Plano, TX 75093 Hobby Lobby | Plano, TX
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™ WEST PLANO, TEXAS CPD (±17 Miles) President Geor ge Bus h Toll Road (±158,000 VPD) International Business Park Coming Soon ) (±165,750 VPD WAY TOLL RTH AS NO DALL PARK BOULE V ARD (±80,000 VPD ) OFFERING MEMORANDUM 6320 W Plano Parkway | Plano, TX 75093 Hobby Lobby | Plano, TX ) VPD 750 Y (±165, LLWA H TO ORT AS N DALL International Business Park * EXCLUSIVELY PATRICK TOOMEY FVP, SENIOR DIRECTOR Y SHOPPING CENTERS A W DIRECT +1.310.919.5765 K MOBILE +1.310.403.4984 R [email protected] A P KYLE MATTHEWS O CHAIRMAN AND CEO DIRECT +1.919.5757 MOBILE +1.310.622.3161 PLAN [email protected] W BROKER OF RECORD Mark Cohen Mathews RetailDIRECT Advisors +1.972.991.9590 [email protected] *Under construction License No. 447509 2 Anticipated opening: August 2016 ™ Offering Memorandum WEST PLANO, TEXAS TABLE OF CONTENTS 4 EXECUTIVE SUMMARY 6 PROPERTY OVERVIEW 10 AREA OVERVIEW INVESTMENT HIGHLIGHTS SITE DESCRIPTION PLANO, TEXAS TENANT SUMMARY REGIONAL MAP DALLAS/FORT WORTH TENANT MAP TOP EMPLOYERS DEMOGRAPHICS DALLAS, TEXAS 18 FINANCIAL OVERVIEW 21 TENANT OVERVIEW LEASE ABSTRACT HOBBY LOBBY OVERVIEW Mathews Retail Advisors 3 Hobby Lobby | West Plano, TX *Representative Photo EXECUTIVE SUMMARY 4 Mathews Retail Advisors Offering Memorandum EXECUTIVE SUMMARY INVESTMENT HIGHLIGHTS List Price $12,000,000 • Net Lease – limited landlord responsibilities Gross Leasable Area 54,370 SF • Brand new construction, and new fifteen (15) year lease with increases every five (5) years CAP Rate - Current 5.50% • Located in a highly successful Home Depot/PetSmart shadow anchored project adjacent to the Dallas North Tollway with more than 165,750 cars per day Year Built 2016 • Directly across the street from the Starwood’s Shops At Willow Bend, a premier 1.2 million SF Lot Size ±4.27 Acres (±185,130 SF) super-regional mall anchored by Neiman Marcus, Macy’s, and Dillard’s, presently undergoing a $100 million redevelopment • Strong retail synergy with surrounding tenants including: Costco, The Home Depot, Walmart, Bed Bath and Beyond, Super Target, PetSmart, Neiman Marcus, Macy’s, Dillard’s, Crate & TENANT SUMMARY Barrel, Michaels and more Tenant Hobby Lobby • Located in Plano, TX, one of Texas’ wealthiest communities, with more than 322,773 people Lease Type NN within 5 miles, with average household income exceeding $101,607, and home to many Roof and Structure Landlord Responsible corporate headquarters, including Toyota Motors USA, Dell Services, Dr. Pepper Snapple Original Lease Term 15 Years Group, Frito-Lay, and JC Penney Commencement Date (est)* Aug - 2016* • Adjacent to the International Business Park, a 300-acre master-planned Ofce Park Lease Expiration Date (est)* July - 2031 anticipated to bring 1.4 million square feet of ofce space and more than 3,000 jobs Increases $0.50 PSF Every Five (5) Years • Plano is part of the Dallas-Ft. Worth Metroplex, the largest MSA in Texas and an economic Options Three (3), Five (5) Year Options powerhouse, with a population of more than 7.1 million and a GDP in excess of $504 billion Rent Schedule • Hobby Lobby is being ofered debt-free, allowing the purchaser to acquire the property all 10/2016-9/2021 $657,877 ($12.10 PSF) cash, or to place new financing at historically low rates 10/2021-9/2026 685,062 ($12.60 PSF) 10/2016-9/2031 $712,247 ($13.10 PSF) * Property is under construction with an estimated opening/rent com- mencement date of August 2016. Executive Summary 5 Hobby Lobby | West Plano, TX *Representative Photo PROPERTY OVERVIEW 6 Mathews Retail Advisors Offering Memorandum SITE DESCRIPTION 5 2 > > 2 E @ A Property Name Hobby Lobby D F : F A > >I 2K Address 6320 W Plano Pkwy Location Plano, TX 75093 APN 207-3741 Zoning RC, Regional Commercial District Number of Stores One Year Built 2016 K 2 I Gross Leasable Area (GLA) ±54,370 SF = D 2 B Lot Size ±4.27 Acres (185,130) SF A @ 2 Type of Ownership Fee Simple > B Parking Shared Via REA I Landscaping Professional Topography Flat &Generally Level Property Overview 7 Hobby Lobby | West Plano, TX REGIONAL MAP SITE INFORMATION The subject property is located at the southeast corner of West Plano Parkway and West Park Boulevard in one of the nation’s most afuent and fastest-growing suburban markets. It is situated just north of the Dallas North Tollway and President George Bush Turnpike, where more than 86 million vehicles travel annually. The robust demographics of the region has attributed to the growth of the area, as there is a population of 346,785 with an average household income of $101,607 within a 5 mile radius. 