midland crossing - loopnet
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MIDLAND CROSSING210 W LONGVIEW AVE | MIDLAND, TX 79701
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EXCLUSIVE MARKETING ADVISORSJARED AUBREYSenior Vice President+1 214 252 1031
MICHAEL AUSTRYFirst Vice President+1 214 252 1115
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OFFERING SUMMARY
NET OPERATING INCOME $462,947
YEAR BUILT 2015
GROSS LEASEABLE AREA 19,475 SF
LOT SIZE 2.31 ACRES
OCCUPANCY 100%
PRICE PER SQ FT $340
PRICE: $6,614,000
CAP RATE: 7.00%
210 W LONGVIEW AVEMIDLAND, TX
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INVESTMENT HIGHLIGHTSTriple Net Leases – Allows an investor to have limited landlord responsibilities and ease of management
Shadow Anchored to a 215,000 Square Foot Walmart Supercenter
Densely Populated Submarket within Midland – There are over 194,000 people in a 7-mile radius ring of the property
Stabilized Shopping Center at 100% Occupancy
Easy Access to and from I-20 – The main interstate in Midland
Located in Dense Retail Market – Surrounding retailers include Walmart, IHOP, McDonald’s, Starbucks, Domino’s, Dollar General, Tractor Supply, Family Dollar, Stripes and more
Strong Traffic Counts – Rankin Highway has 29,489 VPD and I-20 has 35,786 VPD
The Population Growth Rate Surrounding Midland Crossing has an Increasing Annual Rate of Change of 2.76% – Significantly higher than the national annual rate of change is which is at 0.77%
Business Friendly Climate – Texas is consistently ranked within the top 3 states for friendly business climate and strong economy across multiple nationally recognized media outlets
Texas has NO State Income Tax
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TENANT ROSTER
TENANTS SF GLA % LEASECOMMENCEMENT
LEASEEXPIRATION
ANNUAL BASE RENT TOTAL
LEASETYPE
AT&T 1,700 8.73% AUGUST 2015 AUGUST 2020 $51,000 NNN
FAR EAST MASSAGE 1,500 7.70% APRIL 2018 MAY 2021 $30,000 NNN
SWEET POT RESTAURANT 2,475 12.71% MAY 2019 MAY 2024 $51,233 NNN
LAVENDER NAILS SPA 1,875 9.63% MARCH 2019 MARCH 2024 $54,375 NNN
REGIONAL FINANCE CORP 1,650 8.47% OCTOBER 2019 SEPTEMBER 2026 $33,000 NNN
TABASCO’S MEXICAN 2,400 12.32% NOVEMBER 2019 OCTOBER 2024 $38,880 NNN
MIDLAND URGENT CARE CLINIC 2,795 14.35% AUGUST 2015 AUGUST 2024 $81,698 NNN
A-MAX AUTO INSURANCE 1,600 8.22% JANUARY 2016 JANUARY 2021 $34,000 NNN
WINGSTOP 2,000 10.27% SEPTEMBER 2015 SEPTMBER 2020 $48,000 NNN
LIBERTY TAX 1,480 7.60% JANUARY 2017 APRIL 2020 $35,520 NNN
TOTAL OCCUPIED 19,475 100% $458,505
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PROPERTY MAP
210 W LONGVIEW AVEMIDLAND TX
MIDLAND CROSSING
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PROPERTY AERIAL
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PROPERTY AERIAL
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MASS MOBILE DATA STUDY ON MIDLAND CROSSING
This map was created by CBRE’s mobile technology platform called Mass Mobile Data (MMD). MMD is anonymous data gathered from the GPS trackers in one’s devices. By analyzing the sophisticated mobile data, CBRE is able to paint a picture of any property’s customer base.
Midland Crossing attracts visitors from all over Texas which increases the true market potential for retailers exponentially. The property is not only appealing to the local customer base in Midland, but also the large amount of people all throughout the state. To illustrate this, the map uses data sourced from a wide range of mobile apps that shows where visitors of Midland Crossing are coming from. Therefore, each dot creates an accurate picture of customers that have visited Midland Crossing in the past 12 months.
WHERE ARE MIDLAND CROSSING’S VISITORS COMING FROM?
Daytime Location
Nighttime Location
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IN-PLACE NOI & PRICING SUMMARY
You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.
