citgo c-store south houston · 2018. 9. 21. · citgo c-store south houston as-is overview marcus...

$1,200,000

2.86 GPM

42.10% Cash/Cash

17.44% OAR/CAP

CITGO C-STORE SOUTH HOUSTON

Offering Memorandum

7450 Galveston Road, Houston Texas 77034

2


Offering Memorandum

David B. Fisher, CCIMFuel & Convenience Center Investments

D. (832) 442-2828C. (936) 320-3737

[email protected]

License TX: 691654Activity ID: Z0860116

1450 Lake Robbins Drive, Suite 300The Woodlands, TX 77380

7450 Galveston RoadHouston, TX 77034

Note: This offering is one of four newly constructed fuel/convenience center investments thatcan be acquired separate or as a portfolio sale. Please contact listing broker for portfolioinformation.

INVESTMENT SUMMARY…Location Summary

Investment Overview

FINANCIAL ANALYSIS…Financial Summary

Proposed Financial

REGIONAL MAP…Regional Location

Site Map

MARKET OVERVIEW…Traffic Generator

Competitive Set

Comparable Sales

Additional Pictures

Market Overview

Demographic Analysis

TABLE OF CONTENTS

2,240 SF| NET INTERIOR AREA |

04

05

0912

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17

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24

28

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C I TG O C - S TO R E S O U T H H O U S TO N

34,500+ APD

4

OFFERING SUMMARY

CHARLOTTE NNN

LOCATION SUMMARY


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OFFERING SUMMARY

CHARLOTTE NNN

INVESTMENT OVERVIEW


AS-IS OVERVIEW

Marcus & Millichap have been retained on an exclusive basis and is pleased to present the value-add opportunity toacquire a combined CITGO fuel station, convenience center and auto repair business located at 7450 Galveston Road,Houston, Texas. (Property).

Originally constructed in 1960 and renovated in 2010, the property is located on the hard corner of Edgebrook Driveand Galveston Road. Improvements consist of a convenience center of approximately 1,040 square feet, an auto repairshop of 1,200 square feet, a primary fuel canopy at 1,800 square feet plus a second fuel canopy of approximately 850square feet.

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OFFERING SUMMARY

CHARLOTTE NNN

PROPOSED INVESTMENT OVERVIEW


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The center consists of 3 MPDs supporting 6 dive-in dispensing stations. There issignificant upside potential for the savvy investor via several options. Operatinghours are from 6:00 AM to 10:00 PM. Monday through Friday and from 6:00 AM to4:00 PM on Saturday and Sunday.

Option #1.Keep the property as-is with minimal upgrades such as paint interior and exterior,minor landscaping, new asphalt, clean property delineation lines and a willingness topromote the business to local residences as there is high demand.

Option #2.In addition to #1 above, an investor would convert the auto shop to a new-generationconvenience center catering to the immediate demographic with expanded floor planwith new reach-in coolers, dairy and addition of a hot grill/deli.

Option #3.In addition to #1 & #2 above, an investor could add another 1,000 square feet to the westside of the building that would allow for a national brand QSR with drive-through as there issufficient room to accommodate a drive-through. In addition, the savvy investor would lookinto adding two more MPDs and adjusting the canopy accordingly.

It is with great confidence that an IMST report would support these assumptions. Estimatedcost to renovate would range from $50,000 to $500,000. Broker does not guarantee anyestimates or projections as outlined in Options noted above. It is expected that an investorwill conduct their own estimate with professional skilled in their relevant fields.

The following pages within the Investment Overview is commentary based upon Option #3being the option of choice. It is projected that redevelopment being completed over a six totwelve-month period.

NAP – Post Renovation Example

OFFERING SUMMARY

CHARLOTTE NNN



PROPOSED IMPROVED MINI-MART

The convenience store includes a Mini-Mart with an off-site beer and wine sales license,a quick service restaurant (QSR) that corresponds to local demographic demand, and adeli & food counter.