8 Mathews Retail Advisors LOCAL MAP Offering Memorandum TENANT MAP THE “$5 BILLION MILE” FRISCO SAM RAYBURN TOLLWAY D AL LAS NO RTH 125 Stores TO LLW Total Retail Floor Area AY ( ±165,750 1,391,000 SF V PD) VARD 80,000 VPD PARK BOU LE W PLA FUTURE N INTERNATIONAL BUSINESS PARK O P A R K W A Y Property Overview 9 Hobby Lobby | West Plano, TX PLANO, TX The City of Plano, located in Collin County, has a population of over 271,000, making it the ninth most populous city in the state of Texas, and the 70th most populous city in the United States. Plano is located within the Dallas–Fort Worth Metroplex, and its fourth largest city. Plano is home to many corporate headquarters including Alliance Data, Cinemark Theatres, Dell Services, Dr. Pepper Snapple Group, Ericsson, Frito- Lay, HP Enterprise Services, Huawei, J. C. Penney, Pizza Hut, Rent-A-Center, Traxxas, Siemens PLM Software, and Toyota Motors USA. In 2005, 2006, and 2011, Plano was designated the best place to live in the Western United States by CNN Money magazine. It was also selected as the safest city in America in 2010 and 2011 by Forbes. Plano schools consistently score among the highest in the nation. Plano was rated the 10th Best Suburb for Education in the Nation in 2014 due to having one of the lowest student- teacher ratios (14 to 1), a high school graduation rate of 94 percent and some of the highest test scores in the nation. The United States Census Bureau declared Plano the wealthiest city of 2008 by comparing the median household income for all U.S. cities whose populations were greater than 250,000. Toyota announced in 2014 that its U.S. headquarters will move to Plano, Texas, bringing as many as 5,000 employees to their $300 million facility. The 100- acre campus is scheduled to be completed in the first quarter of 2017 FORTUNE 1000 HEADQUARTERS # COMPANY 1 Toyota Motors USA 2 J.C. Penny 3 Dr. Pepper Snapple Group 4 Alliance Data Systems 5 Rent-A-Center 6 Cinemark Holdings AREA OVERVIEW 7 Denbury Resources 10 Mathews Retail Advisors Offering Memorandum PLANO TOP EMPLOYERS WHY PLANO, TEXAS? • No personal or corporate income tax in Texas # EMPLOYERS EMPLOYEES • City of Plano has a “AAA” bond rating 1 Capital One Finance 5,500 • More than 3.6 million reside in the DFW MSA 2 Bank of America Home Loans 3,400 • More than 180,000 students are enrolled in four-year universities, resulting 3 Hewlett Packard Enterprise 3,250 in a strong pipeline of college graduates from 25 universities in the region 4 Ericsson 3,020 • North Texas grows by one person every 5 minutes, or 2,016 every week 5 Frito Lay 2,500 • WalletHub named Plano the 2nd Best City for Families (2015) 6 Dell Services 2,250 • 55% of Plano’s adults have a bachelor’s degree or higher (nearly twice the 7 JC Penney 2,420 U.S. average) • Texas is a right-to-work state • Plano was named the 4th hottest zip code for real estate in America by DEMOGRAPHICS Yahoo.com (2015) • Plano was named one of the Top 100 Places to Live for 2016 according to POPULATION 1 Mile 3 Miles 5 Miles Livability.com 2021 Projection 7,761 143,629 346,785 • Forbes magazine ranked Plano America’s Safest City for the second year 2016 Estimate 7,328 133,777 322,773 in a row (2015) 2010 Census 6,875 121,455 292,083 • Located roughly 30 miles northeast of DFW International Airport, the third Growth 2016 - 2021 5.91% 7.36% 7.44% busiest airport in the world Growth 2010 - 2016 6.58% 10.15% 10.51% HOUSEHOLDS 1 Mile 3 Miles 5 Miles 2021 Projection 4,076 68,695 155,959 2016 Estimate 3,819 63,630 144,357 2010 Census 3,533 57,074 129,043 2000 Census 2,858 49,802 110,175 Growth 2016 - 2021 6.72% 7.96% 8.04% Growth 2010 - 2016 8.09% 11.49% 11.87% INCOME 1 Mile 3 Miles 5 Miles 2016 Est. Average $97,212 $99,916 $101,607 Household Income Area Overview 11 Hobby Lobby | West Plano, TX President Geor ge B ush Toll R oad (±158,000 VPD) ) AY (±165,750 VPD RTH TOLLW DALLAS NO ) VPD International Business Park 58 Businesses - Over 3,000 employees Coming Soon 80,000 (± D R A V BOULE ARK P INTERNATIONAL BUSINESS PARK International Business Park (IBP) is a 300 acre ofce park that will encompass five million square feet of ofce space when fully built out. With both ofce and build-to-suit developments, IBP which will be situated directly next to the Subject Property, and will create more than 3,000 jobs. LOCATION AMENITIES International Business Park is situated at the IBP includes a health club, dining facilities, central 1.2 MILLION SF epicenter of Dallas’ coveted Platinum Corridor on gardens, gas grills, picnic tables, sports courts, OF OFFICE SPACE CURRENTLY DEVELOPED acreage adjacent to George Bush Turnpike and food service and available external laptop power the North Dallas Tollway.