In-Place NOIJan-20 to Dec-20 $ PSF
Size of Improvements 19,475 SFIn-Place Occupancy 100.00%REVENUES
Scheduled Base RentGross Potential Rent $464,314 $23.84Absorption & Turnover Vacancy 0 0.00 Notes
Total Scheduled Base Rent 464,314 23.84CAM Reimbursement 29,745 1.53MGT Reimbursement 16,984 0.87INS Reimbursement 11,788 0.61RET Reimbursement 97,460 5.00
TOTAL GROSS REVENUE 620,292 31.85OPERATING EXPENSES
Common Area Maintenance (29,488) (1.51)Management Fee (18,609) (0.96)Insurance (11,788) (0.61)Real Estate Taxes (97,460) (5.00)
TOTAL OPERATING EXPENSES (157,345) (8.08)NET OPERATING INCOME $462,947 $23.77
Annual Debt Service (261,376) (13.42)CASH FLOW AFTER DEBT $201,571 $10.35
PURCHASE PRICE AS OF JAN 1, 2020 $6,613,526 $339.59Loan Funding (4,298,792) (220.73)Origination Fee 42,988 2.21INITIAL EQUITY $2,357,722 $121.06
AssumptionsCommencement Date Jan 1, 2020
Investment SummaryCapitalization RateLeveraged Cash on Cash Return [1]Debt Service Coverage Ratio (NOI)Loan ConstantWeighted Average Lease Term Remaining
7.00%8.55%1.77x
6.08%3.31 Years
[1] Market Debt based on 65% Loan-to-Value, 4.50% Interest Rate, 30 Year Amortization, and a 1.00% Loan Fee.
Operating Expense SourceManagement Fee (% of EGR)Real Estate Taxes Reassessed?
2018 Actuals Grown 6.09%3.00%
Yes
General:a) Analysis assumes no capital or leasing costs.Operating Expenses:a) Seller does not have a 2018 CAM Reconciliation. For the purposes of this analysis, in-place tenant expense reimbursements are based on analyst's understanding of each tenant lease. All expense caps for in-place tenancy are assumed to not be met currently or in CY2020.b) Real estate taxes in CY2020 are based on an assumed reassessment and the 2019 millage rate of 1.733047% as indicated on Midland County CAD.c) Analysis does not factor in the Texas Margin Tax and assumes a buyer will consult with their tax advisor to evaluate their exposure to this expense.
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RENT ROLL
You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.
Square % of Lease Term Rental Rates Recovery
Suite Tenant Name Feet Property Begin End Begin Monthly Annually PSF Type
1,700 8.73% Aug-2015 Aug-2020 Current $4,250 $51,000 $30.00 -
Notes: Renewal Option: Two 5 year renewal options @ $33.00 /sf/yr and $36.30 /sf/yr. Analysis takes one option.Expense Cap: 5% cap on prior year CAM excluding UTIL, INS, and RET (analysis assumes this cap has not been met, no cap history or CAM reconciliation is available).Real Estate Tax Cap: Tenant not responsible for any increase in real estate taxes due to reassessment performed solely as a result of the sale or transfer of the property.
1,500 7.70% Apr-2018 May-2021 Current $2,500 $30,000 $20.00 -
2,475 12.71% May-2019 May-2024 Current $4,269 $51,233 $20.70 -
Notes: Renewal Option: One 5 year renewal option @ $23.00 /sf/yr.
1,875 9.63% Mar-2019 Mar-2024 Current $4,531 $54,375 $29.00 -
Renewal Option: One 5 year renewal option @ $31.90 /sf/yr.
1,650 8.47% Oct-2019 Sep-2026 Current $2,750 $33,000 $20.00 -
Notes: Renewal Option: One 5 year renewal option @ $22.00 /sf/yr.Termination Option: Termination option effective if local ordinances prevent or significantly encumber tenant's ability to operate as a consumer installment lender.Expense Cap: 5% cap on prior year CAM excluding RET (analysis assumes this cap has not been met, no cap history or CAM reconciliation is available).
2,400 12.32% Nov-2019 Oct-2024 Current $3,240 $38,880 $16.20 -
Notes: Renewal Option: Two 5 year renewal options @ FMV.