The building envelope is approximately 2,500 to 3,500± square feet and has stucco oversteel frame construction over a concrete foundation and slab floor. The roof cover isbuildup composition. The interior ceiling has a 10± feet elevation above slab with thetop of the roof deck being 13± feet above grade. The building contains a four foot highparapet extending the exterior south and east facing walls to a 15± foot elevation abovegrade. The building also contains a convenient vehicle drive-through for an as yet to bedetermined QSR café.

PROPOSED DISPENSER CANOPIES

The facility contains two fuel canopies containing 3,000 and 750 square feet ofarea. Both canopies are lighted and have metal frame construction supported bymetal poles with attractive brick façade.

The larger canopy at the east side of the property fronting the convenience storehas an area of 3,000± square feet and covers four double-sided fuel dispensers (8fueling stations) offering customers three grades of gasoline (regular, midgradeand premium, plus diesel).

The smaller canopy at the south side of the property has an area of 750± squarefeet and covers two double-sided diesel fuel dispensers (four fueling stations) fortrucks and vehicles requiring diesel fuel.

NAP – Post Renovation Example

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OFFERING SUMMARY

CHARLOTTE NNN



PROPOSED YARD IMPROVEMENTSThe site has a concrete surface throughout including the fuel canopy areas and abovethe underground tank areas. The site has 10 automobile parking spaces in addition totwo handicapped spaces.

o Trash enclosure.o Air and water station.o Two (2) 25-foot high monument signs.o Drive-through service lane supporting branded QSR restaurant operations that

includes signage and intercoms.

FEATURESo Expansive merchandise display with the cashier counter centrally located toward the

front of the floor area with ample unrestricted space for customer movement.o Spacious Deli food preparation area at the northwest area of the interior.o QSR restaurant with convenient interior tables and chairs at the interior space with

drive-through service.o Spacious top rated stainless steel walk-in coolers with 22 reach-in shelves serving

both the convenience store and the restaurant franchise operation.o Labor conscious gravity flow re-stock-dispensing shelves behind each cooler door. o Separate men’s and women’s restrooms with extensive use of marble on walls and

floor exemplify quality in design details and construction.o Large uncongested back-of-house prep and kitchen area for the Café and Deli.o Large stainless steel walk-in freezer.o Climate controlled “door ajar” alert system in walk-in cooler & freezer.o Dry storage area and large private office.

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Rendering for 7 MPDs & QSR with Drive-Through

OFFERING SUMMARY

CHARLOTTE NNN

ACTUAL FINANCIAL SUMMARY


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Summary Operating Data

Price $1,200,000

Down

Payment$368,400 31% Income Year 1 Year 2

Number of Suites 4 Scheduled Base Rental Income $348,792 $348,792

Price Per SqFt $535.71 Total Reimbursement Income 0.0% $0 0.0% $0

Gross Leasable

Area (GLA)2,240 SF Other Income $0 $0

Lot Size 0.43 Acres Potential Gross Revenue $348,792 $348,792

Year

Built/Renovated1960 General Vacancy $0 $0

Occupan

cy100.00% Effective Gross Revenue $348,792 $348,792

Less: Operating Expenses 50.0% ($174,439) 50.0% ($174,439)

Net Operating Income $174,353 $174,353

Returns Year 1 Year 2 Tenant Improvements $0 $0

CAP Rate 14.53% 14.53% Leasing Commissions $0 $0

Cash-on-

Cash32.64% 32.64% Capital Expenditures $0 $0

Debt Coverage Ratio 3.22 3.22 Cash Flow $174,353 $174,353

Debt Service ($54,112) ($54,112)

Net Cash Flow After Debt

Service 32.64% $120,241 32.64% $120,241

Financing 1st Loan Principal Reduction $12,393 $13,027

Loan

Amount $840,000 Total Return 36.00% $132,634 36.17% $133,269

Loan Type New

Interest

Rate 5.00% Operating Expenses Year 1 Year 2

Amortizatio

n 30 Years CAM $156,293 $156,293

Year Due 2028 Insurance $9,000 $9,000

Loan information is subject to change. Contact your Marcus & Millichap Capital

Corporation representative.Real Estate Taxes $9,146 $9,146

Management Fee $0 $0

Other Expenses - Non

Reimbursable$0 $0

Total Expenses $174,439 $174,439

Expenses/SF $77.87 $77.87

OFFERING SUMMARY

CHARLOTTE NNN



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Tenant Name Galveston Road Gasoline Galveston Road Diesel Galveston Inside Auto Repair

