1 2 3
Executive Summary....................................3
Investment Profile
Investment Overview Highlights & Features
Market and Asset Overview....................8
Property Summary
Select Tenant Summaries
Location Map Aerials
Site Plan
Rent Comparables
Demographics
Market Summary
Financials....................................................21
Rent Roll
Estimated Reimbursement Revenue
Tenant Notes
Income & Expense Analysis
Expiration Schedule
$7,500,000
PSF: $66
RATE: 6.96%
55.43%
± 113,861 square feet LAND AREA: ± 11.57 acres
YEAR BUILT: 1963, 1969, 1973
EXISTING DEBT: Free and Clear
Pierson Retail Advisors is pleased to offer Fairmeadows Shopping Center (“Property”) a ± 113,861 square foot retail center located at the southwest corner of Camp Wisdom Road and Oriole Boulevard in Duncanville, Texas.
Situated just south of Interstate 20, the Property is currently 55.4% occupied by a diverse mix of national, regional, and local tenants including 99 Cents Only Stores, Advance Auto Parts, Firestone, Popeye’s, and A-Max Insurance, among others.
Fairmeadows Shopping Center provides an investor the opportunity to acquire a well-positioned value-add shopping center within a dense, established trade area.
Sought After Value-Add Opportunity: Fairmeadows Shopping Center is currently 55.4% occupied providing investors the opportunity to see substantial NOI growth through the lease-up of the remaining vacancies totaling over 50,000 square feet as well as increasing below market rents as leases expire. Furthermore, 64.1% of the existing tenants have base rent escalations structured into their leases virtually guaranteeing an increase to the NOI over the next several years.
Tiered Disposition Potential: There are several outparcel buildings which could be sold off separately in a strategy to reduce an investor’s basis.
Priced Well-Below Replacement Cost: At only $66 per square foot, the Property is being offered at a price well-below replacement cost.
Complementary Tenant Line-up: The Property has a complementary collection of tenants which serve the daily needs of the surrounding trade area. Anchored by 99 Cents Only Stores, the Property combines specialty retail, restaurants, and service tenants all generating steady traffic while promoting cross shopping with the remaining tenants in the Property.
Area Traffic Generators: The Property is situated at a signalized intersection just south of Interstate 20. Nearby retailers that drive consumer traffic include Kroger, Terry’s Supermarket, Family Dollar, Harbor Freight Tools, Jack in the Box, Quicktrip, Wendy’s, and Bank of America, among others.
Ample Access: The Property is strategically positioned at the southwest corner of the signalized intersection of Camp Wisdom Road and Oriole Boulevard. The Property benefits from a total of ten points of ingress/egress with convenient cross-access throughout.
High Traffic Counts: Fairmeadows benefits from its location on Camp Wisdom Road, a major connector in this portion of Dallas County. Camp Wisdom Road carries nearly 24,000 vehicles per day. Furthermore, Interstate 20 is a major highway system stretching from West Texas to South Carolina, has more than 161,800 travelers per day in Duncanville.
Solid Demographics: Fairmeadows benefits from its location within a densely populated, established trade area with future growth potential. Within a three mile radius of the Property there are 84,581 people increasing to 221,632 people within five miles. Since 2010, the area within five miles around the Property has seen more than 6% growth on average and is expected to grow by nearly 7% over the next five years on average within one, three and five miles. Furthermore, the average household incomes for the population bases within three and five miles is $56,371 and $58,593 respectively.
Duncanville: Centrally located in the Dallas/Fort Worth Metroplex, Duncanville is less 15 minutes from Dallas CBD and 30 minutes from Fort Worth. The City of Duncanville provides easy access to the Metroplex via several major thoroughfares including Interstate 20, Interstate 35, and Highway 67. These highway systems carry significant consumer traffic connecting the Property to many surrounding areas including DeSoto, Dallas, and Grand Prairie.
ADDRESS:
334-707 E. Camp Wisdom Rd.
