Micha van Marcke, CCIM

Transcription

1 BANK FORECLOSURE - LENDER OWNED OFFERED FOR SALE Total GLA - 21,313 SF Location Barker Cypress Rd, Cypress, TX Sales Price - $2,995,000 Property is Offered on a No Representation or Warranty, As-Is Basis PROPERTY INFO Stonegate Shopping Center is a 21,313 SF single story, multi-tenant retail shopping center. It is located less than half a mile south of Hwy 290 on the northeast corner of the signalized intersection of Queenston Blvd and Barker Cypress Rd in the Northwest Houston area of Cypress, Harris County, Texas. The center was built in 2004 and has high parapet walls, a stone and stucco façade and concrete parking lot. Stonegate is situated on 2.88 acres of land at the main entrance to the Stone Gate Master Planned Residential Development. Micha van Marcke, CCIM Micha.VanMarcke@transwestern.net The presentation of this property is submitted subject to errors, omissions, change of price or conditions, prior sale or lease, or withdrawal without notice. Transwestern Houston 1900 West Loop South, Suite 1300 Houston, Texas P: F:

2 LENDER AUTHORIZED SALE HOUSTON - NORTHWEST QUADRANT INVESTMENT HIGHLIGHTS Bank Foreclosure - Lender Owned 87% Occupied Located Near Two New Master Planned Communities Currently Totalling 13,800 Acres with Continued Plans of Future Expansion Priced on In Place Income Highway 290 and Barker Cypress is a Growing Trade Area Building Depths Allow for a Multitude of Tenant Uses Located on Hard Corner at a Lighted Intersection Recent Construction AREA RETAILERS & EMPLOYERS The presentation of this property is submitted subject to errors, omissions, change of price or conditions, prior sale or lease, or withdrawal without notice.

3 Stonegate Shopping Center Investment Overview Seller: Property Name: Property Address: Location: Barker Road Holdings Limited Partnership Stonegate Shopping Center Barker Cypress Road Cypress, Texas Center is located on the northeast corner of the lighted intersection of Barker Cypress Road and Queenston Blvd in Cypress, Harris County, Texas Land Area: 95,314 SQFT Construction: Recent Total Net Leasable Area: 21,313 SQFT Year Built: 2004 Area Retailers & Employers: HEB, Target, LA Fitness, Walgreens, Memorial Hermann, Columbia HCA, North Cypress Medical Center, Chevron, Exxon Mobil, BP Leased: 86.6% NOI (Current): $283,811 NOI (Proforma): 94% Occupancy Sales Price: $2,995,000 Property sold on an "as-is, where is" basis with no representations or warranties Debt: All cash preferred The presentation of this property is submitted subject to errors, omissions, change of price or conditions, prior sale or lease, or withdrawal without notice.

4 HOUSTON - NORTHWEST QUADRANT LENDER AUTHORIZED SALE Houston Market Houston is the fourth largest city in the US and is the largest city by population in Texas with 5,799,898 people in the ten-county Houston MSA. From 2000 to 2010, the Houston area s population has grown 26.10%, the second highest rate in the country, and is projected to grow to 7,434,935 people by The Houston MSA has a larger population than the entire state of Maryland, and Harris County, the primary county in the MSA, has a larger population than Oregon. Population density is approximately 650 people per square mile. Houston contains 1,917,956 households, and the population is split evenly at 50% each between males and females. Family groups make up 86.6% of the population. Houston also has the fastest-growing housing market in the country. Houston led the nation in new housing starts for both 2007 and 2008, and the housing market has remained stable throughout the downturn. Houston never experienced an artificial bubble in home prices, subsequently; the recent downturn has not caused a crash in home prices for the area. Texas will be last in, first out among states battling the recession, although a recovery that has already started will require patience, a leading economist says. ( One of the strongest signs of a recovering economy is Texas enjoying job gains over the past year. The top two metropolitan areas in the state added 134,200 nonfarm jobs from April 2010 to April We don t expect a huge rebound back; we expect a slow and steady recovery. Texas will remain a magnet for capital and people, giving it an advantage over other states. The Houston economy is strong. Houston is the energy capital of the U.S. and has added aerospace, technology and medical companies to the economic mix. As of June 2010, Houston had more than 2,100,000 private sector jobs. Not only does the Houston metro area lead the nation in job growth, but also its cost of living stands well below the national average. Housing prices run half those of other metro areas its size. The local economy, though still largely dependent on the energy industry, is growing more diversified, with the city s health-care sector growing rapidly. And while Houston s home-sales figures have softened and mortgage foreclosures have risen as elsewhere in the country, Houston s ever-expanding housing market never blew up into the kind of speculative real estate bubble that is now deflating in so many other large American cities. DEMOGRAPHICS Population Avg HH Income 1-mile 3-miles 5-miles 15, , ,485 $73,399 $74,840 $72,192 TRAFFIC COUNTS Barker Cypress N of Queenston 20,070 cpd Barker Cypress S of Queenston 26,080 cpd The information provided here in was obtained from sources believed reliable. However, Transwestern makes no guarantees, warranties or representation as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions, prior sale or lease, or withdrawal without notice.