2,795 14.35% Aug-2015 Aug-2025 Current $6,808 $81,698 $29.23 - Sep-2020 $6,943 $83,319 $29.81 1.98%Sep-2021 $7,083 $84,996 $30.41 2.01%Sep-2022 $7,223 $86,673 $31.01 1.97%Sep-2023 $7,367 $88,406 $31.63 2.00%Sep-2024 $7,516 $90,195 $32.27 2.02%
Notes: Renewal Option: Two 5 year renewal options each @ 2% annual increases above immediately preceding rent.Expense Cap: 5% cap on prior year CAM excluding RET (analysis assumes this cap has not been met, no cap history or CAM reconciliation is available).
1,600 8.22% Jan-2016 Jan-2021 Current $2,900 $34,800 $21.75 -
Notes: Renewal Option: Two 5 year renewal options each @ FMV, not greater than a 10% increase above rent paid in the immediately preceding month prior to each renewal.
2,000 10.27% Sep-2015 Sep-2020 Current $4,000 $48,000 $24.00 -
Notes: Renewal Option: Three 5 year renewal options @ annual rates of $26.40, $29.04, and $31.94. Analysis takes one option.Expense Cap: 5% cap on prior year CAM excluding RET (analysis assumes this cap has not been met, no cap history or CAM reconciliation is available). MGT and administrative charges capped at 5% of tenant base rent.
1,480 7.60% Jan-2017 Apr-2020 Current $2,960 $35,520 $24.00 -
Notes: Renewal Option: One 3 year renewal option @ $26.40 /sf/yr. Analysis takes option.
TOTALS / AVERAGES 19,475 $38,209 $458,505 $23.54
OCCUPIED SqFt 19,475 100.0%VACANT SqFt 0 0.0%
TOTAL SqFt 19,475 100.0%
WEIGHTED-AVERAGE LEASE TERM REMAINING: 3.31 YearsWEIGHTED-AVERAGE LEASE TERM LAPSED: 2.34 YearsWEIGHTED-AVERAGE LEASE TERM FROM INCEPTION: 5.65 Years
2_C Wingstop NNN+MGT
2_D Liberty Tax NNN+MGT
2_A Midland Urgent Care Clinic
NNN+MGT
2_B A-MAX Auto Insurance NNN+MGT
1_J1 Regional Finance Corp NNN+MGT
1_J2 Tobasco's Mexican & Seafood Restaurant
NNN+MGT
General Notes: Tenant pays $25.75 /sf/yr in base rent from 03/19-11/20, increasing to $29.00 /sf/yr thereafter through lease expiration. For the purposes of this analysis, it is assumed seller will backstop base rent from $25.75 /sf/yr up to $29.00 /sf/yr from 01/20-11/20 (total backstop estimated at $5,586).
AT&T NNN+10%AF1_E
1_F Far East Massage NNN+MGT
1_G Sweet Pot Restaurant NNN+MGT
1_H Lavender Nails Spa NNN+MGT
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RENT ROLL
You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.
Square % of Lease Term Rental Rates Recovery
Suite Tenant Name Feet Property Begin End Begin Monthly Annually PSF Type
1,700 8.73% Aug-2015 Aug-2020 Current $4,250 $51,000 $30.00 -
Notes: Renewal Option: Two 5 year renewal options @ $33.00 /sf/yr and $36.30 /sf/yr. Analysis takes one option.Expense Cap: 5% cap on prior year CAM excluding UTIL, INS, and RET (analysis assumes this cap has not been met, no cap history or CAM reconciliation is available).Real Estate Tax Cap: Tenant not responsible for any increase in real estate taxes due to reassessment performed solely as a result of the sale or transfer of the property.
1,500 7.70% Apr-2018 May-2021 Current $2,500 $30,000 $20.00 -
2,475 12.71% May-2019 May-2024 Current $4,269 $51,233 $20.70 -
Notes: Renewal Option: One 5 year renewal option @ $23.00 /sf/yr.
1,875 9.63% Mar-2019 Mar-2024 Current $4,531 $54,375 $29.00 -
Renewal Option: One 5 year renewal option @ $31.90 /sf/yr.
1,650 8.47% Oct-2019 Sep-2026 Current $2,750 $33,000 $20.00 -
Notes: Renewal Option: One 5 year renewal option @ $22.00 /sf/yr.Termination Option: Termination option effective if local ordinances prevent or significantly encumber tenant's ability to operate as a consumer installment lender.Expense Cap: 5% cap on prior year CAM excluding RET (analysis assumes this cap has not been met, no cap history or CAM reconciliation is available).
2,400 12.32% Nov-2019 Oct-2024 Current $3,240 $38,880 $16.20 -
Notes: Renewal Option: Two 5 year renewal options @ FMV.
