Click Here for Property Video: FILE PHOTO EXCLUSIVE OFFERING | $2,000,000 – 4.25% CAP Whataburger |Absolute nnn ground lease 803 W PRINCETON dr “HWY 380”, Princeton, TX 512.262.4099 SCOTT MYERS [email protected] BOB MOORHEAD [email protected] Property. New 3,578+ SF building on 1.19+ acres. Tenant. Whataburger | Annual Revenue: $1.8 Billion | Average Unit Volume: $2.3 Million | Over 805+ locations nationwide Lease structure. New 15-year, absolute NNN ground lease with 10% rent increases every 5 years during the initial term and option periods. Location. Whataburger is strategically located along Highway 380 (27,000 VPD) at its intersection with Beauchamp Blvd. in the growing suburb of Princeton, TX. Princeton is a northeast suburb of Dallas located in Collin County, the fastest growing county in Texas. Highway 380 is a major east/west artery that connects several suburban developments on the north side of Dallas/Fort Worth, including Princeton, McKinney, Frisco, and Denton. Beauchamp Blvd. will connect the property to numerous new residential developments, including Whitewing Trails, a new 2,800 home community just north of the site. Explosive housing growth from numerous master-planned communities (over 5,300 homes proposed or in development) in the trade area is attracting an impressive roster of national retail brands in the immediate vicinity of Whataburger. The subject property is surrounded by notable retail tenants including Walmart (Large Format 190,000 SF Super Center), AT&T, Burger King, McDonalds, CVS, Taco Bell, Sonic, with additional developments underway expected to bring Chick-fil-A, Panda Express and others. Table of contents | Disclaimer Whataburger 803 W PRINCETON dr “HWY 380”, Princeton, TX PAGE 1: COVER PAGE 2: TABLE OF CONTENTS | DISCLAIMER PAGE 3: INVESTMENT | TENANT | LEASE OVERVIEW PAGE 4: IN THE NEWS PAGE 5-7: AERIAL PHOTOS PAGE 8: SITE PLANS PAGE 9-10: LOCATION OVERVIEW PAGE 11-12: LOCATION MAPS PAGE 13: DEMOGRAPHICS Disclaimer Trivanta (“Agent”) has been engaged as an agent for the sale of the property located at 803 W. Princeton Dr., Princeton, TX by the owner of the Property (“Seller”). The Property is being offered for sale in an “as-is, where-is” condition and Seller and Agent make no representations or warranties as to the accuracy of the information contained in this Offering Memorandum. The enclosed materials include highly confidential information and are being furnished solely for the purpose of review by prospective purchasers of the interest described herein. The enclosed materials are being provided solely to facilitate the prospective investor’s own due diligence for which it shall be fully and solely responsible. The material contained herein is based on information and sources deemed to be reliable, but no representation or warranty, express or implied, is being made by Agent or Seller or any of their respective representatives, affiliates, officers, employees, shareholders, partners and directors, as to the accuracy or completeness of the information contained herein. Summaries contained herein of any legal or other documents are not intended to be comprehensive statements of the terms of such documents, but rather only outlines of some of the principal provisions contained therein. Neither the Agent nor the Seller shall have any liability whatsoever for the accuracy or completeness of the information contained herein or any other written or oral communication or information transmitted or made available or any action taken or decision made by the recipient with respect to the Property. Interested parties are to make their own investigations, projections and conclusions without reliance upon the material contained herein. Seller reserves the right, at its sole and absolute discretion, to withdraw the Property from being marketed for sale at any time and for