Executive Summary....................................3
Investment Profile
Property Overview Highlights & Features
Market and Asset Overview....................7
Property Summary
Tenant Summaries
Location Map
Aerials
Site Plan
Rent Comparables Demographics
Estimated Reimbursement Revenue
Tenant Notes
Income & Expense Analysis
Expiration Schedule
PRICE: $4,600,000
PRICE PSF: $466
$291,000
6.33%
100%
± 9,875
AREA: ± 2.097 acres
BUILT: 2015
EXISTING DEBT: Free and Clear
Pierson Reta il Advisors is pleased to offer Forest Ridge Square (“Property”), a 9,875 square foot retail center shadow to HEBplus! in the high growth city of Schertz, Texas. Strategically located within the San Antonio metropolitan area, the premier city of Schertz benefits from its location at the northeast gateway to Austin.
With construction completed in the fourth quarter 2015, the Forest Ridge Square is of high quality design, architecture, and construction which will benefit a future owner with minimal capital improvements in the near future. Furthermore, the Property has direct access to HEBplus! and Lowe’s Home Improvement via a shared entrance road adjacent to the Property.
NNN Leases with Built-in Escalations: Both tenants recently commenced their NNN structured leases which benefit an owner by limiting expense leakage. Additionally, both leases include scheduled base rent escalations virtually assuring revenue growth over the next several years.
Solid Tenant Line-up: Forest Ridge Square is occupied by two tenants: AT&T and Schertz Cibolo Emergency Clinic. The AT&T lease is with one of the largest AT&T Authorized Retailers with nearly 350 stores in 16 states. Schertz Cibolo Emergency Clinic is an Arete Urgent Care provider, and is a growing urgent care facility operator with seven existing locations and two opening soon.
Premier Retail Destination: Together with the surrounding consumer traffic generators including HEBplus! Lowe’s Home Improvement, Walmart and Garden Ridge, the Property combines specialty retail and service tenants generating steady traffic and promoting cross-shopping.
Brand New, Quality Construction: The Property was just completed in December 2015. The Property is aesthetically appealing with a contemporary design, high quality architecture and construction. These updates and new roof benefit an investor as the Property is likely to require minimal capital improvements in the near future.
Access & Visibility: The Property was designed in a straight-line configuration providing maximum exposure to more than 31,600 vehicles per day along FM 3009. Additionally, Forest Ridge Square benefits from more than 147,400 cars along Interstate 35, a major artery through Texas. Furthermore, the Property can be accessed directly from FM 3009 as well as from the shared drive to HEBplus!
Centrally Located: The City of Schertz is located in South-Central Texas along the Interstate 35 corridor. The stretch of Interstate 35 between San Antonio and Austin is one of the fastest growing corridors in the United
States. Schertz has a wide range of business and industries that proudly call Schertz home due to location, reputation, educated workforce, history of private sector investment, as well as competitive tax rates.
Tremendous Growth & Population Densities: Forest Ridge Square is certain to benefit from the tremendous growth in its trade area. Schertz has experienced explosive growth over the last five years with 20.32%, 33.25% and 29.59% growth within one, three, and five miles of the Property. Furthermore, this pattern is expected to continue with the trade area projected to experience an additional 13.68% growth on average over the next five years. Currently, there are 59,625 residents within a three mile radius of the Property increasing to 115,999 residents within five miles. Additionally, annual average incomes for the surrounding areas are $105,185, $94,541, and $86,125 within their respective one, three and five mile radius.
ADDRESS:
4825 FM 3009
San Antonio, Texas 78154
Guadalupe County
LEGAL DESCRIPTION: Lot 9R, Block 1, Forrest Ridge Commercial II
BUILDING AREA: ± 9,875 square feet
LAND AREA: ± 2.097 acres or ± 91,345 square feet
YEAR BUILT: 2015
PARKING: ± 50 Surface Spaces
PARKING RATIO: ± 5.06 per 1,000 SF
CONFIGURATION: One, single story building
INGRESS / EGRESS:
One direct entry point from both FM 3009 and Forest Ridge Parkway, as well as a shared access road with HEBplus!
STRUCTURE: Tilt wall
AGE OF ROOF: 2015
ROOF COMMENTS: Flat built-up roofing system
HVAC: Individual roof mounted HVAC units
TRAFFIC COUNTS:
FM 3009: ± 33,204 vpd Interstate 35: ± 154,817 vpd (source CoStar)
Entity on Lease Wireless Mission, LP
DBA AT&T
Corporate or Franchise Authorized Retailer
Locations Wireless Mission LP is one of the largest authorized retailers with 347 locations nationwide
Website http://www.att.com/
Financials
AT&T Corporate revenue in 2014: $132.45 Billion
Line of Business A multi-national telecommunications corporation providing wireless, fixed telephone service as well as broadband subscription television and internet services.
on
DBA Schertz Cibolo Emergency Clinic
Guarantor Joel Kay
Corporate or Franchise Corporate
Locations Arete Urgent Care has 7 locations in San Antonio, Floresville and Midlothian under various DBA's, with two locations opening soon.
Website N/A
Financials N/A - Private
Line of Business A full-service, emergency center facility offering diagnosis and medical treatment to individuals and families of all ages.
[1] Analysis assumes all tenants reimburse net of CAM, Real Estate Taxes, Insurance, and Management. AT&T has a 5% cap on controllable CAM.
Tenant: Arete Urgent Care, PLLC. Guarantor: Joel Kay
Tenant: Wireless Mission LP Tenant has 5% cap on CAM
Notes: [1] Expense Source Owner provided 2016 Budget
:: Jennifer Pierson :: Beth Pierson
For more information, please contact: :: Debora Haught
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
Client Services Director 214-855-2959 O Debora@PiersonRetailAdvisors.com
Business Development
214-540-0524 O Will@PiersonRetailAdvisors.com
Senior Analyst
214-855-2954 O Nicole@PiersonRetailAdvisors.com :: Reena Rana
Graphic Designer
214-855-2954 O Ron@PiersonRetailAdvisors.com :: Kasey Haught
214-855-2954 O Reena@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.
214-855-2954 O Kasey@PiersonRetailAdvisors.com :: Will Meachum
Comps Analyst
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.
© 2016 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.
