vista ridge shopping plaza · 4 offering summary sale price: $3,812,500 cap rate: 7.14% noi:...

Vista Ridge Shopping Plaza2585 MacArthur Boulevard, Lewisville, TX 75067

| ADDITIONAL PHOTOSADDITIONAL PHOTOS

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PROPERTY INFORMATION 3

Executive Summary 4

Property Description 5

Complete Highlights 6

Additional Photos 7

LOCATION INFORMATION 8

Regional Map 9

Location Maps 10

Aerial Map 11

Aerial Map 12

Aerial Map 13

Aerial Map 14

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FINANCIAL ANALYSIS Financial Summary

Income & Expenses

Rent Roll

Site Plan

SALE COMPARABLES Sale Comps

Sale Comps Summary

Sale Comps Map

RENT COMPARABLES Rent Comps

Rent Comps Summary

Rent Comps Map

DEMOGRAPHICS Demographics Report

Demographics Map 32

IABS 33

Additional Photos 34

ContentsConfidentiality & Disclaimer

The information contained in the following Marketing Brochure is proprietary and strictlyconfidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichapand should not be made available to any other person or entity without the written consent ofMarcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverifiedinformation to prospective purchasers, and to establish only a preliminary level of interest in thesubject property. The information contained herein is not a substitute for a thorough duediligence investigation. Marcus & Millichap has not made any investigation, and makes nowarranty or representation, with respect to the income or expenses for the subject property, thefuture projected financial performance of the property, the size and square footage of theproperty and improvements, the presence or absence of contaminating substances, PCB's orasbestos, the compliance with State and Federal regulations, the physical condition of theimprovements thereon, or the financial condition or business prospects of any tenant, or anytenant’s plans or intentions to continue its occupancy of the subject property. The informationcontained 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 containedherein, nor has Marcus & Millichap conducted any investigation regarding these matters andmakes no warranty or representation whatsoever regarding the accuracy or completeness of theinformation provided. All potential buyers must take appropriate measures to verify all of theinformation set forth herein.

Non-Endorsement Notice

Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant orlessee identified in this marketing package. The presence of any corporation’s logo or name is notintended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporationof Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commerciallisting of Marcus & Millichap, and is solely included for the purpose of providing tenant lesseeinformation about this listing to prospective customers.

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


TABLE OF CONTENTS

Section 1 PROPERTY INFORMATION

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OFFERING SUMMARY

Sale Price: $3,812,500

Cap Rate: 7.14%

NOI: $272,214

Lot Size: 1.89 Acres

Year Built: 2008

Building Size: 15,226

Price / SF: $250.39

Marcus & Millichap is pleased to offer the opportunity to acquire a fully-stabilized multi-tenant retail center in a highly desirableretail trade area in Lewisville, Texas.

PROPERTY OVERVIEW

DEMOGRAPHICS

1 MILE 3 MILES 5 MILES

Total Households 7,717 35,561 82,031

Total Population 15,642 90,861 217,326

Average HH Income $72,339 $98,050 $98,423


PROPERTY INFORMATION | EXECUTIVE SUMMARY

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Marcus & Millichap is pleased to offer the opportunity to acquire a fully-stabilized multi-tenant retail center in a

highly desirable retail trade area in Lewisville, Texas. The 15,226-square foot center is 100 percent occupied with a

complementary tenant base consisting of Farmer’s Insurance, Asian Premiere Massage, Adecco, Stride Rite,

Heaven Sent Boutique, Elite Fitness, and iHealth Diagnostics. All leases have personal guarantees, a five-year

renewal option, and are triple-net. Constructed in 2008, the building is situated on 1.88 acres with ample paved

parking.

PROPERTY OVERVIEW

The subject property is an out parcel to Music City Mall in a high traffic area at the intersection of I-35 East and

Highway 121 (Sam Rayburn Tollway). Traffic counts in front of the property on MacArthur Boulevard are

approximately 23,140 vehicles per day, while I-35 has 152,800 vehicles per day and 114,000 vehicles per day on

Highway 121. The property is surrounded by dense retail. Music City Mall is anchored by Dillard’s, Sears, JCPenney,

Macy’s, and Cinemark and has over 130 retail shops. Other national and regional retailers in the area include

HobbyTown USA, Pier 1 Imports, Haverty’s, BBVA, LA Fitness, Romano’s Macaroni Grill, Costco, Guitar Center,

Best Buy, Starbucks, BJ’s Restaurant and Brewhouse, Buffalo Wild Wings, Target, At Home, Academy Sports,

Conn’s HomePlus, Olive Garden, Marshalls, Hobby Lobby, Michaels, OfficeMax, Barnes & Noble, Dollar Tree, and

numerous others. The area has strong demographics, with a five-mile population of 82,031 residents and an

average household income exceeding $98,400.

