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Gordmans Department Store (Stage Stores) 200 S Red River Expy SALE Burkburnett, TX 76354 Wichita Falls Submarket TABLE of CONTENTS

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Gordmans Department Store (Stage Stores) 200 S Red River Expy SALE Burkburnett, TX 76354 Wichita Falls Submarket TABLE of CONTENTS Gordmans Department Store (Stage Stores) 200 S Red River Expy SALE Burkburnett, TX 76354 Wichita Falls Submarket TABLE OF CONTENTS I. OFFERING SUMMARY 3 - 4 II. PROPERTY OVERVIEW 5 – 8 III. MARKET OVERVIEW 9 – 12 200 S Red River Expy OFFERING MEMORANDUM Eva Horton Sara Fredericks Albert Spiers Managing Director Director Associate 713.599.5188 469.467.2057 713.626.2288 [email protected] [email protected] [email protected] This Memorandum does not constitute a representation that the business or affairs of the Property or Seller since the date of preparation (DATE) of this Memorandum have remained the same. Analysis and verification of the information contained in this Memorandum are solely the responsibility of the prospective purchaser. Additional information and an opportunity to inspect the Property will be made available upon written request of interested and qualified prospective purchasers. Seller and Agent each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the Property, and/or terminate discussions with any party at any time with or without notice. Seller reserves the right to change the timing and procedures for the Offering process at any time in Seller’s sole discretion. Seller shall have no legal commitment or obligations to any party reviewing this Memorandum, or making an offer to purchase the Property, unless and until such offer is approved by Seller, and a written agreement for the purchase of the Property has been fully executed and delivered by Seller and the Purchaser thereunder. This Memorandum and the contents, except such information which is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting this Memorandum, you agree that you will hold and treat it in the strictest confidence, that you will not forward, photocopy or duplicate it, that you will not disclose this Memorandum or any of the contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make a proposal and from whom you have obtained an agreement of confidentiality) without the prior written authorization of Seller or Agent, and that you will not use this Memorandum or any of the contents in any fashion or manner detrimental to the interest of Seller or Agent. I OFFERING SUMMARY INVESTMENT SUMMARY NKF Capital Markets Team in Texas, as an exclusive agent, is pleased to offer the opportunity to acquire 200 S. Red River Expy, Burkburnett, TX – a 1-story, single-tenant retail property located in Wichita County. Currently utilized as a retail INTEREST OFFERED: 100% Fee Simple property for customer shopping, the property is leased through 2024 to Stage Stores (operating as Gordmans OFFERING PRICE: $480,000 Department Store) and features a total rentable area of 14,970 SF on a large 1.38 AC parcel. OFFER SUBMISSION Owner and Agent will assess the qualification of any party submitting a non- PROCEDURE: binding letter of intent in accordance with Ownership's objectives. In making Strategically located on the Texas, Oklahoma state line, the this assessment, Ownership will consider a number of factors including, but Subject Property benefits from heavily trafficked not limited to, price, timeline, credit-worthiness and perceived ability of the thoroughfares and provides easy access to and from the party to complete the transaction. Wichita Falls area. 200 S. Red River Expy presents investors All submissions must be faxed, emailed or hard copy delivered. Offer should with the unique opportunity to acquire a high-quality asset BID DEADLINE: be submitted in the form of a non-binding letter of intent and should specify with a stable income stream, escalations, and located near the following: Wichita Falls, one of the most active Metropolitan Statistical Area (MSA) in Texas. ▪ Offering Price ▪ Due Diligence Period ▪ Earnest Money Deposit ▪ Closing timeline ▪ Contingencies (if any) ▪ Source(s) of Funding ▪ Previously Completed ▪ Any addition supportive Transactions documentation BROKER CONTACT: Eva Horton Sara Fredericks Albert Spiers Managing Director Director Associate 713.599.5188 469.467.2057 713.626.2288 [email protected] [email protected] [email protected] 3 I OFFERING SUMMARY INVESTMENT HIGHLIGHTS PROPERTY HIGHLIGHTS BUILDING: 14,970 SF Fully Occupied Retail TENANT: Stage Stores (Gordmans) LEASE TERM: April 2019 – April 30, 2024 with 1 (five-year) option NOI: $31,738.32 STABLE IN-PLACE INCOME FROM SINGLE TENANT Single-tenant one story 14,970 SF retail building on a sizable 1.38 AC parcel and is primarily surrounded by established retail businesses. Brand new corporate 5 year lease with 1 five year renewal option upon expiration. Converted from Bealls Department store to Gordmans with new 5-year extension starting April 2019. Gordmans