CENTRAL PARK SC€¦ · YSIS 2 YSIS CENTRAL PARK SC IRVING, TX Central Park SC 1706 W Irving Blvd Irving, TX 75062 OFFERING SUMMARY Price $10,325,000 Cap Rate 8.00% …

IRVING, TX(DALLAS MSA)

CENTRAL PARK SC

IrvingGymnastics

Grand TripGas Station

http://www.strivere.com

2F INANCIAL ANALYSIS

CENTRAL PARK SC - IRVING, TXPRICING & FINANCIAL ANALYSIS

Central Park SC1706 W Irving BlvdIrving, TX 75062

OFFERING SUMMARY

Price $10,325,000

Cap Rate 8.00%

Net Operating Income $826,706

Price PSF $96.40

Occupancy 97.7%

Year Built/Year(s) Renovated 1964/1981/2001

Gross Leasable Area 107,102 SF

Lot Size 9.82 Acres



CENTRAL PARK SC - IRVING, TXPRICING & FINANCIAL ANALYSIS

PROJECTED INCOME & EXPENSES CURRENT PSF

Base Rent - Occupied Space $924,587 $8.63

GROSS POTENTIAL RENT $924,587 $8.63

Expense Reimbursements

CAM Recoveries $149,946 $1.40

Management Fee Recoveries $21,184 $0.20

Insurance Recoveries $31,357 $0.29

Real Estate Tax Recoveries $114,234 $1.07

Total Expense Reimbursements $316,721 $2.96

EFFECTIVE GROSS REVENUE $1,241,310 $11.59

Operating Expenses

Total CAM $184,215 $1.72

Management Fee 3.00% $36,619 $0.34

Total Insurance $39,970 $0.37

Total Real Estate Taxes $145,609 $1.36

Total Recoverable Expenses $406,413 $3.79

Net Operating Income $826,706 $7.72

Capitalization Rate 8.01%

Capital Reserves at $0.15 PSF $16,065

Cash Flow before Debt Service $810,641

Existing Assumable Loan (may also be paid off) $418,721

Cash Flow after Debt Service $391,920

Cash-on-Cash Return 10.67%

EXPENSES CURRENT PSF

Real Estate Taxes $145,609 $1.36

Insurance $39,970 $0.37

CAM

Common Area Janitorial $13,348 $0.12

Building Repairs $52,356 $0.49

Dumpster $15,442 $0.14

Landscaping $5,146 $0.05

Parking Lot - Repairs $15,873 $0.15

Parking Lot - Lighting Repairs $20,504 $0.19

Parking Lot - Pressure Washing $3,400 $0.03

Parking Lot - Re-Striping $3,356 $0.03

Parking Lot - Sweeping $5,520 $0.05

Parking Lot - Trash Pick Up $6,724 $0.06

Plumbing $2,517 $0.02

Roof Repairs $1,516 $0.01

Signage $244 $0.00

UTL - Electricity $20,687 $0.19

UTL - Gas $1,840 $0.02

UTL - Water & Sewer $15,742 $0.15

Total CAM $184,215 $1.72

Management Fee 3.00% $36,619 $0.34

Total Expenses $406,413 $3.79


4PROPERTY DESCRIPTION

CENTRAL PARK SC - IRVING, TXLOAN DETAILS

EXISTING ASSUMABLE LOANMAY ALSO BE PAID OFF

Purchase Price $10,325,000

Loan Amount $6,500,000

Equity to the Note $3,825,000

Loan to Purchase Price 63%

Interest Rate 5.00%

Amortization Schedule 30 Years

Loan Constant 6.44%

Call 5 Years

Residual Percentage $0.92

NOI $826,706

Annual Debt Service $418,721

Clear Cash after DS $407,985

Debt Service Coverage Ratio 1.97

Cap Rate 8.01%

Cash on Cash Return 10.67%

Assumption Fee 1.00%



CENTRAL PARK SC - IRVING, TXRENT ROLL

Tenant Suite SQ FT % of SQFT Lease Dates Minimum Rent Recoveries Total

Start End Annual Monthly PSF Annual PSF Revenue% of

Revenue

Auto Zone 1704 6,828 6.38% 11/96 08/28 $71,676 $5,973 $10.50 $4,230 $0.62 $75,906 6.12%