any reason. Seller and Agent each expressly reserves the right, at their sole and absolute discretion, to reject any and all expressions of interest or offers regarding the Property and/or to terminate discussions with any entity at any time, with or without notice. This offering is made subject to omissions, correction of errors, change of price or other terms, prior sale or withdrawal from the market without notice. Agent is not authorized to make any representations or agreements on behalf of Seller. Seller shall have no legal commitment or obligation to any interested party reviewing the enclosed materials, performing additional investigation and/or making an offer to purchase the Property unless and until a binding written agreement for the purchase of the Property has been fully executed, delivered, and approved by Seller and any conditions to Seller’s obligations hereunder have been satisfied or waived. By taking possession of and reviewing the information contained herein, the recipient agrees that (a) the enclosed materials and their contents are of a highly confidential nature and will be held and treated in the strictest confidence and shall be returned to Agent or Seller promptly upon request; and (b) the recipient shall not contact employees or tenants of the Property directly or indirectly regarding any aspect of the enclosed materials or the Property without the prior written approval of the Seller or Agent; and (c) no portion of the enclosed materials may be copied or otherwise reproduced without the prior written authorization of Seller and Agent. 2 Investment overview Whataburger 803 W PRINCETON dr “HWY 380”, Princeton, TX Lease overview PRICE | CAP: $2,000,000 | 4.25% Initial Lease Term: NET OPERATING INCOME: $85,000 Projected Occupancy / Rent Commencement: May 2017 BUILDING AREA: 3,578+ Square Feet Projected Lease Expiration: May 2032 LAND AREA: +1.19 Acres Lease Type: Absolute NNN Ground Lease YEAR BUILT : 2017 Rent Increases: 10% Every 5-Years in Primary Term & Options LANDLORD RESPONSIBILITY: None OCCUPANCY: 100% Tenant overview 15-Years, Plus (3), 5-year Options to Extend Years 1-5 Annual Rent (Current): $85,000 Years 6-10: $93,500 Years 11-15: $102,850 Years 16-20 (Option 1): $113,135 Years 21-25 (Option 2): $124,448 Years 26-30 (Option 3): $136,893 WHATABURGER REAL ESTATE, LLC WHATABURGER | www.whataburger.com Whataburger Restaurants, L.P. is a privately held, national restaurant chain specializing in hamburgers. The company, founded by Harmon Dobson, opened its first restaurant in Corpus Christi, Texas in 1950 and is now headquartered in San Antonio, TX. The company began expansion outside of Texas in 1959 when its 21st store opened in Pensacola, FL. In 1963 Whataburger expanded its footprint into Arizona and had 205 locations in 12 states by 1977. In the late 1980s Whataburger altered its growth strategy by increasing store numbers in states where it was already well established. Today, Whataburger Restaurants, LP is still owned and operated by the Dobson family and has 805+ locations in ten states (Texas, Arizona, New Mexico, Oklahoma, Louisiana, Arkansas, Mississippi, Alabama, Georgia, and Florida). Whataburger has had sustained revenue growth over the last decade and currently brings in approximately $1.8 Billion dollars in U.S. system wide sales (FY’14). Enhanced store productivity has been one of the company’s key strengths during the late 2000’s recession. One measure taken to increase per store revenue has been the installation of contactless PayPass kiosks at over 500 locations. Whataburger restaurants are being deployed with Vivotech 4500M and DTc readers, integrated devices designed to accept PayPass contactless payments. Between 2008 and 2010 the number of locations increased 2.38% while revenue increased 20.00%. Whataburger has consistently added promotional