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Promenade Tower

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Promenade Tower PROMENADE TOWER OFFERING SUMMARY INVESTMENT PROMENADE OVERVIEW TOWER HFF, L.P. has been exclusively retained by the Owner to offer qualified investors the opportunity to purchase the Promenade Tower (the “Property” or “Promenade”), a 221,404 square-foot mixed-use development consisting of 132,183 square-feet of office and 89,221 square-feet of retail located in Dallas/ Fort Worth’s dynamic Richardson submarket. With an occupancy level of 56.9%, the Property offers significant upside potential through the lease-up of the existing vacancy and the opportunity to increase rents with a repositioning of the asset. The Promenade presents investors with the ability to acquire a large mixed-use development at a steep discount to replacement cost in Dallas/Fort Worth, one of the most vibrant economies in the United States. 2 PROMENADE TOWER MAJOR TENANTS PROPERTY DESCRIPTION Square % of Lease Remaining Lease Tenant Address: 300 North Coit Road Tenant Feet Property Expiration Term Industry Education Futures Management 20,024 9.0% 8/31/2021 47 Education Richardson, TX 75080 Education Futures Management 1,781 0.8% 7/31/2018 10 Education Rentable Area/ Office 132,183 SF 52.6% Occ. Nerve Software 6,380 2.9% 12/31/2020 39 Software Occupancy: Retail 89,221 SF 63.3% Occ. Cirries Technologies 5,725 2.6% 10/31/2019 25 Software Schneider, Miller, and Reynolds PC 5,503 2.5% 6/30/2019 21 Law (as of 1/1/2018) Total 221,404 SF 56.9% Occ. Other 30,156 13.6% - 44 - Year Built: 1977 Office Totals/Averages 69,569 31.4% - 40 months - (Retail Exterior: Renovated 2011) Open Bible Fellowship Church 5,493 2.5% 3/31/2022 54 Non-Profit National American University 4,719 2.1% 12/15/2021 51 Education Stories: 15 The June Shelton School 4,133 1.9% 9/30/2018 12 Education Site: 6.78 Acres Twister Street Tacos 3,965 1.8% 10/31/2021 49 Restaurant Other 38,172 17.2% - 26 - Parking: 607 surface spaces Retail Totals/Averages 56,482 25.5% - 32 months - 385 covered spaces Cumulative Totals/Averages 126,051 56.9% - 36 months - 992 total spaces (4.48/1,000 SF) PROMENADE TOWER PARK CENTRAL Downtown Dallas LBJ Freeway (250,000 VPD) INVESTMENT Northwood Country Club Coit Road (51,7000 VPD) Future Dallas Midtown HIGHLIGHTS Development SUBSTANTIAL DISCOUNT TO Belt Line Road (25,400 VPD) Dal-Rich REPLACEMENT COST Cottonwood Towne Square Park Spring Creek The Promenade offers an acquisition at a basis which will afford an investor Village the ability to invest additional proceeds into the repositioning of the asset and Spring Creek still exit at a residual price well below today’s replacement cost. Elementary School Richardson High School DYNAMIC REPOSITIONING OPPORTUNITY ◊ With a current office occupancy of 52.6% and retail occupancy of 63.3%, the Property offers significant upside potential through the repositioning of the asset’s mixed-use capabilities. The larger retail vacancies provide an attractive footprint (32,120 SF)1 along one of the primary north/south thoroughfares in Far North Dallas (Coit Road) which sees over 51,700 vehicles per day. ◊ The retail base is uniquely positioned to compliment the adjacent office tenancy thereby creating leasing synergies at the Property. PROMENADE ◊ The building’s prominent stature makes it a focal point of the surrounding TOWER area, providing high visibility and great signage opportunities. 