Planet Fitness 1706 #100 19,440 18.15% 09/16 05/27 $123,444 $10,287 $6.35 $68,793 $3.54 $192,237 15.49%

Irving Gymnastics 1706 #150 17,331 16.18% 09/18 09/25 $55,009 $4,584 $3.17 $65,765 $3.79 $120,774 9.73%

Grand Trip Gas Station 1710 0 0.00% 01/17 12/26 $18,000 $1,500 $0.00 $600 $0.00 $18,600 1.50%

Romero Insurance 1770-06 1,224 1.14% 06/90 02/20 $17,100 $1,425 $13.97 $2,721 $2.22 $19,821 1.60%

Dalila Beauty 1770-08 1,160 1.08% 07/15 06/21 $12,950 $1,079 $11.16 $4,402 $3.79 $17,352 1.40%

Tienda Variedades 1770-11 1,444 1.35% 03/08 05/23 $24,782 $2,065 $17.16 $5,479 $3.79 $30,261 2.44%

Last Mile-Multi Cargo Express 1770-12 871 0.81% 05/15 MTM $10,200 $850 $11.71 $0 $0.00 $10,200 0.82%

La Segunda Thirft Store 1770-14 1,500 1.40% 10/13 10/19 $4,800 $400 $3.20 $6,000 $4.00 $10,800 0.87%

Cell Phone Repair 1772 871 0.81% 05/19 04/20 $10,452 $871 $12.00 $3,305 $3.79 $13,757 1.11%

Nutrition Store 1776 800 0.75% 05/15 04/21 $8,400 $700 $10.50 $3,036 $3.79 $11,436 0.92%

La Luna Nails 1778 683 0.64% 09/05 08/21 $9,600 $800 $14.06 $2,592 $3.79 $12,192 0.98%

Bambi Beauty Salon 1780 1,700 1.59% 09/05 08/21 $23,725 $1,977 $13.96 $6,451 $3.79 $30,176 2.43%

Water N U 1784 686 0.64% 11/04 10/19 $11,400 $950 $16.62 $2,603 $3.79 $14,003 1.13%

DolEx 1788 1,150 1.07% 01/06 12/19 $20,100 $1,675 $17.48 $4,364 $3.79 $24,464 1.97%

Boost Mobile 1792 683 0.64% 06/06 05/22 $10,416 $868 $15.25 $2,592 $3.79 $13,008 1.05%

Video Latino 1794 1,210 1.13% 08/18 07/21 $18,976 $1,581 $15.68 $4,592 $3.79 $23,568 1.90%

Agua Azul Restaurant 1796 1,800 1.68% 10/13 05/20 $19,800 $1,650 $11.00 $0 $0.00 $19,800 1.60%

S&R Beer & Wine 1798 1,668 1.56% 03/15 03/21 $20,916 $1,743 $12.54 $6,329 $3.79 $27,245 2.19%

Family Dollar 1800 8,955 8.36% 01/98 12/22 $49,297 $4,108 $5.50 $0 $0.00 $49,297 3.97%

Renta A Center 1806 6,349 5.93% 03/96 06/21 $41,268 $3,439 $6.50 $24,092 $3.79 $65,361 5.27%

Arturo's Restaurant 1810 3,180 2.97% 03/07 04/22 $38,160 $3,180 $12.00 $12,067 $3.79 $50,227 4.05%

Kathy's Alterations 1813P 300 0.28% 01/17 12/19 $4,800 $400 $16.00 $1,138 $3.79 $5,938 0.48%

STRIDE Staffing 1814 2,364 2.21% 05/18 03/22 $27,600 $2,300 $11.68 $8,971 $3.79 $36,571 2.95%