2,795 14.35% Aug-2015 Aug-2025 Current $6,808 $81,698 $29.23 - Sep-2020 $6,943 $83,319 $29.81 1.98%Sep-2021 $7,083 $84,996 $30.41 2.01%Sep-2022 $7,223 $86,673 $31.01 1.97%Sep-2023 $7,367 $88,406 $31.63 2.00%Sep-2024 $7,516 $90,195 $32.27 2.02%
Notes: Renewal Option: Two 5 year renewal options each @ 2% annual increases above immediately preceding rent.Expense Cap: 5% cap on prior year CAM excluding RET (analysis assumes this cap has not been met, no cap history or CAM reconciliation is available).
1,600 8.22% Jan-2016 Jan-2021 Current $2,900 $34,800 $21.75 -
Notes: Renewal Option: Two 5 year renewal options each @ FMV, not greater than a 10% increase above rent paid in the immediately preceding month prior to each renewal.
2,000 10.27% Sep-2015 Sep-2020 Current $4,000 $48,000 $24.00 -
Notes: Renewal Option: Three 5 year renewal options @ annual rates of $26.40, $29.04, and $31.94. Analysis takes one option.Expense Cap: 5% cap on prior year CAM excluding RET (analysis assumes this cap has not been met, no cap history or CAM reconciliation is available). MGT and administrative charges capped at 5% of tenant base rent.
1,480 7.60% Jan-2017 Apr-2020 Current $2,960 $35,520 $24.00 -
Notes: Renewal Option: One 3 year renewal option @ $26.40 /sf/yr. Analysis takes option.
TOTALS / AVERAGES 19,475 $38,209 $458,505 $23.54
OCCUPIED SqFt 19,475 100.0%VACANT SqFt 0 0.0%
TOTAL SqFt 19,475 100.0%
WEIGHTED-AVERAGE LEASE TERM REMAINING: 3.31 YearsWEIGHTED-AVERAGE LEASE TERM LAPSED: 2.34 YearsWEIGHTED-AVERAGE LEASE TERM FROM INCEPTION: 5.65 Years
2_C Wingstop NNN+MGT
2_D Liberty Tax NNN+MGT
2_A Midland Urgent Care Clinic
NNN+MGT
2_B A-MAX Auto Insurance NNN+MGT
1_J1 Regional Finance Corp NNN+MGT
1_J2 Tobasco's Mexican & Seafood Restaurant
NNN+MGT
General Notes: Tenant pays $25.75 /sf/yr in base rent from 03/19-11/20, increasing to $29.00 /sf/yr thereafter through lease expiration. For the purposes of this analysis, it is assumed seller will backstop base rent from $25.75 /sf/yr up to $29.00 /sf/yr from 01/20-11/20 (total backstop estimated at $5,586).
AT&T NNN+10%AF1_E
1_F Far East Massage NNN+MGT
1_G Sweet Pot Restaurant NNN+MGT
1_H Lavender Nails Spa NNN+MGT
Square % of Lease Term Rental Rates Recovery
Suite Tenant Name Feet Property Begin End Begin Monthly Annually PSF Type
1,700 8.73% Aug-2015 Aug-2020 Current $4,250 $51,000 $30.00 -
Notes: Renewal Option: Two 5 year renewal options @ $33.00 /sf/yr and $36.30 /sf/yr. Analysis takes one option.Expense Cap: 5% cap on prior year CAM excluding UTIL, INS, and RET (analysis assumes this cap has not been met, no cap history or CAM reconciliation is available).Real Estate Tax Cap: Tenant not responsible for any increase in real estate taxes due to reassessment performed solely as a result of the sale or transfer of the property.
1,500 7.70% Apr-2018 May-2021 Current $2,500 $30,000 $20.00 -
2,475 12.71% May-2019 May-2024 Current $4,269 $51,233 $20.70 -
Notes: Renewal Option: One 5 year renewal option @ $23.00 /sf/yr.
1,875 9.63% Mar-2019 Mar-2024 Current $4,531 $54,375 $29.00 -
Renewal Option: One 5 year renewal option @ $31.90 /sf/yr.
1,650 8.47% Oct-2019 Sep-2026 Current $2,750 $33,000 $20.00 -
Notes: Renewal Option: One 5 year renewal option @ $22.00 /sf/yr.Termination Option: Termination option effective if local ordinances prevent or significantly encumber tenant's ability to operate as a consumer installment lender.Expense Cap: 5% cap on prior year CAM excluding RET (analysis assumes this cap has not been met, no cap history or CAM reconciliation is available).