Lewisville is an urban community of over 100,000 people conveniently located in the Dallas-Fort Worth metroplex,

only 10 minutes from Dallas-Fort Worth International Airport and bisected by I-35 East and Highway 121. With

more than three million square feet of office/industrial space and more new development in the pipeline, Lewisville

provides a variety of location options for businesses. Visitors and residents enjoy a variety of recreation and

shopping opportunities including a 2000-plus acre nature preserve, a historic downtown, Lewisville Lake and Music

City Mall. Lewisville continues to benefit from one of the lowest combined property tax rates in DFW, making

Lewisville an attractive location for business and residents.

LOCATION OVERVIEW


PROPERTY INFORMATION | PROPERTY DESCRIPTION

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SALE HIGHLIGHTS

• Multi-Tenant Shopping Center in Prime Retail Corridor in Lewisville

• 100% Occupied with a Complementary Mix of Tenants

• 100% of the Leases are Triple-Net

• All Leases have Personal Guarantees and One Five-Year Option for Renewal

• Building is 2008 Construction and has a Large Concrete Parking Lot

• Out Parcel to Music City Mall | Anchored by Dillard's, JCPenney, Macy's, Sears,

and Cinemark

• Located in the Western Quadrant of the I-35 East and Highway 121 Intersection

• Traffic Counts are Approximately 23,140 Vehicles per Day on MacArthur

Boulevard

• Hundreds of National and Regional Retailers in the Surrounding Area

• Strong Demographics | Five-Mile Population is 82,031 Residents | Average

Household Income Exceeds $98,400


PROPERTY INFORMATION | COMPLETE HIGHLIGHTS


PROPERTY INFORMATION | ADDITIONAL PHOTOS

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Section 2 LOCATION INFORMATION

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Vista Ridge Shopping Plaza


LOCATION INFORMATION | REGIONAL MAP

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LOCATION INFORMATION | LOCATION MAPS

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LOCATION INFORMATION | AERIAL MAP

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Section 3 FINANCIAL ANALYSIS

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INVESTMENT OVERVIEW

Price $3,812,500

Price per SF $250.39

CAP Rate 7.14 %

Total Return (yr 1) $272,214

OPERATING DATA

Gross Income $363,265

Operating Expenses $91,051

Net Operating Income $272,214

FINANCING DATA

Down Payment $3,812,500

Loan Type All Cash


FINANCIAL ANALYSIS | FINANCIAL SUMMARY

INCOME SUMMARY PER SF

Base Rent $287,214 $18.86

Real Estate Taxes Reimbursements $41,836 $2.75

Insurance Reimbursements $8,235 $0.54

CAM Reimbursements $25,980 $1.71

Gross Income $363,265 $23.86

EXPENSE SUMMARY PER SF

Real Estate Taxes $41,836 $2.75

Insurance $8,235 $0.54

Accounting $2,650 $0.17

Fire Safety/Inspections $2,890 $0.19

Electricity $6,951 $0.46

Water $808 $0.05

Trash $2,583 $0.17

Lawn Maintenance $4,070 $0.27

Repairs and Maintenance $6,028 $0.40

Management Fee $15,000 $0.99

Gross Expenses $91,051 $5.98

Net Operating Income $272,214 $17.88

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FINANCIAL ANALYSIS | INCOME & EXPENSES

TENANT

NAME

PERSONAL

GUARANTEE

UNIT

SIZE (SF)

% OF

GLA

LEASE

START

LEASE

END

ANNUAL

RENT

ESC

DATE

PRICE

PER YEAR

LEASE

TYPE OPTION

EXPENSE

REIMBURSEMENT

Farmer's Insurance Yes 1,690 11.1 3/01/14 6/30/19 $34,680 $20.52 NNN (1) 5-Yr $8,441.66

Asian Premiere Yes 1,300 8.54 8/01/16 9/01/21 $23,400 $18.00 NNN (1) 5-Yr $6,494.76

Adecco Yes 2,231 14.65 7/01/16 6/30/21 $43,844

7/1/2019

7/1/2020

$19.65

$20.24

$20.85

NNN (1) 5-Yr $11,141.47

Stride Rite Yes 2,600 17.08 7/01/10 5/01/21 $46,800 $18.00 NNN (1) 5-Yr $12,989.51

Heaven Sent Boutique Yes 3,055 20.06 9/01/10 5/31/21 $54,990 $18.00 NNN (1) 5-Yr $15,255.83

Elite Fitness Yes 1,750 11.49 10/01/17 9/30/22 $31,500 $18.00 NNN (1) 5-Yr $8,738.26

iHealth Diagnostics Yes 2,600 17.08 9/01/18 8/31/23 $52,000 $20.00 NNN (1) 5-Yr $12,989.51