Major Tenant

Revenue Type Gross Gross Gross Gross

Suite CITGO N/A N/A Auto Repair

Gross Leasable Area (GLA) SF 2,240

Current Revenue $7,166 $0 $6,900 $15,000

Annualized Current Revenue $85,992 $0 $82,800 $180,000

Modeled Revenue Schedule Year 1 Year 2 Year 1 Year 2 Year 1 Year 2 Year 1 Year 2

November $7,166.00 $0 $6,900 $15,000

December $7,166.00 $0 $6,900 $15,000

January $7,166.00 $0 $6,900 $15,000

February $7,166.00 $0 $6,900 $15,000

March $7,166.00 $0 $6,900 $15,000

April $7,166.00 $0 $6,900 $15,000

May $7,166.00 $0 $6,900 $15,000

June $7,166.00 $0 $6,900 $15,000

July $7,166.00 $0 $6,900 $15,000

August $7,166.00 $0 $6,900 $15,000

September $7,166.00 $0 $6,900 $15,000

October $7,166.00 $0 $6,900 $15,000

Annualized Year 1 & 2 Rents $85,992 $0 $82,800 $180,000

Gasoline GPM: 40,000 (Current) see page 13 (Proposed)Inside Sales: $23,000 (Current) see page 13 (Proposed)Auto Repair: $15k to $20k PM (Current) see page 13 (Proposed)

OFFERING SUMMARY

CHARLOTTE NNN



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Year 1 Year 2

1.0% 1.0%

Expenses Current Year 1 Year 2

Co

mm

on

Are

a M

ain

ten

an

ce (

CA

M)

Utilities $7,200 $7,200

Alarm Security $480 $480

Cleaning & Maintenance $1,500 $1,500

Communication $2,400 $2,400

CC Charges (3% ON 85%) $5,713 $5,713

Payroll (Incl SUTA, 940, 941 taxes) $98,000 $98,000

Professional Fees (CPA) $500 $500

License & Misc $0 $0

Franchise Fee $0 $0

Supplies $500 $500

Auto Mechanic $40,000 $40,000

Insurance $9,000 $9,000

Real Estate Taxes $9,146 $9,146

Management Fee $0 $0

$0

Total Expenses $174,439 $174,439

LOCATION OVERVIEW

CLOSE PROXIMITY TO:

7450 Galveston Road, Houston, Texas 77034

LOCATION OVERVIEWTENANT SUMMARYPRICING AND VALUATION MATRIX

PROPERTY NAMEGALVESTON - CITGO

PRICING AND VALUATION MATRIX

PROPERTY NAME

LOCATION OVERVIEW

12


LOCAL MAP


13

C-Store at 1,250 SF

AERIAL PHOTO


14


TRAFFIC GENERATORS


15

1 2

3

4

5

Multi Family within quarter mile

from subject.

Subject

1. The Alcove at 292 Units

2. Edgebrook at 450 Units

3. Quay Point Apartments at

134 Units

4. Falls Of Edgebrook at 444

Units

5. Arlington Place 230 Units

Total: 1,550 Units

• Industrial SF within 1 mile

at 671,000 SF

• Walgreens across from

subject property

• SELLER’S Grocery Store

across from subject

property

COMPETITIVE SET


16

1

2

3

Fuel & Convenience Center

Competitive Set @ 1 mile.

Subject

1. Valero Built 2,025 SF in

1971 on .49 Acres.

2. Texaco Built 5,320 SF,

Built in 2000 on .63

Acres.

3. Non-Branded 2,586 SF,

Built in 1979 on .33

Acres.

Marcus & Millichap closes

more transactions than any other

brokerage firm.

12


17

PROPERTY PHOTO

C-Store at 1,250 SF

SITE PLAN


18

GLOBAL NATIONAL BRANDING

#


Note: The current owner is not under any obligation to continue to carry theCITGO brand of gasoline. Therefore, new ownership is free to choose anotherbrand if they so desire.

