OFFERING SUMMARY
DALLAS FLEX PORTFOLIO 491,877 SF | 7 GEOGRAPHIC AREAS | 5 D/FW SUBMARKETS | 80.7% LEASED OFFERING SUMMARY
Stream Realty Partners is pleased to offer for sale on an exclusive basis the Dallas Flex Portfolio. The Portfolio consists of 7 industrial flex, flex R & D, office flex and industrial projects located across the northern sector of the Dallas / Fort Worth Metro Area. The portfolio contains approximately 491,877 of leasable square footage situated on approximately 30.5 acres of land. The current occupancy for the portfolio is 80.7% and offers a future investor upside potential via lease-up, remeasurement of the portfolio as existing leases roll over, improving below market rental rates and potentially selling buildings to user investors in the future.
The seller is encouraging qualified buyers present offers on the entire portfolio; however, will also consider partial portfolio transactions.
PORTFOLIO SUMMARY CURRENT REMEASURED PRODUCT CLEAR PORTFOLIO / ADDRESS SUBMARKET YEAR BUILT LAND SIZE OCCUPANCY2 SIZE (SF) SIZE (SF)1 TYPE HEIGHT COUNTERPOINT AT LAS COLINAS - IRVING, TX 8101 Ridgepoint Drive DFW Freeport / Coppell 19,930 20,357 Office/Flex 14’ 1984 66.0% 4.80 Acres 8113 Ridgepoint Drive DFW Freeport / Coppell 43,770 45,890 Office/Flex 14’ 1984 72.9% SUBTOTAL 63,700 66,247 70.8% DALLAS TECH CENTER - DALLAS, TX 10005 W. Technology Blvd. - Building A S. Stemmons Industrial 23,168 24,131 Office/Flex 14' 1986 31.0% 10015 W. Technology Blvd. - Building B S. Stemmons Industrial 23,129 24,225 Office/Flex 14' 1985 28.5% 1.74 Acres 10025 W. Technology Blvd. - Building C S. Stemmons Industrial 18,023 18,846 Office/Flex 18' 1985 100.0% 10105 W. Technology Blvd. - Building D S. Stemmons Industrial 19,934 20,678 Office/Flex 17' 1983 100.0% SUBTOTAL 84,254 87,880 61.4% INTERNATIONAL CORPORATE PARK II - RICHARDSON, TX 401 International Boulevard - Building 1 Richardson Industrial 16,211 16,543 Office/Flex 14' 1985 88.5% 405 International Boulevard - Building 2 Richardson Industrial 16,397 16,512 Office/Flex 14' 1985 100.0% 407 International Boulevard - Building 3 Richardson Industrial 12,350 12,375 Office/Flex 14' 1985 6.40 Acres 100.0% 409 International Boulevard - Building 4 Richardson Industrial 14,540 14,460 Office/Flex 14' 1985 100.0% 403 International Boulevard - Building 5 Richardson Industrial 24,700 24,629 Office/Flex 14' 1985 62.6% SUBTOTAL 84,198 84,519 86.8% INTERNATIONAL CORPORATE PARK III - RICHARDSON, TX 900 Alpha Drive - Building 1 Richardson Industrial 50,126 50,678 Light Industrial 18-22' 1987 76.6% 6.62 Acres 500 Industrial Drive - Building 2 Richardson Industrial 61,406 62,817 Light Industrial 18-22' 1987 100.0% SUBTOTAL 111,532 113,495 89.5% STERLING TECH CENTER - IRVING, TX 7801 Mesquite Bend Drive - Building A E. D/FW Airport / Las Colinas Ind. 36,731 38,184 Office/Flex 15' 1985 / 1994 67.5% 7803 Mesquite Bend Drive - Building B E. D/FW Airport / Las Colinas Ind. 14,069 14,922 Office/Flex 15' 1985 / 1994 5.99 Acres 100.0% 7805 Mesquite Bend Drive - Building C E. D/FW Airport / Las Colinas Ind. 28,771 30,061 Office/Flex 15' 1985 / 1994 68.4% SUBTOTAL 79,571 83,167 73.6% VALWOOD XII - FARMERS BRANCH, TX 13701 Hutton Drive N. Stemmons / Valwood Industrial 39,525 43,472 Flex/R & D 14' 1985 3.21 Acres 100.0% SUBTOTAL 39,525 43,472 WESTWOOD BUSINESS PARK III - DALLAS, TX 1805 Royal Lane S. Stemmon / N. Hines Industrial 29,097 30,060 Office/Flex 14' 1986 1.80 Acres 100% SUBTOTAL 29,097 30,060 PORTFOLIO TOTAL 491,877 508,840 30.56 Acres 80.7% 1 - Current ownership hired an architect to remeasure the portfolio, space by space, based on industry standard measurement practices. 2 - Occupancy percentage based on current size.
