Comerica Bank Ground Lease Richardson, TX | Dallas-Fort Worth MSA

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Comerica Bank Ground Lease Richardson, TX | Dallas-Fort Worth MSA OFFERING MEMORANDUM Comerica Bank Ground Lease Richardson, TX | Dallas-Fort Worth MSA This property is listed in conjunction with Texas-licensed real estate broker Delta Commercial. www.preservewestcapital.com TABLE OF CONTENTS PROPERTY HIGHLIGHTS 1 AERIALS 5 PROPERTY INFORMATION 2 ABOUT THE AREA 8 TENANT INFORMATION 3 DEMOGRAPHICS 10 SITE PLAN 4 Disclaimer MGM Capital Corp dba Preserve West Capital (“Broker”) has been retained on an exclusive basis to market the property Putnam Daily described herein (“Property”). Broker has been authorized by the Seller of the Property (“Seller”) to prepare and distribute Partner the enclosed information (“Material”) for the purpose of soliciting offers to purchase from interested parties. More detailed financial, title and tenant lease information may be made available upon request following the mutual execution of a letter of 415.445.5107 intent or contract to purchase between the Seller and a prospective purchaser. You are invited to review this opportunity and [email protected] make an offer to purchase based upon your analysis. If your offer results in the Seller choosing to open negotiations with you, CA RE License #01750064 you will be asked to provide financial references. The eventual purchaser will be chosen based upon an assessment of price, terms, ability to close the transaction and such other matters as the Seller deems appropriate. Lindsey Snider The Material is intended solely for the purpose of soliciting expressions of interest from qualified investors for the acquisition of the Property. The Material is not to be copied and/or used for any other purpose or made available to any other person Vice President without the express written consent of Broker or Seller. The Material does not purport to be all-inclusive or to contain all of the 415.906.2887 information that a prospective buyer may require. The information contained in the Material has been obtained from the Seller [email protected] and other sources and has not been verified by the Seller or its affiliates. The pro forma is delivered only as an accommodation and neither the Seller, Broker, nor any of their respective affiliates, agents, representatives, employees, parents, subsidiaries, CA RE License #01443387 members, managers, partners, shareholders, directors, or officers, makes any representation or warranty regarding such pro forma. Purchaser must make its own investigation of the Property and any existing or available financing, and must Michael Maffia independently confirm the accuracy of the projections contained in the pro forma. Managing Partner Seller reserves the right, for any reason, to withdraw the Property from the market. Seller has no obligation, express or implied, 415.373.4060 to accept any offer. Further, Seller has no obligation to sell the Property unless and until the Seller executes and delivers a signed agreement of purchase and sale on terms acceptable to the Seller, in its sole discretion. By submitting an offer, a [email protected] purchaser will be deemed to have acknowledged the foregoing and agreed to release Seller and Broker from any liability with CA RE License #01340853 respect thereto. Property walk-throughs are to be conducted by appointment only. Contact Broker for additional information. www.preservewestcapital.com PROPERTY HIGHLIGHTS • Long Term Absolute NNN Ground Lease to Comerica Bank (NYSE:CMA) • Robust Demographics in Surrounding Area with 9 Years Remaining - Total Daytime Population of 430,519 within 5 Mile Radius - Investment Grade Tenant Rated A3 by Moody’s and A- by S&P • Strategically Situated in Close Proximity to Major Employers within - Scheduled 10% Rental Escalation in 2024 Regional Insurance & Telecom Corridor • Comerica Bank (S&P: A-) is one of the country’s largest financial - Companies in Surrounding Area Include Geico, Traveler’s, Blue Cross/ institutions with assets in excess of $74.1 billion and they are Blue Shield of Texas, Honeywell, Yahoo, & More headquartered in Dallas, Texas - 7.25 Million Square Feet of Retail and 18.70 Million Square Feet of • Pandemic Proof Tenant – Open & Operating Office Within a 3 Mile Radius • Prominent Retail Location Adjacent to US-75 Junction • Dallas-Fort Worth MSA Location - 283,800 Combined AADT - Population of Approximately 7.4 Million • Affluent, Educated, & Growing Dallas Suburb - 17th Largest Metropolitan Economy Worldwide - Average Household Income of $113,787 within 1 Mile of Site - Located 12 miles northeast of downtown Dallas - Approximately 70% of Population in 1 Mile Radius has Earned • Substantial Deposit Base with $105,378,000 in deposits Bachelor’s Degree or Higher - 9th Highest Comerica Bank Branch in Dallas County out of 34 in Terms - 3.16% Annual Population Growth Rate of Deposits • Approximately 3 Miles from University of Texas at Dallas • Long Operating History at this Location - Approximately 28,000 Students Enrolled - Comerica has Successfully Been Operating at this Location Since 2009 - Richardson’s 3rd-Largest Employer with Staff of 2,600+ PRESERVE WEST CAPITAL | 1 PROPERTY OVERVIEW PRICE $4,580,000 5.00% CAP Rate Location Net Annual Income The property is located at 910 East Campbell Road in Richardson, Texas. Year Annual Rent Return Lot Size Years 1-5 $190,000 n/a Approximately 0.96 acres or 41,818 square feet. Years 6-10 $209,000 n/a Improvements Years 11-15 (Current Rent) $229,000 5.00% A 3,455 square foot retail building for Comerica Bank with 4 drive-thru ATM lanes. Years 16-20 $252,890 5.52% The improvements have been built and are owned by Tenant; only the land is for sale. Years 21-25 (Option 1) $278,179 6.07% Parking Years 26-30 (Option 2) $305,997 6.68% There is ample parking available on site. Years 31-35 (Option 3) $336,597 7.35% Years 36-40 (Option 4) $370,256 8.08% Ground Lease Leased to Comerica Bank for 20 years from October 2009 through December 31, 2029 at a current annual rent of $229,000. There are four (4) five-year options Financing to renew the lease. Rent is to increase by 10% every five years and at the start of This property will be delivered free and clear of permanent financing. each option period. The lease is net with tenant responsible for all taxes, insurance, maintenance, including parking lot, roof, and structural elements, and proportional share of common area maintenance costs for the common areas shared with the adjacent parcel. PRESERVE WEST CAPITAL | 2 ABOUT THE TENANT Comerica Bank is the Texas banking subsidiary of Comerica Incorporated (NYSE:CMA). Comerica is among the 25 largest bank holding companies in the U.S., with approximately $73.4 billion in assets, $57.3 billion in deposits, $50.4 billion in loans, and $7.3 billion in shareholder’s equity. The company primarily operates in California, Texas, Michigan, Arizona, and Florida, under three business segments: business banking, retail banking, and wealth management. Comerica Incorporated is rated A3 by Moody’s and BBB+ by S&P; Comerica Bank is rated A3 by Moody’s and A- by S&P. For 2019, the company reported revenue of $3.35 billion, net income of $1.19 billion, and total stockholder equity of $7.33 billion. For more information, please visit www.comerica.com. PRESERVE WEST CAPITAL | 3 SITE PLAN E CAMPBELL ROAD JAY ELL DRIVE FIRMAN DRIVE AERIAL NORTHWEST VIEW Post Eastside Apartments Shops (2,000 AAD) Campbell Rd (37,00 AAD) Campell Forum I ay Ell Dr AERIAL NORTHWEST VIEW PAN Palisades II 0 AAD) (246,00 akeside Campus Campell Forum I Campbell Rd (37,00 AA D) ll Dr Jay E AERIAL SOUTH VIEW owntown allas allas Park Central alleria Telecom Corridor reenVue Collins Crossing igital Realty Apartments atacampus (246,000 AAD) he Mallory Eastside Post Eastside Apartments Shops Campell G re Suare e nvi lle Ave J ay El l Dr ) Campbell Rd (37,00 AADT ABOUT THE AREA General Overview Richardson (population 120,981) is a suburb of Dallas located in Dallas and Collin Counties, approximately 12 miles northeast of downtown Dallas. The city is home to the campus of the University of Texas at Dallas, with a student body of approximately 28,000. The city is a regional hub for the insurance industry, with Blue Cross/Blue Shield of Texas, Traveler’s, GEICO, State Farm, United Healthcare among the city’s largest employers. Richardson is also home to the Telecom Corridor, with major companies including AT&T, Verizon, Cisco Systems, Samsung, ZTE, MetroPCS, Texas Instruments, Qorvo, and Fujitsu. SITE The city is part of the Dallas-Fort Worth-Arlington Metropolitan Statistical Area, commonly known as the Dallas-Fort Worth Metroplex, which is the largest metropolitan area in Texas and the South, the fourth largest in the U.S., and the seventh largest on the continent with a population of nearly 7.4 million. It is the economic hub of Northern Texas, with a real GDP exceeding $535 billion, making it the 17th largest metropolitan economy in the world. The Dallas-Fort Worth MSA consistently experiences some of the highest year-over-year population growth in the country. The region benefits from a diverse economic base in banking, commerce, telecommunications, technology, energy, healthcare, transportation, and more. The metroplex is home to the corporate headquarters of more than 10,000 companies and benefits from the third largest concentration of Fortune 500 companies in the U.S., behind only New York and Chicago. Fortune 500 companies based in the MSA include Exxon Mobil, AT&T, American Airlines, Southwest Airlines, Kimberly-Clark, Texas Instruments, GameStop, Alliance Data, Dr Pepper Snapple Group, Energy Transfer Equity, Tenet Healthcare, Fluor Corporation, Holly Frontier, D.R. Horton, Jacobs Engineering, Dean Foods, Yum China Holdings, Celanes, and Vistra Energy. Other major companies in the region include Brinker International, Ericsson, Frito-Lay, Cinemark, Comerica, Corner Bakery Café, Greyhound Bus Lines, Intuit, Lockheed Martin, Raytheon, Nokia, Pier 1 Imports, Toyota Motor North America, ZTE, and more.
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