CITCOo The company traces its heritage back to the early 1900s and oil

entrepreneur Henry Latham Doherty. After quickly climbing the ladder ofsuccess in the manufactured gas and electric utility world, Doherty in 1910created Cities Service Company to supply gas and electricity to smallpublic utilities. He began by acquiring gas-producing properties in the mid-continent and southwest.

o Cities Service Company inaugurated use of the Citgo brand in 1965(officially styled "CITGO") for its refining, marketing and retail petroleumbusinesses (which became known internally as the RMT Division, forRefining, Marketing and Transportation). CITGO continued to be only atrademark, and not a company name, until the 1983 sale of what had beenthe RMT Division of Cities Service to Southland Corporation (now 7-ElevenInc.).

o Fifty percent of Citgo was sold to Petróleos de Venezuela, S.A. (PDVSA) in1986, which acquired the remainder in 1990, resulting in the currentownership structure. In September 2010, in connection with thecentennial of its original owner, Cities Service Company, Citgo unveiled anew retail design. Within five years, Citgo planned for all locations todisplay the new street image.

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https://en.wikipedia.org/wiki/7-Eleven

MARKET

COMPARABLESCOMPARABLES

OFFERING SUMMARY

CHARLOTTE NNN

HOUSTON – SOUTHBELT ELLINGTON

#


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SALE COMPARABLES MAP

#


CHEVRON C-STORE SAM HOUSTON

PKWY

(SUBJECT)

7-11 Frisco, TX

7-11 Valley Ridge

Gas & C-Store

Shell

Valero

SALES COMPARABLES

1

2

3

4

5

23

45

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rentpropertyname1

rentpropertyaddress1

rentpropertyname1


PROPERTY NAME

MARKETING TEAMSALES COMPARABLES

#


SALES COMPARABLES

Annual Per SF

Income $412,440 $82.49

NOI $412,440 $82.49

Occupancy 100.0%

Tenants Lease Type

Asking Price: $1,000,000 Owner - Operator

Price/SF: $400

CAP Rate: 18%

Year Built: 1960/2010

CITGO C-STORE SOUTH HOUSTON7450 Galveston Road, Houston, Texas, 77034

1

Annual Per SF

NOI $280,000 $94.59

NOTES

Did not include the business operation. Sold with 7-11 corporate

guarantee

Tenants Lease Type

Close Of

Escrow:8/24/2017

Sales Price: $5,600,000

Price/SF: $1,891.89

CAP Rate: 5.00%

Year Built: 2001

7-11 FRISCO, TEXAS4609 Coit Road, Frisco, Texas, 75035

2

NOTES

Net leased investment with 7-11 corporate guarantee. Did not

include the business operations.

Close Of Escrow 12/30/2016

Days On Market 114

Sales Price $3,100,000

Price/SF $1,033.33

CAP Rate 4.72%

GLA 3,000 SF

Year Built 1998

7-11 VALLEY RIDGE900 Valley Ridge Boulevard, Lewisville, Texas 75077

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PROPERTY NAME

#


rentpropertyname1


rentpropertyname1


rentpropertyname1


SALES COMPARABLES

3

NOTES

Net leased investment did not include the business operations. 7-

11 corporate. guaranteed.



Price/SF $944.82

CAP Rate 6.40%

GLA 2,997 SF

Lot Size 1.15 Acre(s)

Year Built 2002

GAS & C-STORE721 East Fm 544, Murphy, Texas, 75094

4

NOTES

Net leased investment did not include the business opportunity

and came with a corp guarantee.



Price/SF $1,456.81

CAP Rate 6.00%

GLA 1,686 SF

Lot Size .57 Acre(s)

Year Built 1983

SHELL1946 North Interstate 35 East, Carrollton, Texas, 75006

5

NOTES

Business was included in the purchase price.