Available 1816 1,636 1.53% - - $0 $0 $0.00 $0 $0.00 $0 0.00%

Shiprint 1817P 1,403 1.31% 10/13 05/20 $14,400 $1,200 $10.26 $0 $0.00 $14,400 1.16%

Laguna Dental 1818 3,200 2.99% 11/15 08/25 $48,000 $4,000 $15.00 $12,143 $3.79 $60,143 4.85%

Mary's Beauty Salon 1821P 1,050 0.98% 06/15 06/21 $9,600 $800 $9.14 $3,984 $3.79 $13,584 1.09%

Centro Technologico Hispano 1900-102 735 0.69% 05/06 MTM $12,000 $1,000 $16.33 $0 $0.00 $12,000 0.97%



CENTRAL PARK SC - IRVING, TXRENT ROLL - CONTINUED

Tenant Suite SQ FT % of SQFT Lease Dates Minimum Rent Recoveries Total

Start End Annual Monthly PSF Annual PSF Revenue% of

Revenue

World Acceptance Corp 1900-103 1,403 1.31% 01/18 01/21 $19,642 $1,637 $14.00 $4,965 $3.54 $24,607 1.98%

Group AA 1900-104 850 0.79% 01/97 01/22 $9,192 $766 $10.81 $3,225 $3.79 $12,417 1.00%

Iglesia Palabra de Resta 1900-105 2,973 2.78% 04/14 MTM $33,413 $2,784 $11.24 $11,281 $3.79 $44,694 3.60%

Available 1900-108 850 0.79% - - $0 $0 $0.00 $0 $0.00 $0 0.00%

Super Wash 1910-1 5,000 4.67% 01/11 12/19 $50,004 $4,167 $10.00 $18,973 $3.79 $68,977 5.56%

El Salvador Restaurant 1910-2 5,805 5.42% 09/13 12/20 $75,465 $6,289 $13.00 $22,028 $3.79 $97,493 7.85%

Total Count/GLA 35 107,102 100% $924,587 $77,049 $316,721 $1,241,308 100.00%

Occupied 33 104,616 97.7%

Available 2 2,486 2.3%

Total Avg Rent $8.84 104,616 100.0%



CENTRAL PARK SC - IRVING, TXESTIMATED REIMBURSEMENT REVENUE

Tenant Suite SQ FT% of

SQFTCAM Management Fee Insurance Real Estate Taxes Total Recovery

Monthly PSF Monthly PSF Monthly PSF Monthly PSF Monthly PSF

Auto Zone 1704 6,828 6.38% $353 $0.62 $0 $0.00 $0 $0.00 $0 $0.00 $353 $0.62

Planet Fitness 1706 #100 19,440 18.15% $2,926 $1.81 $0 $0.00 $605 $0.37 $2,202 $1.36 $5,733 $3.54

Irving Gymnastics 1706 #150 17,331 16.18% $2,484 $1.72 $494 $0.34 $539 $0.37 $1,964 $1.36 $5,480 $3.79

Grand Trip Gas Station 1710 0 0.00% $50 - $0 $0.00 $0 $0.00 $0 $0.00 $50 $0.00

Romero Insurance 1770-06 1,224 1.14% $50 $0.49 $0 $0.00 $38 $0.37 $139 $1.36 $227 $2.22

Dalila Beauty 1770-08 1,160 1.08% $166 $1.72 $33 $0.34 $36 $0.37 $131 $1.36 $367 $3.79

Tienda Variedades 1770-11 1,444 1.35% $207 $1.72 $41 $0.34 $45 $0.37 $164 $1.36 $457 $3.79

Last Mile-Multi Cargo Express 1770-12 871 0.81% $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00

La Segunda Thirft Store 1770-14 1,500 1.40% $241 $1.93 $43 $0.34 $47 $0.37 $170 $1.36 $500 $4.00

Cell Phone Repair 1772 871 0.81% $125 $1.72 $25 $0.34 $27 $0.37 $99 $1.36 $275 $3.79

