIM

Broker-Associate

Shopping Center Overview

8,800 SF Strip Center

San Antonio, TX 78211 - South Submarket

Shopping Center Overview6631-6635 S Zarzamora St

Type: Strip Center Land Acres: 0.79 AC

Name: - # of Properties: 1

GLA: 8,800 SF Year Built/Renov: Built 1970

Anchor GLA: - Floors: 1

Available Spaces: -

Walk Score®: Somewhat Walkable (69)% Leased: 100.00 %

Transit Score®: Good Transit (51)

Parking: 40 Surface Spaces

Features: Pylon Sign

Frontage: W Mayfield 240', S Zarzamora St 149'

For Sale: 8,800 SF Property Sale For $1,648,000


Anchor Tenant: -

Website: -

SHOPPING CENTER

Currrently No Available Spaces

AVAILABLE SPACES

SHOPPING CENTER PROPERTIES

8,800 SF, Built 1970

2 Tenants, Vacancy 0%

Fully Leased

Rent/SF - $13-16 (Est.)

Subject Property



Page 8




SHOPPING CENTER PROPERTIES


Page 9


TENANTS

6631-6635 S Zarzamora St Chain Move Date Exp DateSF OccupiedStore Type

State Farm Yes Nov 2012 -1,300Insurance

Boost Mobile No Apr 2017 --Wireless Commun


Page 10






PREPARED BY

Rob Rodriguez, CCIM

Broker-Associate

Market Summary



San Antonio Market Summary6631-6635 S Zarzamora St

The coronavirus outbreak is expected to causesignificant economic disruption in San Antonio. Withmuch of the economic growth of the metro tied to theleisure and hospitality sector, job growth will likely be hithard across the Alamo City. The trajectory of SanAntonio's economy and its commercial real estate sectorwill depend on how widely the virus spreads and howlong containment policies like social distancing need tobe maintained, but with bars and restaurant dining rooms(restaurants can still offer to-go ordering), the effect onsmall businesses will be palpable. We will be updatingour analysis as more information becomes available.Prior to the coronavirus outbreak, San Antonio hadstrong economic momentum, and the current reportlargely reflects the environment before the pandemic.

The coronavirus pandemic will likely disproportionatelyaffect the retail sector in San Antonio as compared toother asset classes. With a shelter-in-place order nowin effect outside of essential businesses like grocery

stores and pharmacies, many retailers' bottom lines willbe affected. It's unclear as of yet how long the currentshelter in place order will be in effect (as of now, it's inplace through early April, though it could be extended),but many retailers and restaurants have already closedtheir doors. Depending on what kind of governmentintervention exists to mitigate the current recession,many may not open again, which would affectoccupancies, rent growth, and pricing.

San Antonio heads into the current crisis on relativelyfirm footing. Occupancies are healthy, rents aresignificantly above their previous peaks and yieldshaven't compressed as much as they have in SanAntonio's other property types. That should leave roomfor activity to slow, though it's unclear how long themetro will be able to withstand current conditions. Long-term, San Antonio's robust demographic outlook shouldcontinue to generate strong demand for retail across themetro.

NET ABSORPTION, NET DELIVERIES & VACANCY


Page 12

San Antonio Economic Summary6631-6635 S Zarzamora St

San Antonio's defense sector may provide some stabilityduring the coronavirus-induced recession, however,given the structure of the private sector economy, it'slikely that the downside risks outweigh the upside in SanAntonio. About a quarter of the employment base is inhigh-risk sectors including leisure and hospitality, retailtrade, and oil and gas extraction. While the professionaland business services sector has typically served as asaving grace, with many jobs able to transfer to remotework, much of that sector is driven by back officeoperations in San Antonio, which is less able toaccommodate teleworking.

There may also be some long-term upside for SanAntonio as a result of the coronavirus. The pandemicmay be the push the broader U.S. market needs toincrease adoption of telemedicine, which may lead to arise of the industry across the Alamo City. San Antoniohas a large bilingual population, an abundance ofhealthcare workers (every U.S. Army medic is trained inSan Antonio and many come back to San Antonio), anda strong network and telecom infrastructure. If the U.S.increases adoption of telemedicine, healthcare could bedelivered from anywhere, and with the advantages SanAntonio possesses, this could become a major driver forthe San Antonio economy.

San Antonio's low business costs and fast-growingpopulation have historically led to above-average,though lower-value-add, hiring. A few notable firms ineach job sector call San Antonio home, includingPenFed, which continues to fill 600 new jobs for aregional financial center even in the midst of thepandemic. Ernst and Young also announced a new clientservice center near UTSA on top of leasing space at thenewly opened Frost Tower downtown, hiring for at least600 new jobs. Okin BPS, a Czech professional servicescompany also announced it would be bringing 1,400 newjobs to Brooks in South San Antonio, and Cuisine

Solutions followed suit at Brooks shortly thereafter,announcing a $120 million investment to hire between400 and 700 new employees. They're not the only foodmanufacturing operation setting up in San Antonio either:FGF Brands is adding 600 new positions to the WestSide, setting up its U.S. headquarters in the process.

San Antonio isn't called Military City, U.S.A., for nothing.According to the city of San Antonio, the military'seconomic impact totals $27 billion annually, directly orindirectly supporting 189,000 jobs or one-fifth of themetro's employment. The metro's largest employer by faris Joint Base San Antonio, which employs more than90,000. This should be a relatively stabilizing force in theface of the coronavirus-induced recession.

Additionally, according to the Greater San AntonioChamber of Commerce, the metro's defense-focusedaviation sector employs about 9,400 people. These jobswill be at risk if defense contracts dwindle. But SanAntonio's concentration of medical-related military jobsshould insulate the metro from major cuts over the longterm. As part of the last BRAC legislation, all medical-related military personnel will be trained in SanAntonio—nearly 50,000 annually. During the last round ofBRAC, San Antonio gained jobs, and if there is to beanother round of BRAC, an about-face seems unlikely.One factor that could encourage future growth in SanAntonio's defense sector is the strong cybersecurityprogram at UTSA. In 2014, according to a nationalsurvey of certified information technology securityprofessionals, the program was rated number one in thenation. The Ponemon Institute conducted the survey forHewlett-Packard. The program is already turning intojobs in the industry as a new division of Noblis NSP, aD.C.-based R&D organization, announced that it wouldbe seeking to hire 100 people for its new office in SanAntonio.


Page 13

San Antonio Economic Summary6631-6635 S Zarzamora St

Source: Oxford Economics

YEAR OVER YEAR JOB GROWTH

DEMOGRAPHIC TRENDS

Current ChangeCurrent Level

Metro U.S.Metro U.S.Demographic Category

10-Year Change

Metro U.S. Metro U.S.

Forecast Change (5 Yrs)

Population 330,628,4382,573,637 1.4% 0.7% 1.9% 0.7% 1.5% 0.7%

Households 122,601,781840,851 1.3% 0.5% 1.3% 0.7% 1.4% 0.6%

Median Household Income $64,511$60,092 3.8% 3.2% 2.1% 2.6% 1.8% 2.0%

Labor Force 164,264,5631,213,066 0.8% 0.7% 1.9% 0.7% 0.6% 0.3%

Unemployment 3.5%2.8% -0.5% -0.3% -0.4% -0.6% - -


POPULATION GROWTH


LABOR FORCE GROWTH INCOME GROWTH


Page 14


PREPARED BY

Rob Rodriguez, CCIM

Broker-Associate

Peer Properties



Peer Properties Summary6631-6635 S Zarzamora St

17 $18.84 5.4% 3.1%No. Peers NNN Market Rent/SF Availability Rate Vacancy Rate

PEER LOCATIONS


Page 16


Property Name / Address DistanceYr Blt/Renov Bldg SF Anchor Avail %Spcs

Availability

Vac % NNN Rent Per SFLocation

Score

1 Majors Center

2005/- 7,150 - 0%1121 SW Military Dr 0 0% $20 - $24 (Est.)1.5 mi 31

2 Mission Plaza

2006/- 9,867 - 12.2%3610 Nogalitos St 1 12.2% $24.001.3 mi 38

3 1823-1827 SW Military…1970/- 4,801 - 21.3%1 21.3% $24.000.78 mi 27

4 Escalon Crossing Ce…

2006/- 15,400 - 0%1714 SW Military Dr 0 0% $22.000.93 mi 16

5 3002-3018 Nogalitos St1963/- 16,279 O'Reilly Auto Parts 0%0 0% $17 - $21 (Est.)1.8 mi 32

6 1407-1427 SW Military…1978/- 12,400 - 0%0 0% $16 - $20 (Est.)1.2 mi 29


8 1501-1511 W Theo Ave1960/- 10,111 - 0%0 0% $15 - $19 (Est.)1.9 mi 35

9 Moreno's Center

1965/- 9,395 - 0%7205-7211 Somerset Rd 0 0% $15 - $19 (Est.)1.2 mi 12

10 1114 SW Military Dr1996/- 7,920 - 0%0 0% $15 - $18 (Est.)1.5 mi 31

11 1310-1328 SW Military…1983/- 13,732 - 39.1%4 11.0% $18.001.3 mi 30

12 3600-3606 S Zarzamor…1970/- 4,400 - 0%0 0% $15 - $18 (Est.)1.8 mi 35

13 211-213 Palo Alto Rd1970/- 7,050 - 0%0 0% $15 - $18 (Est.)1.3 mi 8

14 3609-3615 Nogalitos St1958/- 6,039 - 0%0 0% $15 - $18 (Est.)1.3 mi 36

6631-6635 S Zarzamor…1970/- 8,800 - 0%0 0% $13 - $16 (Est.)0 mi 25


Page 17
































Property Name / Address DistanceYr Blt/Renov Bldg SF Anchor Avail %Spcs

Availability

Vac % NNN Rent Per SFLocation

Score

15 3226 Nogalitos St2005/- 5,032 - 25.0%1 25.0% $16.001.6 mi 29


17 1211-1215 New Lared…1957/- 6,780 - 0%0 0% $6 - $7 (Est.)1.4 mi 10


Page 18







4,801 SF / Vacancy Rate 21.3%

Owner: Osix 1918 Buckner Llc

NNN Rent/SF - $24.00

1823-1827 SW Military Dr3

3610 Nogalitos St9,867 SF / Vacancy Rate 12.2%

Owner: Jones Business LLC


Mission Plaza2

1121 SW Military Dr7,150 SF / Vacancy Rate 0%

Owner: Bill Majors

Rent/SF - $20 - $24 (Est.)

Majors Center1

12,400 SF / Vacancy Rate 0%

Owner: Greenbrier Realty Company

Rent/SF - $16 - $20 (Est.)



Owner: IMI Investments, Inc.

Rent/SF - $17 - $21 (Est.)

3002-3018 Nogalitos St5

1714 SW Military Dr15,400 SF / Vacancy Rate 0%

Owner: Carranza Enterprises Inc


Escalon Crossing Center4

7205-7211 Somerset Rd9,395 SF / Vacancy Rate 0%

Owner: D T R Iii Inc

Rent/SF - $15 - $19 (Est.)

Moreno's Center9


Owner: 3 Wine Ents Llc

Rent/SF - $15 - $19 (Est.)

1501-1511 W Theo Ave8


Owner: Melrose Family Fashions

Rent/SF - $15 - $19 (Est.)