2,400 12.32% Nov-2019 Oct-2024 Current $3,240 $38,880 $16.20 -
Notes: Renewal Option: Two 5 year renewal options @ FMV.
2,795 14.35% Aug-2015 Aug-2025 Current $6,808 $81,698 $29.23 - Sep-2020 $6,943 $83,319 $29.81 1.98%Sep-2021 $7,083 $84,996 $30.41 2.01%Sep-2022 $7,223 $86,673 $31.01 1.97%Sep-2023 $7,367 $88,406 $31.63 2.00%Sep-2024 $7,516 $90,195 $32.27 2.02%
Notes: Renewal Option: Two 5 year renewal options each @ 2% annual increases above immediately preceding rent.Expense Cap: 5% cap on prior year CAM excluding RET (analysis assumes this cap has not been met, no cap history or CAM reconciliation is available).
1,600 8.22% Jan-2016 Jan-2021 Current $2,900 $34,800 $21.75 -
Notes: Renewal Option: Two 5 year renewal options each @ FMV, not greater than a 10% increase above rent paid in the immediately preceding month prior to each renewal.
2,000 10.27% Sep-2015 Sep-2020 Current $4,000 $48,000 $24.00 -
Notes: Renewal Option: Three 5 year renewal options @ annual rates of $26.40, $29.04, and $31.94. Analysis takes one option.Expense Cap: 5% cap on prior year CAM excluding RET (analysis assumes this cap has not been met, no cap history or CAM reconciliation is available). MGT and administrative charges capped at 5% of tenant base rent.
1,480 7.60% Jan-2017 Apr-2020 Current $2,960 $35,520 $24.00 -
Notes: Renewal Option: One 3 year renewal option @ $26.40 /sf/yr. Analysis takes option.
TOTALS / AVERAGES 19,475 $38,209 $458,505 $23.54
OCCUPIED SqFt 19,475 100.0%VACANT SqFt 0 0.0%
TOTAL SqFt 19,475 100.0%
WEIGHTED-AVERAGE LEASE TERM REMAINING: 3.31 YearsWEIGHTED-AVERAGE LEASE TERM LAPSED: 2.34 YearsWEIGHTED-AVERAGE LEASE TERM FROM INCEPTION: 5.65 Years
2_C Wingstop NNN+MGT
2_D Liberty Tax NNN+MGT
2_A Midland Urgent Care Clinic
NNN+MGT
2_B A-MAX Auto Insurance NNN+MGT
1_J1 Regional Finance Corp NNN+MGT
1_J2 Tobasco's Mexican & Seafood Restaurant
NNN+MGT
General Notes: Tenant pays $25.75 /sf/yr in base rent from 03/19-11/20, increasing to $29.00 /sf/yr thereafter through lease expiration. For the purposes of this analysis, it is assumed seller will backstop base rent from $25.75 /sf/yr up to $29.00 /sf/yr from 01/20-11/20 (total backstop estimated at $5,586).
AT&T NNN+10%AF1_E
1_F Far East Massage NNN+MGT
1_G Sweet Pot Restaurant NNN+MGT
1_H Lavender Nails Spa NNN+MGT
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EXPIRATIONS
You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.