STREAM REALTY PARTNERS | OFFERING SUMMARY | DALLAS FLEX PORTFOLIO 2 PORTFOLIO & INVESTMENT HIGHLIGHTS
COUNTERPOINT AT LAS COLINAS DALLAS TECH CENTER STERLING TECH CENTER INTERNATIONAL CORPORATE PARK III
PORTFOLIO HIGHLIGHTS INVESTMENT HIGHLIGHTS
CRITICAL MASS & GEOGRAPHIC DIVERSITY: »» DISCOUNT TO REPLACEMENT COST – The property will likely trade at a significant discount to replacement cost, mitigating future development competition. Replacement cost estimates exceed $120 per square foot.
» 18 Buildings – 491,877 SF – 30.56 Acres » »» GEOGRAPHIC & PHYSICAL DIVERSITY – The portfolio contains 18 buildings located in 7 different areas across 4 »» 7 Project Locations in 4 Municipalities cities. Additionally, the properties have a wide range of suite sizes, clear heights, office finish and tenant mix. »» 80.7% Occupancy »» INFILL LOCATIONS – The building locations are infill in nature; which also limits future supply growth DIVERSE FUNCTIONALITY: »» DALLAS / FORT WORTH – Institutional investors have aggressively pursued investment opportunities in this market given the population growth of the metro area, central geographic location, business & tax friendly environment and »» Office finishes range from 10% to 100% relatively affordable cost of living. Dallas / Forth Worth is the 5th largest MSA in the United States and home to one of »» Majority of the suites are 100% the nations largest and busiest airports in Dallas / Fort Worth International Airport. climate controlled »» Clear heights range from 14’ to 22’ »» VALUE ADDED OPPORTUNITY – With a portfolio occupancy of approximately 80.7%, there is significant room to »» Dock high & grade level loading increase cash flow through lease-up of vacancies and increasing rental rates. »» INCREASING PORTFOLIO SQUARE FOOTAGE – Current ownership recently had an architect remeasure all buildings EXCELLENT LOCATIONS: and believes the total size has historically been understated by approximately 17,000 square feet. Current ownership has been successful in resetting the rentable area without pushback from the tenancy (Detailed on page 55 of the »» All properties are infill in nature with offering memorandum). great access to major thoroughfares such as Interstate 35, Interstate 635, US »» Projected NOI growth of approximately 25% over the next 4 years Highway 75 and Highway 114 »» Lease rollover doesn’t exceed 15% in any year over the next 10 years »» 12 of the buildings are in close proximity »» Tenants range in size from approximately 2,000 SF to 25,000 SF – limiting anchor tenant flight risk to D/FW Int’l Airport and Love Field »» Current ownership recently remeasured all the buildings and believes that the current rentable area is understated by approximately 17,000 SF FINANCIAL HIGHLIGHTS
STREAM REALTY PARTNERS | OFFERING SUMMARY | DALLAS FLEX PORTFOLIO 3 Lake Lewisville 1 1 DALLAS FLEX PORTFOLIO MAP OVERVIEW PLANO
FLOWER LEWISVILLE MOUND 75
190 ort orth ROANOKE Grapevine 35E lliance Lake 1 1 irport SOUTHLAKE ddison HASLET irport
114 4 GRAPEVINE ADDISON 3
35W KELLER 6 RICHARDSON 5 1 635 635
COLLEYVILLE 7 UNIVERSITY Dallas ort orth nternational 114 PARK 87 NORTH irport 1 1 RICHLAND Dallas ove 2 ield HIGHLAND HILLS BEDFORD EULESS IRVING 1 35E PARK 820 18 75 ort orth eacham irport 1 1 635 35E A AS 30 FOR 1 OR 1 1 CBD 1. COUNTERPOINT AT LAS COLINAS - 8101 & 8113 Ridgepoint Drive 30 30 2. DALLAS TECH CENTER - 10005 & 10105 Technology Boulevard CBD 3. INTERNATIONAL CORPORATE PARK II - 401-409 International Parkway 820 45 4. INTERNATIONAL CORPORATE PARK III - 500 Industrial & 900 Alpha ARLINGTON 1 5. STERLING TECH CENTER - 7801 - 7805 Mesquite Bend BELT 35W JUNCTION 6. VALWOOD XII - 13701 Hutton Drive GRAND PRAIRIE 7. WESTWOOD BUSINESS PARK III - 1805 Royal Lane 20 35E
20STREAM REALTY PARTNERS | OFFERING SUMMARY | DALLAS FLEX PORTFOLIO 4 EDGECLIFF DUNCANVILLE 20 VILLAGE
7 87 COUNTERPOINT AT LAS COLINAS & STERLING TECH CENTER
D/FW INT’L AIRPORT LAKE GRAPEVINE
114
NORTH BELTLINE ROAD STERLING TECH CENTER M 635