Peer Property Photos6631-6635 S Zarzamora St


Page 19




















Owner: Randy Vail Investments Llc

Rent/SF - $15 - $18 (Est.)

3600-3606 S Zarzamora St12


Owner: B & M Real Estate Ltd




Owner: Veritas Properties L.P.

Rent/SF - $15 - $18 (Est.)

1114 SW Military Dr10


Owner: Sinkin Steven A

Rent/SF - $13 - $16 (Est.)

Subject Property



Owner: Grantor Randall S V Trust; R…

Rent/SF - $15 - $18 (Est.)

3609-3615 Nogalitos St14


Owner: Muniz Juan Jose & Rosa Maria

Rent/SF - $15 - $18 (Est.)

211-213 Palo Alto Rd13


Owner: Brenda Chui Eng

Rent/SF - $6 - $7 (Est.)

1211-1215 New Laredo Hwy17


Owner: Powell Realty Inc

Rent/SF - $12 - $15 (Est.)



Owner: Randall Vail


3226 Nogalitos St15

Peer Property Photos6631-6635 S Zarzamora St


Page 20



















Peer Property Details6631-6635 S Zarzamora St

AVAILABILITY

Spaces: 0

Square Feet: 0

Range: -

Max Contig: -

% Sublet: -

CoStar Est: $20-24

COMPARISON

Vacancy %: 0% 0%

NNN Asking Rent: $20-24 (Est.) $13-16 (Est.)

Months To Lease: 46 mo 43 mo

Time On Market: - -

THIS PROPERTY SUBJECT

PROPERTY


Center: Majors Center Construction: Masonry


Year Built/Renov: 2005 Building FAR: 0.63

Floors: 1 Total Expenses: -

Docks: None

Parking: 18 free Surface Spaces are available; Ratio of 3.20/1,000 SF


Frontage: 150' on SW Military Drive

Location Score: Below National Avg (31) Below National Avg (25)

Transit Score®: Some Transit (42) Good Transit (51)

Walk Score®: Somewhat Walkable (61) Somewhat Walkable (69)

1 1121 SW Military Dr - Majors CenterDistance to Subject Property: 1.5 Miles

AVAILABILITY

Spaces: 1

Square Feet: 1,200

Range: 1,200

Max Contig: 1,200

% Sublet: 0%

Asking Rent: $24.00 nnn

COMPARISON

Vacancy %: 12.2% 0%

NNN Asking Rent: $24.00/SF/Yr $13-16 (Est.)

Months To Lease: - 43 mo

Time On Market: 5 mo -


PROPERTY


Center: Mission Plaza Construction: Reinforced Concrete




Docks: None

Parking: Ratio of 0.00/1,000 SF

Features: Bus Line, Signage, Signalized Intersection

Frontage: 101' on Division Ave, 150' on Nogalitos St




2 3610 Nogalitos St - Mission PlazaDistance to Subject Property: 1.3 Miles


Page 21






AVAILABILITY

Spaces: 1

Square Feet: 1,023

Range: 1,023

Max Contig: 1,023

% Sublet: 0%


COMPARISON

Vacancy %: 21.3% 0%





PROPERTY






Docks: None


Features: Bus Line, Freeway Visibility, Pylon Sign, Signage, Signalized Intersection

Frontage: 222' on Logwood (with 2 curb cuts), 149' on Military Dr




3 1823-1827 SW Military DrDistance to Subject Property: 0.8 Miles

AVAILABILITY

Spaces: 0

Square Feet: 0

Range: -

Max Contig: -

% Sublet: -


COMPARISON

Vacancy %: 0% 0%



Time On Market: - -


PROPERTY


Center: Escalon Crossing Construction: Masonry




Docks: None

Parking: 45 free Surface Spaces are available; 4 free Covered Spaces are available;…


Frontage: 240' on Military Dr




4 1714 SW Military Dr - Escalon Crossing CenterDistance to Subject Property: 0.9 Miles


Page 22






AVAILABILITY

Spaces: 0

Square Feet: 0

Range: -

Max Contig: -

% Sublet: -

CoStar Est: $17-21

COMPARISON

Vacancy %: 0% 0%



Time On Market: - -


PROPERTY


Center: Nogalitos Center Construction: Masonry




Docks: None



Frontage: W Winnipeg (with 5 curb cuts), 103' on Cottonwood Ave, 366' on Nogalitos…




5 3002-3018 Nogalitos StDistance to Subject Property: 1.8 Miles

AVAILABILITY

Spaces: 0

Square Feet: 0

Range: -

Max Contig: -

% Sublet: -

CoStar Est: $16-20

COMPARISON

Vacancy %: 0% 0%



Time On Market: - -


PROPERTY






Docks: None



Frontage: 139' on Burton Ave (with 4 curb cuts), 304' on Mccauley Blvd






Page 23






AVAILABILITY

Spaces: 0

Square Feet: 0

Range: -

Max Contig: -

% Sublet: -

CoStar Est: $15-19

COMPARISON

Vacancy %: 0% 0%



Time On Market: - -


PROPERTY






Docks: None



Frontage: 191' on Garnett (with 3 curb cuts), 257' on Military Dr





AVAILABILITY

Spaces: 0

Square Feet: 0

Range: -

Max Contig: -

% Sublet: -

CoStar Est: $15-19

COMPARISON

Vacancy %: 0% 0%



Time On Market: - -


PROPERTY






Docks: None


Features: Bus Line, Pylon Sign, Signage, Signalized Intersection

Frontage: 188' on S Zaramora (with 2 curb cuts), 132' on Bessie Mae Dr




8 1501-1511 W Theo AveDistance to Subject Property: 1.9 Miles


Page 24






AVAILABILITY

Spaces: 0

Square Feet: 0

Range: -

Max Contig: -

% Sublet: -

CoStar Est: $15-19

COMPARISON

Vacancy %: 0% 0%



Time On Market: - -


PROPERTY






Docks: None


Features: Bus Line, Pylon Sign

Frontage: 112' on Somerset (with 2 curb cuts)




9 7205-7211 Somerset Rd - Moreno's CenterDistance to Subject Property: 1.2 Miles

AVAILABILITY

Spaces: 0

Square Feet: 0

Range: -

Max Contig: -

% Sublet: -

CoStar Est: $15-18

COMPARISON

Vacancy %: 0% 0%



Time On Market: - -


PROPERTY






Docks: None



Frontage: Military (with 2 curb cuts)




10 1114 SW Military DrDistance to Subject Property: 1.5 Miles


Page 25






AVAILABILITY

Spaces: 4

Square Feet: 5,368

Range: 1,200 - 1,511

Max Contig: 1,511

% Sublet: 0%


COMPARISON

Vacancy %: 11.0% 0%





PROPERTY






Docks: None



Frontage: 183' on Military (with 2 curb cuts), IH-35





AVAILABILITY

Spaces: 0

Square Feet: 0

Range: -

Max Contig: -

% Sublet: -

CoStar Est: $15-18

COMPARISON

Vacancy %: 0% 0%



Time On Market: - -


PROPERTY






Docks: None



Frontage: 117' on S Zarzamora, 146' on Theo




12 3600-3606 S Zarzamora StDistance to Subject Property: 1.8 Miles


Page 26






AVAILABILITY

Spaces: 0

Square Feet: 0

Range: -

Max Contig: -

% Sublet: -

CoStar Est: $15-18

COMPARISON

Vacancy %: 0% 0%



Time On Market: - -


PROPERTY






Docks: None



Frontage: Palo Alto (with 3 curb cuts)



Walk Score®: Car-Dependent (48) Somewhat Walkable (69)

13 211-213 Palo Alto RdDistance to Subject Property: 1.3 Miles

AVAILABILITY

Spaces: 0

Square Feet: 0

Range: -

Max Contig: -

% Sublet: -

CoStar Est: $15-18

COMPARISON

Vacancy %: 0% 0%



Time On Market: - -


PROPERTY






Docks: None



Frontage: 114' on Nogalitos (with 2 curb cuts)






Page 27






AVAILABILITY

Spaces: 1

Square Feet: 1,258

Range: 1,258

Max Contig: 1,258

% Sublet: 0%


COMPARISON

Vacancy %: 25.0% 0%





PROPERTY


Center: Nogalitos Plaza Construction: Masonry




Docks: None



Frontage: Nogalitos Street (with 1 curb cut), 110' on Nogalitos St, 91' on Sims Ave, S…




15 3226 Nogalitos StDistance to Subject Property: 1.6 Miles

AVAILABILITY

Spaces: 0

Square Feet: 0

Range: -

Max Contig: -

% Sublet: -

CoStar Est: $12-15

COMPARISON

Vacancy %: 0% 0%



Time On Market: - -


PROPERTY






Docks: None



Frontage: 182' on Burton Ave (with 4 curb cuts), 201' on Military Dr






Page 28






AVAILABILITY

Spaces: 0

Square Feet: 0

Range: -

Max Contig: -

% Sublet: -

CoStar Est: $6-7

COMPARISON

Vacancy %: 0% 0%



Time On Market: - -


PROPERTY


Center: - Construction: -




Docks: None



Frontage: 326' on New Laredo Hwy, 218' on Price Ave



Walk Score®: Car-Dependent (48) Somewhat Walkable (69)

17 1211-1215 New Laredo HwyDistance to Subject Property: 1.4 Miles


Page 29



Peer Property Comparison6631-6635 S Zarzamora St

Property Name / Address Rating NNN Asking Rent Per SF Vacancy Rate

1823-1827 SW Military…3 $24.00 21.3%

Mission Plaza

3610 Nogalitos St2 $24.00 12.2%

Escalon Crossing Cen…

1714 SW Military Dr4 $22.00 0%

Majors Center

1121 SW Military Dr1 $20 - 24(Est.) 0%

3002-3018 Nogalitos St5 $17 - 21(Est.) 0%

1407-1427 SW Military…6 $16 - 20(Est.) 0%

1310-1328 SW Military…11 $18.00 11%

1128-1142 SW Military…7 $15 - 19(Est.) 0%

1501-1511 W Theo Ave8 $15 - 19(Est.) 0%

Moreno's Center

7205-7211 Somerset Rd9 $15 - 19(Est.) 0%

1114 SW Military Dr10 $15 - 18(Est.) 0%

3600-3606 S Zarzamor…12 $15 - 18(Est.) 0%

211-213 Palo Alto Rd13 $15 - 18(Est.) 0%

3609-3615 Nogalitos St14 $15 - 18(Est.) 0%

3226 Nogalitos St15 $16.00 25%

6631-6635 S Zarzamor…$13 - 16(Est.) 0%

1330-1340 SW Military…16 $12 - 15(Est.) 0%

1211-1215 New Lared…

Average

(Arrows indicate trend over last quarter)

17 $6 - 7(Est.) 0%

2.9%$17.32


Page 30






































Property Name / Address Rating Availability Rate Vacancy Rate

1310-1328 SW Military…11 39.1% 11%

3226 Nogalitos St15 25% 25%

1823-1827 SW Military…3 21.3% 21.3%

Mission Plaza

3610 Nogalitos St2 12.2% 12.2%

6631-6635 S Zarzamor…0% 0%

1114 SW Military Dr10 0% 0%

Majors Center


1128-1142 SW Military…7 0% 0%

1211-1215 New Lared…17 0% 0%

1330-1340 SW Military…16 0% 0%

1407-1427 SW Military…6 0% 0%

1501-1511 W Theo Ave8 0% 0%



211-213 Palo Alto Rd13 0% 0%

3002-3018 Nogalitos St5 0% 0%

3600-3606 S Zarzamor…12 0% 0%

3609-3615 Nogalitos St14 0% 0%

Moreno's Center

7205-7211 Somerset Rd

Average


9 0% 0%

2.9%5.2%


Page 31






































Property Name / Address Rating NNN Asking Rent Per SF Median Months on Market

Mission Plaza

3610 Nogalitos St2 5$24.00

1823-1827 SW Military…3 4$24.00


1714 SW Military Dr4 $22.00

Majors Center

1121 SW Military Dr1 $20 - 24(Est.)

3002-3018 Nogalitos St5 $17 - 21(Est.)