Suite Tenant End 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Thereafter Available
2_D Liberty Tax Apr-20 1,4801_E AT&T Aug-20 1,7002_C Wingstop Sep-20 2,0002_B A-MAX Auto Insurance Jan-21 1,6001_F Far East Massage May-21 1,5001_H Lavender Nails Spa Mar-24 1,8751_G Sweet Pot Restaurant May-24 2,4751_J2 Tobasco's Mexican & Seafood Restaurant Oct-24 2,4002_A Midland Urgent Care Clinic Aug-25 2,7951_J1 Regional Finance Corp Sep-26 1,650
Totals: 5,180 3,100 0 0 6,750 2,795 1,650 0 0 0 0 0Percent: 27% 16% 0% 0% 35% 14% 8% 0% 0% 0% 0% 0%Count: 3 2 0 0 3 1 1 0 0 0 0 0
Cumulative SF: 5,180 8,280 8,280 8,280 15,030 17,825 19,475 19,475 19,475 19,475 19,475 19,475Cumulative %: 27% 43% 43% 43% 77% 92% 100% 100% 100% 100% 100% 100%
Summary of Lease Expirations
Year Leases SF Percent Cumu. SF Cumu. %
2020 3 5,180 27% 5,180 27%
2021 2 3,100 16% 8,280 43%
2022 0 0 0% 8,280 43%
2023 0 0 0% 8,280 43%
2024 3 6,750 35% 15,030 77%
2025 1 2,795 14% 17,825 92%
2026 1 1,650 8% 19,475 100%
2027 0 0 0% 19,475 100%
2028 0 0 0% 19,475 100%
2029 0 0 0% 19,475 100%
Thereafter 0 0 0% 19,475 100%
Available 0 0 0% 19,475 100%
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Annual Cumulative
Suite Tenant End 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Thereafter Available
2_D Liberty Tax Apr-20 1,4801_E AT&T Aug-20 1,7002_C Wingstop Sep-20 2,0002_B A-MAX Auto Insurance Jan-21 1,6001_F Far East Massage May-21 1,5001_H Lavender Nails Spa Mar-24 1,8751_G Sweet Pot Restaurant May-24 2,4751_J2 Tobasco's Mexican & Seafood Restaurant Oct-24 2,4002_A Midland Urgent Care Clinic Aug-25 2,7951_J1 Regional Finance Corp Sep-26 1,650
Totals: 5,180 3,100 0 0 6,750 2,795 1,650 0 0 0 0 0Percent: 27% 16% 0% 0% 35% 14% 8% 0% 0% 0% 0% 0%Count: 3 2 0 0 3 1 1 0 0 0 0 0
Cumulative SF: 5,180 8,280 8,280 8,280 15,030 17,825 19,475 19,475 19,475 19,475 19,475 19,475Cumulative %: 27% 43% 43% 43% 77% 92% 100% 100% 100% 100% 100% 100%
Summary of Lease Expirations
Year Leases SF Percent Cumu. SF Cumu. %
2020 3 5,180 27% 5,180 27%
2021 2 3,100 16% 8,280 43%
2022 0 0 0% 8,280 43%
2023 0 0 0% 8,280 43%
2024 3 6,750 35% 15,030 77%
2025 1 2,795 14% 17,825 92%
2026 1 1,650 8% 19,475 100%
2027 0 0 0% 19,475 100%
2028 0 0 0% 19,475 100%
2029 0 0 0% 19,475 100%
Thereafter 0 0 0% 19,475 100%
Available 0 0 0% 19,475 100%
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TENANT OVERVIEW
AT&T
AT&T Inc. is a modern media company whose mission is to inspire human progress through the power of communication and entertainment. AT&T brings together premium video content, a large base of direct-to-consumer relationships, high-speed networks optimized for video and advertising technology to lead the next revolution in technology, media and telecommunications. AT&T has recorded 36 consecutive years of quarterly dividend growth and is a Fortune 10 company.
TYPE: Telecommunication
YEARS IN BUSINESS: 36+
NO. OF LOCATIONS: 16,000+
HEADQUARTERS: Dallas, TX
WEBSITE: about.att.com
SQ FOOTAGE: 1,700 SF
% OF CENTER: 8.73%
GUARANTOR: Franchisee
FRANCHISEE INFORMATION
PRIME COMMUNICATIONS: Largest privately held AT&T Authorized Retailer with over 2,000 locations across the U.S.
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TENANT OVERVIEW
What began as a small buffalo-style chicken wing restaurant in Garland, Texas, continues to soar to great heights. Today there are more than 1,250 restaurants open across the United States, Mexico, Colombia, Panama, Singapore, Indonesia, Malaysia, UK and the United Arab Emirates.Wingstop quickly became a fan favorite when the company first opened its doors in 1994. Its proprietary recipes, outstanding food and superior customer service created a demand that could only be satisfied by more locations. And in 1997 Wingstop began offering franchises. Today, Wingstop is one of the fastest-growing concepts in the country, attracting top entrepreneurs and operators with the drive and passion to own their own business.
