OFFERING MEMORANDUM
MCALLEN COMMERCE CENTER MCALLEN, TEXAS NON-ENDORSEMENT & DISCLAIMER NOTICE
CONFIDENTIALITY & DISCLAIMER The 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 and should 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, unverified information 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 due diligence 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 future projected 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, the compliance 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 or intentions 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 or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved.
NON-ENDORSEMENT NOTICE Marcus & 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 is not 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, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. Activity ID: ZAA0490003
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
OFFICES THROUGHOUT THE U.S. AND CANADA www.marcusmillichap.com EXCLUSIVELY LISTED BY
GUSTAVO TORRES Associate San Antonio Office Direct: (210) 343-7821 // Fax: (210) 343-7810 [email protected] License: TX 681940
JOSHUA MURPHY Senior Associate San Antonio Office Direct: (210) 343-7847 // Fax: (210) 343-7810 [email protected] License: TX 583585
TABLE OF CONTENTS 02 01 PROPERTY DESCRIPTION // 13 03 EXECUTIVE SUMMARY // 07 FINANCIAL ANALYSIS // 23
04 05 MARKET COMPARABLES // 31 MARKET OVERVIEW // 39 This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap section 1 Executive Summary
offering summary
investment overview
investment highlights OFFERING SUMMARY
PROPERTY NAME
Total Price Total $4,450,000 14 Suites Rentable Square Feet 32,864 SF
Price per Square Foot $135.41
Occupancy 92.59%
Year Built 2006
Lot Size 2.87 Acres
8 EXECUTIVE SUMMARY EXECUTIVE SUMMARY 9 10 EXECUTIVE SUMMARY McAllen Commerce Center 1100 East Jasmine Avenue, McAllen, TX, 78501 Marcus & Millichap has been exclusively retained to market for sale the McAllen Commerce Center in McAllen, Texas. The property presents a value-add opportunity while boasting a tenant mix of highly regarded professional services companies.
McAllen Commerce Center is part of the only Class A business park south of San Antonio known as the 495 Commerce Center. The 110-acre master planned park is home to a multitude of credible businesses and government agencies such as: US Department of Veterans Affairs, US Labor Department, US Drug Enforcement Agency Field Office, and Federal Bureau of Investigation Field Office.
The unique building design creates an attractive and timeless appeal. Load bearing tilt-up concrete, 1-1/2” lime-stone panels, low emissivity glass, metal roof, and an exposed steel structure make up the exterior of the building. An attractive atrium decorated with Chinese palm trees complemented with Turkish travertine floors, indirect lighting and stainless-steel fixtures makeup the interior.
The 2.87 acres the property is located on is loaded with amenities such as covered parking, attractive landscape, and irrigation system. It also allows for ample parking (approximately 180 parking spaces) or 5.45/1,000.
McAllen Commerce Center is an excellent investment opportunity to acquire a unique asset with a long history of attracting and retaining some of South Texas’ most prestigious firms, as well as an opportunity for rent growth backed by the top performing sub market south of San Antonio.
INVESTMENT HIGHLIGHTS 41 Percent Of Tenants Have Operated Longer Than 10 Years In Property
Priced Far Below Replacement Cost ($135 per Square Foot)
50 Percent Of Tenant Base Paying Below Market Rents/ Opportunity For Future Increases
Landlord Favorable Market Fundamentals (Strong Rent Roll, Low Vacancy)
No Immediate Attention To Major Ticket Items (Roof, Elevator, HVAC)
EXECUTIVE SUMMARY 11 This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap section 2 Property Description
local and regional maps
property summary
aerial map
property photos 14 PROPERTY DESCRIPTION INSERT LOCAL MAP HERE
PROPERTY DESCRIPTION 15 PROPERTY SUMMARY // McAllen Commerce Center
Price $4,450,000 Property Address 1100 East Jasmine Avenue, McAllen, TX Assessor’s Parcel Number F6030-11-000-000B-00 Zoning Commercial
SITE DESCRIPTION Number of Floors 2 Year Built/Renovated 2006 Rentable Square Feet 32,864 Ownership Fee Simple Lot Size 2.87 Acres Parking 180 Parking Ratio 5.45/1,000 SF
CONSTRUCTION Foundation Slab Framing Tilt-Up Concrete Exterior Steel Parking Surface Concrete Roof Metal
16 PROPERTY DESCRIPTION PROPERTY DESCRIPTION 17 18 PROPERTY DESCRIPTION PROPERTY DESCRIPTION 19 20 PROPERTY DESCRIPTION PROPERTY DESCRIPTION 21 This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap section 3 Financial Analysis
pricing details
operating data
tenant summary
lease expiration summary
operating statement PRICING DETAILS // McAllen Commerce Center
PRICE $4,450,000
Down Payment $1,335,000
Down Payment % 30%
Number of Suites 14
Price Per SqFt $135.41
Rentable Built Area (RBA) 32,864 SF
Lot Size 2.87 Acres
Year Built/Renovated 2006
Occupancy 92.59%
RETURNS CURRENT PRO FORMA
CAP Rate 7.95% 8.90%
Cash-on-Cash 9.73% 12.89%
Debt Coverage Ratio 1.58 1.77
FINANCING 1st Loan
Loan Amount $3,115,000
Loan Type New
Interest Type 5.25%
Amortizaion 25 Years
Year Due 2024
*Loan information is subject to change. Contact your Marcus and Millichap Capital Corporation representative.
