fort worth, texas offering memorandum · fort worth, texas 76116 property gla 179,792 square feet...
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VILL AGE AT
CAMP BOWIEOFFERING MEMORANDUM
FORT WORTH, TEXAS
THE OFFERINGHolliday Fenoglio Fowler, L.P. (“HFF”) is pleased to exclusively present to qualified investors the opportunity to acquire Village at Camp Bowie (the “Property”), a 179,792 square-foot, Sprouts Farmers Market anchored center located in the heart of one of Fort Worth’s most historic commerce districts – Camp Bowie. The Property benefits from its positioning at the confluence of a multitude of Fort Worth’s most affluent neighborhoods. The Property provides an ideal destination for retail to meet the ever-growing demands of the urban in-fill, high-density nature of the market. Located near the interchange of Camp Bowie Boulevard (31,000 VPD) and Interstate-30 (102,000 VPD), the Property benefits from superior visibility and unmatched accessibility. Currently 88.9% leased, Village at Camp Bowie’s diverse, necessity-based tenant roster features a longstanding history of success, with nearly 45% of the tenants having been in occupancy since 2012 or earlier. Village at Camp Bowie offers a rare opportunity to acquire a grocery-anchored center boasting attractive and durable cash on cash returns and the potential to realize immediate upside through lease-up of remaining available space. The Property is being offered unencumbered, allowing investors to take advantage of existing aggressive capital markets and significantly bolster investment returns.
VILL AGE AT
CAMP BOWIE2
PROPERTY SUMMARYADDRESSSoutheast corner of Camp Bowie Blvd & Ridglea Ave
Fort Worth, Texas 76116
PROPERTY GLA179,792 Square Feet
OCCUPANCY88.9%
LAND AREA21.13 Acres
YEAR BUILT / RENOVATED1956 & 2015 / 2007
PARKING4.33 | 1,000 Square Feet
ANCHORS
ASKING PRICE
PURCHASE PRICE$47,000,000
CAP RATE6.75%
AVERAGE CoC11.6%
UNENCUMBEREDfrom existing debt
3
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
2010 2011 2012 2013 2014 2015 2016 2017 2018YTD
HIGH TENANT RETENTION & ROBUST RECENT LEASING MOMENTUM
POTENTIAL TO CAPTURE
$185K+ OF CONTRACTUAL RENT ESCALATIONS
THE PROPERTY BOASTS
ATTRACTIVE & DURABLE GOING-IN CASH YIELDS
ABILITY TO LEASE-UP 20K SQUARE FEET OF VACANCY
GENERATING OVER $490,000 OF REVENUE
WITHIN THE FIRST 3 YEARS, ROLLOVER EXPOSURE TO
21% OF GLA, AVERAGING 10% BELOW-MARKET RENTS
NO TENANT REPRESENTS MORE THAN
15% OF INCOME
NEARLY HALF (44%) OF THE TENANTS HAVE
FIXED-RATE OPTIONS
ABILITY TO ACTIVATE APPROX. 10,000* SF OF HISTORICALLY OCCUPIED BELOW-GRADE SPACE,WHICH COULD BE REACTIVATED FOR THE RIGHT TENANT
*NOT INCLUDED IN OVERALL GLA
DURABLE LONG-TERM CASH FLOW WITH UPSIDE
SINCE 2017, VILLAGE AT CAMP BOWIE HAS ATTRACTED OVER 36,000 SQUARE FEET OF NEW TENANCY
OVER 45% OF THE TENANTS HAVE OPERATED AT THE PROPERTY SINCE 2012 OR PRIOR
CUMULATIVE YEAR-OVER-YEAR LEASING ACTIVITY
4
8% 14%7% 16%9% 46%
INSTITUTIONAL OWNERSHIP & SIGNIFICANT CAPITAL INVESTMENT • Current ownership has demonstrated the
strength and attractiveness of the Property, by successfully adding the grocery anchor (27,000 SF of new construction) and by constructing an additional 15,000 SF of shop space since acquisition
• Village at Camp Bowie boasts limited deferred maintenance with significant recent new improvements (totaling approximately $3.2 million), including new roofs throughout the Property
• Historical presence of institutional ownership within the Camp Bowie District
DYNAMIC, NECESSITY-BASED MERCHANDISING MIX:
HOME GOODS
Provides an experiential aspect to the Property
and is internet-resistant
RESTAURANTS
Drives consistent, daytime traffic to the Property
FITNESS
Frequent and sustained in-person visits with cross-
shopping to service, small shop, grocer and restaurant tenants
SPECIALTY GROCER
Desirable and high-performing grocer
EDUCATION
Drivers of strong foot traffic and repeated visits
SERVICE & SMALL SHOPS
Everyday use that caters to the surrounding communities and
rounds out tenancy
COMPRISED OF 38 DIVERSE TENANTS, MITIGATING RISK EXPOSURE TO ANY ONE TENANT
THE DESIGNATED NEIGHBORHOOD, GROCERY-ANCHORED CENTER OF THE CAMP BOWIE DISTRICT
VILL AGE AT
CAMP BOWIE
% of rental revenue
5
30
CAMP BOWIE BLVD
ARLINGTON HEIGHTSHIGH SCHOOL
WILL RODGERSMEMORIAL CENTER
UNT HEALTH SCIENCE CENTER760 EMPLOYEES | 2,500 STUDENTS
DOWNTOWN FORT WORTH
WEST 7TH
RIDGLEA COUNTRY CLUB
RIVERCREST COUNTRY CLUB
RIVERCREST$168,000 AHHI
ARLINGTON HEIGHTS$105,000 AHHI
WESTOVER HILLS$176,429 AHHI
RIDGLEA HILLS$96,000 AHHI
31,000 VPD
102,000 VPD
EXCEPTIONAL DEMOGRAPHICSSurrounded by highly concentrated pockets of wealth, the Property is strategically positioned for long-term value appreciation. With continued urbanization in every direction, Village at Camp Bowie is a regional draw for local shoppers and visitors alike.