BENT BRANCH DRIVE COUNTERPOINT AT LAS COLINAS R D
RIDGEPOINT DRIVE IRVING BIBLE CHURCH
WEST ROYAL LANE
KINWEST PARKWAY
STREAM REALTY PARTNERS | OFFERING SUMMARY | DALLAS FLEX PORTFOLIO 5 DALLAS TECH CENTER
D/FW INT’L AIRPORT
IRVING CONVENTION CENTER
35
W. NORTHWEST HIGHWAY
35
12
N. WALTON WALKER BOULEVARD
DALLAS TECH CENTER T
TE CH NO LO G Y B O U LE VA RD W E ST
STREAM REALTY PARTNERS | OFFERING SUMMARY | DALLAS FLEX PORTFOLIO 6 INTERNATIONAL CORPORATE PARK II & INTERNATIONAL CORPORATE PARK III
PRESIDENT GEORGE BUSH TOLLWAY
ARAPAHO CENTER STATION 75 TELECOM CORRIDOR
EAST ARAPAHO ROAD INTERNATIONAL CORPORATE PARK III I D A R
ALPHA DRIVE GROVE ROAD
INDUSTRIALDRIVE INTERNATIONAL PKWY
NORTH BOWSER ROAD APOLLO ROAD
INTERNATIONAL CORPORATE PARK II I P
STREAM REALTY PARTNERS | OFFERING SUMMARY | DALLAS FLEX PORTFOLIO 7 VALWOOD XII
D/FW INT’L AIRPORT
635
PRESID ENT GEOR GE BUSH TOLLWAY
LU NA ROAD
WISTERIA
VALWOOD XII D
VE RI D AT M HUTTON DRIVE LO IP D
DALLAS CBD
HUTTON DRIVE
STREAM REALTY PARTNERS | OFFERING SUMMARY | DALLAS FLEX PORTFOLIO 8 WESTWOOD BUSINESS PARK III
D/FW INT’L AIRPORT
P PRESIDENT GEORGE BUSH TOLLWAY OMNI DALLAS 635
ELM FORK THE INDEPENDENT TRINITY RIVER BANKERS BANK
LUNA VISTA GOLF COURSE
AD A RO LUN
WESTWOOD BUSINESS PARK III R L
R O Y A L L A N E
STREAM REALTY PARTNERS | OFFERING SUMMARY | DALLAS FLEX PORTFOLIO 9 CONFIDENTIALITY STATEMENT AND DISCLAIMER
The information contained in this package is furnished solely for the purpose of review by a prospective purchaser of the TERMS & CONDITIONS Dallas Flex Portfolio (the “Property”) and is not to be used for any other purpose or made available to any other person without the express written consent of Stream Realty Partners, L.P., or any of its affiliates (“Stream”). The information contained in this package is from sources deemed reliable, but is not guaranteed by Stream in any way and is subject to change in OFFERING PACKAGE: price, corrections, errors and omissions, prior sale, or withdrawal without notice. Seller is seeking bids for its fee simple interest in the Dallas Flex Portfolio. Seller Summaries of any documents are not intended to be comprehensive or all-inclusive, but rather a general outline of the pertinent will entertain offers on the entire portfolio provisions contained herein. Prospective purchasers should rely upon their own financial projections and conclusions as well as partial portfolio interest. without reliance upon the material contained herein and conduct their own independent due diligence, including engineering and environmental inspections, to determine the condition of the Property and the existence of any potentially TERMS: hazardous material used in the construction or maintenance of the Property or located at the site. All cash on an as-is, where-is basis.
No copies of this package may be made in whole or in part without the prior written consent of Stream or the Property SUBMIT OFFER TO: owner. This package is the property of Stream and may be used only by parties approved by Stream or the Property owner. Jamie Jennings, James Mantzuranis The Property is privately offered and, by accepting this package, the party in possession hereof agrees that the package Stream Realty Partners, L.P. and its contents are of a confidential nature and will be held and treated in the strictest confidence. 2001 Ross Avenue Suite 2800 INVESTMENT SALES TEAM: Dallas, Texas 75201
JAMIE JENNINGS JAMES MANTZURANIS CAITLIN CLINTON Facsimile: 214.210.1452 or 214.210.1415 214.267.0452 214.267.0494 214.267.0431 [email protected] [email protected] [email protected] [email protected] [email protected]
COMPANY INFORMATION: MARKET EXPERTS: Please provide a complete acquisition history/resume. D/FW AIRPORT INDUSTRIAL SUBMARKET FREEPORT / LAS COLINAS OFFICE SUBMARKET HINES / S. STEMMONS INDUSTRIAL SUBMARKET RICHARDSON INDUSTRIAL SUBMARKET Jeremy Kelly Ryan Wolcott 214.210.1360 214.267.0412 [email protected] [email protected]
STREAM REALTY PARTNERS | OFFERING SUMMARY | DALLAS FLEX PORTFOLIO 10