24 FINANCIAL ANALYSIS OPERATING DATA // McAllen Commerce Center
INCOME CURRENT PRO FORMA
Scheduled Base Rental Income $628,500 $720,835
Potential Gross Revenue $628,500 $720,835
General Vacancy 0.0% ($0) 6.0% ($43,250)
Effective Gross Revenue $628,500 $677,585
Less: Operating Expenses 43.7% ($274,601) 41.6% ($281,553)
Net Operating Income $353,899 $396,032
Cash Flow $353,899 $396,032
Debt Service ($223,999) ($223,999)
Net Cash Flow After Debt Service 9.73% $129,900 12.89% $172,033
Principal Reduction $61,938 $65,269
Total Return 14.37% $191,838 17.78% $237,302
OPERATING EXPENSES CURRENT PRO FORMA
CAM $133,713 $136,387
Insurance $12,827 $13,084
Real Estate Taxes $102,921 $104,979
Management Fee $25,140 $27,103
Total Expenses $274,601 $281,553
Expenses/Suite $19,614 $20,111
Expenses/SF $8.38 $8.57
FINANCIAL ANALYSIS 25 TENANT SUMMARY // McAllen Commerce Center
LEASE DATES
TOTAL SQUARE % BLD ANNUAL TOTAL RENT/ PRO FORMA CHANGES RENT LEASE TENANT SUITE COMM. EXP. RENT/ FEET SHARE RENT/SF YEAR RENT/YEAR ON INCREASE TYPE MONTH
C.H Robinson 101 4,435 13.5% 4/1/13 3/31/21 $18.54 $6,852 $82,224 $82,224 Gross
Broaddus & Associates 102 1,634 5.0% 1/1/06 12/31/19 $24.10 $3,282 $39,384 $39,384 Gross
Broaddus & Associates 103 1,109 3.4% 1/1/06 12/31/19 $22.37 $2,067 $24,804 $24,804 Gross Frank P. Key & Associate 104 769 2.3% 5/1/06 4/30/20 $17.99 $1,153 $13,836 $18,456 Gross Architects GSH Engineering 105 1,058 3.2% 1/1/15 12/31/19 $14.18 $1,250 $15,000 $25,392 Gross
Rivas Goldstein, LLP 105-D 194 0.6% 1/0/00 1/0/00 $24.74 $400 $4,800 $4,800 Gross Pearson Professional Center 106 4,813 14.6% 12/1/18 11/30/23 $22.20 $8,904 $106,848 $111,415 Dec-2019 $9,144 Gross Vratsinas Construction Compa- 107 1,276 3.9% 1/1/10 12/31/20 $22.15 $2,355 $28,260 $30,624 Gross ny (VCC) Mask & Guerrero Law Firm 204 2,733 8.3% 9/1/18 8/31/23 $18.78 $4,277 $51,324 $51,324 Gross
Stern Law Group 201 2,568 7.8% 10/1/13 9/30/20 $18.69 $4,000 $48,000 $61,632 Gross
H-Management 201 - A 2,435 7.4% 7/1/19 6/30/21 $24.00 $4,870 $58,440 $58,440 Gross Vacant 201 - B 2,434 7.4% 1/1/07 12/31/24 $0.00 $0 $0 $58,440 Jul-2020 $4,870 Gross Dale & Klein Law Firm 202 4,967 15.1% 1/1/07 2/28/21 $19.20 $7,947 $95,364 $95,364 Gross
IPH 203 2,439 7.4% 1/1/06 6/30/24 $24.00 $4,878 $58,536 $58,536 Gross
Total Expenses 32,864 $20.60 $52,235 $626,820 $720,835 Occupied Tenants: 13 Occupied GLA: 92.60% Unoccupied Tenants: 1 Unoccupied GLA: 7.40%
26 FINANCIAL ANALYSIS LEASE EXPIRATION SUMMARY // McAllen Commerce Center
YEAR TENANT SQUARE FEET % OF RBA 2017 RENT EXPIRATION
0 Rivas Goldstein, LLP 194 0.59% $24.74 1 Broaddus & Associates 1,634 4.97% $24.10 12/31/2019 Broaddus & Associates 1,109 3.37% $22.37 12/31/2019 GSH Engineering 1,058 3.22% $14.18 12/31/2019 Frank P. Key & Associate Architects 769 2.34% $17.99 4/30/2020 2 Stern Law Group 2,568 7.81% $18.69 9/30/2020 Vratsinas Construction Company (VCC) 1,276 3.88% $22.15 12/31/2020 Dale & Klein Law Firm 4,967 15.11% $19.20 2/28/2021 C.H Robinson 4,435 13.50% $18.54 3/31/2021
H-Management 2,435 7.41% $24.00 6/30/2021
5 Mask & Guerrero Law Firm 2,733 8.32% $18.78 8/31/2023 Pearson Professional Center 4,813 14.65% $22.20 11/30/2023
IPH 2,439 7.42% $24.00 6/30/2024
After Year 5 Vacant 2,434 7.41% $0.00 12/31/2024
FINANCIAL ANALYSIS 27 OPERATING STATEMENT // McAllen Commerce Center
INCOME CURRENT PER SF PRO FORMA PER SF
Scheduled Base Rental Income 628,500 19.12 720,835 21.93 Potential Gross Revenue 628,500 19.12 720,835 21.93 General Vacancy 0 0.0% 0.00 (43,250) 6.0% (1.32) Effective Gross Revenue $628,500 $19.12 $677,585 $20.62