and "limited time only" food products to its menu. Most of the limited-time-only products will be served for a set period of time, such as the Honey BBQ Chicken Strip Sandwich, the A1 Thick and Hearty Burger, Patty Melt, and the Peppercorn Ranch Whatachick'n. These products usually return on the menu again for a limited time after a few months. Some of their promotion products have sold so well that they have been added to the menu permanently, namely the "Three Piece Chicken Strips" Whatameal and the Honey Butter Chicken Biscuit. Whataburger also has a breakfast menu and serves breakfast sandwiches along with other items. Whataburger's breakfast menu is unique because it is served from 11:00 p.m. through 11:00 a.m. each day, a wider window than most other fast-food restaurants, and all regular menu items are still available during breakfast service. Most Whataburger locations are now open 24 hours a day and 7 days a week. 3 IN THE NEWS Whataburger 803 W PRINCETON dr “HWY 380”, Princeton, TX Highway 380 Corridor Expansion By: Valerie Wigglesworth | Dallas News Dallas, TX – March 15, 2017 - A Collin County study on the economic impact of turning U.S. Highway 380 into a limited-access highway may serve as a test case for other areas. As congestion continues to plague Collin County's major transportation arteries, leaders are looking to build several major highways with service roads to solve their traffic woes. A new study by The Perryman Group showed that converting a section of U.S. Highway 380 into a limited-access highway would create a huge boom to the economy. And while economic factors aren't the driving force for building new highways, the study offers new data for decision-makers. "I'm trying to build consensus on Collin County having limited-access roadways," Collin County Commissioner Duncan Webb said after Monday's public hearing on the study. "The numbers are massive.“ Growing pains The study, commissioned by Collin County, looked at the U.S. Highway 380 corridor from the Denton-Collin County border east to U.S. Highway 75 and included property within a half-mile on either side of the roadway. The Perryman Group charged the county $278,600 plus expenses for the study. The Highway 380 corridor is located within one of the fastest-growing areas in the country, study author Ray Perryman said at Monday's hearing. He offered up some numbers: Since 2000, the U.S. population has grown 14 percent. During the same period, Texas grew by 32 percent. In comparison, Collin County's population has grown more than 80 percent. And in the U.S. Highway 380 corridor, McKinney has seen 200 percent growth, Frisco has jumped 350 percent in population and Prosper has experienced a whopping 600 percent growth. As that growth continues, it "is going to start to strain infrastructure in a very significant way," Perryman said. The study looked at economic changes between 2016 and 2040 if U.S. Highway 380 remains a six-lane road and what happens if Highway 380 is converted to a limited-access highway with service roads. Converting to a limited-access highway will change development patterns, attracting a lot more office space to the corridor, which in turn creates higher property values, Perryman said. Overall, his study found 60 percent more employment and 170 percent more gross product with the conversion. The study noted that some homes and businesses would be displaced by the expanded roadway but that the economic benefits far outweigh those losses. "From an economic perspective, this [conversion] makes a great deal of sense," Perryman said. Source: "Easing congestion on U.S. Highway 380 'not always about the bottom line and the dollar' | Collin County." Dallas News. N.p., 14 Mar. 2017. Web. 21 Mar. 2017. <http://www.dallasnews.com/news/collin-county/2017/03/14/easing-congestion-us-highway-380-always-bottom-line-dollar>. 