727 Oriole Blvd.
Duncanville, Texas 75116
Dallas County
LEGAL DESCRIPTION: Fairmeadows Village Blk P Pt, Lots 2R, 3, 4, 5, 6
BUILDING AREA: ± 113,861 square feet
Lot 2R: ± 9.852 acres Lot 5: ± 0.656 acres (Adv. Auto)
Lot 3: ± 0.359 acres Lot 6: ± 0.503 acres (Firestone)
SIGNAGE:
LAND AREA:
Lot 4: ± 0.205 acres
Total: ± 11.57 acres or ± 499,633 square feet
CONFIGURATION: Seven, single story buildings
YEAR BUILT: 1963, 1969, 1973
PARKING:
PARKING RATIO: ± 561 surface spaces (source 2008 Survey) ± 4.93 per 1,000 sf
INGRESS / EGRESS:
One pylon sign along Camp Wisdom Road, plus five individual tenant pole signs on Camp Wisdom Rd. and Oriole Blvd.
Ten points of ingress/egress surrounding the Property as well as cross-access throughout
STRUCTURE: Concrete tilt-wall with brick and concrete veneer
AGE OF ROOF: Unknown
ROOF COMMENTS: TPO Roofing System
HVAC: Individual roof mounted HVAC units
Camp Wisdom Rd. ± 23,892 vpd
TRAFFIC COUNTS:
Interstate 20 ± 161,899 vpd (source CoStar)
Entity on Lease 99 Cents Only Stores Texas, Inc.
DBA
99 Cents Only Stores
Locations 392 stores in California, Texas, Arizona, & Nevada
Website www.99only.com
Ownership Corporate
Credit Rating CCC+ (S&P)
Annual Revenue
$2 Billion (2016)
Public/ Private Private
Line of Business
99 Cents Only Store is a premier deep-discount retailer primarly carrying name-brand consumable and general merchandise as well as seasonal products.
Entity on Lease Bridgestone/Firestone, Inc. (formerly The Firestone Tire & Rubber Company)
DBA Firestone Complete Autocare
Locations More than 1,600 locations nationwide
Website www.firestone.com
Ownership Corporate
Credit Rating A (S&P)
Annual Revenue
26.08 Billion (2015) (Bridgestone Corporation)
Public/ Private Public (Ticker Symbol: BRDCY)
Line of Business
Firestone Complete Autocare provides high quality maintenance, repairs and tires for automobiles. Also backs services and repairs with a nationwide warranty that 's good at any of Firestone's locations nationwide.
Entity on Lease Rahum Inc.
DBA Popeyes Chicken & Biscuits
Locations Operates and franchises over 2,000 Popeyes restaurants worldwide
Website www.popeyes.com
Ownership Franchisee
Credit Rating Not rated
Annual Revenue
$259 Million (2015)
Public/ Private Private
Line of Business
Founded in New Orleans in 1972, Popeyes is the world's second largest quick-service chicken concept (based on the number of units). Popeyes distinguishes itself with a unique "New Orleans" style menu that features spicy chicken, chicken tenders, fried shrimp and other seafood, as well as jambalaya, Red Beans and Rice and other regional items.
Entity on Lease Straus-Frank Enterprises, LLC
DBA Advance Auto Parts
Locations
Over 5,200 stores in the US, Puerto Rico, U.S. Virgin Islands, & Canada
Website www.advanceautoparts.com
Ownership Corporate
Credit Rating BBB- (S&P)
Annual Revenue
$9.74 Billion (2015)
Public/ Private Public (Ticker Symbol AAP)
Line of Business
Advance Auto Parts the largest automotive aftermarket parts provider in North America, serves both the professional installer and do-it-yourself customers.
Entity on Lease A-Max Insurance Services, Inc.
DBA A-Max Auto Insurance
Locations More than 90 locations in 15 Texas cities
Website www.amaxinsurance.com
Ownership Corporate
Credit Rating Not rated
Annual Revenue N/A
Public/ Private Private
Line of Business
A-MAX Auto Insurance is an industry leader that specializes in providing low cost insurance to thousands of Texas residents and businesses.