1407-1427 SW Military…6 $16 - 20(Est.)

1310-1328 SW Military…11 44$18.00

1128-1142 SW Military…7 $15 - 19(Est.)

1501-1511 W Theo Ave8 $15 - 19(Est.)

Moreno's Center

7205-7211 Somerset Rd9 $15 - 19(Est.)

1114 SW Military Dr10 $15 - 18(Est.)

3600-3606 S Zarzamor…12 $15 - 18(Est.)

211-213 Palo Alto Rd13 $15 - 18(Est.)

3609-3615 Nogalitos St14 $15 - 18(Est.)

3226 Nogalitos St15 136$16.00

6631-6635 S Zarzamor…$13 - 16(Est.)

1330-1340 SW Military…16 $12 - 15(Est.)


Average


17 $6 - 7(Est.)

46$17.32


Page 32






































Property Name / Address Rating 12 Mo. Leasing Activity in SF 12 Mo. Net Absorption in SF

3002-3018 Nogalitos St5 2,550 0

Majors Center

1121 SW Military Dr1 2,386 1,193

6631-6635 S Zarzamor…2,250 2,250


1714 SW Military Dr4 1,050 0

1330-1340 SW Military…16 0 2,700

1114 SW Military Dr10 0 0

1128-1142 SW Military…7 0 0

1211-1215 New Lared…17 0 0

1310-1328 SW Military…11 0 0

1407-1427 SW Military…6 0 0

1501-1511 W Theo Ave8 0 0

211-213 Palo Alto Rd13 0 0

3226 Nogalitos St15 0 0

3600-3606 S Zarzamor…12 0 0

3609-3615 Nogalitos St14 0 0

Mission Plaza

3610 Nogalitos St2 0 0

Moreno's Center

7205-7211 Somerset Rd9 0 0

1823-1827 SW Military…

Average

3 0 (1,023)

284457


Page 33






































Property Name / Address Rating NNN Asking Rent Per SF Median Household Income (5 mi)

Majors Center

1121 SW Military Dr1 $35,769$20-24 (Est.)

Mission Plaza

3610 Nogalitos St2 $33,823$24.00

1823-1827 SW Military…3 $35,569$24.00


1714 SW Military Dr4 $35,437$22.00

3002-3018 Nogalitos St5 $33,864$17-21 (Est.)

1407-1427 SW Military…6 $35,724$16-20 (Est.)

1128-1142 SW Military…7 $35,947$15-19 (Est.)

1501-1511 W Theo Ave8 $34,265$15-19 (Est.)

Moreno's Center

7205-7211 Somerset Rd9 $35,047$15-19 (Est.)

1114 SW Military Dr10 $35,853$15-18 (Est.)

1310-1328 SW Military…11 $35,627$18.00

3600-3606 S Zarzamor…12 $34,275$15-18 (Est.)

211-213 Palo Alto Rd13 $35,556$15-18 (Est.)

3609-3615 Nogalitos St14 $33,585$15-18 (Est.)

6631-6635 S Zarzamor…$34,905$13-16 (Est.)

3226 Nogalitos St15 $33,858$16.00

1330-1340 SW Military…16 $35,583$12-15 (Est.)


Average


17 $35,007$6-7 (Est.)

$34,983$17.32


Page 34






































PREPARED BY

Rob Rodriguez, CCIM

Broker-Associate

Leasing Analytics



SAN ANTONIO VACANCY OVERVIEW

Until the coronavirus-induced recession, San Antonio'seconomic growth had been robust. It remains to be seenhow wide-spread the job cuts will be, but earlyindications suggest the brunt of the losses will be felt inthe retail and leisure and hospitality industries, the latterof which isn't limited to just hotels - it also includes barsand restaurants. Initial data from the Texas WorkforceCommission suggests unemployment claims were up60% from the same week a year ago. The crisis mayalso accelerate the continued rise of e-commerce, asconsumers opt (or are forced) to shelter in place,ordering online rather than going to a brick-and-mortarstore.

Today, occupancies are in the mid-90s, which maysuggest that landlords may be able to weather the storm.However, many landlords will be hoping their lendersgive the reprieve, given that many tenants may need asimilar break. It remains to be seen how likely that willbe, or whether government intervention will help offsetthe losses, but the results of these questions will likelydictate the near-term outlook for San Antonio's retailsector.

Many believe the retail property type to be on its last legsthanks to e-commerce. While the truth of that statementcan be debated endlessly, the effects have certainlyforced businesses to adapt. Grocery stores, as anexample, have acclimatized to e-commerce pressuresby enabling grocery pickups outside of the store. That'simpacted store income, as it leads to fewer purchases,particularly impulse purchases, in store. Kroger estimatesapproximately a 25% loss in same-store sales as aresult of this addition. This perhaps explains the negativesentiment in the retail market. While grocers like Krogerhave physical occupancy of space, it masks theunderlying issues among most retailers—namely slowgrowth in retail sales, which cuts short any expansionplans. One area of brightness, however, has beenhistorical e-commerce tenants taking space. It's beenreported that after opening stores, tenants like WarbyParker and Untuckit have seen roughly a 45% increasein online traffic after opening a physical location. So,while the physical store may not show significant retailsales growth, it does drive traffic online.

VACANCY RATE

San Antonio Vacancy Analytics6631-6635 S Zarzamora St


Page 36


VACANCY RATE

Vacancy Trend (YOY) VacancyTrend (YOY) Trend (YOY)VacancyTrend (YOY)Vacancy

Subject Peers South San Antonio

-0.3%5.3%-0.5%3.9%-5.3%3.3%34.5%34.5%2014

-0.4%4.8%-0.3%3.6%2.5%5.7%-14.2%20.3%2015

-0.9%3.9%-0.9%2.8%-1.8%4.0%39.5%59.8%2016

0%4.0%0.6%3.4%-0.3%3.7%-34.3%25.6%2017

0.2%4.2%-0.3%3.1%0.9%4.6%0%25.6%2018

0.3%4.5%0.6%3.7%-1.5%3.1%-25.6%0%2019

0.4%4.9%0.3%4.1%0%3.1%0%0%YTD

0.8%5.3%0.8%4.5%0.8%3.9%2020

0.2%5.5%0.3%4.8%0.4%4.3%2021

0%5.5%0%4.9%0.1%4.4%2022 Forecast >

-0.2%5.3%-0.1%4.7%-0.1%4.3%2023

-0.2%5.1%-0.2%4.5%-0.1%4.2%2024


Page 37


AVAILABILITY RATE

AVAILABILITY RATE

Availability Trend (YOY) AvailabilityTrend (YOY) Trend (YOY)AvailabilityTrend (YOY)Availability


-0.3%6.9%-0.1%4.9%-4.2%5.9%20.3%34.5%2014

-0.3%6.6%0%4.9%3.9%9.8%11.4%45.9%2015

-0.7%5.9%-0.2%4.7%-5.8%4.1%13.9%59.8%2016

-0.2%5.7%0.6%5.3%1.2%5.2%-34.3%25.6%2017

0.5%6.2%-0.4%4.9%0.9%6.1%0%25.6%2018

-0.3%5.9%-0.1%4.8%-1.5%4.6%-25.6%0%2019

-----0.1%5.4%0%0%2020 YTD


Page 38


MEDIAN MONTHS ON MARKET

MEDIAN MONTHS ON MARKET

Peers South San Antonio

2010 13.1 10.5 12.1

2011 8.6 14.5 16.6

2012 12.2 16.9 18.8

2013 20.6 17.6 18.5

2014 30.5 18.8 20.2

2015 18.4 25.5 23.1

2016 18.4 21.0 18.5

2017 18.6 10.7 11.8

2018 26.1 12.4 10.2

2019 19.4 11.9 10.8

2020 24.3 12.0 11.9


Page 39


RENEWAL RATES

RENEWAL RATES

South San Antonio

2010 91.2% 83.7%

2011 86.2% 85.9%

2012 90.4% 85.5%

2013 88.3% 86.6%

2014 89.7% 88.5%

2015 94.3% 90.7%

2016 89.0% 83.4%

2017 84.1% 80.5%

2018 86.2% 76.9%

2019 86.4% 81.1%

2020 86.1% 73.7%


Page 40

Rent Analytics6631-6635 S Zarzamora St

SAN ANTONIO RENT TRENDS

In light of the coronavirus-induced recession, near termrent growth will likely be negligible at best. It's unclearhow long or deep this current crisis will take theeconomy, but CoStar is closely monitoring the latestmetrics and updating the analysis as the effects of thepandemic flow through the data. But given that the crisisdisproportionately affects the retail asset class, there is astrong downside risk to the market. San Antonio's strongeconomy, however, may mean the effects are relativelyshort-lived, and a quick return to outsized growth maybe in the cards.

With one of the strongest economies in the country overthe past decade by many metrics, retail landlords in SanAntonio have benefited tremendously. The market hasalready seen rents rise to roughly 30% above their

prerecession peaks, well ahead of most markets in thecountry. In fact, there are plenty of markets that remainbelow their prerecession peak, including Atlanta andPhoenix, which may suggest San Antonio landlords couldweather this pandemic better than in other markets.

Moving forward, there may be some room for optimism.San Antonio boasts one of the healthiest economies inthe country, and new, young residents continue to callthe Alamo City home, which should translate to strongretail demand. In fact, no market in the country hasadded more 20-34 year olds than San Antonio has since2010. While national headwinds may put a dent inoptimism, those same concerns affect every marketnationally. San Antonio's strong economy may be one ofthe best bets for outperformance.