4 Aerial photo Whataburger 803 W PRINCETON dr “HWY 380”, Princeton, TX Smith Elementary (Opened 2016) Godwin Elementary Lacey Elementary Community Park Downtown Princeton Future Retail Development Huddleston Intermediate Clark Middle School Princeton High School 300-Unit Upscale Multi-Family 190K SF Supercenter * Land parcels not to scale Future Retail Development 5 Aerial photo Whataburger 803 W PRINCETON dr “HWY 380”, Princeton, TX Future Retail Development Future Retail Development Grove Pizza Artisia Nail Spa 300-Unit Upscale Multi-Family 190K SF Supercenter * Land parcels not to scale 6 Aerial photo Whataburger 803 W PRINCETON dr “HWY 380”, Princeton, TX 300 Unit Upscale MF Future Retail Development Princeton Business Park 190K SF Supercenter Future Retail Development * Land parcels not to scale 7 Project Site plan WHATABURGER 803 W PRINCETON dr “HWY 380”, Princeton, TX 190K SF Supercenter 8 Location overview Whataburger 803 W PRINCETON dr “HWY 380”, Princeton, TX PRINCETON, TX Princeton is located in the U.S. Highway 380 corridor just east of McKinney and approximately 33 miles northeast of the Dallas CBD. Since the 2000 US Census, Princeton’s population has experienced a 51% growth rate and is currently one of the fastest growing cities in North Texas. Princeton’s convenient location along Highway 380 and available land for development has opened opportunities for unprecedented retail and commercial growth, including numerous large-scale planned residential communities. There are currently over 5,300 housing units proposed or under construction within a one-mile radius of Whataburger. The Princeton Independent School District is a fast growing school system covering approximately 60 square miles. Despite growth of 200 to 300 students per year, the district is committed to maintaining small class sizes and excellent student / teacher ratios. Thus, several new and renovation projects are underway to accommodate the area’s growth projections. IMMEDIATE TRADE AREA Whataburger is strategically located along W Princeton Dr. (27,000 VPD) and Beauchamp Blvd. in the Dallas suburb of Princeton, TX W Princeton Dr. (Highway 380) is one of Princeton's main arterial roads and a main traffic carrier across the suburban areas north of Dallas/Fort Worth, including Princeton, McKinney, Frisco, and Denton. The Highway 380 corridor suburban population is projected to surpass the population of Dallas County by year 2050. The explosive growth of Collin County over the last several years resulted in one of the nation’s highest population increases and it is projected to grow another 80% over the next 13 years. The City of Princeton is the next growth area in the Highway 380 corridor and as a result, the immediate trade area has attracted numerous nationally known retail brands to serve the many new residential communities. The subject property is surrounded by notable national credit tenants such as Walmart (Large Format 190,000 SF Super Center), CVS, AT&T, Family Dollar, Dollar General, AutoZone, O’Reilly, Burger King, Popeye's, Sonic, Dickey’s, Taco Bell, Subway, and many more. Several additional retailers are in the negotiation and planning phase, including Chick-fil-A, Panda Express, and Murphy Oil. Explosive new housing growth with thousands of new single family and multifamily homes under construction or in the planning stages will transform this intersection in the near future. COLLIN COUNTY, TX Collin County, TX the fastest growing county in the entire state, is located in the Dallas/Fort Worth Metroplex with a current population of 782,341. The county’s population more than doubled, from 66,920 to 144,576, between 1970 and 1980 as companies such as JC Penney and Frito-Lay moved their corporate headquarters to Collin County. That growth has continued unabated as the county’s population has grown by