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Smoothie King Houston OM 2018.11.08 SMOOTHIE KING HOUSTON | TEXAS TABLE OF CONTENTS I. EXECUTIVE SUMMARY Executive Summary 4 Investment Highlights 5 Location Map 6 Aerial Photo 7 II. PROPERTY DESCRIPTION Property Description 10 Lease Summary 11 Tenant Summary 12 III. MARKET OVERVIEW Market Overview 14 Demographics 15 214.380.3670 EXECUTIVE SUMMARY SMOOTHIE KING HOUSTON | TEXAS EXEC UTI V E SUMMA R Y SAM HOUSTON TOLLWAY - 194,000 VPD WESTHEIMER ROAD - 82,000 VPD Property Smoothie King Real Capital Investments is pleased to offer to qualified investors a Smoothie King situated on approx- imately 22,455 square feet or 0.5155 acres of land. The tenant is the largest Smoothie King franchisee Location NEC Westheimer Road & Blue Willow Drive and the guarantors place very strong, personal guarantees on the lease. The lease is an absolute Address 10600 Westheimer Road, Houston, TX 77042 NNN lease, the safest type of real estate, with no landlord responsibilities whatsoever, creating a safe, passive income stream for an investor. The property is strategically located at the signalized intersec- Purchase Price $3,789,473 tion of Westheimer Road and Blue Willow Drive in Houston, TX. This is an irreplaceable, trophy location in the extremely high barrier to entry Westchase District, which contains over 18 million square feet of NOI $180,000 office space and over 1,500 businesses, including the new Phillips 66 global headquarters with over 2,200 employees. This is an infill location with over 554,000 people living in a 5-mile radius of the prop- Cap Rate 4.75% erty. Additionally, there are over 298,000 employees in a 5-mile radius of the property. The traffic count on Westheimer Road exceeds 82,000 vehicles per day. This corridor produces high restaurant Lease Term 10 Years volumes, with many concepts in this trade area doing significantly above the national average. Lease Start October, 2018 Adjacent to the property on the east side is a new retail center anchored by Panera Bread, Mod Pizza and Zoe’s Kitchen. Adjacent to the new retail center is Folio West, a brand new, 266-unit luxury Lease Expiration October, 2028 apartment complex. To the west of the property is Westchase Shopping Center, containing over 357,000 square feet of retail space and anchored by Target and Whole Foods. 4 INVESTMEN T H IGHLIGHTS New 10 Year Absolute NNN Lease– Stable Cash Flow Asset – Zero Landlord Irreplaceable, Trophy Location in the Extremely High Barrier to Entry Westchase Responsibilities – Two (5 Year) Options to Renew District Which Contains Over 18 Million Square Feet of Office Space and Home to 2.7% Rent Increase Beginning in Year 4 of the Primary Term, 12% Rent Increase in More Than 1,500 Businesses the First Option Period, and 7.5% Rent Increase in the Second Option Period, Providing Dense, Infill Location with Excellent Demographics – Population Over 554,000 in a Strong Hedge Against Inflation a 5-Mile Radius with Average Household Income Exceeding $97,000 in a 3-Mile Personally Guaranteed Lease by the Largest Smoothie King Franchisee with 35 Radius Locations High Traffic Location – Over 82,000 Vehicles Per Day at This Intersection Best in Class Tenant – Smoothie King Operates Over 1,000 Locations Worldwide Adjacent to the New Phillips 66 Global Headquarters with Over 2,200 Employees Extremely High Daytime Population with More Than 298,000 Employees in a 5-Mile Tax Free State – Texas is an Income Tax Free State with a Strong Economy, Radius Providing an Ideal Location for a 1031 Exchange Asset 5 LOCAT I O N M A P 6 AERI AL P HOTO 7 AERI AL P HOTO 8 PROPERTY DESCRIPTION SMOOTHIE KING HOUSTON | TEXAS P ROP ERT Y D ESCR IPT I O N Address 10600 Westheimer Road Houston, TX 77042 Location NEC Westheimer Road & Blue Willow Drive Parcel ID 0451380010072 Land Size Approximately 0.5155 Acres Access One Curb Cut on Westheimer Road and One Curb Cut on Blue Willow Drive Signage Pylon and Building Year of Construction 1987/1996/2018 Building Size Approximately 3,500 Square Feet Parking 21 Spaces on Site Drive Areas Concrete Pavement; Concrete Curbs Zoning Commercial Traffic Counts 82,000 VPD on Westheimer Road 194,000 VPD on Sam Houston Tollway (Beltway 8) 10 LEASE S U MMA R Y Tenant Name West Blue, LLC Guarantor David McMahon and William Roberton Property Address 10600 Westheimer Road Houston, TX 77042 Lease Start October, 2018 Lease Expiration October, 2028 Lease Type Absolute NNN Lease Landlord Responsibilities None Base Lease Term 10 Years Renewal Options Two Additional (5-Year) Options to Renew Annual Base Rent Years 1-3: $180,000.00 Years 4-10: $185,000.00 Annual Option Rent Years 11-15: $207,000.00 Years 16-20: $225,000.00 Representative Photo ROFR None REAL CAPITAL INVESTMENTS 11 TENANT O V ERVIE W 1973 1989 2003 Steve Kuhnau blends his first Smoothies With A Smoothie King opens the first U.S. juice bar Smoothie King goes international, growing to Purpose, mixing various nutrients and proteins with franchise in New Orleans, LA, empowering more than 130 locations in South Korea and real fruit for custom blends to improve his health. entrepreneurs to help communities Find Pleasure impacting millions of lives around the globe. in Their Purpose. 