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Midland Plaza MIDLAND, TEXAS Midland Plaza MIDLAND, TEXAS WELL LOCATED 97% LEASED RETAIL CENTER WITH BELOW MARKET RENTS Midland Plaza MIDLAND, TEXAS Midland Plaza OPPORTUNITY TO ACQUIRE A 97% LEASED NEIGHBORHOOD RETAIL CENTER MIDLAND, TEXAS IN THE POWER RETAIL CORRIDOR OF MIDLAND, TEXAS. Holliday Fenoglio Fowler, L.P. (“HFF”), as exclusive advisor, is pleased to present the opportunity to acquire a fee simple interest Midland Plaza Shopping Center (“The Property”), a 97% leased neighborhood retail center in Midland Texas, shadow anchored by TJ Maxx & Home Goods, Michael’s, and Bed Bath & Beyond. The Property contains a mix of national and regional tenants, including Pier I Imports, Aaron’s, H&R Block, and The UPS Store, with 70% of the existing tenancy expiring within the first three years of operation at below market rents. The Property offers an outstanding opportunity to increase NOI through the renewal of existing tenants with long term commitment to the Property, displayed by the Property’s five- year historical occupancy in excess of 97%. Situated at 3001 W Loop 250 North, Midland Plaza Shopping Center is a 70,298 square foot neighborhood retail center on a ±7.05 acre site. Built in 1985, the Property is in a highly visible location with immediate frontage on Loop 250 North (56,972 vehicles per day) and outstanding accessibility to every neighborhood and employment center is the city. The immediately surrounding area in Northwest Midland is home to a variety of long term demand drivers, including big box national retailers, dense apartment communities, lifestyle amenities, major school campuses, and affluent, high-growth residential neighborhoods. This offering represents the rare opportunity to acquire a value add neighborhood retail property with stabilized cash flow and NOI growth in the power retail corridor of the business epicenter of West Texas. PROPERTY SUMMARY Address: Midland Plaza 3001 W Loop 250 N Midland, TX 79705 Year Built: 1985 Property Size: 70,298 Square Feet Land Area: ±7.05 Acres Occupancy: 97% Parking Area: 309 Spaces (4.4/1,000) Traffic Counts: 56,972 Vehicles Per Day MAJOR TENANTS Name SF % of Property Hillard Energy 17,512 24.9% Pier I Imports 11,575 16.4% Aaron’s 10,451 14.8% Coconut Beach 5,280 7.5% Catherine’s Stores 3,825 5.4% Midland Plaza MIDLAND, TEXAS ACQUISITION OPPORTUNITY OF A WELL LOCATED 97% LEASED POWER CENTER WITH BELOW MARKET RENTS IN MIDLAND, TEXAS. | 97% Leased Retail Center Located in the Dominant Trade Area of Midland, Texas | Shadow Anchored by TJ Maxx & Home Goods, Bed Bath & Beyond and Michaels | Superior Location and Accessibility | Big Box National Retailers Wal-Mart, Lowe’s, Kohl’s, Academy, Best Buy in Immediate Area | Adjacent to Midland Park Mall, Midland’s Largest Mall with Anchors including JC Penney, Ross Dress for Less, Dillard’s, Old Navy and Beals | Significant Capital Investment | Since Acquisition, the Ownership Has Invested Well Over $1 Million in Capital Improvements to the Property on Upgrades including Roof, HVAC, Parking Lot, and Façade, With Over $550,000 Invested Since 2016 | Accessibility | Prominent Frontage and Visibility on Texas 250 Loop (56,972 Vehicles Per Day) | Convenient Access to Midland’s Largest Employers | Strong Historical and Submarket Occupancy | 10-year Average Occupancy of 99% | Submarket Occupancy Rate of 97.8% | Stabilized Asset with Upside | 70% of Tenancy Expiring at Below Market Rents Within the First Three Years of Operation | Ideal Situation to Grow NOI | Excellent Demographics | Since 2000, the Surrounding Area Experienced Growth in Excess of 32% Within a Five-Mile Radius | Average Household Incomes within a Three-Mile Radius are Over $116,000 | Thriving Business Epicenter of West Texas with 5.3% Growth Per Year in Last 5 Years | Outperforming the Nation in Income Per Capita and Unemployment Rate with $95,970 Income Per Capita and 3.0% Unemployment Rate Midland Plaza 250 MIDLAND, TEXAS N Big Spring St Ward St N Gareld St W Wadley Ave Midland Dr 158 Midland Airport N Midki Rd N A St E Country Rd 90 W Golf Course Rd S Country Rd 1 S Fairgrounds Rd Midland 130 S Gareld St MIDLAND191 PLAZA W Illinois Ave W Wall St Thomason Dr 158 250 E Country Rd 120 Ridge Rd S Country Rd 1210 Loop 250 249 Midland International Air & Space Port N Midkiff Rd Goddard Jr High School Midland MIDLAND MALL Plaza Midland College MIDLAND, TEXAS 7,400+ Students 224 Acres W Wadley Ave Robert E Lee High School Midland Plaza MIDLAND, TEXAS N MARKET STREET Colonade at Polo Palace Furniture The Commons Row North Park MIDPARK VILLAGE Midland Plaza Loop 250 MIDLAND, TEXAS N Midkiff Rd COURTYARD AT MIDLAND PARK Midland College 7,400+ Students Goddard Jr 224 Acres High School MIDLAND MALL Midland Plaza MIDLAND, TEXAS SITE PLAN 2016 Market Rent Tenant SF Market Rent Expiration $10 PSF Hillard Energy Ltd. 11,836 $10.00 Nov-16 Pier I Imports 11,575 $10.00 Jun-19 $12 PSF 250 Aaron Rents, Inc. 10,451 $10.00 Sep-20 $15 PSF Coconut Beach Tanning 5,280 $12.00 Dec-18 Catherines Stores 3,825 $12.00 Jan-21 Hillard Energy Ltd. 3,778 $15.00 Nov-16 TA G E R O A D The Pottery 3,628 $15.00 Apr-19 2 5 0 F R O N LOOP Applied Leverages, LLC 2,560 $15.00 Feb-19 The UPS Store 2,500 $15.00 Mar-17 Midland Nail Salon & Spa 2,211 $15.00 Mar-21 Paradise of Home Décor 2,050 $15.00 Feb-18 Hillard Energy Ltd. 1,898 $15.00 Nov-16 Vacant Suite 1,824 $15.00 Tenant Pending* 1,711 $15.00 N/A H&R Block 1,411 $15.00 Apr-20 Estilo's Hair Studio 1,411 $15.00 Jun-18 Hilliard METX LLC 1,181 $15.00 Dec-17 Knorr Fitness 1,168 $15.00 Mar-19 Hilliard Total Leased 68,474 Pending Tenant Total Vacant 2,050 Paradise Total Square Feet 70,524 The *Tenant in negotiations to commence Aug-16 Pottery H&R Block Estilo’s Hair r esidential Pier 1 Hilliard Runthisway r h Ea S ailable Miracle UP Av Beac Hilliard Curves Coconut ae Kwon Do Midland Nail Jenny Diamonds T Craig Midland Plaza MIDLAND, TEXAS TENANT PROFILES PIER 1 IMPORTS Tenant Size 11,575 SF (16.47% of GLA) Lease Expiration June 2019 Public/Private Public Website www.pier1.com Pier 1 Imports, Inc. (PIR) operates as an importer and specialty retailer of imported decorative home furnishings and gifts. The company operates 1,065 stores that include 985 stores in the United States and 80 stores in Canada under the Pier 1 Imports name. Pier 1 has two stores in Baton Rouge with its most recent addition at Acadian Village its other location is near the Mall of Louisiana. Pier 1 Imports, Inc. was founded in 1970 and is headquartered in Fort Worth, Texas. HILLIARD ENERGY Tenant Size 17,512 SF (24.91% of GLA) Lease Expiration November 2016 Public/Private Private Website www.hilliardenergy.com The Hilliard Companies is an established developer of utility grade energy projects. Hilliard offers the ability to advance transmission and renewable projects from concept to reality. Since its founding, Hilliard has grown from its oil and gas roots to a multi-faceted service company that has offered land management and land acquisition services to generating utilities and energy developers and has become a developer of renewable energy projects and large scale transmission lines.Hilliard has acquired over 2,500,000 acres of land in a quickly expanding energy market in the USA and has pursued various projects involving over 5,000,000 acres of land. Hilliard is uniquely qualified and respected for its experience and efficiency in developing wind energy projects, developing transmission lines, negotiating complex land and legal agreements, exacting precision in land titles, right-of-way acquisitions, leasing, and project due diligence. AARON’S Tenant Size 10,451 SF (14.90% of GLA) Lease Expiration September 2020 Public/Private Public Website www.aarons.com Aaron’s, Inc. (NYSE: AAN) is a national leader in the sales and lease ownership and specialty retailing of residential and office furniture, consumer electronics, home appliances and accessories. The company has more than 1,800 Company-operated and franchised stores in 48 states and Canada. Founded in 1955 by entrepreneur R. Charles Loudermilk Sr. and headquartered in Atlanta, Aaron’s has been publicly traded since 1982. They are an industry leader in serving the moderate-income customer, offering affordable payment plans, quality merchandise and superior service. Aaron’s carries brands, such as JVC, Mitsubishi, Philips, Panasonic, Sony, Dell, Hewlett-Packard, Simmons, Frigidaire, and Sharp. They operate in four segments: Sales and Lease Ownership, Franchise, HomeSmart, and Manufacturing. Aaron’s has been responsible for many of the industry’s most successful and innovative marketing, operational and manufacturing programs. Midland Plaza MIDLAND, TEXAS TENANT PROFILES CONTINUED THE UPS STORE Tenant Size 2,500 SF (3.55% of GLA) Lease Expiration March 2017 Public/Private Public Website www.ups.com Headquartered in Atlanta, GA, United Parcel Service (S&P A+) is a package delivery company, which provides transportation, logistics, and financial services in the United States and internationally. It operates in three segments: U.S. Domestic Package, International Package, and Supply Chain & Freight. It operates a fleet of approximately 103,000 package cars, vans, tractors, and motorcycles, and it owns 33,000 containers used to transport cargo in its aircraft and does business in approximately 220 countries and territories. Additionally, UPS has 4,800 independently owned and operated locations worldwide. The UPS Store locations offer consumers and small businesses a wide range of products and services in one convenient location, including professional printing and document services, packaging and shipping, luggage logistics, mailbox services, and more.
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