Tenants Lease Type

Close Of

Escrow:10/31/2017

Days On

Market:90

Sales Price: $1,350,000

Price/SF: $909.70

Year Built: 1974

VALERO1300 East Long Avenue, Fort Worth, Texas, 76106

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SALES COMPARABLES

OFFERING SUMMARY

CHARLOTTE NNN

ADDITIONAL PICTURES


- 24 -

MARKET

OVERVIEW

MARKET OVERVIEW

#


- 25 -

Hobby Airport 3-Mi From Subject

HOUSTONOVERVIEW

As the fifth most populous metro area in the U.S., Houston houses

nearly 6.9 million people in southeastern Texas. The market is

composed of nine counties: Harris, Galveston, Brazoria, Fort Bend,

Chambers, Montgomery, Austin, Liberty and Waller. The Gulf of

Mexico, which borders the metro to the southeast, provides access to

markets around the world via the Port of Houston, making it a prime

location for exports. Local industries have diversified from oil to

technology and healthcare. Many companies provide goods and

services for the large population growth, which has sprawled, primarily

to the north and west. The city of Houston is the largest in the metro

with 2.3 million residents.

MARKET OVERVIEW

METRO HIGHLIGHTS

CORPORATE GROWTH

Houston will remain a top destination for corporate

relocations due to its business-friendly environment.

Twenty Fortune 500 companies are headquartered

in the metro.

HIGHER EDUCATION

Over 40 post-secondary educational institutions are

located in the metro. Nearly 30 percent of residents

have attained a bachelor’s degree, with 11 percent

also holding a graduate or professional degree.

LOW COST OF LIVING, DOING BUSINESS

Houston has a lower cost of living than many major

metros, no state income tax and a median home

price below the national level.


26

ECONOMY▪ The economy is diversifying to include biotechnology, distribution, nanotechnology and

logistics; the metro is the center of the energy production with roughly 260,000 workers.

▪ Local product manufacturing is a large segment of the economy and includes paper,

electrical and electronic machinery, iron, steel and petrochemicals.

▪ Healthcare is gaining economic prominence. Specialized medical education and training

institutions boost the local economy and supply a growing hospital system.

▪ The Port of Houston is one of the country’s busiest for exports, supplying thousands of jobs

and generating billions of dollars in revenue.

SHARE OF 2017 TOTAL EMPLOYMENT

MAJOR AREA EMPLOYERS

Memorial Hermann Healthcare System

University of Texas

The Kroger Co.

Exxon Mobil Corp.

Shell Oil Co.

Houston Methodist

United Continental Holdings

Baker Hughes Inc.

CHI St. Luke’s Health

Hewlett Packard Enterprise* Forecast

MANUFACTURING8%

GOVERNMENT

HEALTH SERVICES

EDUCATION AND

OTHER SERVICES AND MINING

+NATURAL RESOURCES

3%

LEISURE AND HOSPITALITY FINANCIAL ACTIVITIES

20%

AND UTILITIES

TRADE, TRANSPORTATION CONSTRUCTION

PROFESSIONAL AND

BUSINESS SERVICES

4%INFORMATION AND

16%

7%

14% 10% 5%

13%

27

8


MARKET OVERVIEW

DEMOGRAPHICS

▪ The Houston metro is expected to add 506,600 people through 2022 and roughly

111,500 of these residents will be millennials in the 20- to 34-year-old cohort.

▪ During the same period, nearly 229,500 households will be formed, generating

demand for housing.

▪ The homeownership rate of 61 percent is below the national rate of 64 percent. The

median home price of $247,200 is also below that the U.S.

Outdoor activities abound in Houston as a result of the city’s favorable location and climate.

More than a dozen state parks and recreation areas lie within a short drive of Houston, as

well as more than 500 parks and open spaces and various cultural venues and museums.

Johnson Space Center is a popular tourist and educational destination. The metro is also

known internationally for its medical community and is home to the Texas Medical Center,

the largest of its kind in the world. Houston is home to four professional sports teams: the

Houston Texans, the Houston Astros, the Houston Rockets and the Houston Dynamo.