OPERATING EXPENSES CURRENT PER SF PRO FORMA PER SF
Repairs & Maintenance 18,075 0.55 18,437 0.56 Landscaping 11,400 0.35 11,628 0.35 Security Systems 4,103 0.12 4,185 0.13 Utilities 73,262 2.23 74,727 2.27 Pest Control 3,000 0.09 3,060 0.09 Janitorial 16,469 0.50 16,798 0.51 Association 7,404 0.23 7,552 0.23 Insurance 12,827 0.39 13,084 0.40 Real Estate Taxes 102,921 3.13 104,979 3.19 Management Fee 25,140 4.0% 0.76 27,103 4.0% 0.82 Total Expenses $274,601 $8.36 $281,553 $8.57 Expenses as % of EGR 43.7% 41.6% Net Operating Income $353,899 $10.77 $396,032 $12.05
28 FINANCIAL ANALYSIS FINANCIAL ANALYSIS 29 This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap section 4 Market Comparables
location map
comparables 1
3
4
2
32 MARKET COMPARABLES MARKET COMPARABLES // McAllen Commerce Center
# OF AVERAGE AVERAGE DISTANCE FROM PROPERTIES UNITS SQUARE FEET RENT SUBJECT (MILES)
MCALLEN COMMERCE CENTER // 1100 East Jasmine Avenue, McAllen, TX, 78501
1 BBVA COMPASS TOWER // 3900 North 10th Street, McAllen, TX, 78501
2 RIO BANK TOWER // 701 East Expressway 83, McAllen, TX, 78501
3 LAUREL PARK PLAZA // 1100 East Laurel Avenue, McAllen, TX, 78501
4 CHASE TOWER // 200 South 10th Street, McAllen, TX 78501
MARKET COMPARABLES 33 AVERAGE OCCUPANCY
Avg. 68.18%
McAllen Commerce BBVA C ompass Tower Rio Bank Tower Laurel Park Plaza Chase Tower Center AVERAGE RENT PER SQUARE FOOT
Avg. $26
McAllen Commerce BBVA C ompass Tower Rio Bank Tower Laurel Park Plaza Chase Tower Center
34 MARKET COMPARABLES MCALLEN COMMERCE CENTER 1100 East Jasmine Avenue, McAllen, TX 78501
Available SF 4,869
Asking Rent/SF $16.97
Year Built 2006
Occupancy 85%
Lease Type Gross
Lot Size 2.87 Acres
Parking Ratio 5.71
1 BBVA COMPASS TOWER 3900 North 10th Street, McAllen, TX 78501
Survey Date 2/6/2019
Rentable SF 188,000
Available SF 26,500
Asking Rent/SF $24.00
Year Built 1997
Occupancy 86%
Lease Type Gross
Lot Size 5.58 Acres
MARKET COMPARABLES 35 2 RIO BANK TOWER 701 East Expressway 83, McAllen, TX 78501
Survey Date 2/6/2019
Rentable SF 115,086
Available SF 70,071
Asking Rent/SF $31.50
Year Built 2019
Occupancy 28%
Lease Type Gross
Lot Size 7
Parking Ratio 3.5/1,000 SF
Comments: Asking rents are 24.50. An estimated $7/ SF are reflected in rents. Building expected to be delivered in March 2019
3 LAUREL PARK PLAZA 1100 East Laurel Avenue, McAllen, TX 78501
Survey Date 2/6/2019
Rentable SF 43,843
Available SF 14,995
Asking Rent/SF $24.00
Year Built 2004
Occupancy 66%
Lease Type Gross
Lot Size 3.95 Acres
Parking Ratio 6.23/1,000 SF
36 MARKET COMPARABLES 4 CHASE TOWER 200 South 10th Street, McAllen, TX 78501
Survey Date 2/6/2019
Rentable SF 206,041
Available SF 17,850
Asking Rent/SF $24.00
Year Built 1980
Occupancy 93
Lot Size 9.09 Acres
Parking Ratio 2.33/1,000 SF
MARKET COMPARABLES 37 This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap section 6 Market Overview
location overview
demographics McAllen-Edinburg-Mission Overview Metro Highlights Logistics Industry McAllen’s location on the Texas-Mexico border has turned the area into a trade hub. As a result, several logistics companies The McAllen-Edinburg-Mission metro is located 250 miles south of San Antonio near are located here. the Texas-Mexico border and encompasses Hidalgo County. The metro’s proximity to Mexico makes trade and logistics important drivers of the local economy. The University Healthcare of Texas, Rio Grande Valley has facilities in Edinburg, McAllen and Weslaco. The Rio The metro has a strong healthcare sector, making up roughly Grande River also Runs through the area, providing recreational opportunities for locals 32 percent of total employment. and visitors. Homeownership The relatively affordable cost of homeownership in McAllen affords nearly 70 percent of all households to own homes.