NNN RENT PER SQUARE FOOT


Page 41

Rent Analytics6631-6635 S Zarzamora St

NNN RENT PER SQUARE FOOT

Direct Rent Trend (YOY) Market RentTrend (YOY) Trend (YOY)Market RentTrend (YOY)Market Rent


2.1%$17.112.4%$15.712.6%$16.48--2014

2.3%$17.512.8%$16.152.6%$16.91-$16.162015

3%$18.033.8%$16.764.5%$17.67-25.7%$12.002016

1.5%$18.290.4%$16.82-2.4%$17.25--2017

2.5%$18.752.5%$17.252.8%$17.73-$15.002018

4.2%$19.554.2%$17.985.8%$18.750%$15.002019

0.2%$19.580.3%$18.030.5%$18.84--YTD

0.4%$19.620.6%$18.080.7%$18.882020

0.2%$19.650.2%$18.120.2%$18.922021

0.4%$19.730.5%$18.200.4%$19.002022 Forecast >

0.9%$19.900.9%$18.370.9%$19.182023

1%$20.111.1%$18.571.1%$19.382024


Page 42

Absorption Analytics6631-6635 S Zarzamora St

NET ABSORPTION IN PEERS IN SQUARE FEET

NET ABSORPTION IN SOUTH SUBMARKET IN SQUARE FEET

NET ABSORPTION IN SAN ANTONIO IN SQUARE FEET


Page 43

Leasing Analytics6631-6635 S Zarzamora St

LEASING ACTIVITY IN PEERS IN SQUARE FEET

LEASING ACTIVITY IN SOUTH SUBMARKET IN SQUARE FEET

LEASING ACTIVITY IN SAN ANTONIO IN SQUARE FEET


Page 44

Leasing Analytics6631-6635 S Zarzamora St

SUBLEASE SPACE AVAILABLE IN SAN ANTONIO IN SQUARE FEET


Page 45


PREPARED BY

Rob Rodriguez, CCIM

Broker-Associate

Construction



120,964 88,971 19,650 305,043All-Time Annual Avg. SF Delivered SF Past 8 Qtrs Delivered SF Next 8 Qtrs Proposed SF Next 8 Qtrs

PAST 8 QUARTERS DELIVERIES, UNDER CONSTRUCTION, & PROPOSED

PAST & FUTURE DELIVERIES IN SQUARE FEET

Overall Construction Summary6631-6635 S Zarzamora St


Page 47

San Antonio Construction6631-6635 S Zarzamora St

Currently, the coronavirus hasn't yet led to a halt inconstruction activity. Given what little retail is underwayacross the country and in San Antonio, however,occupancies moving forward will likely depend more onthe demand for retail space, rather than overbuilding, aswas the case during the previous recession.

Prior to the current crisis, San Antonio had been a retaildeveloper favorite. Since 2015, retail inventory hasexpanded by 3.5%, ahead of markets like Raleigh,Miami, and Denver. That's nothing new, as San Antoniosaw its inventory expand rapidly last cycle as well. Thedifference is that this cycle, retail development has beenfar more muted: About 8% of San Antonio's inventory

delivered in just two years last cycle.

San Antonio also ranks in the top 10 for inventorycurrently under construction among major markets.However, it says more about the state of retailconstruction nationally than it does about San Antonio.About 1% of inventory is currently underway here, on parwith the nation. Only 11 markets nationally have morethan 1% of inventory underway, and only one, Miami,has more than 2%. Until we see confidence in the retailsector, it's unlikely that lenders will be thrilled about anyspeculative retail construction, no matter the nearbyrooftop growth.

DELIVERIES & DEMOLITIONS


Page 48

South Construction6631-6635 S Zarzamora St

DELIVERIES & DEMOLITIONS


Page 49


198,288 235,906 56,000 474,961All-Time Annual Avg. SF Delivered SF Past 8 Qtrs Delivered SF Next 8 Qtrs Proposed SF Next 8 Qtrs

PAST 8 QUARTERS DELIVERIES, UNDER CONSTRUCTION, & PROPOSED

PAST & FUTURE DELIVERIES IN SQUARE FEET


Page 50


RECENT DELIVERIES

Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner

Dec-20184304 Southeast Dr

7,500 1 Mar-2020-

Jamil Qirem1

Sep-20199630 S Zarzamora St

QuikTrip4,000 1 Feb-2020

-

QuikTrip Corporation2

Sep-20193323 SE Military Dr

17,600 - Feb-2020-

H-E-B3

Jan-20196150 US Highway 87 Eas…

17,600 - Jan-2020Stalwart Contracting

-4

Jun-20195922 Old Pearsall Rd

9,986 1 Oct-2019-

-5


City Base Commons Sho…4,388 1 Sep-2019

-

Brooks Development Authority6

Jul-20182347 SE Military Dr

Bldg 2004,375 1 Sep-2019

-



Bldg 4003,500 1 Sep-2019

-



Bldg 8006,800 1 Sep-2019

-



Bldg 7001,225 1 Sep-2019

-



Bldg 10003,800 1 Sep-2019

GFR Development Service


Feb-20192302 SE Military Dr

11,025 1 Sep-2019-

Sharma, Sunil12


Cane's2,770 1 Aug-2019

-


Aug-20182347 SE Military Dr

Bldg 3008,000 1 Jul-2019

-



Raising Cane's2,770 1 Jul-2019

-



Bldg 60013,300 1 Jul-2019

-


Feb-20192347 Commercial Ave

9,180 1 Jul-2019-

G2K Development Partners17

Sep-20182828 Goliad Rd

5,000 - Jun-2019-

MIMCO, Inc.18

Sep-201812510 SW Loop 410

1,056 - Apr-2019-

Morgan Park Ltd19

Sep-20182834 Goliad Rd

20,000 1 Feb-2019-

MIMCO, Inc.20

UNDER CONSTRUCTION


Jul-2019Highway 90 & Luckey Ranch

Shops at Luckey Ranch29,000 1 May-2020

LGI Homes, Inc.

LGI Homes, Inc.1


Page 51























UNDER CONSTRUCTION


Feb-20205902 Medina Base Rd

15,000 1 Jul-2020-

-2

Jul-20196038 Old Pearsall Rd

12,000 1 May-2020Culebra Taqueria

Culebra Taqueria3

PROPOSED


Apr-2020SE Military Rd & SW New…

La Picosa at Brooks250,000 1 Jan-2021

-

-1

Apr-2020SE Loop 410 & Roosevel…

175,000 - Dec-2021-

Robert F Hudson2

Jun-20203520 S New Braunfels Ave

33,592 1 Dec-2020-

-3

Oct-2019Five Palms & Medina Base

Five Palms & Medina Ba…10,000 1 Apr-2020

-

-4

Dec-20205498-5412 SW Loop 410

6,369 1 Dec-2021-

-5


Page 52








UNDER CONSTRUCTION IN SQUARE FEET (5 Mile Radius)

PROJECTED DELIVERIES IN SQUARE FEET (5 Mile Radius)

Construction Activity6631-6635 S Zarzamora St


Page 53


DELIVERIES IN SQUARE FEET (5 Mile Radius)

STARTS IN SQUARE FEET (5 Mile Radius)


Page 54


PERCENT OCCUPIED AT DELIVERY (5 Mile Radius)

DELIVERIES AND OCCUPANCY IN SQUARE FEET (5 Mile Radius)


Page 55


NEW CONSTRUCTION OCCUPANCY AFTER DELIVERY BY YEAR BUILT (5 Mile Radius)

NET ABSORPTION IN SQUARE FEET (5 Mile Radius)


Page 56


NNN ASKING RENT PER SQUARE FOOT (5 Mile Radius)


Page 57

15 86,175 74.5% $19.05Properties Square Feet Percent Leased NNN Asking Rent Per SF

COMPLETED CONSTRUCTION PAST 12 MONTHS

CONSTRUCTION SUMMARY STATISTICS

Low Average Median High

GLA 1,056 5,745 4,375 13,300

Stories 1 1 1 1

Typical Floor SF 1,225 6,080 4,375 13,300

Leases Signed 0 1 0 5

Percent Leased 0% 74.5% 100% 100%

NNN Asking Rent Per SF $13.36 $19.05 $15.58 $30.00

Star Rating 2.9

Completed Construction Past 12 Months6631-6635 S Zarzamora St


Page 58

Completed Construction Past 12 Months6631-6635 S Zarzamora St

Property Name/Address Rating GLA Stories Complete Leased Developer/Owner

Feb-20209630 S Zarzamora St

QuikTrip4,000 1 100%

-

QuikTrip Corporation1

Oct-20195922 Old Pearsall Rd

9,986 1 100%-

-2


City Base Commons Sho…4,388 1 0%

-



Bldg 2004,375 1 100%

-



Bldg 4003,500 1 100%

-



Bldg 8006,800 1 100%

-



Bldg 7001,225 1 100%

-



Bldg 10003,800 1 100%

GFR Development Service



11,025 1 0%-

Sharma, Sunil9

Aug-20192347 SE Military Dr

Cane's2,770 1 100%

-



Bldg 3008,000 1 39.5%

-



Raising Cane's2,770 1 100%

-



Bldg 60013,300 1 87.2%

-


Jul-20192347 Commercial Ave

9,180 1 100%-

G2K Development Partners14

Apr-201912510 SW Loop 410

1,056 - 100%-

Morgan Park Ltd15


Page 59
















Deliveries Past 12 Months Property Details6631-6635 S Zarzamora St

Type: Freestanding Land Acres:

GLA: 4,000 SF

3.00 AC

Building FAR: 0.03

Floors: 1 Construction: -

Parking: -

Features: -

Frontage: -

Percent Leased: 100%

Square Feet: -

CoStar Est: $17 - 21

Start Date: Sep-2019

Completion: Feb-2020

Build Time: 5 Months

Time Since Delivery: 2 Months

Developer: -

Owner: QuikTrip Corporation

1 9630 S Zarzamora St - QuikTripDistance to Subject Property: 2.8 Miles

PROPERTY

AVAILABILITYCONSTRUCTION

CONTACTS

Type: Freestanding Land Acres:

GLA: 9,986 SF

0.97 AC

Building FAR: 0.24



Features: -

Frontage: 155' on Old Pearsall Rd


Square Feet: -


Start Date: Jun-2019

Completion: Oct-2019



Developer: -

Owner: -

2 5922 Old Pearsall RdDistance to Subject Property: 4.8 Miles

PROPERTY


CONTACTS


Page 60






Type: Neighborhood Center Land Acres:

GLA: 4,388 SF

9.60 AC

Building FAR: 0.01



Features: -

Frontage: 1,300' on S.E. Military (with 2 curb cuts), 850' on Old Corpus Christi (wit…

Percent Leased: 0%

Square Feet: 4,388



Completion: Sep-2019



Developer: -

Owner: Brooks Development Authority

3 2347 SE Military Dr - City Base Commons Shopping CenterDistance to Subject Property: 4.8 Miles

PROPERTY


CONTACTS


GLA: 4,375 SF

-

Building FAR: -


Parking: -

Features: -

Frontage: -


Square Feet: -


Start Date: Jul-2018




Developer: -


4 2347 SE Military Dr - Bldg 200Distance to Subject Property: 4.8 Miles

PROPERTY


CONTACTS


Page 61







GLA: 3,500 SF

-

Building FAR: -



Features: -

Frontage: -


Square Feet: -






Developer: -



PROPERTY


CONTACTS


GLA: 6,800 SF

-

Building FAR: -



Features: -

Frontage: -


Square Feet: -






Developer: -



PROPERTY


CONTACTS


Page 62







GLA: 1,225 SF

-

Building FAR: -


Parking: -

Features: -

Frontage: -


Square Feet: -






Developer: -



PROPERTY


CONTACTS


GLA: 3,800 SF

-

Building FAR: -



Features: -

Frontage: -


Square Feet: -






Developer: GFR Development Service



PROPERTY


CONTACTS


Page 63






Type: - Land Acres:

GLA: 11,025 SF

-

Building FAR: -



Features: -

Frontage: 157' on SE Military Drive

Percent Leased: 0%

Square Feet: 11,025

Asking Rent: $30.00

Start Date: Feb-2019




Developer: -

Owner: Sharma, Sunil

9 2302 SE Military DrDistance to Subject Property: 4.7 Miles

PROPERTY


CONTACTS


GLA: 2,770 SF

-

Building FAR: -


Parking: -

Features: Drive Thru

Frontage: -


Square Feet: -



Completion: Aug-2019



Developer: -


10 2347 SE Military Dr - Cane'sDistance to Subject Property: 4.8 Miles

PROPERTY


CONTACTS


Page 64







GLA: 8,000 SF

-

Building FAR: -


Parking: -

Features: -

Frontage: -

Percent Leased: 39.5%

Square Feet: 4,843


Start Date: Aug-2018

Completion: Jul-2019



Developer: -



PROPERTY


CONTACTS


GLA: 2,770 SF

211.32 AC

Building FAR: 0.00


Parking: -

Features: -

Frontage: -


Square Feet: -






Developer: -


12 2322 SE Military Dr - Raising Cane'sDistance to Subject Property: 4.7 Miles

PROPERTY


CONTACTS


Page 65







GLA: 13,300 SF

-

Building FAR: -


Parking: -

Features: -

Frontage: -


Square Feet: 1,700






Developer: -



PROPERTY


CONTACTS

Type: - Land Acres:

GLA: 9,180 SF

1.27 AC

Building FAR: 0.17


Parking: -

Features: -

Frontage: -


Square Feet: -






Developer: -

Owner: G2K Development Partners

14 2347 Commercial AveDistance to Subject Property: 1.2 Miles

PROPERTY


CONTACTS


Page 66






Type: Fast Food Land Acres:

GLA: 1,056 SF

-

Building FAR: -

Floors: - Construction: -

Parking: -

Features: -

Frontage: -


Square Feet: -



Completion: Apr-2019



Developer: -

Owner: Morgan Park Ltd

15 12510 SW Loop 410Distance to Subject Property: 3.0 Miles

PROPERTY


CONTACTS


Page 67



2 19,650 0.1% 38.2%Properties Square Feet Percent of Inventory Preleased

UNDER CONSTRUCTION PROPERTIES

UNDER CONSTRUCTION SUMMARY STATISTICS

Low Average Median High

Building SF 4,650 9,825 9,825 15,000

Stories 1 1 1 1

Typical Floor SF 4,650 9,825 9,825 15,000

Preleasing 0% 38.2% 25.0% 50.0%

Estimated Delivery Date July 2020 August 2020 August 2020 October 2020

Months to Delivery 3 4 4 6

Construction Period in Months 5 7 7 9

Star Rating 3.0

Under Construction Summary6631-6635 S Zarzamora St


Page 68

Under Construction Property Details6631-6635 S Zarzamora St

Type: - Land Acres:

GLA: 15,000 SF

-

Building FAR: -


Parking: -

Features: -

Frontage: -


Square Feet: 7,500





Delivery: 3 Months

Developer: -

Owner: -

1 5902 Medina Base RdDistance to Subject Property: 4.7 Miles

PROPERTY


CONTACTS

Type: - Land Acres:

GLA: 4,650 SF

-

Building FAR: -


Parking: -

Features: -

Frontage: -

Percent Leased: 0%

Square Feet: 4,650


Start Date: Jan-2020

Completion: Oct-2020


Delivery: 6 Months

Developer: -

Owner: -

2 410 S Main AveDistance to Subject Property: 4.7 Miles

PROPERTY


CONTACTS


Page 69






PREPARED BY

Rob Rodriguez, CCIM

Broker-Associate

Sale Comps



Investment Trends6631-6635 S Zarzamora St

14 - $137 1.0%Sale Comparables Avg. Cap Rate Avg. Price/SF Avg. Vacancy At Sale

SALE COMPARABLE LOCATIONS

SALE COMPARABLES SUMMARY STATISTICS

Sales Attributes Low Average Median High

Sale Price $656,250 $656,250 $656,250 $656,250

Price Per SF $137 $137 $137 $137

Cap Rate - - - -

Time Since Sale in Months 4.3 15.4 15.1 33.2

Property Attributes Low Average Median High

Building SF 4,400 8,065 6,520 16,704

Stories 1 1 1 1

Typical Floor SF 4,400 8,099 6,039 16,704

Vacancy Rate At Sale 0% 1.0% 0% 16.0%

Year Built 1935 1976 1970 2016

Star Rating 2.1


Page 71


Property Name - Address Rating Yr Built Bldg SF Vacancy Price Price/SF

Property

Sale Date

Sale

Cap Rate

-1 The Park at Palo Alto2007 7,000 16.0% - -

9719 Poteet-Jourdanton Fwy11/26/2019 -

-2 9727 Poteet-Jourdanton…2007 14,400 0% - -11/26/2019 -

-3 1501-1511 W Theo Ave1960 10,111 0% - -10/8/2019 -

-4 Mango Shopping Center2016 7,620 0% - -

1020-1022 SW Military Dr6/21/2019 -

-5 1823-1827 SW Military Dr1970 4,801 0% $656,250 $1373/31/2019 -

-6 3609-3615 Nogalitos St1958 6,039 0% - -1/1/2019 -

-6 3609-3615 Nogalitos St1958 6,039 0% - -1/1/2019 -

-7 3600-3606 S Zarzamora St1970 4,400 0% - -1/1/2019 -

-7 3600-3606 S Zarzamora St1970 4,400 0% - -1/1/2019 -

-8 5028-5040 W Military Dr1965 5,632 0% - -12/7/2018 -

-9 Mission Plaza2006 9,867 0% - -

3610 Nogalitos St6/5/2018 -

-10 Kelly Landing1986 9,925 0% - -

1840 S General McMullen Dr5/3/2018 -

-11 4407 I-35 Fwy1960 16,704 0% - -3/16/2018 -

-12 426-432 Castroville Rd1935 5,970 0% - -6/29/2017 -


Page 72

http://gateway.costar.com/Gateway/Redir/RedirectToProduct.aspx?productId=PPW&redirUrl=%2Fredir%2Fdefault.aspx%3Feid%3D965191%26ProductMode%3DProperty%26SelectedTab%3Dsale%26external%3D1















SAN ANTONIO INVESTMENT TRENDS

The Coronavirus outbreak will likely end all transactionactivity for the next few months, as capital sourcesdisappear and buyers and sellers avoid physical contact.As in 2009, the cessation of transactions will makepricing assets difficult; CoStar's estimates will largelyfollow rent trends in the absence of comp trades and caprates. The effect of the crisis on retail liquidity is largelydependent on the depth and scope of the pandemic.

Up until the current pandemic, even the dark clouds of e-commerce and debt-laden national brands couldn't slowinvestors' appetite for retail assets in San Antonio. Morethan 3 million SF changed hands during 2019. It'sparticularly impressive given that roughly 25% of

inventory changed hands since 2015, one of the highestmarks in the country.

Cap rates, in the near term, may be hard to glean for thereasons previously stated. In general, prior to thepandemic, cap rates were as low as about 4.5% for net-leased product, but the average is typically around 6.5%-7% depending on the quality of tenants and location. Thenet lease market may remain robust through the crisis,particularly given the near-zero interest rates. That couldkeep cap rates low in San Antonio, though if theeconomy heats back up, we may see observed cap ratesstart to drift higher as well, taking into account the newrisks facing the property type.

SALES VOLUME & MARKET SALE PRICE PER SF


Page 73


SALES VOLUME & MARKET SALE PRICE PER SF


Page 74

Sale Comp Details6631-6635 S Zarzamora St

Type: Strip Center

Tenancy: Multi

GLA: 7,000 SF

Construction: Masonry

Yr Built/Renov: 2007

Land Acres: 2.44 AC

Anchor Tenant -

Building FAR: 0.07


Features: Bus Line, Drive Thru, Freeway Visibility, Pylon Sign, Signage

Sale Vacancy: 16.0%

Frontage: 150' on Poteet Jourdanton Freeway (with 3 curb cuts)

Anchor GLA: - Total Expenses: -


Walk Score®: Car-Dependent (47)

Transit Score®: Some Transit (34)

For Sale: Not For Sale

1 9719 Poteet-Jourdanton Fwy - The Park at Palo AltoDistance to Subject Property: 3.0 Miles

SALE

Sale Type: Investment

Sale Date: 11/26/2019

Sale Price: -

Price/SF: -

Cap Rate: -

CONTACTS

Buyer: Sanjay Misra

Seller: Dasi Llc

Buyer Broker: Caisson Real Estate Br…

Listing Broker: SiGa International - Sil…

SALE TERMS

Sale Conditions: 1031 Exchange

Financing: 1st Mortgage (1,800.0%/-)

PROPERTY

SALE NOTES

This multi-property deal at The Park At Palo Alto recently closed on November 26th, 2019. The properties included were 9719 and 9727 PoteetJourdanton Fwy. The two retail properties totaled 21,400 square feet and were occupied at the time of sale. The seller in the transaction was Dasi LLCwith Rodolpho Guerra. Rodolpho was represented by Silvia Gangel of SiGa International. The buyer was Palo Alto Retail with Sanjay Misra. Sanjaywas represented by Caisson Real Estate Brokerage with Charles Martens. The deal was under contract for 4 months and was on the market for 10months.

LARGEST TENANTS AT SALE


Taco Cabana Yes May 2017 -3,200Fast-food

Domino's Pizza Yes Jan 2008 -3,000Pizza

State Farm Yes Jan 2012 -1,700Insurance

Cricket Yes Mar 2016 -1,350Wireless Commun


Page 75




Type: Strip Center

Tenancy: Multi

GLA: 14,400 SF

Construction: -


Land Acres: 2.44 AC

Anchor Tenant -

Building FAR: 0.14


Features: -

Sale Vacancy: 0%

Frontage: -

Anchor GLA: - Total Expenses: $4.13/SF (2011-Est)





2 9727 Poteet-Jourdanton FwyDistance to Subject Property: 3.0 Miles

SALE


Sale Date: 11/26/2019

Sale Price: -

Price/SF: -

Cap Rate: -

CONTACTS

Buyer: Sanjay Misra

Seller: Dasi Llc

Buyer Broker: Caisson Real Estate Br…

Listing Broker: SiGa International - Sil…

SALE TERMS

Sale Conditions: 1031 Exchange

Financing: 1st Mortgage (1,800.0%/-)

PROPERTY

SALE NOTES

This multi-property deal at The Park At Palo Alto recently closed on November 26th, 2019. The properties included were 9719 and 9727 PoteetJourdanton Fwy. The two retail properties totaled 21,400 square feet and were occupied at the time of sale. The seller in the transaction was Dasi LLCwith Rodolpho Guerra. Rodolpho was represented by Silvia Gangel of SiGa International. The buyer was Palo Alto Retail with Sanjay Misra. Sanjaywas represented by Caisson Real Estate Brokerage with Charles Martens. The deal was under contract for 4 months and was on the market for 10months.