* Forecast

Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s

Analytics; U.S. Census Bureau

QUALITY OF LIFE

2017 Population by Age

0-4 YEARS

7%5-19 YEARS

22%20-24 YEARS

7%25-44 YEARS

29%45-64 YEARS

24%65+ YEARS

10%

SPORTS

EDUCATION

ARTS & ENTERTAINMENT

GALVESTON - CITGO

34.1

2017MEDIAN AGE:

U.S. Median:

37.8

$60,300

2017 MEDIAN HOUSEHOLD INCOME:

U.S. Median:

$56,300

6.9M

2017POPULATION:

Growth2017-2022*:

7.4%

2.4M

2017HOUSEHOLDS:

9.6%

Growth2017-2022*:

28

8


MARKET OVERVIEW

PROPERTY NAME

MARKETING TEAM


DEMOGRAPHICS

Source: © 2017 Experian

Created on July 2018

POPULATION 1 Miles 3 Miles 5 Miles

▪ 2022 Projection

Total Population 21,418 153,685 358,503

▪ 2017 Estimate


▪ 2010 Census


▪ 2000 Census


▪ Current Daytime Population

2017 Estimate 16,728 137,575 323,458

HOUSEHOLDS 1 Miles 3 Miles 5 Miles

▪ 2022 Projection

Total Households 6,375 50,057 115,298

▪ 2017 Estimate


Average (Mean) Household Size 3.39 3.08 3.13

▪ 2010 Census


▪ 2000 Census


▪ Occupied Units

2022 Projection 6,375 50,057 115,298

2017 Estimate 6,960 50,325 117,574

HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles

▪ 2017 Estimate

$150,000 or More 2.87% 2.90% 4.19%

$100,000 - $149,000 9.45% 8.49% 10.03%

$75,000 - $99,999 9.89% 10.39% 10.81%

$50,000 - $74,999 19.98% 19.04% 18.49%

$35,000 - $49,999 17.99% 17.92% 16.32%

Under $35,000 39.82% 41.26% 40.15%

Average Household Income $54,690 $53,903 $58,202

Median Household Income $41,593 $41,430 $43,453

Per Capita Income $15,801 $17,205 $18,259

HOUSEHOLDS BY EXPENDITURE 1 Miles 3 Miles 5 MilesTotal Average Household Retail Expenditure

$55,986 $54,912 $57,326

▪ Consumer Expenditure Top 10 Categories

Housing $15,046 $14,784 $15,225

Transportation $11,504 $11,248 $11,766

Shelter $8,031 $7,928 $8,138

Food $6,119 $6,084 $6,336

Personal Insurance and Pensions $4,420 $4,304 $4,633

Utilities $3,821 $3,721 $3,831

Health Care $3,617 $3,495 $3,681

Entertainment $1,986 $1,943 $2,046

Household Furnishings and Equipment

$1,651 $1,598 $1,668

Apparel $1,391 $1,425 $1,467

POPULATION PROFILE 1 Miles 3 Miles 5 Miles

▪ Population By Age

2017 Estimate Total Population 21,973 147,228 350,792

Under 20 32.76% 32.82% 32.61%

20 to 34 Years 24.18% 25.14% 24.25%

35 to 39 Years 7.17% 7.31% 7.29%

40 to 49 Years 13.25% 12.34% 12.61%

50 to 64 Years 13.85% 13.82% 14.70%

Age 65+ 8.78% 8.57% 8.55%

Median Age 30.40 30.19 30.70

▪ Population 25+ by Education Level

2017 Estimate Population Age 25+ 12,991 87,121 208,872

Elementary (0-8) 16.99% 15.16% 15.08%

Some High School (9-11) 18.77% 14.94% 14.40%

High School Graduate (12) 27.77% 29.68% 29.82%

Some College (13-15) 18.52% 21.23% 20.42%

Associate Degree Only 4.66% 4.72% 4.88%

Bachelors Degree Only 6.46% 8.17% 8.95%

Graduate Degree 2.62% 2.98% 3.35%

29

8


DEMOGRAPHICS

30

Confidentiality and DisclaimerThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap andshould not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverifiedinformation to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough duediligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the futureprojected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or asbestos, thecompliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant's plans orintentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus &Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty orrepresentation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forthherein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. Â© 2017 Marcus & Millichap. All rights reserved.