TYPE: Food
YEARS IN BUSINESS: 25+
NO. OF LOCATIONS: 1,250+
HEADQUARTERS: Dallas, TX
WEBSITE: www.wingstop.com
SQ FOOTAGE: 2,000 SF
% OF CENTER: 10.27%
GUARANTOR: Franchise
WINGSTOP
FRANCHISEE INFORMATION
WINGED OUT LLC
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DEMOGRAPHICSPOPULATION (2019)1 MILE 7,0473 MILES 44,7665 MILES 109,3937 MILES 149,740
HOUSEHOLDS (2019)1 MILE 2,0813 MILES 14,8085 MILES 39,1347 MILES 55,262
AVG HH INCOME (2019)1 MILE $57,2873 MILES $74,7625 MILES $89,9587 MILES $96,793
ANNUAL POPULATION GROWTH RATE (1 MILE)2010-2019 3.09%2019-2024 2.37%
TRAFFIC COUNTS (VPD)RANKIN HWY 29,489I-20 35,786
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WHY MIDLAND?
On the long horizon of West Texas, there is a city with a skyline that rises tall. One of ambition, of resilience, and of grit. Midland, nicknamed “The Tall City,” is home to everything from presidents and petroleum to a vibrant arts community. Located on Interstate 20 halfway between Dallas and El Paso. Midland has a lot going on business-wise, but it also has a lot going on for travelers.
MIDLAND IS THE BUSINESS HEADQUARTERS OF THE
PERMIAN BASIN, THE LARGEST OIL PRODUCTION REGION IN
THE COUNTRY
IN RECENT YEARS, MIDLAND HAS BEEN NAMED THE SECOND BEST PLACE TO LIVE IN TEXAS BY MOVOTO REAL ESTATE AND THE
SECOND-FASTEST GROWING CITY AND THE CITY WITH THE HIGHEST INCOME PER CAPITA
IN THE UNITED STATES BY MSN MONEY
MIDLAND PRODUCES 17% OF ALL THE NATURAL GAS IN THE
UNITED STATES
MIDLAND PRODUCES ABOUT 50% OF THE CRUDE OIL IN
TEXAS AND ACCOUNTS FOR 20% OF U.S. OIL OUTPUT
MIDLAND COUNTY GENERATES AS MUCH SALES
TAX FOR THE STATE AS LUBBOCK, SAN ANGELO AND
ABILENE COMBINED
ABOUT 45% OF ALL SEVERANCE TAXES GENERATED IN THE STATE COME FROM THE
PERMIAN BASIN
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DISCLAIMERSCBRE, Inc. operates within a global family of companies with many subsidiaries and/or related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and fa-cilities management, valuation, investment fund management and development. At times different Affiliates may represent various clients with competing interests in the same transaction. For example, this Memorandum may be received by our Affiliates, including CBRE Investors, Inc. or Trammell Crow Company. Those, or other, Affiliates may express an interest in the property described in this Memorandum (the “Property”) may submit an offer to purchase the Property and may be the successful bidder for the Property. You hereby acknowledge that possibility and agree that neither CBRE, Inc. nor any involved Affiliate will have any obligation to disclose to you the involvement of any Affiliate in the sale or purchase of the Property. In all instances, however, CBRE, Inc. will act in the best interest of the client(s) it represents in the transaction described in this Memorandum and will not act in concert with or otherwise conduct its business in a way that benefits any Affiliate to the detriment of any other offeror or prospective offeror, but rather will conduct its business in a manner consistent with the law and any fiduciary du-ties owed to the client(s) it represents in the transaction described in this Memorandum.
This is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property.
This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of the state of affairs of the Property or the owner of the Property (the “Owner”), to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of the Owner and CBRE, Inc. There-fore, all projections, assumptions and other information provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers. In this Memorandum, certain documents, including leases and other mate-rials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested par-
ties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this Memorandum in any manner.
Neither the Owner or CBRE, Inc, nor any of their respective directors, officers, Affiliates or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Memorandum or use of its contents; and you are to rely solely on your investigations and inspections of the Property in evaluating a possible purchase of the real property.
The Owner expressly reserved the right, at its sole discretion, to reject any or all ex-pressions of interest or offers to purchase the Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered and approved by the Owner and any conditions to the Owner’s obligations therein have been satisfied or waived.
By receipt of this Memorandum, you agree that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or CBRE, Inc. You also agree that you will not use this Memorandum or any of its contents in any manner detrimental to the interest of the Owner or CBRE, Inc.
If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return this Memorandum to CBRE, Inc.
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MIDLAND CROSSING210 W LONGVIEW AVE
MIDLAND, TX 79701
JARED AUBREYSenior Vice President+1 214 252 [email protected]
MICHAEL AUSTRYFirst Vice President+1 214 252 [email protected]
EXCLUSIVE MARKETING ADVISORS