HUMANA Yes Mar 2014 Feb 20298,175Health Care

Pro-Care Medical Center No Feb 2013 -5,556-

Subway Yes Dec 2012 -1,635Sub Sandwich

Nailtini No Jul 2009 -1,200-


Page 76




Type: Strip Center

Tenancy: Multi

GLA: 10,111 SF



Land Acres: 0.89 AC

Anchor Tenant -

Building FAR: 0.26



Sale Vacancy: 0%

Frontage: 188' on S Zaramora (with 2 curb cuts), 132' on Bessie Mae Dr






3 1501-1511 W Theo AveDistance to Subject Property: 1.9 Miles

CONTACTS

Buyer: 3 Wine Ents Llc

Seller: Trevino Rachel M & Jo…

Buyer Broker: -

Listing Broker: -

SALE

Sale Type: -

Sale Date: 10/8/2019

Sale Price: -

Price/SF: -

Cap Rate: -

SALE TERMS

Sale Conditions: -

Financing: -

PROPERTY


Page 77




Type: Strip Center

Tenancy: Multi

GLA: 7,620 SF



Land Acres: 1.00 AC

Anchor Tenant -

Building FAR: 0.17



Sale Vacancy: 0%

Frontage: Mango (with 2 curb cuts), SW Military Drive (with 2 curb cuts)






4 1020-1022 SW Military Dr - Mango Shopping CenterDistance to Subject Property: 1.6 Miles

CONTACTS

Buyer: Ddrk Investments Ltd

Seller: Sanford Jane

Buyer Broker: -

Listing Broker: -

SALE

Sale Type: -


Sale Price: -

Price/SF: -

Cap Rate: -

SALE TERMS

Sale Conditions: -

Financing: -

PROPERTY



Cricket Yes Jul 2016 -1,350Wireless Commun

B & F Finance No May 2005 -1,110-

River City Chiropractic No Aug 2009 -500-


Page 78




Type: Strip Center

Tenancy: Multi

GLA: 4,801 SF



Land Acres: 0.22 AC

Anchor Tenant -

Building FAR: 0.50


Features: Bus Line, Freeway Visibility, Pylon Sign, Signage, Signalized Interse…

Sale Vacancy: 0%

Frontage: 222' on Logwood (with 2 curb cuts), 149' on Military Dr







CONTACTS

Buyer: Osix 1918 Buckner Llc

Seller: Ron Ray Real Estate Co.

Buyer Broker: -

Listing Broker: Owens Real Estate - Br…

SALE



Sale Price: $656,250

Price/SF: $137

Cap Rate: -

SALE TERMS

Sale Conditions: -

Financing: 1st Mortgage: Allegiance Bank

PROPERTY



Pronto Pawn No May 2005 -1,317Other Retail


Page 79




Type: Strip Center

Tenancy: Multi

GLA: 6,039 SF



Land Acres: 0.38 AC

Anchor Tenant -

Building FAR: 0.36



Sale Vacancy: 0%








CONTACTS

Buyer: Grantor Randall S V Tr…

Seller: Vail Randy

Buyer Broker: -

Listing Broker: -

SALE

Sale Type: -

Sale Date: 1/1/2019

Sale Price: -

Price/SF: -

Cap Rate: -

SALE TERMS

Sale Conditions: -

Financing: -

PROPERTY



Central Insurance Agency No May 2005 -1,510-

Barbie's Hair Design No May 2005 -1,510-

Best Nails No May 2005 -1,510-

TitleMax Yes Nov 2019 -9Finance Company


Page 80




Type: Strip Center

Tenancy: Multi

GLA: 6,039 SF



Land Acres: 0.38 AC

Anchor Tenant -

Building FAR: 0.36



Sale Vacancy: 0%








CONTACTS

Buyer: Randy Vail Investment…

Seller: Grantor Randall S V Tr…

Buyer Broker: -

Listing Broker: -

SALE

Sale Type: -

Sale Date: 1/1/2019

Sale Price: -

Price/SF: -

Cap Rate: -

SALE TERMS

Sale Conditions: -

Financing: -

PROPERTY



Central Insurance Agency No May 2005 -1,510-

Barbie's Hair Design No May 2005 -1,510-

Best Nails No May 2005 -1,510-

TitleMax Yes Nov 2019 -9Finance Company


Page 81




Type: Strip Center

Tenancy: Multi

GLA: 4,400 SF



Land Acres: 0.39 AC

Anchor Tenant -

Building FAR: 0.26



Sale Vacancy: 0%








CONTACTS

Buyer: Grantor Randall S V Tr…

Seller: Vail Randy

Buyer Broker: -

Listing Broker: -

SALE

Sale Type: -

Sale Date: 1/1/2019

Sale Price: -

Price/SF: -

Cap Rate: -

SALE TERMS

Sale Conditions: -

Financing: -

PROPERTY



La Tapatia Bakery No May 2009 -1,650-

Texas Car Title & Payday Loan Services No Aug 2009 -1,650-


Page 82




Type: Strip Center

Tenancy: Multi

GLA: 4,400 SF



Land Acres: 0.39 AC

Anchor Tenant -

Building FAR: 0.26



Sale Vacancy: 0%








CONTACTS

Buyer: Randy Vail Investment…

Seller: Grantor Randall S V Tr…

Buyer Broker: -

Listing Broker: -

SALE

Sale Type: -

Sale Date: 1/1/2019

Sale Price: -

Price/SF: -

Cap Rate: -

SALE TERMS

Sale Conditions: -

Financing: -

PROPERTY



La Tapatia Bakery No May 2009 -1,650-

Texas Car Title & Payday Loan Services No Aug 2009 -1,650-


Page 83




Type: Strip Center

Tenancy: Multi

GLA: 5,632 SF



Land Acres: 0.88 AC

Anchor Tenant Somsong Oriental Foods & Gifts

Building FAR: 0.15



Sale Vacancy: 0%

Frontage: 279' on Military (with 2 curb cuts)





For Sale: $900,000 ($159.80/SF) at 6.75% Cap Rate - Active

8 5028-5040 W Military DrDistance to Subject Property: 3.9 Miles

CONTACTS

Buyer: Ron Ray Lp

Seller: Ron Ray

Buyer Broker: -

Listing Broker: -

SALE

Sale Type: -


Sale Price: -

Price/SF: -

Cap Rate: -

SALE TERMS

Sale Conditions: -

Financing: -

PROPERTY


Page 84




Type: Strip Center

Tenancy: Multi

GLA: 9,867 SF

Construction: Reinforced Concrete


Land Acres: 0.95 AC

Anchor Tenant -

Building FAR: 0.24


Features: Bus Line, Signage, Signalized Intersection

Sale Vacancy: 0%

Frontage: 101' on Division Ave, 150' on Nogalitos St






9 3610 Nogalitos St - Mission PlazaDistance to Subject Property: 1.3 Miles

SALE

Sale Type: -

Sale Date: 6/5/2018

Sale Price: -

Price/SF: -

Cap Rate: -

CONTACTS

Buyer: Jones Business LLC

Seller: Paramount Properties

Buyer Broker: -

Listing Broker: -

SALE TERMS

Sale Conditions: Bulk/Portfolio Sale

Financing: 1st Mortgage: Texas Capital Bank NA

PROPERTY

SALE NOTES

David Ikeler sold the 9,213 SF retail building at 3600 Nogalitos Street, the 10,584 SF retail building at 3610 Nogalitos Street, and the .92 acre parcel ofland at Nogalitos Street in San Antonio, TX to Nizar Mohammed for an undisclosed amount on June 5, 2018. The parties involved were not at liberty todisclose any of the vital data or were unable to be contacted. All information is based on recorded documents and county assessor records.



Kwik Wash No Mar 2007 -5,039Other Services

Little Caesars Yes May 2008 -1,816Pizza

Pocket Communications No Mar 2007 -1,600-

Rios Golden Cut No Mar 2007 -1,567Salon/Barber/Spa

Cricket Yes Mar 2016 -1,350Wireless Commun


Page 85




Type: Strip Center

Tenancy: Multi

GLA: 9,925 SF



Land Acres: 0.87 AC

Anchor Tenant -

Building FAR: 0.26



Sale Vacancy: 0%

Frontage: General McMullen Dr (with 2 curb cuts)





For Sale: $1,450,000 ($146.10/SF) at 7.41% Cap Rate - Active

10 1840 S General McMullen Dr - Kelly LandingDistance to Subject Property: 2.8 Miles

SALE


Sale Date: 5/3/2018

Sale Price: -

Price/SF: -

Cap Rate: -

CONTACTS

Buyer: Professional Shopping…

Seller: Kadosh Investments

Buyer Broker: -

Listing Broker: Colonial Commercial R…

SALE TERMS

Sale Conditions: -

Financing: -

PROPERTY

SALE NOTES

From sources deemed reliable close to the transaction. On 5/3/2018, the 9,925 square foot retail property at 1840 S General McMullen Drive was soldfor an undisclosed amount. There was no financing recorded. The multi-tenant building was 85% occupied at closing. The building was constructed in1986 on .87 acres. The seller was Kadosh Investments. The buyer was Professional Shopping Centers LLC.



Golden Gate Express No Jan 2015 -2,670Restaurant

PeopleReady Yes Apr 2012 -2,010Employment Agency

State Farm Yes May 2005 -1,000Insurance

Rio Credit No Apr 2017 -700-

Buy N Save Mobile No Jun 2017 -700-


Page 86




Type: Strip Center

Tenancy: Multi

GLA: 16,704 SF



Land Acres: 0.99 AC

Anchor Tenant -

Building FAR: 0.39


Features: Freeway Visibility, Pylon Sign, Signage

Sale Vacancy: 0%

Frontage: 192' on Gladstone Ave, 374' on I-35 Fwy, 375' on Panam Expy






11 4407 I-35 FwyDistance to Subject Property: 1.9 Miles

CONTACTS

Buyer: Patricia Flores

Seller: Flores Sagrario C

Buyer Broker: -

Listing Broker: -

SALE

Sale Type: -


Sale Price: -

Price/SF: -

Cap Rate: -

SALE TERMS

Sale Conditions: -

Financing: -

PROPERTY


Page 87




Type: Strip Center

Tenancy: Multi

GLA: 5,970 SF



Land Acres: 0.75 AC

Anchor Tenant -

Building FAR: 0.18



Sale Vacancy: 0%

Frontage: Castroville (with 1 curb cut)






