Irving, Texas
Irving, Texas Presented by: Larry Denisoff President Corporate Services denisoff@weitzmangroup.com 214-720-3682 Matthew Rosenfeld Assistant Vice President mrosenfeld@weitzmangroup.com 214-720-6676 www.weitzmangroup.com
Irving, Texas Executive Summary 4 Location Summary 5 Demographics 6 Property Pictures 7 Maps 8, 9 Area Map / Close up Map Irving Market Summary 10,11 Area Employers 12 Tenant profiles 13-15 Disclaimer 16
Executive Summary 4 OPPORTUNITY The Weitzman Group presents the opportunity to acquire 30 acres of improved land in the Las Colinas area of Irving, Texas. A subsidiary of Communities Foundation of Texas (the Owner ) currently owns the land, which is subject to a Deed for Estate for Years. Pursuant to the Deed for Estate for Years, the Owner owns fee title to the land while the grantee under the Deed for Estate for Years (currently Metropolitan Life) has the exclusive right to possess the land and also owns the improvements located on the land. The improvements consist of a 405,432 SF building with full utilities. The term of the Deed for Estate for Years expires on December 15, 2016. Metropolitan Life has nine, 5-year extension options, which require Metropolitan Life to pay the Owner $1,881,840 annually throughout each extension term. In the event that Metropolitan Life does not extend the Deed for Estate for Years, Metropolitan Life has the right to remove the improvements located on the land. If Metropolitan Life does not remove the improvements within one year following the termination of the Deed for Estate for Years, title to the improvements will automatically vest in the Owner. If the Owner enters into a contract to sell its interest in the land and its interest in the Deed for Estate for Years to a third party, that contract is subject to purchase rights, including a right of first refusal, held by Metropolitan Life.
Location Summary 5 LOCATION The subject property is located on the northwest quadrant of Highway 114 and President George Bush Turnpike. The property is conveniently surrounded by Interstate 635, Highway 114, George Bush Turnpike and Dallas Fort Worth International Airport. In addition to the site being located in one of the main destination arteries of DFW, the subject property has convenient access to the Dallas Area Rapid Transit to provide transportation to surrounding Fortune 500 Companies such as ExxonMobil Corp., Microsoft, Citibank, Neiman Marcus and many others that frame the property. Property Building Area Land Area Irving, Texas 75063 405,432 sf Gross Leasable Area 30 Acres Parking Concrete parking lot. Good condition. 50 covered spaces. Ratio of 7.00/1,000 SF. Year of Construction 1987 John Carpenter Fwy President George Bush Turnpike
Demographics 6 Demographics (Estimates) 1 Mile 3 Miles 5 Miles 2014 Daytime Population 29,542 124,870 258,818 2014 Daytime Employment 26,336 95,628 178,035 2014 Median Household Income $78,563 $68,001 $63,309 Traffic Counts (Estimates) John Carpenter Freeway President George Bush Turnpike 116,121 vehicles daily 44,727 vehicles daily
Property Pictures 7
Property Map 8
Property Map 9
Greater Irving Market 10 Irving ranks as one of the strongest metro areas in North Texas, benefitting from: a massive master-planned development, Las Colinas strong residential communities an extensive major-thoroughfare presence offering north-south and east-west access from throughout the Metroplex proximity to Dallas/Fort Worth International Airport a prime location between Dallas and Fort Worth a brand-new convention center served by a new DART light-rail station The City of Irving features approximately 226,000 people, a total expected to grow nearly 18 percent over the next four years, increasing both density and residential demand. In Las Colinas, Irving features 22.3 million square feet of Class A office space, 8.5 million square feet of industrial space and 1.3 million square feet of retail space on a 12,000-acre site along SH-114 and bisected by the President George Bush Tollway. Irving is home to more than 2,000 corporations, including the world headquarters of: ExxonMobil Kimberly-Clark Fluor Corporation Pioneer Natural Resources Zale Corporation Total employment in Las Colinas is more than 103,000. All told, Irving offers a total employee population of 155,402 people. Irving is also home to several educational campuses, including The University of Dallas, North Lake Community College, Cistercian Preparatory School and North Hills Charter School, Las Colinas Elementary (Carrollton/Farmers Branch ISD) and the Irving High School Academy (Irving ISD), among others.
Greater Irving Market 11 Irving s growth is on the upswing. Nearly $6 billion in new and planned investments are in the works, including 5.9 million square feet of commercial and residential space, 12,000 residential units, 1,000 hotel rooms, 15,000 new jobs and 8 million annual visitors. The residential growth in Irving is designed to meet the needs of more than 30,000 new residents expected between now and 2017. Due to its location in proximity to Las Colinas, the site at offers an excellent location for corporate headquarters.