at least 60% every decade since. “At 80.3%, Collin County will lead North Texas in population growth from 2015 to 2030” Currently, Collin County is one of the country’s fastest growing counties adding an average of 100 new residents per day and eight of the ten fastest growing cities in North Texas are located within the county. Companies headquartered in Collin County, including Adams Golf, Alliance Data, Capital One Financial Services, Dr. Pepper Snapple Group, Cinemark Theatres, Ericsson, HP Enterprise Services, Rent-A-Center, and Yum! Restaurants International provide a vibrant and diversified economic base. Additionally, Toyota’s North American headquarters is in the process of relocating to Collin County, which will account for approximately 4,000 jobs. Click Here for Property Video: 9 Location overview WHATABURGER 803 W PRINCETON dr “HWY 380”, Princeton, TX DALLAS - FORT WORTH - ARLINGTON MSA The Dallas – Fort Worth – Arlington Metropolitan Statistical Area (MSA) encompasses 13 counties within the U.S. state of Texas. It is the economic and cultural hub of the region commonly called North Texas or the Metroplex and is the largest land-locked metropolitan area in the United States. The projected Dallas-Fort Worth Metroplex population for 2016 was 7,268,910. During the 12-month period from July 2008 to July 2009, the Dallas-Fort WorthArlington metropolitan area gained 146,530 new residents, more than any other metropolitan area in the United States. The area's population has grown by about 1 million since the last census was administered in 2000. The Dallas–Fort Worth–Arlington MSA is, by population, the largest metropolitan area in Texas, the largest in the South, the 4th largest in the United States, and the 10th largest in the Americas. The metropolitan area has the 4th largest gross metropolitan product (GMP) in the United States, and approximately 10th largest by GMP in the world. The Metroplex has one of the highest concentrations of corporate headquarters in the United States. 20 Fortune 500 companies are headquartered in the area. The city of Dallas alone has the 3rd largest concentration of Fortune 500 headquarters in the country. The Metroplex also contains the largest Information Technology industry base in the state (often referred to as Silicon Prairie or the Telecom Corridor), due to the large number of corporate IT projects and the presence of numerous electronics, computing and telecommunication firms. The Telecom Corridor located just north of Dallas in Richardson is home to more than 5,700 companies including Texas Instruments which employs over 10,000 people at its headquarters. HP Enterprises Services, Dell Services, i2, AT&T, Ericsson, CA and Verizon also have headquarters or major operations in and around Dallas. The Texas farming and ranching industry, based in Fort Worth adds to the economic diversification of the area. Several major defense manufacturers, including Lockheed Martin, Bell Helicopter Textron, and Raytheon, maintain significant operations in the Metroplex. ExxonMobil, the #1 corporation on the Fortune 500 listings, is headquartered in Irving, Texas. 10 Location map Whataburger 803 W PRINCETON dr “HWY 380”, Princeton, TX 11 Location map Whataburger 803 W PRINCETON dr “HWY 380”, Princeton, TX 12 Demographics Whataburger 803 W PRINCETON dr “HWY 380”, Princeton, TX 803 W Princeton Dr 803 W Princeton Dr 1 mi radius 3 mi radius 6 mi radius 2,763 10,783 26,148 2016 Est. Civilian Employed 60.4% 60.8% 58.1% 2.2% 1.6% 1.9% 2016 Est. in Armed Forces 2016 Est. not in Labor Force 37.4% 37.6% 39.9% 2016 Labor Force Males 2016 Labor Force Females 48.6% 51.4% 49.2% 50.8% 49.3% 50.7% 1,078 5,155 12,263 11.4% 13.8% 13.5% 17.4% 16.8% 17.0% 16.2% 16.9% 17.9% 2010 Sales, Office 23.7% 25.2% 25.5% 2010 Farming, Fishing, Forestry 2010 Construction, Extraction, Maintenance 13.6% 