2012 2014 2014 Smoothie King master franchisee Wan Kim takes The Smoothie King logo is updated to feature a New Orleans’ Smoothie King Center is unveiled, over Smoothie King, continuing Steve's legacy red crown. But there is more to it than first meets providing Smoothies With A Purpose to profession- and passion for the Smoothie King mission as a the eye! The points of the crown are actually al basketball team, the New Orleans Pelicans. healthy alternative for all. three people, representing a sense of communi- ty. To the right, the third person also extends a hand for others to join. Finally, the “i” in king pays homage to the original logo with a crown point as its dot. Now Smoothie King has grown to over 1,000 locations and counting, fueling your purpose across three continents, from the US to the Republic of Korea, Trinidad & Tobago and the Cayman Islands. 12 MARKET OVERVIEW SMOOTHIE KING HOUSTON | TEXAS MARKET O V ERVIE W Houston is the most populous city in the state of Texas and the fourth-most populous city in the United States with a population over 2.3 million. Located near the Gulf of Mexico, it is the principal city of the Houston–The Woodlands–Sugar Land Metropolitan Statistical Area, which is the fifth-most populated MSA in the United States with a population over 7.08 million. The city was named after former General Sam Houston, who was president of the Republic of Texas and had commanded and won at the Battle of San Jacinto 25 miles east of where the city was established. In the mid-20th century, Houston became the home of the Texas Medical Center, which is the world’s largest concentration of healthcare and research institutions, and home to NASA’s Johnson Space Center, where Mission Control Center is located. The economy of Houston is based primarily on the energy industry, particularly oil, however, health care, biomedical research and aerospace also constitute large sectors. In 2016, the gross domestic product (GDP) of the Houston–The Woodlands–Sugar Land metropolitan statistical area was $478 billion, the fourth-largest of any metro area in the United States. The Houston metropolitan area comprises the largest concentration of petrochemical manufacturing in the world, consisting of synthetic rubber, insecticides, and fertilizers. It is the world’s leading center for oilfield equipment construction and home to more than 3,000 energy-related business- es, including many of the top oil and gas exploration and production firms, and petroleum pipeline operators. The Houston–The Wood- lands–Sugar Land Metropolitan Statistical Area is home to twenty-five Fortune 500 headquarters. The Port of Houston ranks first in the United States in international waterborne tonnage handled and second in total cargo tonnage handled. The city has a large and growing international community. Houston is the most diverse city in Texas and has been described as the most racially and ethnically diverse major metropolis in the United States. Houston is home to the Tier 1 research institutions of Rice University and the University of Houston, with over 51,000 total undergraduate enrollments between the two universities. 14 DEMOGRAPHICS 10600 Westheimer Rd 1 mi radius 3 mi radius 5 mi radius Houston, TX 77042 2018 Estimated Population 22,749 185,958 554,721 2023 Projected Population 23,511 191,653 574,251 2010 Census Population 19,648 172,980 504,186 2000 Census Population 18,965 162,372 474,309 Projected Annual Growth 2018 to 2023 0.7% 0.6% 0.7% POPULATION Historical Annual Growth 2000 to 2018 1.1% 0.8% 0.9% 2018 Median Age 32.8 34.8 33.4 2018 Estimated Households 11,579 82,240 224,851 2023 Projected Households 12,341 87,934 241,294 2010 Census Households 9,817 73,363 196,055 2000 Census Households 9,929 70,271 190,129 Projected Annual Growth 2018 to 2023 1.3% 1.4% 1.5% HOUSEHOLDS Historical Annual Growth 2000 to 2018 0.9% 0.9% 1.0% 2018 Estimated White 43.0% 47.0% 46.8% 2018 Estimated Black or African American 29.0% 20.1% 19.0% 2018 Estimated Asian or Pacific Islander 11.1% 16.0% 14.4% 2018 Estimated American Indian or Native Alaskan 0.6% 0.6% 0.8% ETHNICITY ETHNICITY RACE AND RACE 2018 Estimated Other Races 16.3% 16.3% 18.9% 2018 Estimated Hispanic 31.1% 34.5% 42.2% 2018 Estimated Average Household Income $72,968 $97,812 $89,516 2018 Estimated Median Household Income $54,654 $65,826 $62,004 INCOME 2018 Estimated Per Capita Income $37,151 $43,273 $36,313
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