TRADE AREA DEMOGRAPHICS1-Mile 3-Mile 5-Mile
2018 Est. Population 13,041 87,027 243,476
2023 Projected Population 13,854 92,367 257,616
2018 - 2023 Population Growth 6.23% 6.14% 5.81%
# Households 6,274 39,722 99,680
Average Household Income $87,778 $94,131 $86,618
Total Buying Power $550,720,000 $3,739,000,000 $8,634,000,000
6
CAMP BOWIE BLVD
SUNSET DR
BE
RN
IE A
ND
ER
SO
N B
LV
D
SUNSET DR
WIN
TH
RO
P A
VE
240244
245
250250A
232228
145141 135 129 125
149
151
157
167
175 101
107111
115
117
22
4
252
256
260
268
272
280
200
680 670
236
216
220
600
630640
650
212208
125
101
100
(Shadow)
Ridglea PresbyterianChurch (Shadow)
Suite 119 | Decommissioned Basement Area
totaling approx. 10,000 SF available for future lease-up
(Shadow)
WAVERLY WA
YW
ESTR
IDG
E A
VE
6201 SUNSET
6300 WAVERLY
3501 BERNIE ANDERSON
6324 WAVERLY
6333 CAMP BOWIE
6323 CAMP BOWIE
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
HFF has been engaged by the owner of the property to market it for sale. Information concerning the property described herein has been obtained from sources other than HFF, and neither Owner nor HFF, nor their respective equity holders, officers, employees and agents makes any representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all reference to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a purchaser, and HFF, its partners, officers, employees and agents disclaim any liability that may be based upon or related to the information contained herein. Prospective purchasers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change.
JIM BATJERSenior Managing Director
469-232-1970
BARRY BROWNSenior Managing Director
469 232-1968
RYAN SHOREManaging Director
469-232-1919
AARON JOHNSONDirector
469-232-1987
PHOEBE BRENTAnalyst
214-692-4714
WESLEY GILMERAnalyst
469-232-1932
JIM CURTINManaging Director
469-221-7781
CONTACTS ACQUISITION DEBT INFORMATION
2323 Victory Park, Suite 1200 Dallas, TX 75219
214-265-0880 214-265-9564
3501 BERNIE ANDERSON3501.300 Tuesday Morning 17,444
6201 SUNSET6201.600 The Spanish School 5,5836201.630 DanceMakers of Texas 6,4106201.640 La Playa Maya 4,2776201.650 Phenix Salon Suites 8,4616201.670 Available 2,5506201.680 Orangetheory Fitness 3,427
6300 WAVERLY6300.001 Sprouts Farmers Market 28,037
6323 CAMP BOWIE6323.101 Providence Title Company 2,9176323.107 Available 1,3006323.111 Available 1,9056323.115 Brain Balance 2,7156323.117 Available 2,0096323.125 Oscar's Pub 3,5136323.129 Available 2,9556323.135 Hand and Stone Spa 3,3876323.141 Not Just Soccer 3,6856323.145 Babies on the Boulevard 1,9176323.149 Available 2,2776323.151 B Kids 2,1126323.157 Spectrum 4,1856323.167 Winners All Sports 1,8636323.175 Salon West 4,425
6324 WAVERLY6324.100 Champion School of Real Estate 7,0006324.101 Highlands Residential Mortgage 1,908
6333 CAMP BOWIE6333.200 Available 6,6596333.208 Keeping Up With The Joneses 8266333.212 Available 6126333.216 Gavrel Furs 2,6976333.220 Salon Service Group 1,5916333.224 Verizon 9376333.228 Toy Works 3,2256333.232 Stanley Eisenman's Fine Shoes 4,1646333.236 The Lunch Box 4,7186333.240 Olivella's NEO Pizza 3,6626333.244 McAlister's Deli 3,5416333.245 I Love Kickboxing 4,0166333.250 Cruises, Etc. 1,7026333.250A Fair Boot Shop 8066333.252 Fullbars Cell Phones & Gadgets 7996333.256 Available 1,6226333.260 Young Chef Academy 2,2006333.268 Keller Williams 2,6906333.272 Eyes on Camp Bowie 2,3786333.280 First Watch 3,423