0.2% 13.9% 0.4% 13.9% 2010 Production, Transport, Material Moving 16.9% 13.8% 11.9% 2010 White Collar Workers 2010 Blue Collar Workers 52.6% 47.4% 56.0% 44.0% 55.9% 44.1% 2010 Drive to Work Alone 78.5% 79.6% 78.1% 2010 Drive to Work in Carpool 13.5% 12.6% 11.2% 2010 Travel to Work by Public Transportation 2010 Drive to Work on Motorcycle 0.6% 0.2% 0.3% 0.2% 0.5% 0.2% 2010 Walk or Bicycle to Work 2010 Other Means 0.1% 2.8% 0.3% 1.6% 0.9% 3.0% 2010 Work at Home 4.2% 5.3% 6.1% 2010 Travel to Work in 14 Minutes or Less 18.6% 15.3% 16.9% 2010 Travel to Work in 15 to 29 Minutes 2010 Travel to Work in 30 to 59 Minutes 31.6% 37.9% 35.3% 36.5% 36.2% 36.0% 2010 Travel to Work in 60 Minutes or More 12.0% 12.9% 11.0% 28.1 29.1 27.8 2016 Est. Total Household Expenditure 2016 Est. Apparel $59.4 M $2.09 M $251 M $8.78 M $673 M $23.6 M 2016 Est. Contributions, Gifts $3.90 M $16.6 M $47.1 M 2016 Est. Education, Reading $2.29 M $9.61 M $26.9 M 2016 Est. Entertainment $3.29 M $14.0 M $37.7 M 2016 Est. Food, Beverages, Tobacco $9.24 M $38.7 M $102 M 2016 Est. Furnishings, Equipment 2016 Est. Health Care, Insurance $1.99 M $5.21 M $8.54 M $22.0 M $23.1 M $58.4 M 2016 Est. Household Operations, Shelter, Utilities 2016 Est. Miscellaneous Expenses $18.5 M $868 K $77.7 M $3.67 M $209 M $9.78 M 2016 Est. Personal Care $771 K $3.26 M $8.70 M 2016 Est. Transportation $11.2 M $47.8 M $126 M 14,055 16,465 33,585 39,126 2010 Census Population 2,420 11,152 29,341 2000 Census Population Projected Annual Growth 2016 to 2021 1,436 3.4% 7,754 3.4% 20,717 3.3% Historical Annual Growth 2000 to 2016 9.6% 5.1% 3.9% 2016 Estimated Households 1,215 4,749 11,415 2021 Projected Households 2010 Census Households 1,392 817 5,440 3,785 13,015 10,022 2010 Occupation: Population Age 16 Years or Over 2010 Mgmt, Business, & Financial Operations 2000 Census Households 503 2,724 6,787 Projected Annual Growth 2016 to 2021 Historical Annual Growth 2000 to 2016 2.9% 8.9% 2.9% 4.6% 2.8% 4.3% 2010 Professional, Related 2010 Service 13.7% 12.8% 2016 Est. Population 10 to 19 Years 16.1% 16.1% 15.2% 2016 Est. Population 20 to 29 Years 2016 Est. Population 30 to 44 Years 11.8% 19.9% 11.6% 19.2% 10.7% 17.7% 2016 Est. Population 45 to 59 Years 21.8% 22.2% 21.4% 2016 Est. Population 60 to 74 Years 2016 Est. Population 75 Years or Over 12.1% 3.9% 12.8% 4.4% 16.1% 6.2% 34.6 35.8 38.7 2016 Est. Male Population 2016 Est. Female Population 48.7% 51.3% 49.5% 50.5% 49.6% 50.4% 2016 Est. Never Married 30.3% 26.0% 26.0% 2016 Est. Now Married 50.1% 56.2% 53.5% 2016 Est. Separated or Divorced 2016 Est. Widowed 12.7% 6.9% 12.6% 5.2% 15.0% 5.6% 2016 Est. HH Income $200,000 or More 4.1% 3.7% 6.7% 2016 Est. HH Income $150,000 to $199,999 4.0% 4.9% 5.4% 2016 Est. HH Income $100,000 to $149,999 2016 Est. HH Income $75,000 to $99,999 10.7% 10.5% 13.5% 14.4% 13.9% 12.5% 2016 Est. HH Income $50,000 to $74,999 2016 Est. HH Income $35,000 to $49,999 16.3% 9.3% 16.6% 11.9% 15.6% 13.9% 2016 Est. HH Income $25,000 to $34,999 12.7% 11.0% 10.5% 2016 Est. HH Income $15,000 to $24,999 2016 Est. HH Income Under $15,000 6.9% 25.5% 6.1% 17.8% 8.2% 13.4% 2016 Est. Average Household Income $59,222 $66,031 $77,913 2016 Est. Median Household Income 2016 Est. Per Capita Income $44,561 $19,791 $55,065 $22,310 $62,046 $26,529 2016 Est. Total Businesses 95 347 1,068 2016 Est. Total Employees 509 2,032 8,485 OCCUPATION 14.4% TRANSPORTATION TO WORK 2016 Est. Population Under 10 Years LABOR FORCE 3,636 4,262 TRAVEL TIME MARITAL STATUS & GENDER 2016 Est. Labor Population Age 16 Years or Over 2016 Estimated Population 2021 Projected Population 2016 Est. Median Age INCOME 1 mi radius 3 mi radius 6 mi radius Princeton, TX 75407 CONSUMER EXPENDITURE AGE HOUSEHOLDS POPULATION Princeton, TX 75407 2016 Est. Civilian Unemployed 2010 Average Travel Time to Work 13
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