Based on its performance (and their expected performance) in three primary areas: investment, development, and home building, Dallas-Fort Worth ranked #1 in Urban Land Institute’s top U.S. real estate markets to watch in 2016. The Dallas/Fort Worth Metroplex, a North Texas region, is comprised of 12 counties and over 150 municipalities, including Dallas and Fort Worth. The fourth largest metropolitan area in the United States, the DFW Metroplex encompasses approximately 9,286 square miles with a population of more than 6.9 million people.
Dallas-Fort Worth was one of the fastest growing metropolitan areas in the nation from 2000 to 2015, adding more than 1.8 million people for a 35% growth rate. Currently the Metroplex adds a new person every 4 minutes and it is projected by the year 2040 as many as 10.5 million people will be living in DFW and employment will reach more than 6.6 million people. With the largest, most educated workforce in the state of Texas, totaling three million people, DFW leads the state in public university and community college students (442,000). The largest of the major universities within the area are the University of North Texas (37,175), the University of Texas at Arlington (34,870) and the University of Texas at Dallas (24,554).
In 2014, Brooking Institute ranked Dallas/Fort Worth #3 in the nation for the metropolitan area’s “Overall Economic Performance” due to its impressive job growth, low unemployment, high gross domestic product and healthy home prices through the recession and recovery. Furthermore, Dallas/Fort Worth accounts for one-third of the state’s Gross Domestic Product and approaches $60 billion in annual direct imports and exports. The Metroplex is currently the fifth-largest global exporter in the country and largest regional exporter to Canada, Mexico and China. The area has benefited from a sustained period of economic and population expansion over the past decade as local companies increase their business capacity and others relocate to this desirable, central U.S. location
Dallas/Fort Worth continues to outpace the nation in job growth over the short and long term due to its central location, pro-business environment and strong economy. Between 2005 and 2015 DFW added 621,278 new jobs for an impressive 22% growth rate, making DFW among the leading metros in the nation. Furthermore, Careerbuilder.com ranked Dallas/Fort Worth first among the nation’s ten largest MSA’s for job growth between 2014 and 2015 adding 112,829 jobs for a 3.4% growth
rate, well above the national rate of 2%. As of December 2015, the Dallas/Fort Worth had an unemployment rate of 4.0% below the national rate of 5.0%.
Nationally recognized as one of the best markets for business, Dallas/Fort Worth leads the state in the number of firms who made their way into the region in 2014. Since 2010, DFW has had 106 companies expand or relocate to the Metroplex, occupying nearly 12.5 million square feet. In 2014 alone, nearly 50 companies expanded or relocated to DFW. This number will continue to increase as the Dallas Regional Chamber announced plans to spend $2.5 million a year for the next five years on corporate recruiting. Over the last few years, the most notable announcements of companies moving to DFW include: Toyota North American headquarters, Amazon distribution center, Humana, Motorola, USAA, Omnitracs headquarters, Active Network, and Associa Inc. Dallas/Fort Worth has the fourthhighest number of corporate headquarters in the country hosting 21 Fortune 500 companies. Additionally, DFW is home to five Global 500 company headquarters, 40 Fortune 1000 headquarters and 11 of Forbes Top Private Companies.
Centrally located and easily accessible, Dallas/Fort Worth has an exceptional infrastructure of highways, interstates, railways, airports as well as public transportation systems. These infrastructures coupled with the DFW International Airport draw businesses and corporations affording them a competitive advantage nationally and internationally.
Dallas/Fort Worth International Airport is the third-busiest airport in overall operations and the ninth-busiest airport in the world in annual passenger counts hosting over 64.1 million travelers in 2015. The DFW International Airport has a $37 billion annual economic impact for the DFW region while supporting more than 228,000 jobs. Dallas is also home to Dallas Love Field, serving both commercial and corporate users transporting more than 8.5 million passengers annually. Serving as the corporate headquarters for Southwest Airlines, Dallas Love Field is a premier close-in airport as it’s located in the heart of Dallas just seven miles northwest of downtown central business district.