was established in 1915 with over 68 retail stores located in 22 states. Purchased by Stage Stores in 2017. As of 2018, Stage Stores operates approximately 764 stores in 42 states under the BEALLS, GOODY’S, PALAIS ROYAL, PEEBLES, GORDMANS, and STAGE names. Absolute NNN lease. Strong market signs of growth in the off-price channel which is advantageous for Stage’s small- town-focused model. Tenant has invested over $350,000 in renovations for new lease and branding name. Across from Tractor Supply Co., a leading U.S. retailer in its market for home improvement, lawn, maintenance, livestock, and agriculture. Adjacent to multi-tenant shopping center containing Subway and other traffic generating tenants. EXCELLENT & CONVENIENT ACCESS Over 21,000 vehicles pass through the immediate thoroughfares on a daily basis. Excellent visibility with great exposure directly off of Interstate 44. Convenient access to additional, highly-trafficked byways Glendale St, Sheppard Rd., and Berry St. ( S. Oklahoma Cut off). 4 PROPERTY OVERVIEW II PROPERTY LOCATION 5 PROPERTY OVERVIEW II PROPERTY INFORMATION PROPERTY FEATURES BUILDING SIZE: 14,970 SF DEPARTMENT STORE YEAR BUILT: 1973 / Renovated 2019 CONSTRUCTION: CONCRETE BLOCK NO. OF STORIES: 1 STORY LOT SIZE: + 1.38 ACRES OCCUPANCY: 100% OCCUPIED ZONING: COMMERCIAL (RETAIL) FRDE – DEPARTMENT STORES 2018 TAXES: $162,549 (IMPROVEMENT) + $60,270 (LAND) $222,819 BASEMENT: YES ROOF: REPLACED ROOF, ROOF MEMBRANE, GUTTERS & FLASHING IN 2019 GENERAL INFORMATION SPRINKLERS: FIRE SPRINKLER SYSTEM PROPERTY ADDRESS: 200 S RED RIVER EXPY BURKBURNETT, TX 76354 COUNTY: WICHITA COUNTY PARCEL ID: 5L02-002-00 SUBDIVISION: STREICH PROPERTY TYPE: SINGLE-TENANT RETAIL DEPARTMENT STORE 6 PROPERTY OVERVIEW II TENANT OVERVIEW Gordmans was originally founded in Omaha, Nebraska by Sam Richman in 1915 as a small clothing store. Between the 1960s and 1970s the small clothing store expanded throughout the Midwestern states, becoming one of the first retail department stores to incorporate central checkouts and shopping carts. In 1975, the ½ price concept emerged and continued to grow to have 16 stores by 1990. After Richman Gordmans filed for bankruptcy in 1992, the half- price stores became the company’s sole focus. Sun Capital Partners bought the company in 2008 and was taken public in 2010. Just a few years later, in March of 2017, Gordmans filed for bankruptcy. After a liquidation deal was struck with Tiger Capital Group & Great American Group, Stage Stores bought 48 of the stores along with the Gordmans name. Today, Gordmans operates in over 22 states with 68 locations and brands itself as a off-price retail store that offers clothing, footwear, bedding, furniture, jewelry, beauty products, and housewares. SPECIALTY RETAILERS ,INC. RENT SCHEDULE LEASE ABSTRACT (Stage Stores) LEASE YEAR: LEASE DATES: RENT: LEASE TYPE: ABSOLUTE NET DBA: GORDMANS BEALLS LEASE TERM: 5 YEARS COMPANY TYPE: PUBLIC 1 – 16 2003 - 2018 Bealls Lease NOI: $31,738.32 PRODUCTS/ APPAREL, NEW GORDMANS LEASE SERVICES: ACCESSORIES, COSMETICS, 1 - 5 April 2019 – April 2024 $31,738.32 SF OCCUPIED: 14,831 SF FOOTWEAR, AND HOUSEWARES 6 - 11 May 2024 – April 2029 $37,077.50 LEASE START DATE: 5/15/2003 Renewal Option FOUNDED: 1915 LEASE EXPIRATION: 4/30/2024 STORE COUNT: 68 LOCATIONS Note: New roof installed by LL. Tenant investment of over RENEWAL OPTIONS: ONE (1), FIVE (5) $350,000 for new store brand. YEAR OPTIONS AT $37,077.50 PER HEADQUARTERS: HOUSTON, TX YEAR WEBSITE GORDMANS.COM 7 PROPERTY OVERVIEW II PROPERTY PHOTOGRAPHS | EXTERIOR REPRESENTATIVE PHOTO REPRESENTATIVE PHOTO 8 III MARKET OVERVIEW LOCAL TENANT SAMPLE MAP GOLD &SILVER EXCHANGE ANTIQUES III MARKET OVERVIEW AERIAL AND TRAFFIC COUNT MAP #3 #4 #2 Avg. Daily Site Street / Cross Street Volume #1 I-44 / Sheppard Rd 11,985 #2 Glendale St / S Berry St 3,230 #3 E 3rd St / N Berry St 2,260 #5 rd th #4 E 3 St / E 9 St 2,300 #1 #5 S Oklahoma Cut Off / Sheppard Rd 1,920 III MARKET OVERVIEW LOCAL MARKET | BURKBURNETT, TX ABOUT BURKBURNETT, TX POPULATION As of 2018, the City of Burkburnett has a population of 11,003 and is projected to grow to 11,075 by 2023. Within a 5-mile radius of The Property, the population has grown to 11,781 which is a 1.78% increase since 2010. The five-year projection for the population within the 5-mile radius of The Property is expected to grow to 11,856. This fiver year population change represents a growth of 0.64% from 2018 to 2023. Currently, the population is 48.6% male and 51.4% female. TRENDS MEDIAN AGE The median age for Burkburnett is 39.0, compared to U.S. median age of 38.3. (5 Mile Radius) 2018-2023 Annual Rate RACE & ETHNICITY Persons of Hispanic origin represent 10.0% of the population in Burkburnett compared to 18.3% of the U.S. population. The Diversity Index, which measures the probability that two people from the same area will be from different race/ethnic groups, is Population 0.13% 33.6 in the city of Burkburnett, compared to 64.3 for the U.S.
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