2 MILES to Over 51,700 FOCAL POINT I-635 / US-75 Interchange vehicles per day of surrounding area 1) 32,120 SF represents the total amount of vacant retail space less the 619 SF designated from BOMA re-measurement 4 PARK CENTRAL Downtown Dallas PROMENADE TOWER LBJ Freeway (250,000 VPD) Northwood EXCEPTIONAL CONNECTIVITY Country Club Coit Road (51,7000 VPD) Future Dallas Midtown ◊ The Property enjoys accessibility via LBJ Freeway (I-635) and North Development Central Expressway (US-75), while being proximate to President George Bush Turnpike (SH-190) and Dallas North Tollway. ◊ The LBJ Freeway recently underwent approximately $2.0 billion in Belt Line Road (25,400 VPD) Dal-Rich renovations, including widening the freeway and adding additional HOV Cottonwood Towne Square lanes, providing the Promenade even greater accessibility. Park Spring Creek Village Spring Creek SUPERIOR DEMOGRAPHICS Elementary School ◊ Within the surrounding three miles, the area supports over 63,200 Richardson High School households with an average income of $84,800. These families attend schools located within the distinguished Richardson Independent School District (“RISD”) that has received awards such as: - All four RISD high schools named among America’s Best High Schools by Newsweek (2015) - 23 Department of Education National Blue Ribbon campuses - 77% of RISD schools earned at least one academic distinction compared to 51% in Texas (2016) - 11.3% of RISD schools earned all possible academic distinctions under the accountability system, compared to 5.7% in Texas (2016) Over 63,200 households with an average income of #23 America’s BEST Department of Education High Schools $84,800 National Blue Ribbon Campuses Newsweek (2015) 5 PROMENADE TOWER SIGNIFICANT UPSIDE POTENTIAL IN THRIVING RICHARDSON/PLANO SUBMARKET ◊ Since 2015, the Richardson/Plano market has absorbed 2.9 million square feet, or 20% of the total net absorption within DFW. ◊ Office rental rates in the Richardson/Plano market have seen 30% growth since 2012, equating to 6% year-over year-growth. ◊ Richardson has shown a resurgence of activity in recent years with numerous corporations bolstering their presence in the area, including State Farm (8,000 jobs), Real Page (2,100 jobs), GEICO (1,800 jobs), and Raytheon (1,700 jobs). NEIGHBORING SUBMARKET 2015 - Q2 2017 ABSORPTION RichRICHARDSON/PLANOardson/Plano Class B Office Occupa ncy & RENT GROWTH (%) CLASSRe nBta lOFFICE Rate Neighboring Submarket Rent Growth (%) 9.0% OCCUPANCY & RENTAL RATE 8.0% Far North Dallas, 24% 90.0% $22.00 7.0% Richardson/Plano, 20% 6.0% 88.0% Las Colinas, 14% 5.0% $20.00 4.0% Uptown/Turtle Creek, 7% 86.0% 3.0% North Fort Worth, 6% 84.0% 2.0% $18.00 1.0% Mid-Ci es, 6% 82.0% 0.0% Central Expressway, 5% -1.0% 80.0% $16.00 2012 2013 2014 2015 2016 2017 Other, 18% 2012 2013 2014 2015 2016 Q2 2017 Las Colinas LBJ Freeway Far North Dallas Richardson/Plano Occupancy Rental Rate CITYLINE - STATE FARM 6 DOMINANT DALLAS/FORT WORTH MARKET DFW ANNUAL POPULATION GROWTH RATES DFW ANNUAL JOB GROWTH RATES ◊ One of the most diverse economies in the U.S. 4% 4% 3.45% 3.53% 