5 Stonegate Shopping Center Barker Cypress Road Cypress, Texas Projected Annualized Operating Statement Current Pro Forma Base Rent Occupied Space 309, ,822 Vacant Market(1) - 42,720 Gross Potential Rent 309, ,542 Total Reimbursements 119, ,397 Additional Income 1,500 1,500 Gross Income 431, ,438 Less: General Vacancy 6.0% - 30,086 Effective Revenue 431, ,352 Reimbursable Operating Expenses CAM 15,732 15,732 Real Estate Taxes 79,410 79,410 Insurance 8,525 8,525 Utilities 19,149 19,149 Management Fee (2) 19,200 19,200 Other expenses 5,381 5,381 Total Reimbursements 147, ,397 Non-Reimbursable Expenses Common Areas - - Total Non- Reimbursable Expenses - - Net Operating Income $283,811 $323,956 Notes: (1) Remaining vacancy is estimated to lease at ($15.00/sqft) & NNN charges ($6.92/sqft). (2) The management fee has been adjusted for the greater of a fixed monthly fee or 4% of gross receipts. The information provided here in was obtained from sources believed reliable. However, Transwestern makes no guarantees, warranties or representation as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions, prior sale or lease, or withdrawal without notice.

6 The presentation of this property is submitted subject to errors, omissions, change of price or conditions, prior sale or lease, or withdrawal without notice.

7 The presentation of this property is submitted subject to errors, omissions, change of price or conditions, prior sale or lease, or withdrawal without notice.

8 The presentation of this property is submitted subject to errors, omissions, change of price or conditions, prior sale or lease, or withdrawal without notice.

9 CONFIDENTIALITY AGREEMENT & DISCLAIMER Transwestern 1900 West Loop South, Suite 1300 Houston, TX / Fax CONFIDENTIALITY STATEMENT Stonegate Shopping Center Barker Cypress Road. Cypress, TX The undersigned has been advised that Transwestern Property Company SW GP, L.L.C (Transwestern) has been retained on an exclusive basis by the Owner with respect to the offering or sale of Stonegate Shopping Center, Houston, Texas (the Property ). The Owner has indicated that all inquiries and communications with respect to the contemplated sale of such Property be directed to Transwestern. All fees due to Transwestern and Rockwood-CWFS LLC ( Rockwood ) in connection with the sale of the Property shall be paid by the Owner. The undersigned hereby acknowledges that it is a principal or an investment advisor in connection with the possible acquisition of the Property and agrees that it will not look to the Owner, the Owner s Lender, Transwestern or Rockwood for any fees or commissions in connection with the sale of the Property. The undersigned also hereby acknowledges that is has not dealt with any broker, other than Transwestern, Rockwood, and Co-Broker identified on subsequent signature page, regarding the acquisition of the Property, or if it has, the undersigned hereby agrees to indemnify the Owner, the Owner s Lenders, Transwestern and Rockwood against any compensation, liability or expense, arising from claims by co-broker or any other broker or other party the undersigned had dealings with in connection with the sale of the Property. The Owner has available for review certain information ( Confidential Information ) concerning the Property. On behalf of the Owner, Transwestern and Rockwood may make such Confidential Information available to the undersigned upon execution of this Confidentiality Statement. The Confidential Information is intended solely for your own limited use in considering whether to pursue negotiations to acquire the Property. This is not an agreement to sell the Property, nor an offer of sale. No agreement binding upon the Owner of the Property, or any of its associated or affiliated companies, shall be deemed to exist, at law or equity, until the Owner of the Property enters into a formal binding agreement of sale. The Confidential Information contains brief, selected information pertaining to the business and affairs of the Owner, and has been prepared by Owner, Transwestern and Rockwood, primarily from information supplied by the Owner or Owner s Agent. It does not purport to be all inclusive or to contain all the information which a prospective purchaser may desire. Neither Transwestern, Rockwood, the Owner nor the Owner s Lender make any representation or warranty, express or implied, as to the accuracy or completeness of the Confidential Information and no legal liability is assumed or to be implied with respect thereto. By executing this Confidentiality Statement you agree that the Information provided is confidential, that you will hold and treat it in the strictest of confidence, and that you will not disclose or permit anyone else to disclose the Information to any person, firm or entity without prior written authorization of the Owner, Transwestern and Rockwood except that the information may be disclosed to your partners, employees, legal counsel and lenders or pursuant to a court order. Owner expressly reserves the right in its sole discretion to reject any or all proposals or expressions or interest in the property and to terminate discussions with any party at negotiations you hereby agree to return the Confidential Information to Transwestern. The information provided here in was obtained from sources believed reliable. However, Transwestern makes no guarantees, warranties or representation as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions, prior sale or lease, or withdrawal without notice.