12 426-432 Castroville RdDistance to Subject Property: 4.0 Miles

CONTACTS

Buyer: Georges & Rida Daau,…

Seller: Osherow Randolph N

Buyer Broker: -

Listing Broker: -

SALE

Sale Type: -


Sale Price: -

Price/SF: -

Cap Rate: -

SALE TERMS

Sale Conditions: -

Financing: -

PROPERTY



Health Mart Pharmacy Yes Jun 2014 -500Drug Store


Page 88



Sales Volume6631-6635 S Zarzamora St

SOUTH SUBMARKET SALES VOLUME IN SQUARE FEET

SOUTH SUBMARKET CLUSTER SALES VOLUME IN SQUARE FEET

SAN ANTONIO METRO SALES VOLUME IN SQUARE FEET


Page 89

Sales Pricing6631-6635 S Zarzamora St

NATIONAL PRICE INDICES

REGIONAL RETAIL PRICE INDICES


Page 90

Sales Pricing6631-6635 S Zarzamora St

PRICE PER SF INDEX

UNITED STATES RETAIL PRICE PER SF IN PAST YEAR SAN ANTONIO RETAIL PRICE PER SF IN PAST YEAR

PRICE PER SF SUMMARY OF SALES IN PAST YEAR

Geography HighTop 25%AverageMedianBottom 25%LowTransactions

$82,639United States 44,928 $0.02 $42 $155 $171 $726

$1,415San Antonio 109 $19 $75 $207 $240 $734

$1,161South 12 $27 $35 $110 $171 $742

-Selected Sale Comps 0 - - - - -


Page 91

Cap Rates6631-6635 S Zarzamora St

CAP RATE TRENDS

UNITED STATES RETAIL CAP RATES IN PAST YEAR SAN ANTONIO RETAIL CAP RATES IN PAST YEAR

CAP RATE SUMMARY OF SALES IN PAST YEAR

Geography HighTop 25%AverageMedianBottom 25%LowTransactions

29.2%United States 10,894 0.4% 5.1% 6.8% 7.1% 9.7%

9.8%San Antonio 57 4.2% 5.0% 7.0% 6.7% 8.3%

7.5%South 3 4.9% N/A 7.5% 6.6% N/A

-Selected Sale Comps 0 - - - - -


Page 92

Buyers6631-6635 S Zarzamora St

TOP SAN ANTONIO RETAIL BUYERS PAST TWO YEARS

Purchased at least one asset in South submarket

Properties Bought

Company Name Bldgs VolumeSF

Properties Sold

SF BldgsVolume

Ramrock Real Estate LLC 4 222,393 $91,500,001 0 0 -

MLB Capital Partners 8 155,776 $30,750,000 0 0 -

Tarpley Inc. 12 400,468 $29,500,000 8 62,711 $28,585,000

Motiva Enterprises LLC 8 62,711 $28,585,000 0 0 -

CBRE Global Investors Ltd 6 183,225 $26,300,000 0 0 -

Stonefield Investment Advisors LLC 5 173,041 $26,300,000 0 0 -

Continuum Investments LLC 6 167,481 $21,430,000 0 0 -

The Rainier Companies 6 167,481 $21,430,000 0 0 -

TravelCenters of America 1 32,422 $20,550,000 0 0 -

ACF Property Management, Inc. 2 165,993 $19,195,000 0 0 -

Nooner Holdings Ltd 6 229,662 $13,999,999 0 0 -

Group 1 Automotive, Inc. 1 27,297 $9,812,500 0 0 -

Benjamin Zaitz 1 24,203 $8,500,000 0 0 -

AutoFit 1 138,990 $8,050,000 0 0 -

Beka One Llc 1 49,991 $8,000,000 0 0 -

Peak Holdings LLC 1 38,573 $8,000,000 0 0 -

AVG Partners 2 75,083 $7,800,000 0 0 -

Ronald L. & Kim M. Little 2 16,082 $7,750,000 0 0 -

Investar Real Estate Services, Inc. 2 129,000 $7,560,381 0 0 -

Lakeway Property Management 3 30,520 $7,525,000 0 0 -

Timothy Huff 1 4,840 $6,791,965 0 0 -

BBGB Commercial Real Estate 1 17,180 $6,700,000 0 0 -

Behzad Bahrami 3 137,493 $6,500,000 0 0 -

Rwp Holdings Llc 1 4,840 $6,340,000 0 0 -

Park Hospitality Ltd 1 14,820 $6,181,000 0 0 -

TYPES OF RETAIL SAN ANTONIO BUYERS PAST TWO YEARS

Company Type Bldgs Millions Avg PricePrice/SF

Average Purchase

SF

Buying Volume

Private 206 4,203,617 $107 $2,193,563$451.9

User 61 764,506 $197 $2,472,633$150.8

Private Equity 12 451,160 $272 $10,258,779$123.1

Institutional 13 275,636 $148 $3,158,501$41.1

REIT/Public 5 155,771 $35 $1,120,810$5.6

$0 $120 $240 $360 $480


Page 93

Sellers6631-6635 S Zarzamora St

TOP SAN ANTONIO RETAIL SELLERS PAST TWO YEARS

Sold at least one asset in South submarket

Properties Sold

Company Name Bldgs VolumeSF

Properties Bought

SF BldgsVolume

The Blackstone Group L.P. 4 222,393 $91,500,001 0 0 -

H-E-B 14 323,257 $52,180,000 0 0 -

Tarpley Inc. 8 62,711 $28,585,000 12 400,468 $29,500,000

InvenTrust Properties Corp. 5 173,041 $26,300,000 0 0 -

Santikos 10 247,288 $24,000,000 0 0 -

Service Properties Trust 1 32,422 $20,550,000 0 0 -

RPD Catalyst LLC 2 165,993 $19,195,000 0 0 -

QuikTrip Corporation 4 19,405 $17,331,965 5 24,353 $987,000

STORE Capital Corporation 6 156,864 $16,950,000 0 0 -

Tryperion Partners 3 136,553 $13,999,999 0 0 -

Camden Realty 2 22,062 $10,372,606 0 0 -

Shaw Texas Investments, Lllp 1 27,297 $9,812,500 0 0 -

Fulcrum Development 4 93,254 $8,500,000 0 0 -

Leon Capital Group 8 153,199 $8,469,897 0 0 -

Walmart, Inc. 1 138,990 $8,050,000 0 0 -

Fortress Holdings LLC 1 49,991 $8,000,000 0 0 -

Forshpan Capital LLC 3 148,028 $7,560,381 0 0 -

Chandelier Properties Ltd 3 30,520 $7,525,000 0 0 -

Abiso Real Estate Services., LLC 1 17,180 $6,700,000 0 0 -

Mason Properties 2 59,011 $6,575,500 1 2,880 $1,590,000

Lorena Dodson Duke Furrh 2 131,100 $6,500,000 0 0 -

The Place Commercial Real Estate 1 14,820 $6,181,000 0 0 -

Ricchi Group 1 64,953 $6,100,000 0 0 -

Starwood Capital Group 1 102,028 $6,090,000 0 0 -

Provident Realty Advisors, Inc. 1 19,833 $6,075,000 0 0 -

TYPES OF RETAIL SAN ANTONIO SELLERS PAST TWO YEARS

Company Type Bldgs Millions Avg PricePrice/SF

Average Sale

SF

Selling Volume

Private 190 2,366,770 $168 $2,097,710$398.6

User 73 1,500,141 $114 $2,359,195$172.2

Private Equity 15 393,335 $274 $7,199,874$108

REIT/Public 15 380,958 $172 $4,371,931$65.6

Institutional 8 162,412 $122 $2,478,175$19.8

$0 $100 $200 $300 $400


Page 94


PREPARED BY

Rob Rodriguez, CCIM

Broker-Associate

Demographics



Income & Spending Demographics6631-6635 S Zarzamora St

10 Min. Drive5 Miles3 Miles1 Mile

38,99738,142 86,8282019 Households by HH Income 4,747

35.38%13,79737.34%35.49%13,53536.19% 32,424<$25,000 1,718

29.96%11,68429.66%30.76%11,73136.15% 25,757$25,000 - $50,000 1,716

17.19%6,70516.67%17.61%6,71514.56% 14,471$50,000 - $75,000 691

9.73%3,7938.54%9.00%3,4347.29% 7,415$75,000 - $100,000 346

3.88%1,5123.70%3.74%1,4283.05% 3,213$100,000 - $125,000 145

1.86%7241.79%2.02%7722.15% 1,557$125,000 - $150,000 102

1.12%4361.03%0.71%2710.00% 891$150,000 - $200,000 -

0.89%3471.27%0.67%2560.61% 1,100$200,000+ 29

$46,587$45,356 $46,1682019 Avg Household Income $41,961

$36,121$36,079 $34,9052019 Med Household Income $34,005


$780.1M$767.5M $1.7BTotal Specified Consumer Spending $92.5M

7.39%$57.7M7.50%7.42%$57.0M7.66% $128.7MTotal Apparel $7.1M

2.65%$20.7M2.69%2.68%$20.6M2.75% $46.2MWomen's Apparel $2.5M

1.46%$11.4M1.46%1.45%$11.2M1.45% $25.0MMen's Apparel $1.3M

0.68%$5.3M0.70%0.68%$5.2M0.74% $12.1MGirl's Apparel $684.5K

0.46%$3.6M0.48%0.46%$3.5M0.48% $8.2MBoy's Apparel $448.7K

0.39%$3.1M0.41%0.40%$3.0M0.42% $7.0MInfant Apparel $387.1K

1.75%$13.6M1.76%1.75%$13.4M1.82% $30.2MFootwear $1.7M

13.02%$101.6M7.12%7.06%$54.2M7.03% $122.2MTotal Entertainment & Hobbies $6.5M

1.36%$10.6M1.32%1.36%$10.5M1.41% $22.7MEntertainment $1.3M

3.86%$30.1M3.89%3.83%$29.4M3.85% $66.7MAudio & Visual Equipment/Service $3.6M

0.11%$857.3K0.12%0.10%$787.2K0.08% $2.0MReading Materials $74.5K

1.78%$13.9M1.79%1.76%$13.5M1.69% $30.7MPets, Toys, & Hobbies $1.6M

5.93%$46.2M5.98%5.91%$45.3M5.79% $102.6MPersonal Items $5.4M

30.74%$239.8M30.91%30.69%$235.6M31.03% $530.6MTotal Food and Alcohol $28.7M

18.59%$145.1M18.59%18.58%$142.6M19.03% $319.2MFood At Home $17.6M

10.41%$81.3M10.55%10.39%$79.7M10.30% $181.1MFood Away From Home $9.5M

1.73%$13.5M1.77%1.72%$13.2M1.70% $30.3MAlcoholic Beverages $1.6M

12.67%$98.8M12.82%12.63%$97.0M12.30% $220.0MTotal Household $11.4M

2.95%$23.0M2.81%2.92%$22.4M2.69% $48.3MHouse Maintenance & Repair $2.5M

5.17%$40.4M5.29%5.18%$39.8M5.18% $90.8MHousehold Equip & Furnishings $4.8M

3.79%$29.6M3.91%3.79%$29.1M3.76% $67.1MHousehold Operations $3.5M

0.76%$5.9M0.81%0.74%$5.7M0.68% $13.9MHousing Costs $624.7K


Page 96

Income & Spending Demographics6631-6635 S Zarzamora St


25.81%$201.3M25.21%25.97%$199.3M26.07% $432.7MTotal Transportation/Maint. $24.1M

11.10%$86.6M10.54%11.30%$86.8M11.42% $181.0MVehicle Purchases $10.6M

10.19%$79.5M10.08%10.21%$78.4M10.30% $173.0MGasoline $9.5M

0.52%$4.1M0.58%0.49%$3.8M0.48% $10.0MVehicle Expenses $448.6K

0.95%$7.4M1.03%0.93%$7.1M0.88% $17.7MTransportation $817.8K

3.04%$23.7M2.98%3.03%$23.3M2.99% $51.1MAutomotive Repair & Maintenance $2.8M

5.45%$42.5M5.37%5.43%$41.6M5.37% $92.2MTotal Health Care $5.0M

2.94%$23.0M2.91%2.92%$22.4M2.88% $49.9MMedical Services $2.7M

1.99%$15.5M1.95%1.99%$15.3M1.98% $33.5MPrescription Drugs $1.8M

0.51%$4.0M0.51%0.51%$3.9M0.51% $8.7MMedical Supplies $471.2K

4.91%$38.3M5.10%4.89%$37.6M4.74% $87.6MTotal Education/Day Care $4.4M

3.59%$28.0M3.70%3.59%$27.6M3.50% $63.5MEducation $3.2M

1.32%$10.3M1.40%1.30%$10.0M1.23% $24.1MFees & Admissions $1.1M


Page 97


PREPARED BY

Rob Rodriguez, CCIM

Broker-Associate

Appendix



Historical Leasing Data

PEERS HISTORICAL LEASING DATA

Available Space NNN Rent Per Square Foot

Quarter AvailabilitySF Vacancy Market Rent Net Absorption SFRent Growth Leasing SF

