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Absolute Net Lease Investment Opportunity

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Absolute Net Lease Investment Opportunity ABSOLUTE NET LEASE INVESTMENT OPPORTUNITY • Two Infill Land Tracts Near Love Field Airport • 30.232 Acres of Airport Parking • Two 30-Year Leases to The City of Dallas • Absolute Net Structure - Minimal Landlord Responsibilities INTRODUCTION Stream Realty Partners is pleased to exclusively offer to qualified investors the PROJECT & LEASE SUMMARY opportunity to acquire a ONE-OF-A-KIND, 30-year absolute net leased investment with a AA rated municipal entity as Tenant. The Property consists of two land SITE 1 SITE 2 sites located at 6814 Harry Hines & 6333 Denton Drive in Dallas, Texas, totaling approximately 30.2 acres of land. Due to the Property’s close proximity to Dallas’ Location 6814 Harry Hines 6333 Denton Drive Love Field Airport, The City of Dallas (“Tenant”) has leased the sites in order to expand automotive parking operations at Love Field Airport. Both of the leases Land Size 13.44 Acres 16.79 Acres are structured on 30-year, absolute net leases with periodic fixed Tenant purchase Tenant City of Dallas City of Dallas options commencing in the 5th year of lease term. Lease Term (A) 30 Years 30 Years INVESTMENT HIGHLIGHTS Annual Base Rent Call for Information Call for Information INVESTMENT GRADE TENANCY The City of Dallas is the Tenant on both sites; which has recent AA rated bond issues. (A) Tenant has purchase options on both leases commencing month 60 ABSOLUTE NET LEASES Both leases are structured on absolute net leases, minimizing ownership management responsibilities. 12 LEMMON AVENUE CASH FLOW Dallas Love In aggregate, the two leases generate potentially $152.2 Million in cash flow through12 Tenant’s base rent obligation. Field INWOOD ROAD INWOOD DALLAS NORTH TOLLWAY QUANTIFIABLE EXIT STRATEGY HARRY HINES BOULEVARD DENTON DRIVE The leases were structured with Tenant purchase rights at fixed prices that are 35E available to tenant annually beginning in the 6th lease year of each lease. W. MOCKINGBIRD LANE REAL ESTATE The leases are backed by two extremely well located, infill sites in the heart of the CEDAR SPRINGS ROAD Love Field airport market along Mockingbird Lane and Medical Corridor along Harry REGAL ROAD LEMMON AVENUE Hines Boulevard. SITE 2 MAPLE AVENUE SITE 1 183 SURROUNDING DEVELOPMENT W. MOCKINGBIRD LANE In the immediate vicinity of the project, there are over 3,000 multifamily units under construction or planned. Additionally, there are plans for two hotels and 150,000 SF INWOOD ROAD of office, located adjacent to the site. 2 N PrestonPreston CenterCenter UptownUptown DallasDallas SITE 2 DartDart RailRail 6333 DENTON DRIVE Orange/GreenOrange/Green LineLine CEDARCEDAR SPRINGSSPRINGS ROADROAD M MANO DallasDallas LoveLove DENTONDENTON DRIVEDRIVE OR W WAY FieldField AirportAirport W.W. MOCKINGBIRDMOCKINGBIRD LANELANE MAPLEMAPLE AVENUEAVENUE “West“West Love”Love” SITE 1 6814 HARRY HINES BLVD HAWES AVENUE EMPIREEMPIRE CENTRALCENTRAL DRIVEDRIVE FORESTFOREST PARKPARK DRIVEDRIVE 3 HARRY HINES BOULEVARD N DowntownDowntown DallasDallas ParkPark CitiesCities UptownUptown DallasDallas 12 11 7 8 M 6 CEDARCEDAR SPRINGSSPRINGS ROADROAD MANO OR W DENTONDENTON DRIVEDRIVE WAY DallasDallas LoveLove SITE 2 10 1 6333 DENTON DRIVE 5 FieldField AirportAirport 9 13 W.W. MOCKINGBIRDMOCKINGBIRD LANELANE MAPLE AVENUE 3 4 2 HAWES AVENUEMultifamily/Retail/Multifamily/Retail/ OceOce UseUse SITE 1 6814 HARRY HINES BLVD FORESTFOREST PARKPARK DRIVEDRIVE 1 Love Field Airport 