Non-Endorsement NoticeMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation's logo or name isnot intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, orcommercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

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TEXAS BROKERAGE | SERVICES FORM

INFORMATION ABOUT BROKERAGE SERVICESTexas law requires all real estate license holders to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords.

TYPES OF REAL ESTATE LICENSE HOLDERS:• A BROKER is responsible for all brokerage activities, including acts performed by sales agents sponsored by the broker.• A SALES AGENT must be sponsored by a broker and works with clients on behalf of the broker.

A BROKER’S MINIMUM DUTIES REQUIRED BY LAW (A client is the person or party that the broker represents):• Put the interests of the client above all others, including the broker’s own interests;• Inform the client of any material information about the property or transaction received by the broker;• Answer the client’s questions and present any offer to or counter-offer from the client; and• Treat all parties to a real estate transaction honestly and fairly.

A LICENSE HOLDER CAN REPRESENT A PARTY IN A REAL ESTATE TRANSACTION:

AS AGENT FOR OWNER (SELLER/LANDLORD): The broker becomes the property owner's agent through an agreement with the owner, usually in a written listing to sell or property management agreement. An owner's agent must perform the broker’s minimum duties above and must inform the owner of any material information about the property or transaction known by the agent, including information disclosed to the agent or subagent by the buyer or buyer’s agent.

AS AGENT FOR BUYER/TENANT: The broker becomes the buyer/tenant's agent by agreeing to represent the buyer, usually through a written

representation agreement. A buyer's agent must perform the broker’s minimum duties above and must inform the buyer of any material information about the property or transaction known by the agent, including information disclosed to the agent by the seller or seller’s agent.

AS AGENT FOR BOTH - INTERMEDIARY: To act as an intermediary between the parties the broker must first obtain the written agreement of each party to the transaction. The written agreement must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker's obligations as an intermediary. A broker who acts as an intermediary:Must treat all parties to the transaction impartially and fairly;

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Information available at www.trec.texas.govRegulated by the Texas Real Estate Commission

IABS 1-0

Marcus & Millichap 9002994 [email protected] 972-755-5200Licensed Broker /Broker Firm Name or Primary Assumed Business Name License No. Email Phone

Tim A. Speck 432723 [email protected] 972-755-5200Designated Broker of Firm License No. Email Phone

Ford Noe 709695 [email protected] 713-452-4200Licensed Supervisor of Sales Agent/Associate License No. Email Phone

David Fisher 691654 [email protected] 832-442-2828

▪ May, with the parties' written consent, appoint a different license holder associated with the broker to each party (owner and buyer) to communicate with, provide opinions and advice to, and carry out the instructions of each party to the transaction.

▪ Must not, unless specifically authorized in writing to do so by the party, disclose:• that the owner will accept a price less than the written asking price;• that the buyer/tenant will pay a price greater than the price submitted in a written offer; and• any confidential information or any other information that a party specifically instructs the broker in writing not to disclose, unless

required to do so by law.

AS SUBAGENT: A license holder acts as a subagent when aiding a buyer in a transaction without an agreement to represent the buyer. A subagentcan assist the buyer but does not represent the buyer and must place the interests of the owner first.

TO AVOID DISPUTES, ALL AGREEMENTS BETWEEN YOU AND A BROKER SHOULD BE IN WRITING AND CLEARLY ESTABLISH:The broker’s duties and responsibilities to you, and your obligations under the representation agreement. Who will pay the broker for services provided to you, when payment will be made and how the payment will be calculated.

LICENSE HOLDER CONTACT INFORMATION: This notice is being provided for information purposes. It does not create an obligation for you to use the broker’s services. Please acknowledge receipt of this notice below and retain a copy for your records.

____________/____________/____________/____________ __________Buyer / Tenant / Seller / Landlord Initials Date

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www.MarcusMillichap.com

David Fisher, CCIM

Fuel | Convenience Center Investments

Tel: (832) 442-2828

Fax: (832) 442-2810

Marcus & Millichap

1450 Lake Robbins Rd. Suite 300

The Woodlands, TX 77380

[email protected]

Licenses: CA 691654, TX 691654

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