Economy • The metro has a diverse employment base, including sectors such as healthcare, retail and trade. The healthcare sector is a significant part of the economy as several large hospitals are located in the area, including Rio Grande Regional Hospital, McAllen Medical Center and McAllen Heart Hospital. • GE Aviation and Royal Technologies Corp. have major manufacturing facilities in the metro, supplying hundreds of jobs. • South Texas College is also located within McAllen. It regularly receives grants to provide equipment upgrades and manufacturing training to local residents. Texas A&M University is planning to open a satellite campus in the new master-planned community of Tres Lagos.
Economy
40 MARKET OVERVIEW MARKET OVERVIEW 41 POPULATION 1 Mile 3 Miles 5 Miles POPULATION PROFILE 1 Mile 3 Miles 5 Miles 2023 Projection Population By Age Total Population 7,703 109,410 259,759 2018 Estimate Total Population 7,791 106,894 243,445 2018 Estimate Under 20 32.09% 30.84% 33.02% Total Population 7,791 106,894 243,445 20 to 34 Years 20.86% 21.03% 20.65% 2010 Census 35 to 39 Years 5.83% 6.45% 6.74% Total Population 7,448 98,761 221,490 40 to 49 Years 10.55% 11.66% 12.54% 2000 Census 50 to 64 Years 14.38% 14.84% 14.48% Total Population 7,392 88,734 175,659 Age 65+ 16.28% 15.18% 12.58% Current Daytime Population Median Age 32.65 33.57 32.22 2018 Estimate 19,876 163,236 299,094 Population 25+ by Education Level HOUSEHOLDS 1 Mile 3 Miles 5 Miles 2018 Estimate Population Age 25+ 4,762 66,542 145,845 2023 Projection Elementary (0-8) 15.95% 15.68% 14.70% Total Households 2,462 37,938 82,358 Some High School (9-11) 11.04% 10.70% 11.42% 2018 Estimate High School Graduate (12) 25.12% 23.05% 22.68% Total Households 2,439 36,213 75,837 Some College (13-15) 20.77% 19.81% 19.58% Average (Mean) Household Size 2.99 2.94 3.18 Associate Degree Only 4.11% 4.44% 4.90% 2010 Census Bachelors Degree Only 13.38% 15.32% 16.51% Total Households 2,287 32,651 67,687 Graduate Degree 4.76% 7.00% 6.49% 2000 Census Population by Gender Total Households 2,188 28,111 52,011 2016 Estimate Total Population 8,909 77,267 164,056 Growth 2015-2020 Male Population 46.52% 47.34% 47.59% HOUSEHOLDS BY INCOME 1 Mile 3 Miles 5 Miles Female Population 53.48% 52.66% 52.41% 2018 Estimate $200,000 or More 3.16% 3.22% 3.02% $150,000 - $199,999 3.14% 3.05% 3.18% $100,000 - $149,000 5.08% 7.91% 9.64% $75,000 - $99,999 5.00% 8.21% 9.53% $50,000 - $74,999 16.47% 15.52% 16.68% $35,000 - $49,999 17.28% 14.77% 15.20% $25,000 - $34,999 8.10% 10.76% 11.31% $15,000 - $24,999 15.74% 14.52% 12.93% Under $15,000 19.53% 17.71% 15.45% Average Household Income $52,074 $59,204 $62,407 Median Household Income $35,129 $37,640 $42,183 Per Capita Income $16,816 $20,162 $19,525
42 MARKET OVERVIEW Information About Brokerage Services 11-2-2015 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: . The written agreement must state who will pay the broker and, in conspicuous bold or •A BROKER is responsible for all brokerage activities, including acts performed by sales underlined print, set forth the broker’s obligations as an intermediary. A broker who acts agents sponsored by the broker. as an intermediary: •A SALES AGENT must be sponsored by a broker and works with clients on behalf of the broker. •Must treat all parties to the transaction impartially and