Nutrition Store 1776 800 0.75% $115 $1.72 $23 $0.34 $25 $0.37 $91 $1.36 $253 $3.79

La Luna Nails 1778 683 0.64% $98 $1.72 $19 $0.34 $21 $0.37 $77 $1.36 $216 $3.79

Bambi Beauty Salon 1780 1,700 1.59% $244 $1.72 $48 $0.34 $53 $0.37 $193 $1.36 $538 $3.79

Water N U 1784 686 0.64% $98 $1.72 $20 $0.34 $21 $0.37 $78 $1.36 $217 $3.79

DolEx 1788 1,150 1.07% $165 $1.72 $33 $0.34 $36 $0.37 $130 $1.36 $364 $3.79

Boost Mobile 1792 683 0.64% $98 $1.72 $19 $0.34 $21 $0.37 $77 $1.36 $216 $3.79

Video Latino 1794 1,210 1.13% $173 $1.72 $34 $0.34 $38 $0.37 $137 $1.36 $383 $3.79

Agua Azul Restaurant 1796 1,800 1.68% $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00

S&R Beer & Wine 1798 1,668 1.56% $239 $1.72 $48 $0.34 $52 $0.37 $189 $1.36 $527 $3.79

Family Dollar 1800 8,955 8.36% $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00

Renta A Center 1806 6,349 5.93% $910 $1.72 $181 $0.34 $197 $0.37 $719 $1.36 $2,008 $3.79

Arturo's Restaurant 1810 3,180 2.97% $456 $1.72 $91 $0.34 $99 $0.37 $360 $1.36 $1,006 $3.79

Kathy's Alterations 1813P 300 0.28% $43 $1.72 $9 $0.34 $9 $0.37 $34 $1.36 $95 $3.79

STRIDE Staffing 1814 2,364 2.21% $339 $1.72 $67 $0.34 $74 $0.37 $268 $1.36 $748 $3.79

Available 1816 1,636 1.53% $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00

Shiprint 1817P 1,403 1.31% $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00

Laguna Dental 1818 3,200 2.99% $459 $1.72 $91 $0.34 $100 $0.37 $363 $1.36 $1,012 $3.79

Mary's Beauty Salon 1821P 1,050 0.98% $150 $1.72 $30 $0.34 $33 $0.37 $119 $1.36 $332 $3.79

Centro Technologico Hispano 1900-102 735 0.69% $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00



CENTRAL PARK SC - IRVING, TXESTIMATED REIMBURSEMENT REVENUE - CONTINUED

Tenant Suite SQ FT % of SQFT CAM Management Fee Insurance Real Estate Taxes Total Recovery

Monthly PSF Monthly PSF Monthly PSF Monthly PSF Monthly PSF

World Acceptance Corp 1900-103 1,403 1.31% $211 $1.81 $0 $0.00 $44 $0.37 $159 $1.36 $414 $3.54

Group AA 1900-104 850 0.79% $122 $1.72 $24 $0.34 $26 $0.37 $96 $1.36 $269 $3.79

Iglesia Palabra de Resta 1900-105 2,973 2.78% $426 $1.72 $85 $0.34 $92 $0.37 $337 $1.36 $940 $3.79

Available 1900-108 850 0.79% $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00

Super Wash 1910-1 5,000 4.67% $717 $1.72 $142 $0.34 $155 $0.37 $566 $1.36 $1,581 $3.79

El Salvador Restaurant 1910-2 5,805 5.42% $832 $1.72 $165 $0.34 $181 $0.37 $658 $1.36 $1,836 $3.79

TOTALS 107,102 100% $12,495 $1,765 $2,613 $9,519 $26,393



CENTRAL PARK - IRVING, TXLEASE PROVISIONS

Tenant Suite SQ FTBase Rental Increases

Renewal OptionsUser Restrictions & Exclusive Rights

Sales Reporting

Date PSF Options Date PSF

Auto Zone 1704 6,828 9/1/2023 $11.55 3 x 5 9/1/2028 9/1/2032 9/1/2037

$12.70 $13.97 $15.37

Exclusive rigth to sell auto parts, supplies or accessories, repackaged petroleum products or other automotive related products or services.