Totals/Averages 15,226 $287,214 $18.86 $76,051.00 $76,051.00

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FINANCIAL ANALYSIS | RENT ROLL

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FINANCIAL ANALYSIS | SITE PLAN

Section 4 SALE COMPARABLES

SUBJECT PROPERTY

2585 MacArthur Boulevard | Lewisville, TX 75067

$3,812,500Sale Price: 1.89 ACLot Size:

2008Year Built: 15,226 SFBuilding SF:

$250.39Price PSF: 7.14%Cap:

$272,214NOI:

1

VISTA RIDGE PLAZA II

450 East Round Grove Road | Lewisville, TX 75067



$445.24Price PSF: 6.51%CAP:

04/10/2018Closed: 100%Occupancy:

Schlotzsky's, Metro PCS, Palm Beach Tan

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THE SHOPS AT GRAPEVINE MILLS

2805 E Grapevine Mills Circle | Grapevine, TX 76051


26,713 SFBuilding SF: $254.56Price PSF:

6.57%CAP: 10/01/2016Closed:

85%Occupancy:

Daan Sushi, Posh Pedi Spa, Pho Express, Mint Dentistry

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SALE COMPARABLES | SALE COMPS

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MARKET SQUARE AT UNICORN LAKE

2900 Wind River Lane | Denton, TX 76210




12/27/2016Closed: 100%Occupancy:

Beth Marie's Ice Cream, Bistro Bakery, Wind River Dental, Sidewalk Cafe, EnvyBoutique

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PLAZA ONE2ONE

4897 Highway 121 | The Colony, TX 75056




07/29/2016Closed:

Baylor Scott & White Rehab, Dallas Craft Co., Green Oaks Massage, Title365

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SALE COMPARABLES | SALE COMPS

SUBJECT PROPERTY PRICE BLDG SF PRICE/SF CAP


2585 MacArthur Boulevard

Lewisville, TX 75067

$3,812,500 15,226 SF $250.39 7.14%

SALE COMPS PRICE BLDG SF PRICE/SF CAP CLOSE

Vista Ridge Plaza II450 East Round Grove Road


$4,500,000 10,107 SF $445.24 6.51% 04/10/2018

The Shops at Grapevine Mills2805 E Grapevine Mills Circle

Grapevine, TX 76051

$6,800,000 26,713 SF $254.56 6.57% 10/01/2016

Market Square at Unicorn Lake2900 Wind River Lane

Denton, TX 76210

$5,425,000 19,253 SF $281.77 7.5% 12/27/2016

Plaza One2One4897 Highway 121

The Colony, TX 75056

$5,900,000 20,331 SF $290.20 6.88% 07/29/2016

PRICE BLDG SF PRICE/SF CAP CLOSE

Totals/Averages $5,656,250 19,101 SF $296.12 6.86%

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SALE COMPARABLES | SALE COMPS SUMMARY

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2585 MacArthur Boulevard | Lewisville, TX 75067SUBJECT PROPERTY

1 450 East Round Grove Road


VISTA RIDGE PLAZA II2 2805 E Grapevine Mills Circle

Grapevine, TX 76051

THE SHOPS AT GRAPEVINE MILLS3

2900 Wind River Lane

Denton, TX 76210

MARKET SQUARE AT UNICORNLAKE 4 4897 Highway 121


PLAZA ONE2ONE


SALE COMPARABLES | SALE COMPS MAP

Section 5 RENT COMPARABLES

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SUBJECT PROPERTY

2585 MacArthur Boulevard | Lewisville, TX 75067

$18.86 SFLease Rate: 0 SFSpace Size:

2008Year Built: 1.89 ACLot Size:

1

PLAZA ONE2ONE

4987 Highway 121 | The Colony, TX 75056

$22.73 SFLease Rate: NNNLease Type:

SFSpace Size: 2005Year Built:

20,331 SFBldg Size: 2.56 ACLot Size:

100%Occupancy:

Baylor Medical, Title 365, Green Oaks Massage, SOI Brow, Drunken Donkey

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MARKET SQUARE AT UNICORN LAKE

2900 Wind River Lane | Denton, TX 76210




100%Occupancy:

Beth Marie's Old Fashioned Ice Cream, Wind River Dental, Sidewalk Cafe, LaPage Hair

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RENT COMPARABLES | RENT COMPS

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THE SHOPS AT GRAPEVINE MILLS

2805 E Grapevine Mills Circle | Grapevine, TX 76051


4,016 SFSpace Size: 2008Year Built:


85%Occupancy:

Dean Sushi, Posh Pedi Spa, Pho Express, Mint Dentistry

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450 E Round Grove Road | Lewisville, TX 75067