Demand

QTD 5.4% 3.1% $18.84 -0.1% 0 08,849

2020 Q1 5.4% 3.1% $18.85 0.6% 27 08,849

2019 Q4 4.6% 3.1% $18.75 0.1% 1,500 3,6007,499

2019 Q3 6.2% 4.0% $18.73 2.3% 0 010,076

2019 Q2 5.5% 4.0% $18.30 1.6% 1,343 2,3869,026

2019 Q1 6.4% 4.8% $18.02 1.6% (350) 2,35010,369

2018 Q4 6.1% 4.6% $17.73 0.8% (1,200) 010,019

2018 Q3 5.4% 3.9% $17.58 0.9% 0 08,819

2018 Q2 5.4% 3.9% $17.42 1.1% (263) 1,0378,819

2018 Q1 5.2% 3.7% $17.23 -0.1% 0 5,5808,556

2017 Q4 5.2% 3.7% $17.25 -1.3% 1,056 1,6158,556

2017 Q3 5.9% 4.4% $17.47 - 0 09,612

SOUTH SUBMARKET HISTORICAL LEASING DATA



Demand

QTD 5.2% 4.1% $18.03 0% 6,632 9,798890,797

2020 Q1 5.2% 4.1% $18.04 0.4% (20,764) 43,203902,095

2019 Q4 4.8% 3.7% $17.98 0.8% (6,247) 65,448835,037

2019 Q3 5.1% 3.7% $17.84 2.3% 16,416 7,810875,015

2019 Q2 4.8% 3.4% $17.43 0.6% (12,895) 37,228830,556

2019 Q1 5.1% 3.3% $17.33 0.5% (7,063) 48,374877,553

2018 Q4 4.9% 3.1% $17.25 0.7% (13,937) 15,861838,251

2018 Q3 4.3% 2.9% $17.13 0.9% 48,632 44,285731,623

2018 Q2 4.7% 3.2% $16.98 0.9% 31,155 89,200796,003

2018 Q1 5.3% 3.3% $16.83 0.1% 4,444 82,442903,287

2017 Q4 5.3% 3.4% $16.82 0% 31,100 96,598899,364

2017 Q3 5.0% 3.5% $16.82 - 24,242 51,559854,131


Page 99

Historical Leasing Data

SOUTH SUBMARKET CLUSTER HISTORICAL LEASING DATA



Demand

QTD 5.2% 4.1% $18.03 0% 6,632 9,798890,797

2020 Q1 5.2% 4.1% $18.04 0.4% (20,764) 43,203902,095

2019 Q4 4.8% 3.7% $17.98 0.8% (6,247) 65,448835,037

2019 Q3 5.1% 3.7% $17.84 2.3% 16,416 7,810875,015

2019 Q2 4.8% 3.4% $17.43 0.6% (12,895) 37,228830,556

2019 Q1 5.1% 3.3% $17.33 0.5% (7,063) 48,374877,553

2018 Q4 4.9% 3.1% $17.25 0.7% (13,937) 15,861838,251

2018 Q3 4.3% 2.9% $17.13 0.9% 48,632 44,285731,623

2018 Q2 4.7% 3.2% $16.98 0.9% 31,155 89,200796,003

2018 Q1 5.3% 3.3% $16.83 0.1% 4,444 82,442903,287

2017 Q4 5.3% 3.4% $16.82 0% 31,100 96,598899,364

2017 Q3 5.0% 3.5% $16.82 - 24,242 51,559854,131

SAN ANTONIO METRO HISTORICAL LEASING DATA



Demand

QTD 6.3% 4.9% $19.58 0% (9,669) 11,7388,705,177

2020 Q1 6.2% 4.8% $19.58 0.2% (200,861) 668,5278,610,726

2019 Q4 5.9% 4.5% $19.55 1.1% 127,892 673,3808,120,328

2019 Q3 5.8% 4.4% $19.34 2.5% 263,162 711,5987,993,325

2019 Q2 5.9% 4.5% $18.87 0.2% 286,577 954,2708,068,677

2019 Q1 6.1% 4.3% $18.83 0.4% 253,855 1,297,4838,403,370

2018 Q4 6.2% 4.2% $18.75 0.7% (282,118) 594,7338,499,061

2018 Q3 5.5% 3.7% $18.62 0.8% 609,751 804,5867,487,742

2018 Q2 5.7% 4.1% $18.47 1.0% 167,214 922,4707,776,474

2018 Q1 5.8% 4.0% $18.29 0% 14,565 710,0477,947,870

2017 Q4 5.7% 4.0% $18.29 0.3% 431,800 1,115,5877,778,658

2017 Q3 6.0% 4.1% $18.24 - 279,595 822,8148,085,691


Page 100

Historical Construction Data6631-6635 S Zarzamora St

5 MILE RADIUS HISTORICAL CONSTRUCTION DATA

Bldgs Bldg SF Vacancy Bldgs Bldg SF Leased

Inventory Deliveries

Quarter

Under Construction

Bldg SFBldgs Preleased

QTD 15,130,733 3.9% 0 0 0.0%2,497 2 19,650 38.2%

2020 Q1 15,130,733 3.9% 1 4,000 0.0%2,497 2 19,650 38.2%

2019 Q4 15,126,733 3.7% 1 9,986 0.0%2,496 2 8,650 100%

2019 Q3 15,125,209 3.6% 11 60,108 92.7%2,496 2 13,986 100%

2019 Q2 15,065,101 3.3% 2 12,081 0.0%2,485 12 70,094 93.7%

2019 Q1 15,053,724 3.1% 0 0 0.0%2,484 13 72,189 78.6%

2018 Q4 15,053,724 2.9% 1 2,796 0.0%2,484 11 51,984 100%

2018 Q3 15,052,250 3.1% 0 0 0.0%2,484 12 54,780 100%

2018 Q2 15,075,198 3.0% 0 0 0.0%2,486 0 0 0.0%

2018 Q1 15,075,198 3.0% 2 25,120 0.0%2,486 0 0 0.0%

2017 Q4 15,061,483 2.6% 2 17,850 65.8%2,485 2 25,120 100%

2017 Q3 15,051,356 2.8% 4 29,460 84.2%2,484 4 42,970 82.9%

SOUTH SUBMARKET HISTORICAL CONSTRUCTION DATA



Quarter

Under Construction


QTD 17,227,740 4.1% 0 0 0.0%2,495 3 56,000 56.8%

2020 Q1 17,227,740 4.1% 4 46,700 83.9%2,495 3 56,000 56.8%

2019 Q4 17,181,040 3.7% 1 9,986 0.0%2,491 6 87,700 100%

2019 Q3 17,179,608 3.7% 11 60,108 92.7%2,492 7 97,686 100%

2019 Q2 17,119,500 3.4% 3 17,081 0.0%2,481 14 95,194 95.4%

2019 Q1 17,102,419 3.3% 2 24,977 94.0%2,478 16 102,289 84.9%

2018 Q4 17,077,442 3.1% 2 13,486 48.4%2,476 15 89,461 100%

2018 Q3 17,068,241 2.9% 1 8,800 0.0%2,475 16 95,447 96.4%

2018 Q2 17,059,441 3.2% 1 4,875 80.0%2,474 2 19,490 79.1%

2018 Q1 17,004,673 3.3% 2 9,125 0.0%2,472 3 24,365 72.7%

2017 Q4 17,006,953 3.4% 2 15,052 76.1%2,471 3 19,815 82.4%

2017 Q3 16,991,901 3.5% 4 29,460 84.2%2,469 5 34,867 85.8%


Page 101

Historical Construction Data6631-6635 S Zarzamora St

SOUTH SUBMARKET CLUSTER HISTORICAL CONSTRUCTION DATA



Quarter

Under Construction


QTD 17,227,740 4.1% 0 0 0.0%2,495 3 56,000 56.8%

2020 Q1 17,227,740 4.1% 4 46,700 83.9%2,495 3 56,000 56.8%

2019 Q4 17,181,040 3.7% 1 9,986 0.0%2,491 6 87,700 100%

2019 Q3 17,179,608 3.7% 11 60,108 92.7%2,492 7 97,686 100%

2019 Q2 17,119,500 3.4% 3 17,081 0.0%2,481 14 95,194 95.4%

2019 Q1 17,102,419 3.3% 2 24,977 94.0%2,478 16 102,289 84.9%

2018 Q4 17,077,442 3.1% 2 13,486 48.4%2,476 15 89,461 100%

2018 Q3 17,068,241 2.9% 1 8,800 0.0%2,475 16 95,447 96.4%

2018 Q2 17,059,441 3.2% 1 4,875 80.0%2,474 2 19,490 79.1%

2018 Q1 17,004,673 3.3% 2 9,125 0.0%2,472 3 24,365 72.7%

2017 Q4 17,006,953 3.4% 2 15,052 76.1%2,471 3 19,815 82.4%

2017 Q3 16,991,901 3.5% 4 29,460 84.2%2,469 5 34,867 85.8%

SAN ANTONIO METRO HISTORICAL CONSTRUCTION DATA



Quarter

Under Construction


QTD 137,647,219 4.9% 2 41,716 68.6%13,601 73 1,198,643 51.1%

2020 Q1 137,605,503 4.8% 22 352,111 82.7%13,599 73 1,187,063 50.9%

2019 Q4 137,276,272 4.5% 15 176,069 74.8%13,578 87 1,190,704 70.0%

2019 Q3 137,110,703 4.4% 29 202,753 93.8%13,566 88 1,194,634 73.2%

2019 Q2 136,924,230 4.5% 29 597,477 82.0%13,539 78 847,660 76.9%

2019 Q1 136,382,617 4.3% 20 512,037 90.9%13,518 76 1,073,622 66.7%

2018 Q4 135,885,795 4.2% 23 356,529 76.5%13,499 71 1,287,409 74.9%

2018 Q3 135,539,617 3.7% 18 195,912 81.1%13,480 72 1,194,641 90.8%

2018 Q2 135,379,167 4.1% 26 250,113 69.4%13,470 61 1,093,422 90.3%

2018 Q1 135,091,352 4.0% 18 142,529 76.7%13,445 71 1,012,446 84.5%

2017 Q4 135,017,966 4.0% 19 321,181 89.6%13,433 58 602,102 75.8%

2017 Q3 134,708,916 4.1% 24 444,452 87.9%13,417 49 647,271 80.5%


Page 102

6631-6635 s zarzamora st - loopnet...1 s zarzamora st w pyron ave - n 18,613 2018 0.06 mi 2 s...

Documents