Area Employers 12 Aegis Communications Group, Inc. Microsoft Corp. ExxonMobil Allstate Insurance Co. NEC Corporation of America CITI Neiman Marcus Direct City of Irving Nokia DFW International Airport Roadway Express Inc. Verizon Communications Irving Independent School System Irving Mall Zale Corporation
Area Tenant Profiles 13 US Oncology Texas Oncology, supported by McKesson Specialty Health, and Baylor Health Enterprises, an affiliate of Baylor Health Care System, with construction at 1501 W. Royal Lane in Irving of a 50,000 square-foot, $105 million proton therapy facility. It is anticipated that the first patients will begin treatment in late 2015. The facility will employ about 50 health care professionals. Irving-based VHA Inc., a national healthcare network, took a minimum of 292,000 square feet of office space at 250/290 E. John Carpenter Freeway. Irving-based CHRISTUS Health leased 223,000 square feet in the One MacArthur Ridge office building on Hidden Ridge Drive south of SH-114. The Las Colinas building will consolidate about 1,000 workers now located in Irving, San Antonio and Houston. State Farm is expanding operations into a 400,000 square-foot space in Irving at 3950 4000 Regent Boulevard, opening its new National Catastrophic Center to support victims of hurricanes and natural disasters. It is estimated that the facility will create more than 1,000 new jobs. Connextions, a division of UnitedHealth Group s Optumhealth services business, expanded its insurance carrier and exchange business operations into a 76,000-square-foot space in Irving at 5150 Regent Boulevard. Connextions is creating upwards of 800 new jobs.
Area Tenant Profiles 14 Flowserve, a leading manufacturer and aftermarket service provider of flow control products and services for the world s most critical applications, renewed its corporate headquarters location in a 125,000-square-foot facility at 5215 N. O Connor Boulevard in Irving. The company employs about 360 individuals. NationStar Mortgage, one of the nations s leading mortgage lending services and lenders, relocated its headquarters to Irving, leasing approximately 180,000 square feet at 4000 Horizon Way. The company will create upward of 800 jobs. OneSource Virtual HR provides its clients a wide range of human resources and financial services to fit each individual organization s needs. OneSource Virtual HR relocated its corporate office and operations into 53,000 square feet in Irving at 5601 N. MacArthur Boulevard and employs more than 550 individuals. Regal Plastic Supply Company has been an industry leader and wholesale supplier since the mid-1950s to the glass, manufacturing and sign industries. Regal Plastic purchased the 50,000-square-foot facility at 9200 Royal Lane in Irving. The company will employ more than 70 individuals. HD Vest, a leader in the growing market for comprehensive financial services, offering financial planning through its advisors to millions of individuals and small businesses throughout the United States, expanded its corporate operations into 88,500 square feet in Irving at 6333 N. SH-161. The company is expanding its employment to more than 450 individuals.
Area Tenant Profiles 15 CHC Helicopter, the world s largest helicopter-services company, specializing in transportation to offshore oil and gas platforms and helicopter maintenance, repair and overhaul, expanded its global operations into Irving at 6555 N. SH- 161, creating upwards of 100 new jobs. Berry Family of Nurseries, one of the largest wholesale nurseries in the country, relocated and established its corporate headquarters in Irving. The company is located in approximately 12,000 square feet at 8700 Freeport Parkway, employing upwards of 65 individuals. Michaels Stores relocated its procurement company to 8001 Ridgepoint Drive in Irving, taking approximately 76,000 square feet and employing more than 270 individuals. AMN Healthcare, the nation s leading innovator of healthcare workforce solutions, provides the highest quality physicians, nurses and allied health care professionals to hospitals, clinics, medical centers and health care facility clients across the United States. The company renewed its 93,000 square-foot presence at 5001 Statesman Drive in Irving, employing upwards of 685 individuals.
Disclaimer 16 This real estate presentation has been prepared for information purposes only, and does not purport to contain all the information necessary to reach a purchase decision for the property described herein (the "Property"). The information contained herein (the "Information") has been carefully compiled but not independently verified by the Seller or The Weitzman Group, and there is no representation, warranty or guarantee whatsoever as to its completeness or accuracy. Any potential purchaser shall rely entirely on its own information, judgment and inspection of the Property and its records, and neither the Seller nor The Weitzman Group assume any liability whatsoever for errors or omissions in the Information or any other data provided in connection with the Property. Each potential purchaser and any party related thereto agrees that neither Seller nor The Weitzman Group shall have any liability for any reason, whether for negligence or gross negligence, from the use of the Information by any person in connection with the purchase of or any other investment in the Property by a purchaser or any other party related thereto. Neither the Seller nor The Weitzman Group has any liability whatsoever for any oral or written representations, warranties or agreements relating to the Property except as expressly set forth by any such party in any contract of sale executed in connection with the Property. This presentation is subject to changes by the Seller as to price or terms, to prior sale, to withdrawal of the Property from the market, and other events beyond the control of the Seller and The Weitzman Group.
Irving, Texas The Weitzman Group Since our founding 25 years ago, The Weitzman Group has earned a reputation as a leader in commercial real estate. Our professionals have represented some of Texas finest and best-known clients. We understand the commercial transaction from both sides of the table based on a deep knowledge of: Real Estate Market Analysis Facility Acquisitions Relocations Strategic Planning Tenant Representation The Weitzman Group, with decades of experience ranging from sales and acquisitions to tenant and landlord representation to mixed-use and specialty leasing, knows every challenge and how to turn them into successes. www.weitzmangroup.com
3102 Maple Avenue Suite 350 Dallas, Texas 75201 Main: 217.954.0600 Fax: 214.953.0866 www.weitzmangroup.com