10 HOUSTON - NORTHEAST QUADRANT On Behalf of Prospective Purchaser: Company: Address: City, State, ZIP: Phone: Fax: By: Its: Date: Signature: Co-Broker (if any) Company: Address: City, State, ZIP: Phone: Fax: By: Its: Date: Signature: The information provided here in was obtained from sources believed reliable. However, Transwestern makes no guarantees, warranties or representation as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions, prior sale or lease, or withdrawal without notice.

11 EQUAL HOUSING Approved by the Texas Real Estate Commission for Voluntary Use Texas law requires all real estate licensees to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords. Information About Brokerage Services efore working with a real estate broker, you should Bknow that the duties of a broker depend on whom the broker represents. If you are a prospective seller or landlord (owner) or a prospective buyer or tenant (buyer), you should know that the broker who lists the property for sale or lease is the owner s agent. A broker who acts as a subagent represents the owner in cooperation with the listing broker. A broker who acts as a buyer s agent represents the buyer. A broker may act as an intermediary between the parties if the parties consent in writing. A broker can assist you in locating a property, preparing a contract or lease, or obtaining financing without representing you. A broker is obligated by law to treat you honestly. IF THE BROKER REPRESENTS THE OWNER: The broker becomes the owner s agent by entering into an agreement with the owner, usually through a written - listing agreement, or by agreeing to act as a subagent by accepting an offer of subagency from the listing broker. A subagent may work in a different real estate office. A listing broker or subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first. The buyer should not tell the owner s agent anything the buyer would not want the owner to know because an owner s agent must disclose to the owner any material information known to the agent. IF THE BROKER REPRESENTS THE BUYER: The broker becomes the buyer s agent by entering into an agreement to represent the buyer, usually through a written buyer representation agreement. A buyer s agent can assist the owner but does not represent the owner and must place the interests of the buyer first. The owner should not tell a buyer s agent anything the owner would not want the buyer to know because a buyer s agent must disclose to the buyer any material information known to the agent. IF THE BROKER ACTS AS AN INTERMEDIARY: A broker may act as an intermediary between the parties if the broker complies with The Texas Real Estate License Act. The broker must obtain the written consent of each party to the transaction to act as an intermediary. The written consent must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker s obligations as an intermediary. The broker is required to treat each party honestly and fairly and to comply with The Texas Real Estate License Act. A broker who acts as an intermediary in a transaction: (1) shall treat all parties honestly; (2) may not disclose that the owner will accept a price less than the asking price unless authorized in writing to do so by the owner; (3) may not disclose that the buyer will pay a price greater than the price submitted in a written offer unless authorized in writing to do so by the buyer; and (4) may not disclose any confidential information or any information that a party specifically instructs the broker in writing not to disclose unless authorized in writing to disclose the information or required to do so by The Texas Real Estate License Act or a court order or if the information materially relates to the condition of the property. With the parties consent, a broker acting as an intermediary between the parties may appoint a person who is licensed under The Texas Real Estate License Act and associated with the broker to communicate with and carry out instructions of one party and another person who is licensed under that Act and associated with the broker to communicate with and carry out instructions of the other party. If you choose to have a broker represent you, you should enter into a written agreement with the broker that clearly establishes the broker s obligations and your obligations. The agreement should state how and by whom the broker will be paid. You have the right to choose the type of representation, if any, you wish to receive. Your payment of a fee to a broker does not necessarily establish that the broker represents you. If you have any questions regarding the duties and responsibilities of the broker, you should resolve those questions before proceeding. Real estate licensee asks that you acknowledge receipt of this information about brokerage services for the licensee s records. Buyer, Seller, Landlord or Tenant Date Texas Real Estate Brokers and Salespersons are licensed and regulated by the Texas Real Estate Commission (TREC). If you have a question or complaint regarding a real estate licensee, you should contact TREC at P.O. Box 12188, Austin, Texas or OPPORTUNITY 01A TREC No. OP-K