Portland Crossing 2030 W U.S
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1 Portland Crossing 2030 W U.S. Hwy 181 Portland, TX 78374 2 SANDS INVESTMENT GROUP EXCLUSIVELY MARKETED BY: BLAKE DAVIS TONY BARRERA Lic. # 632214 Lic. # 676109 512.543.4647 | DIRECT 512.768.0213 | DIRECT [email protected] [email protected] 305 Camp Craft Rd, Suite 550 Westlake Hills, TX 78746 844.4.SIG.NNN www.SIGnnn.com In Cooperation With Sands Investment Group Austin, LLC Lic. #9004706 BoR: Max Freedman - TX Lic. # 644481 SANDS INVESTMENT GROUP 3 TABLE OF CONTENTS 04 06 09 15 17 INVESTMENT OVERVIEW LEASE ABSTRACT PROPERTY OVERVIEW AREA OVERVIEW TENANT OVERVIEW Investment Summary Rent Roll & Financials Property Images City Overview Tenant Profiles Investment Highlights Sold/On Market Comparables Location, Aerial & Retail Maps Demographics © 2021 Sands Investment Group (SIG). The information contained in this ‘Offering Memorandum’, has been obtained from sources believed to be reliable. Sands Investment Group does not doubt its accuracy; however, Sands Investment Group makes no guarantee, representation or warranty about the accuracy contained herein. It is the responsibility of each individual to conduct thorough due diligence on any and all information that is passed on about the property to determine its accuracy and completeness. Any and all proJections, market assumptions and cash flow analysis are used to help determine a potential overview on the property, however there is no guarantee or assurance these proJections, market assumptions and cash flow analysis are subJect to change with property and market conditions. Sands Investment Group encourages all potential interested buyers to seek advice from your tax, financial and legal advisors before making any real estate purchase and transaction. ACTUAL PROPERTY IMAGE SANDS INVESTMENT GROUP 4 INVESTMENT SUMMARY Sands Investment Group is Pleased to Present Exclusively For Sale the 12, 024 SF Portland Crossing Located at 2030 WU.S. Hwy 181 in Portland, Texas. This Deal Includes 8 Different Tenants That Were Able to Maintain Their Position Through COVID, Providing For a Secure Investment. OFFERING SUMMARY PRICE $4,827,292 CAP 6.50% NOI $313,774 PRICE PER SF $401.47 PROPERTY SUMMARY ADDRESS 2030 W U.S. Hwy 181 Portland, TX 78374 COUNTY San Patricio BUILDING AREA 12,024 SF LAND AREA 1.31 AC BUILT 2005 PORTLAND CROSSING 5 HIGHLIGHTS § Strong Historical Occupancy With Little to No § Strong Demographics With a Population of 20,702 Tenant Turnover Since Built Residents Making an Above Average Household Income of $99,941 Within a 5-Mile Radius § Tenants Mix Was Able to Maintain Their Position on the Property Through COVID § Strategically Located as an Outparcel to the Walmart Supercenter and Along Hwy 181 Which Sees Traffic Counts Over 66,308 VPD § Roof Recently Replaced in 2021 § Located 20 Minutes From Corpus Christi, the § Strong Mix of National, Regional and Local Tenants International Airport and the World Famous Texas Which Include: Marble Slab Creamery, Subway, Fred State Aquarium Loya Insurance, Just-a-Cut, An’s Nails & Spa, Electric Tan, Coast Life and GameStop § Nearby Tenants Include: KFC, Chili’s, Academy, Firehouse Subs, Prosperity Bank, Applebee’s, § Minutes From the Portland Community Center, Discount Tire, Hampton Inn, Staybridge Suites, Skatepark, Aquatics Center and the City Hall Candlewood Suites, Home2 Suites, Wells Fargo, HEB, Shell and Many More § Other Nearby Tourist Attractions are Padre Island, Mustang Island and Port Aransas RENT ROLL 6 SQUARE % OF ANNUAL RENT LEASE LEASE LEASE TENANT OPTIONS FOOTAGE TOTAL BASE RENT PER SF BEGIN END TYPE Marble Slab 1 x 5 Year Option at $26.40 PSF 1,597 SF 13.3% $47,988 $30.05 June 2005 Oct. 2022 NNN Creamery (10/2022-10/2027) 1 x 5 Year Option at $26.40 PSF Nail Spa 1,500 SF 12.5% $36,000 $24.00 Nov. 2020 Oct. 2025 NNN (09/2025-09/2030) Green Planets 1 x 5 Year Option at $26.40 PSF 1,740 SF 14.5% $38,760 $22.28 May 2005 Nov. 2025 NNN (Mtz Enterprises LLC) (11/2025-11/2030) 1st Renewal Option at $23.40 PSF (05/2025-05/2028) 2nd Renewal Option at $24.57 PSF Just-a-Cut 1,500 SF 12.5% $35,100 $23.40 March 2005 July 2023 NNN (05/2028-05/2031) 3rd Renewal Option at $24.57 PSF (05/2031-05/2034) Recently Exercised Their Right to Renew: (04/2021-03/2026) Subway 1,403 SF 11.7% $34,030 $24.26 April 2006 March 2026 NNN Currently in Last Year of 5 Year Option: (04/2016-3/2021) Coastal Credit Union 1,284 SF 10.7% $39,156 $30.50 Dec. 2005 Dec. 2021 NNN None Currently in 2nd Option (07/2017-07/2022) Fred Loya Insurance 1,500 SF 12.5% $38,115 $25.41 July 2007 July 2022 NNN 1 x 5 Year Option at $26.62 PSF (07/2022-07/2027) 1 x 2 Year Option at $30.64 GameStop 1,500 SF 12.5% $44,625 $29.75 March 2005 Nov. 2023 NNN (12/2021-11/2023) TOTAL 