Dallas also has an extensive modern public transit service called Dallas Area Rapid Transit (DART) which covers 700 square miles in Dallas and 12 surrounding suburban communities, serving more than 111.8 million passengers annually. In conjunction with DART Rail, Trinity Railway Express (TRE) and bus services, DART moves more than 360,000 passengers each day across the Metroplex. In terms of infrastructure, DFW is served by six interstates, seven U.S. highways and numerous state highways.
[2] Firestone Tire
2105,7905.09%07/7306/23$75,264$6,272$13.00$0$0.00$75,26410.18%
Risen Christ Family 3264,4043.87%12/9601/18$38,535$3,211$8.75$7,219$1.64$45,7546.19%
Advance Auto Parts 3326,8896.05%07/1501/31$103,335$8,611$15.00$4,145$0.60$107,48014.54%
[2] Looks of Beauty
336A1,1521.01%11/1101/19$13,985$1,165$12.14$0$0.00$13,9851.89%
Popeyes 3381,7001.49%10/0504/24$28,900$2,408$17.00$2,787$1.64$31,6874.29%
La Familia Agency, 408A1,6731.47%06/1406/17$21,749$1,812$13.00$2,742$1.64$24,4913.31%
99 Cents Only Stores
41018,72816.45%12/1301/26$107,686$8,974$5.75$29,165$1.56$136,85118.51%
A-Max Insurance Service 4146640.58%05/0907/19$21,012$1,751$31.64$1,088$1.64$22,1002.99%
Wellshire Financial 4221,3851.22%12/0907/20$37,800$3,150$27.29$2,270$1.64$40,0705.42%
Illana's Salon & Spa Academy 6635,0624.45%12/1412/19$40,496$3,375$8.00$8,298$1.64$48,7946.60%
The Coaches Box 703/705 1,5131.33%11/1307/22$16,643$1,387$11.00$2,480$1.64$19,1232.59% [4] Korner Shop 7272,4002.11%08/1202/22$30,000$2,500$12.50$3,934$1.64$33,9344.59%
[3]
Mint Dentist 4063,0202.65%11/1610/26$34,730$2,894$11.50$5,395$1.79$40,1255.43%
[1] Firestone Tire
Risen Christ Family
[2] Advance Auto Parts
Reimbursement Revenue
2105,7905.09%$0$0.00$0$0.00$0$0.00$0$0.00$0$0.00
3264,4043.87%$242$0.66$0$0.00$37$0.10$323$0.88$602$1.64
3326,8896.05%$345$0.60$0$0.00$0$0.00$0$0.00$345$0.60 Looks of Beauty
Popeyes
336A1,1521.01%$0$0.00$0$0.00$0$0.00$0$0.00$0$0.00
3381,7001.49%$93$0.66$0$0.00$14$0.10$125$0.88$232$1.64
La Familia Agency, 408A1,6731.47%$92$0.66$0$0.00$14$0.10$123$0.88$229$1.64
[3] 99 Cents Only Stores
A-Max Insurance Service
Wellshire Financial
Illana's Salon & Spa Academy
41018,72816.45%$921$0.59$0$0.00$137$0.09$1,372$0.88$2,430$1.56
4146640.58%$36$0.66$0$0.00$6$0.10$49$0.88$91$1.64
4221,3851.22%$76$0.66$0$0.00$12$0.10$101$0.88$189$1.64
6635,0624.45%$278$0.66$0$0.00$43$0.10$371$0.88$691$1.64
The Coaches Box 703/7051,5131.33%$83$0.66$0$0.00$13$0.10$111$0.88$207$1.64
Korner Shop
7272,4002.11%$132$0.66$0$0.00$20$0.10$176$0.88$328$1.64
Available 4027,0856.22%$0$0.00$0$0.00$0$0.00$0$0.00$0$0.00
Forever Diva Stylist
7079580.84%$53$0.66$20$0.25$8$0.10$70$0.88$151$1.89
Available 3154,2003.69%$0$0.00$0$0.00$0$0.00$0$0.00$0$0.00
Mint Dentist
4063,0202.65%$144$0.57$62$0.25$22$0.09$221$0.88$450$1.79
Available 3067,2666.38%$0$0.00$0$0.00$0$0.00$0$0.00$0$0.00
Available
31214,64912.87%$0$0.00$0$0.00$0$0.00$0$0.00$0$0.00