fairly; A BROKER’S MINIMUM DUTIES REQUIRED BY LAW (A client is the person or party •May, with the parties’ written consent, appoint a different license holder associated with that the broker represents): the broker to each party (owner and buyer) to communicate with, provide opinions and •Put the interests of the client above all others, including the broker’s own interests; advice to, and carry out the instructions of each party to the transaction. •Inform the client of any material information about the property or transaction received by •Must not, unless specifically authorized in writing to do so by the party, disclose: the broker; othat the owner will accept a price less than the written asking price; •Answer the client’s questions and present any offer to or counter-offer from the client; and othat the buyer/tenant will pay a price greater than the price submitted in a written offer; •Treat all parties to a real estate transaction honestly and fairly. and oany confidential information or any other information that a party specifically instructs A LICENSE HOLDER CAN REPRESENT A PARTY IN A REAL ESTATE TRANSACTION: the broker in writing not to disclose, unless required to do so by law.
AS AGENT FOR OWNER (SELLER/LANDLORD): The broker becomes the property AS SUBAGENT: A license holder acts as a subagent when aiding a buyer in a transaction owner’s agent through an agreement with the owner, usually in a written listing to sell or without an agreement to represent the buyer. A subagent can assist the buyer but does property management agreement. An owner’s agent must perform the broker’s minimum not represent the buyer and must place the interests of the owner first. 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 TO AVOID DISPUTES, ALL AGREEMENTS BETWEEN YOU AND A BROKER SHOULD by the buyer or buyer’s agent. BE IN WRITING AND CLEARLY ESTABLISH: •The broker’s duties and responsibilities to you, and your obligations under the AS AGENT FOR BUYER/TENANT: The broker becomes the buyer/tenant’s agent by representation agreement. agreeing to represent the buyer, usually through a written representation agreement. A •Who will pay the broker for services provided to you, when payment will be made and buyer’s agent must perform the broker’s minimum duties above and must inform the buyer how the payment will be calculated. 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. 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. AS AGENT FOR BOTH - INTERMEDIARY: To act as an intermediary between the parties Please acknowledge receipt of this notice below and retain a copy for your records. the broker must first obtain the written agreement of each party to the transaction. Marcus & Millichap 9002994 [email protected] 972-755-5200 Licensed Broker/Broker Firm Name or Primary Assumed Business Name License No. Email Phone Tim A. Speck 432723 [email protected] 972-755-5200 Designated Broker of Firm License No. Email Phone Craig R. Swanson 538612 [email protected] 512-388-7800 Licensed Supervisor of Sales Agent/Associate License No. Email Phone
Sales Agent/Associate’s Name License No. Email Phone Regulated by the Texas Real Estate Commission Information available at www.trec.texas.gov Buyer/Tenant/Seller/Landlord’s Initials Date IABS 1-0 EXCLUSIVELY LISTED BY
GUSTAVO TORRES Associate San Antonio Office Direct: (210) 343-7821 // Fax: (210) 343-7810 [email protected] License: TX 681940
JOSHUA MURPHY Senior Associate San Antonio Office Direct: (210) 343-7847 // Fax: (210) 343-7810 [email protected] License: TX 583585