12,024 SF 100% $313,774 FINANCIALS 7 INCOME ASSUMABLE FINANCING Rental Income $313,774 TERMS Reimbursements $87,320 Sales Price $4,827,292 ESTIMATED GROSS INCOME $401,094 Down Payment $2,325,004 Principal Balance $2,502,288 OPERATING EXPENSES Interest Rate 4.92% Management Fee ($12,033) Amortization 30 Years Taxes ($37,222) Term 10 Years Insurance ($14,537) Maturity Date 01/11/2026 CAM ($23,528) Paid Thru Date 05/11/2016 TOTAL OPERATING EXPENSES ($87,320) SPECIFICATIONS Type Non-Recourse NET OPERATING INCOME $313,744 Loan Assumption Fee 1% COMPARABLES 8 SOLD COMPARABLES PROPERTY ADDRESS SIZE PRICE PRICE/SF CAP DATE SOLD Helotes Crossing 12505 Bandera Road 9,300 SF $3,955,397 $425.31 6.60% 03/04/2021 Wal-Mart Shadow Center Helotes, TX 78023 Shoppes at Sienna 9303 Highway 6 Plantation 11,216 SF $5,050,000 $450.25 6.82% 03/23/2020 Missouri City, TX 77459 Wal-Mart Shadow 3701 West Expressway 83 Stone Oak Center 8,654 SF $3,375,000 $389.99 6.50% 03/20/2019 McAllen, TX 78503 AVERAGES 9,723 SF $4,126,793 $422 6.64% ON MARKET COMPARABLES DAYS ON ON MARKET ADDRESS SIZE PRICE PRICE/SF CAP MARKET *Shops on Garth Road 5623 Garth Road *Assumable Existing Debt 15,500 SF $6,500,000 $419.35 6.86% 846 Baytown, TX 77521 $4.8/30 YR. AM./5.15% IO 18470 Blanco Road Blanco Market 17,294 SF $7,045,000 $406.19 6.50% 48 San Antonio, TX 78258 AVERAGES 16,397 SF $4,827,292 $413.03 6.68% ACTUAL PROPERTY IMAGES 9 10 PORTLAND CROSSING CORPUS CHRISTI MUSTANG ISLAND 11 PORTLAND CROSSING -181 Frontage US CORPUS CHRISTI 12 US - 181 Frontage PORTLAND CROSSING 13 PORTLAND CROSSING US-181 Frontage 13 14 PORTLAND CROSSING CORPUS CHRISTI, TX PORTLAND | SAN PATRICIO COUNTY | TX 15 Portland is a city of over 10 square miles located in San Patricio County just north of Corpus Christi. With a current population of approximately 17,236, Portland is home to a diversified workforce serving Coastal Bend industries and businesses. The city is accessible by two maJor highways, U.S. Highway 181 and Texas Highway 35. Portland is positioned as the gateway into Corpus Christi and other points south. Portland's location on two bays still provides excellent fishing, boating, sailing, swimming, and kite surfing. Portland has experienced an increase in both residential and commercial growth in the past year. The City continues to welcome new hotels, retail stores, and new eateries to the business corridor. There were over fifty single-family residences added in 2019 and the completion of one apartment proJect and two hotels. Construction jobs associated with Cheniere, Gulf Coast Growth Ventures, Steel Dynamics, and other industrial facilities will continue to supplement the local economy at least through 2027. The top ten employers serving the city are Corpus Christi ISD, Naval Air Station Corpus Christi, H.E.B. Stores & Bakery, Corpus Christi Army Depot, City of Corpus Christi, CHRISTUS Spohn Hospital, Driscoll Children's Hospital, Kiewit Offshore Services, Bay Ltd., Corpus Christi Medical Center and Del Mar College. The Port of Corpus Christi continues its efforts to expand economic development in San Patricio County with a plan to deepen La Quinta Channel making the area more usable for deep water industrial development. ExxonMobil and SABIC’s GCGV, Voestalpine Texas, Cheniere Energy Inc. and the Port of Corpus Christi illustrate the pre-eminence of Texas in the oil and gas industry, which has long strengthened the economies and communities of Portland and the entire state. Tourists can unwind in the peaceful atmosphere of Temple Public Library with a good book in hand. Bayside Park allows tourists to spend a quiet day in the arms of nature. Texas State Aquarium, located approximately six miles away from the city, has a great collection of marine species of animals. Portland Church of the Nazarene and San Patricio Memorial Gardens cemetery are known for their quaint architecture and serene ambience. Indian Point Park and Sunset Lake Park is the pier and wade -fisherman's first choice for a premiere fishing experience. Bird watching, nature study, children's play area, as well as food and drinks are available. Portland residents are just minutes away from cultural centers such as the Selena Auditorium, the American Bank Center, the Art Museum of South Texas, and the USS Lexington Museum. AMERICAN BANK CENTER PORT OF CORPUS CHRISTI 3 MILES 5 MILES 10 MILES 16 POPULATION 20,332 20,702 59,273 AVERAGE HH $100,469 $99,941 $77,776 INCOME (48,308 VPD) (66,308 VPD) Baybridge/ Hogan PORTLAND Homes Community CROSSING TENANT PROFILES 17 MARBLE SLAB CREAMERY ATLANTA, GA LOCATIONS: 392 | SUBSIDIARY Marble Slab Creamery, a leading purveyor of chef created super-premium hand-mixed ice cream and the innovator of the frozen slab technique, was founded in 1983.