Bbva Compass Bank - Fort Worth, Tx
Total Page:16
File Type:pdf, Size:1020Kb
BBVA COMPASS BANK - FORT WORTH, TX 4501 CAMP BOWIE BOULEVARD, FORT WORTH, TEXAS 76107 Joseph P. Blatner | [email protected] (503) 200-2029 John Glass | [email protected] (415) 963-3000 Investment Overview To Sum Things Up. Address: 4501 Camp Bowie Boulevard, Fort Worth, Texas 76107 STRONG LONG TERM LEASE 20 Year Absolute NNN Lease with 10% Rental Increases Every 5 Years Purchase Price: . $3,300,000 CORPORATE GUARANTOR Backed by BBVA Compass Corporate with an S&P Rating of BBB- Cap Rate: . 5.00% The Location is Currently Being Used as a Training Facility; However, Plans Have Been Drawn to Convert it to a Bank Branch in the Future Net Operating Income: . $165,000 GREAT VISIBILITY AND LOCATION Lease Term: . 20 Years With Direct Frontage of Camp Bowie Boulevard, a Beautiful Red Brick Road Running Through the Heart of West Fort Worth, the Site also Benefits from its Years Remaining on Lease: . 15 Years Close Proximity to Interstate 30 with Traffic Counts at Approximately 141,000 Vehicles per Day, High End Neighborhoods, Downtown and Fort Worth’s Renowned Cultural District Lease Type: . Absolute NNN GROWING CITY Increases: . 10% Every 5 Years and in Option Periods The Population in Fort Worth is Expected to Increase by Approximately 67% by 2030 Options: . Three, 5 Year Options to Extend BARRIERS TO ENTRY Guarantor: . Corporate Highly Desirable Retail Corridor with Restricted Zoning. Barriers to Entry Limit Commercial Growth, Allowing Only the Option of Renovations on Established Construction Rentable Square Feet: . 4,712 SF Rent Per Square Foot: . $35.02 ABSOLUTE NNN COMPASS BANK LOCATED IN THE HEART OF FORT WORTH, TX Approximate Land Area: . .41 Acres Year Built: . 1983 The subject property is a single tenant BBVA Compass Bank location consisting of 4,712 square feet with frontage of Camp Bowie Boulevard, the main retail corridor running through Fort Worth, and close proximity to Interstate 30 with daily traffic counts averaging at 141,000 vehicles. The lease is absolute NNN with 10% rental increases in rent every 5 years and a corporate guarantee by BBVA Compass Bank (Standard and Poors Rating of BBB-). The lease commenced in 2007 and the site is currently used as a training facility; however, they have had plans drafted to convert the site into a bank branch in the future. BBVA Compass Bank - Fort Worth, TX | 2 Aerial Map Museum Place Development University of North Texas 4 Miles Health Science Center Located just 4 miles from downtown Fort Worth via Interstate 30 running East and West directly between the Fort Worth and Dallas markets Camp Bowie Boulevard Fort Worth Cultural District River Crest Country Club Amon Carter Museum Fort Worth Community Modern Art Museum University Drive Arts Center of Fort Worth Fort Worth Museum of Science and History Kimbell Art Museum National Cowgirl Will Rogers Museum and Memorial Center Hall of Fame Camp Bowie Boulevard Casa Manana Farrington Field Walgreens N Fort Worth W E Botanic Gardens S 141,000 VPD Interstate 30 BBVA Compass Bank - Fort Worth, TX | 3 Cultural District Map 1 ii 10 vii vi 7 8 v i 6 iii iv 1 Amon Carter Museum 7 Kimbell Art Museum viii 3501 Camp Bowie Blvd. 3333 Camp Bowie Blvd. a 2 Botanic Garden/Japanese Garden 8 Modern Art Museum of Fort Worth b 5 3220 Botanic Garden Blvd. 3200 Darnell St. 3 Casa Manana 9 National Cowgirl Museum and 12 c d 3101 W. Lancaster Ave. Hall of Fame 1720 Gendy St. ix 4 Farrington Field University Drive at W. Lancaster Ave. 10 Scott Theater xi 9 Fort Worth Museum of 1300 Gendy St. e 5 3 Science and History 11 Trinity Park/Trails 1501 Montgomery St. Will Rogers Memorial Center f 6 Fort Worth Community Arts Center 12 j 4 1300 Gendy St. 3401 W. Lancaster Ave. g a Pioneer Tower Outdoor Sculptures b Will Rogers Auditorium i h i “Vortex,” Richard Serra c Amon G. Carter Jr. Exhibits Hall ii “Two-Piece Reclining Figure,” Henry Moore d Will Rogers Coliseum Trinity Trails Offers More x Than 30 Miles of Hike And iii “Woman Addressing The Public,” Joan Miro e Burnett Building Bike Trails Along the Scenic iv “Constellation,” Isamu Noguchi f John Justin Arena Trinity River Greenbelt v “Figures in a Shelter,” Henry Moore g Richardson-Bass Building vi “Running Flower,” Fernand Leger h W.R. Watt Arena vii “Upright Motives,” Henry Moore i Moncrief Building viii “Riding Into The Sunset,” Electra Biggs j Livestock Barns / Flea Market 2 ix “Midnight,” Jack Bryant x “John Justin and Baby Blue,” Jack Bryant xi “High Desert Princess,” Mehl Lawson 11 Courtesy of www.fortworth.com BBVA Compass Bank - Fort Worth, TX | 4 Household Income Map Average Household Income Theme