Available 315B6,4995.71%$0$0.00$0$0.00$0$0.00$0$0.00$0$0.00
Helping Hands
Helping Hands
Herbalife
3283,9683.48%$189$0.57$81$0.25$29$0.09$291$0.88$591$1.79
3302,2501.98%$107$0.57$46$0.25$16$0.09$165$0.88$335$1.79
3348070.71%$39$0.57$17$0.25$6$0.09$59$0.88$120$1.79
Available 4082,0491.80%$0$0.00$0$0.00$0$0.00$0$0.00$0$0.00
Available 6519,0007.90%$0$0.00$0$0.00$0$0.00$0$0.00$0$0.00
Totals 113,861100%$2,867 $241 $382 $3,611 $7,102
Notes:
Based on 2015 CAM reconciliations
[1] Firestone Tire is currently a gross lease; per their recent renewal (7/1/2018), Firestone will have a Base Year Expense Stop: Year 2018, details to be provided in agreed upon Lease Amendment
[2] Advance Auto Parts CAM is an estimate, as no CAM calculation is available for this tenant.
[3] 99 Cents Only expenses shall not exceed as follows: CAM $1.20; Insurance $0.15; and RE Taxes $1.15. Tenant also has 5% cap on operating expenses incl. CAM, Insurance & Taxes.
Tenant: Bridgestone Retail Operations, LLC.
Option extension commencing 7/1/2018 has been agreed to at $15.62 psf/yr. Current lease is gross lease - option beginning 7/1/2018 will be base year expense stop
Tenant: Straus-Frank Enterprises, LLC.
Tenant's
Tenant: Bridgestone
Operations, LLC.
Option extension commencing 7/1/2018 has been agreed to at $15.62 psf/yr. Current lease is gross lease - option beginning 7/1/2018 will be base year expense stop
Tenant: 99 Cents Only Stores
Tenant has one-time right to terminate Lease with 180-days notice, not sooner than the 6th anniversary of the delivery date (12/4/2013). Expense Caps: CAM costs will not exceed $1.20 psf. Tax costs will not exceed $1.15 psf. Insurance costs will not exceed $0.15 psf.
Tenant has exclusive right to operate a general merchandise store. Tenant restrictions include (but not limited to) movie theatre, bowling alley, banquet facility, bar or nightclub, veterinary hospital
Tenant: Straus-Frank Enterprises, LLC.
Tenant required to report sales monthly and annually.
Tenant's renewal options shall be deemed exercised automatically unless Tenant gives LL notice at least 180 days before expiration of the current term.
Tenant to report sales upon LL request
Tenant
Tenant: Bridgestone
Option extension commencing 7/1/2018 has been agreed to at $15.62 psf/yr. Current lease is gross lease - option beginning 7/1/2018 will be base year expense stop
Tenant
Tenant's renewal options shall be deemed exercised automatically unless Tenant gives LL notice at least 180 days before expiration of the current term.
Firestone Tire 2105,790 Three 5-year options at $17.18, $18.90, and $20.79 /sf/yr
Risen Christ Family 3264,404
Helping Hands 3283,968
Helping Hands 3302,250
Tenant will not open another location within 2 miles of the Premise Tenant Notes Available 31214,649 Available 315B6,499
Tenant: Bridgestone Retail Operations, LLC.