8 Children’s Medical Center EMPIREEMPIRE CENTRALCENTRAL DRIVEDRIVE West Love – Office, Retail, Multifamily UT Southwestern Medical Center – 2 9 Development Student Housing UTSouthwestern Medical Center – UT Southwestern Medical Center – 3 10 Center for BrainHealth North Campus UT Southwestern Medical Center - Wil- 4 11 Dallas Market Center / Infomart liam P. Clements Jr. University Hospital UT Southwestern Medical Center – 5 12 Southern Methodist University HARRY HINES BOULEVARDWest Campus UT Southwestern Medical Center – 6 13 Proposed Greenway Development South Campus 7 Parkland Hospital OVERVIEW AND FACTS CITY OF DALLAS HIGHLIGHTS • The city has realized four consecutive years of tax base gains reflecting new development and a robust real estate market. • Operating revenues are diverse, comprised of property taxes (42%), sales taxes (23%), service charges (17%), and franchise fees (13%). • The city’s August 2015 unemployment rate of 3.9% is below Texas (4.4%) and the U.S. average of 5.2% for the same period. • The City of Dallas has approximately 13,000 employees, with an annual budget of $3.0 billion for the fiscal year ending in September 2016. • Property values in the City of Dallas are anticipated to be $100.32 billion in 2016, projecting $799.5 million in annual property tax revenue for the City. • Of the City’s $3.0 billion budget, $2.392 billion will be allocated to operations such as Public Safety, Culture and Arts, Aviation, and Debt Service. The remaining $704 million will be allocated to capital projects in the city. LOVE FIELD AIRPORT MEDICAL CORRIDOR OVERVIEW AND FACTS Owned and operated by the City of Dallas, Dallas Love Field airport is located in The Dallas Medical District stretches more than 1,000 acres attracting nearly 2.6 the heart of Dallas, seven miles northwest of the downtown central business district million patient visits a year, tallying more than 2,000 licensed beds and greater than and is managed by the City’s Department of Aviation. Dallas Love Field handles 29,000 employees across numerous facilities, the most recognizable being Children’s both commercial airline and corporate user needs, serving in excess of 8 million Medical Center, Parkland Hospital and the UT Southwestern Medical Center. Services passengers a year. The airport has a $3.4 billion impact on the regional economy, range from pediatric preventive care and geriatric services to life-saving emergency and it directly contributes $1 billion in revenue annually. care and heart transplants. The District location is loosely defined by Mockingbird Lane (to the north), Medical District Drive (to the South), the Stemmons Freeway/ Interstate 35 (to the West), and Maple Avenue (to the east). 5 INVESTMENT SALES TEAM TERMS AND CONDITIONS Jamie Jennings OFFERING PACKAGE Managing Director Seller is seeking bids for its fee simple interest in Dallas Love Field Land 214.267.0452 [email protected] TERMS All cash; as-is, where-is. James Mantzuranis Senior Associate SUBMIT OFFER TO 214.267.0494 Jamie Jennings or James Mantzuranis [email protected] Stream Realty Partners, L.P. 2001 Ross Avenue Caitlin Clinton Suite 2800 Senior Financial Analyst Dallas, Texas 75201 214.267.0431 [email protected] Facsimile: (214) 210-1452 or (214) 210-1415 [email protected] MARKET EXPERT [email protected] COMPANY INFORMATION Jason Moser Please provide a complete acquisition history/resume. Senior Vice President 214.267.0451 FINANCING DISCLOSURE [email protected] Please provide evidence of funding, both equity and debt, if appropriate. 6.
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