Low High High Levels of Income Low less than $29,500 Below Average $29,500 $48,500 The Property Benefits from High Levels Average $48,500 $80,000 of Household Income in the Area Above Average $80,000 $132,500 Directly Surrounding the Site High $132,500 or more Based on Average Income of all the People 15 Years and Older Occupying a Single Household Unit Fort Worth *This Information has been Secured from Sources we Believe to be Reliable BBVA Compass Bank - Fort Worth, TX | 5 Neighborhood Map CRESTWOOD AFFLUENT NEIGHBORHOODS RIVER OAKS Subject Property is Surrounded by Some of Fort Worths Most Wealthy Neighborhoods MONTECELLO Average Annual Household Income: RIVER CREST Over $132,500 Average Annual Household Income: CAMP BOWIE BOULEVARD ARLINGTON HEIGHTS Over $80,000 *This Information has been Secured from Sources we Believe to be Reliable BBVA Compass Bank - Fort Worth, TX | 6 Access to Downtown DOWNTOWN FORT WORTH W 7th St Camp Bowie Blvd Bowie Camp BBVA Compass Bank - Fort Worth, TX | 7 Rent Roll TENANT INFO LEASE TERMS CURRENT RENT RENT INCREASES OPTIONS OTHER Tenant Name Size Commencement Expiration Annual Base Rent/SF/YR Date Annually Lease Type Date Date Rent BBVA Compass 4,712 5/1/2007 4/30/2027 $165,000 $35.02 5/1/2017 $181,000 4 (5) Year Absolute Bank 5/1/2022 $199,650 Options NNN 5/1/2027 $219,615 5/1/2032 $241,577 5/1/2037 $265,734 5/1/2042 $292,308 Totals: 4,712 $165,000 $35.02 BBVA Compass Bank - Fort Worth, TX | 8 Area Overview 67% Expected Population Increase in Fort Worth by 2030 Population FORT WORTH, TEXAS As the 16th largest city in the United States and part of the No. 1 tourist destination in Texas, Fort Worth 1 mile 3 miles 5 miles welcomes nearly 5.5 million visitors each year. Located in North Texas and the western edge of the American South, the city is a cultural gateway into the American West and covers nearly 300 square miles 2000 11,465 82,746 242,660 in Tarrant, Parker, Denton, and Wise counties, serving as the seat for Tarrant County. According to the 2011 10,764 82,450 249,430 2010 census estimates, the city of Fort Worth had a population of 727,575. It has been estimated that by 2030 it will have 1,211,665 residents. 2016 11,779 89,939 273,179 ARLINGTON HEIGHTS Household Incomes 2011 Arlington Heights is a neighborhood that is generally bound by Camp Bowie Boulevard to the north & west, Interstate 30 to the south, and Montgomery to the east. Most of the homes in Arlington Heights were built in the 1920s and are of either a Bungalow or Tudor architectural style. Arlington Heights is a 1 mile 3 miles 5 miles well maintained neighborhood with many families, young professionals, and retirees. Property values in Average $53,751 $43,044 $37,943 the Arlington Heights have risen in recent years due to its proximity to the Cultural District, Downtown, Camp Bowie Boulevard, and its location on Fort Worth’s Westside, which makes it adjacent to many of the Median $86,135 $71,507 $57,535 city’s most elite neighborhoods. Major Employers GROWTH: The Dallas-Fort Worth-Arlington MSA is the largest population center in Texas. Fort Worth is the fifth-largest city in Texas but unlike many other large cities, Fort Worth still has plenty of room for growth. In fact, the city is the ninth fastest growing city in the Nation (of 100,000 or more). In 2009, Business Employer Employees Week ranked Dallas-Forth Worth number five among the “Strongest Metro Economies in America”. Forbes Fort Worth School District 7,000 selected Fort Worth-Arlington MD as the nation’s “4th Best City for Job Growth” in their 2011 statistic. Tarrant County Hospital 6,613 INDUSTRY AND EMPLOYMENT: As one of the most diverse high-tech manufacturing locations in Texas, Combat Support Associates 5,000 Fort Worth is home to a variety of high tech corporations including Lockheed Martin, Bell Helicopter and Motorola. The Dallas-Fort Worth region is home to 20 Fortune 500 companies in diverse economic Jacobs Engineering Group 2,500 sectors including retail, food, healthcare services, energy and telecommunications. They include Exxon Mobil, Texas Instruments, AT&T, Kimberly-Clark, American Airlines and JCPenney. The area also has one Radioshack Corporation 2,300 of the highest concentrations of privately held companies, with at least $1 billion in annual revenues AC First, LLC 2,300 headquartered in the area. Dallas/Fort Worth is one of the nation’s largest employment markets, containing nearly 4.5 million workers, General Services Administration, Inc. 2,000 those numbers are expected to exceed 7 million in the next 15 years. Local employers are forecast to add Harris Methodist 1,537 nearly 527,000 jobs through the end of 2016.