100%Occupancy:

Schlotzsky's, Metro PCS, Palm Beach Tan

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RENT COMPARABLES | RENT COMPS

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SUBJECT PROPERTY PRICE/SF/YR AVAILABLE SF BLDG SF OCCUPANCY %


2585 MacArthur Boulevard


N/A 0 SF 15,226 SF 100.0%

RENT COMPS PRICE/SF/YR AVAILABLE SF BLDG SF OCCUPANCY %

Plaza One2One4987 Highway 121


$22.73 - 20,331 SF 100%

Market Square at Unicorn Lake2900 Wind River Lane

Denton, TX 76210

$22.33 - 19,253 SF 100%

The Shops at Grapevine Mills2805 E Grapevine Mills Circle

Grapevine, TX 76051

$26.00 4,016 SF 26,713 SF 85%

Vista Ridge Plaza II450 E Round Grove Road


$29.00 - 10,107 SF 100%

PRICE/SF/YR AVAILABLE SF BLDG SF OCCUPANCY %

Totals/Averages $25.02 4,016 SF 19,101 SF 96.25%

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2

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RENT COMPARABLES | RENT COMPS SUMMARY

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1 4987 Highway 121The Colony, TX 75056

PLAZA ONE2ONE2

2900 Wind River LaneDenton, TX 76210

MARKET SQUARE AT UNICORNLAKE 3 2805 E Grapevine Mills Circle

Grapevine, TX 76051

THE SHOPS AT GRAPEVINE MILLS4 450 E Round Grove Road



2585 MacArthur Boulevard | Lewisville, TX 75067SUBJECT PROPERTY


RENT COMPARABLES | RENT COMPS MAP

Section 6 DEMOGRAPHICS

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1 MILE 3 MILES 5 MILES

Total population 15,642 90,861 217,326

Median age 28.6 32.6 33.8

Median age (Male) 28.5 32.2 33.6

Median age (Female) 29.1 32.6 33.9

Total households 7,717 35,561 82,031

Total persons per HH 2.0 2.5 2.6

Average HH income $72,339 $98,050 $98,423

Average house value $234,087 $256,814 $248,949

Total Population - White 6,339 54,143 128,540

% White 40.5% 59.6% 59.1%

Total Population - Black 1,300 8,129 18,968

% Black 8.3% 8.9% 8.7%

Total Population - Asian 1,381 10,398 30,614

% Asian 8.8% 11.4% 14.1%

Total Population - Hawaiian 38 262 335

% Hawaiian 0.2% 0.3% 0.2%

Total Population - American Indian 22 152 676

% American Indian 0.1% 0.2% 0.3%

Total Population - Other 312 2,562 6,975

% Other 2.0% 2.8% 3.2%

Total Population - Hispanic 1,637 15,532 35,454

% Hispanic 10.5% 17.1% 16.3%

* Demographic data derived from 2010 US Census


DEMOGRAPHICS | DEMOGRAPHICS REPORT

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POPULATION 1 MILE 3 MILES 5 MILES

Total population 15,642 90,861 217,326

Median age 28.6 32.6 33.8

Median age (Male) 28.5 32.2 33.6

Median age (Female) 29.1 32.6 33.9

HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES

Total households 7,717 35,561 82,031

# of persons per HH 2.0 2.5 2.6

Average HH income $72,339 $98,050 $98,423

Average house value $234,087 $256,814 $248,949

ETHNICITY (%) 1 MILE 3 MILES 5 MILES

Hispanic 10.5% 17.1% 16.3%

RACE (%)

White 40.5% 59.6% 59.1%

Black 8.3% 8.9% 8.7%

Asian 8.8% 11.4% 14.1%

Hawaiian 0.2% 0.3% 0.2%

American Indian 0.1% 0.2% 0.3%

Other 2.0% 2.8% 3.2%

* Demographic data derived from 2010 US Census


DEMOGRAPHICS | DEMOGRAPHICS MAP

INFORMATION ABOUT BROKERAGE SERVICES Texas 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; • 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 subagent can 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.

Information available at www.trec.texas.gov Regulated by the Texas Real Estate Commission IABS 1-0

11-2-2015

Licensed Broker /Broker Firm Name or Primary Assumed Business Name License No. Email Phone

Designated Broker of Firm License No. Email Phone

Licensed Supervisor of Sales Agent/Associate License No. Email Phone

Sales Agent/Associate’s Name License No. Email Phone

Buyer/Tenant/Seller/Landlord Initials Date


DEMOGRAPHICS | ADDITIONAL PHOTOS

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vista ridge shopping plaza · 4 offering summary sale price: $3,812,500 cap rate: 7.14% noi:...

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