Option extension commencing 7/1/2018 has been agreed to at $15.62 psf/yr. Current lease is gross lease - option beginning 7/1/2018 will be base year expense stop
Tenant: Risen Christ Family
Tenant: Straus-Frank Enterprises, LLC. Tenant's renewal options shall be deemed exercised automatically unless Tenant gives LL notice at least 180 days before expiration of the current term.
Tenant: James Hunter
Juanita Charles
Tenant: Rahum, Inc.
Notes:
[1] Expense Source - 2015 Income Statement. (Analysis reflects
[2] Firestone Tire
Risen Christ Family
2105,7905.09%07/7306/23$75,264$6,272$13.00$0$0.00$75,26410.18%
3264,4043.87%12/9601/18$38,535$3,211$8.75$7,219$1.64$45,7546.19% Advance Auto Parts 3326,8896.05%07/1501/31$103,335$8,611$15.00$4,145$0.60$107,48014.54%
[2] Looks of Beauty
336A1,1521.01%11/1101/19$13,985$1,165$12.14$0$0.00$13,9851.89%
Popeyes 3381,7001.49%10/0504/24$28,900$2,408$17.00$2,787$1.64$31,6874.29%
La Familia Agency, 408A1,6731.47%06/1406/17$21,749$1,812$13.00$2,742$1.64$24,4913.31%
99 Cents Only Stores
41018,72816.45%12/1301/26$107,686$8,974$5.75$29,165$1.56$136,85118.51%
A-Max Insurance Service 4146640.58%05/0907/19$21,012$1,751$31.64$1,088$1.64$22,1002.99%
Wellshire Financial 4221,3851.22%12/0907/20$37,800$3,150$27.29$2,270$1.64$40,0705.42%
Illana's Salon & Spa Academy 6635,0624.45%12/1412/19$40,496$3,375$8.00$8,298$1.64$48,7946.60%
The Coaches Box 703/705 1,5131.33%11/1307/22$16,643$1,387$11.00$2,480$1.64$19,1232.59%
[4] Korner Shop 7272,4002.11%08/1202/22$30,000$2,500$12.50$3,934$1.64$33,9344.59%
Mint Dentist 4063,0202.65%11/1610/26$34,730$2,894$11.50$5,395$1.79$40,1255.43%
For more information, please contact:
:: Jennifer Pierson :: Beth Pierson
President and CEO
214-354-6820 C jp@PiersonRetailAdvisors.com
Vice President Operations
214-855-2951 O 214-208-4545 C Beth@PiersonRetailAdvisors.com
:: Ron Sweedyk :: Nicole Maser
Financial Analyst
214-855-2954 O Ron@PiersonRetailAdvisors.com
Senior Analyst
Client Services Director
214-855-2959 O Debora@PiersonRetailAdvisors.com :: Debora Haught
214-540-0524 O Will@PiersonRetailAdvisors.com :: Will Meachum
Business Development
214-540-0524 O
Graphic Designer
214-855-2954 O Reena@PiersonRetailAdvisors.com :: Reena Rana
Comps Analyst
214-855-2954 O Nicole@PiersonRetailAdvisors.com :: Kasey Haught
214-855-2954 O Kasey@PiersonRetailAdvisors.com
This is a confidential Offering Memorandum has been prepared by Pierson Retail Advisors, Inc. and is intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property.
This Offering 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 Pierson Retail Advisors, Inc. Therefore, 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 Offering Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this Offering Memorandum in any manner.
Neither the Owner or Pierson Retail Advisors, Inc, nor any representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Offering 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 expressions 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 Offering 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 Offering Memorandum, you agree that this Offering 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 Offering Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or Pierson Retail Advisors, 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 Pierson Retail Advisors, Inc.
If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return this Memorandum to Pierson Retail Advisors, Inc.
© 2017 Pierson Retail Advisors, Inc. The information contained in this document has been obtained from sources believed reliable. While Pierson Retail Advisors, Inc. does not doubt its accuracy, Pierson Retail Advisors, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.