3.22% ◊ 3.7% unemployment rate, well below the national average of 4.3% 3.00% 3% 2.84% 3% 2.62% 2.05% 1.96% 1.89% 2.03% 1.95% 1.72% 1.82% 1.73% ◊ Over 108,200 jobs added in trailing 12 months as of July 2017. DFW 2% 1.67% 1.63% and New York were the only two MSAs nationwide to add more than 2% 2.07% 1.40% 1% 1.88% 1.69% 1.76% 100,000 jobs during this period 1.65% 0.84% 0.86% 1% 1.41% 0.73% 0.75% 0.71% 0.74% 0.73% 0.71% 0.79% 0.81% 0.80% 0.79% 0.78% 0% 1.03% ◊ From 2017 to 2021, the Dallas / Fort Worth MSA is expected to 0.42% 0.36% 0.47% -1% 0% 2012 2013 2014 2015 2016 2017f 2018f 2019f 2020f 2021f rank first in both population and job growth according to Oxford 2012 2013 2014 2015 2016 2017f 2018f 2019f 2020f 2021f Dallas-Fort Worth-Arlington United States - Total Economics Dallas-Fort Worth-Arlington United States - Total Source: Oxford Economics; f = forecast Source: Oxford Economics; f = forecast ◊ DFW was ranked as ULI’s Emerging Trends #2 Top Market to Watch in 2017 7 DECATUR PROSPER DENTON McKINNEY PONDER LITTLE FARMERSVILLE ELM CORINTH ARGYLE FRISCO AY LLW TO Lewisville URN YB RA Lake AM ALLEN THE COLONY S HIGHLAND LUCAS VILLAGE JUSTIN RHOME Lavon Lake LEWISVILLE PLANO WYLIE ENT GEORGE BUSH FLOWER MOUND SID T E UR MURPHY R NP TROPHY P IK E Fort Worth ROANOKE Alliance CLUB Grapevine Airport Lake ROYSE HASLET CARROLLTON Addison SACHSE Airport PROMENADE CITY GRAPEVINE COPPELL ADDISON RICHARDSON TOWER SOUTHLAKE North KELLER Lake FARMERS 30 BRANCH ROCKWALL AZLE Mountain LAS COLINAS Preston GARLAND D D Hollow Lake ROWLETT A Lake A L L Highlands L Dallas/Fort Worth L A A S S N COLLEYVILLE International DALLAS N O O R R T SAGINAW WATAUGA Airport LOVE FIELD T H H University T AIRPORT T O BEDFORD IRVING O Lake Ray Hubbard L NORTH L Park L L W W 30 A A Y 820 RICHLAND Y White Rock Highland HEATH HILLS EULESS Park Lakewood Lake LAKE 820 Fort Worth Meacham HURST Lake Worth WORTH Airport HALTOM CITY Uptown 30 SUNNYVALE NAS Joint Reserve FORT DALLAS CBD Base Fort Worth WORTH 30 WHITE WESTOVER 30 30 MESQUITE CBD FORNEY SETTLEMENT HILLS OAK CLIFF 2323 Victory Avenue, Suite 1200 INVESTMENTARLINGTON GRAND PRAIRIE 820 Dallas, TX 75219 Y. W K Lake Mountain 30 P Telephone: 214-265-0880 AIL TR Arlington Creek Lake 45 820 M BALCH Facsimile: 214-265-9564 L O O H H CONTACTS 20 S S 20 I BELT SPRINGS H DALWORTHINGTON C JUNCTION FOREST HILL GARDENS 20 BENBROOK ANDREW LEVY, Senior Managing Director – [email protected] – 469.232.1961 TODD SAVAGE, Managing Director – [email protected] –DUNCANVILLE 469.232.1930 EDGECLIFF HUTCHINS CHRIS MURPHY, Director – [email protected] – 469.232.1941 HFF has been engaged by the owner of the properties to market it for sale. Information 20 VILLAGE PARKER MCCORMACK, Director – [email protected] – 469.232.1952 concerning the properties described herein has been obtained fromSEAGOVILLE sources other than Joe Pool HFF, and neither Owner nor HFF, nor their respective equity holders, officers, employees and CRANDALL JOSEF CTVRTLIK, Analyst – [email protected] – 469.232.1929 Benbrook Lake DE SOTO agents makes any representations or warranties, express or implied, as to the accuracy or Lake MATTHEW WHEELER, Analyst – [email protected] – 469.232.1973 LANCASTERcompleteness of such information.
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