-

Planet Fitness 1706 #100 19,440 10/1/2021 10/1/2026

$6.85 $7.35

2 x 5 6/1/2027 6/1/2032

$7.35 $7.85

Exclusive use as a fitness and health club -

Irving Gymnastics 1706 #150 17,331 10/1/2020 $3.45 1 x 5 10/1/2025 $5.00 - -

Grand Trip Gas Station 1710 0 1/1/2022 $1,650/Month

2 x 5 1/1/2027 1/1/2032

FMV FMV

- -

Romero Insurance 1770-06 1,224 - - - - - - -

Dalila Beauty 1770-08 1,160 - - - - - - -

Tienda Variedades 1770-11 1,444 - - - - - - -

Last Mile-Multi Cargo Express

1770-12 871 - - - - - - -

La Segunda Thirft Store 1770-14 1,500 - - - - - - -

Cell Phone Repair 1772 871 - - - - - - -

Nutrition Store 1776 800 - - - - - - -

La Luna Nails 1778 683 - - - - - - -

Bambi Beauty Salon 1780 1,700 - - - - - - -

Water N U 1784 686 - - - - - - -

DolEx 1788 1,150 - - - - - - -

Boost Mobile 1792 683 - - - - - -

Video Latino 1794 1,210 - - - - - - -

Agua Azul Restaurant 1796 1,800 - - - - - - -

S&R Beer & Wine 1798 1,668 - - - - - - -

Family Dollar 1800 8,955 - - - - - Exclusive use as a Dollar Store Yes

Renta A Center 1806 6,349 7/1/2019 $6.50 1 x 5 7/1/2021 $7.15 Exclusive rent-to-own furniture, appliance, and electronic store in this location.

-

Arturo's Restaurant 1810 3,180 - - - - - - -

Kathy's Alterations 1813P 300 - - - - - - -

STRIDE Staffing 1814 2,364 - - - - - - -

Available 1816 1,636 - - - - - - -



CENTRAL PARK SC - IRVING, TXLEASE PROVISIONS - CONTINUED

Tenant Suite SQ FTBase Rental Increases

Renewal OptionsUser Restrictions & Exclusive Rights

Sales Reporting

Date PSF Options Date PSF

Shiprint 1817P 1,403 - - - - - - -

Laguna Dental 1818 3,200 11/1/2020 $16.50 2 x 5 9/1/2025 9/1/2030

$18.15 $20.42

Exclusive use as a general and pediatric dental office

-

Mary's Beauty Salon 1821P 1,050 - - - - - - -

Centro Technologico Hispano

1900-102 735 - - - - - - -

World Acceptance Corp 1900-103 1,403 - - 1 x 3 2/1/2021 $14.50 - -

Group AA 1900-104 850 - - - - - - -

Iglesia Palabra de Resta 1900-105 2,973 - - - - - - -

Available 1900-108 850 - - - - - - -

Super Wash 1910-1 5,000 - - - - - - -

El Salvador Restaurant 1910-2 5,805 2/1/2020 $14.00 1 x 5 1/1/2021 FMV - -

TOTAL 107,102



CENTRAL PARK SC - IRVING, TXTENANT INFORMATION

DBA Boost Mobile

Entity on Lease Maxtel Wireless

Corporate/Franchise Franchise

Credit Rating Not Rated

Public/Private Private

Line of Business Boost Mobile is a wireless telecommunications brand used by two independent companies in Australia and the United States. It is operated by Boost Worldwide, Inc, a Sprint Corporation subsidiary.

DBA Planet Fitness

Entity on Lease Excel Fitness DFW XIII, LLC

Corporate/Franchise Franchise

Locations 57

Public/Private NYSE: PLNT

Line of Business Planet Fitness is an American franchisor and operator of fitness centers based in Hampton, New Hampshire. The company reports that it has 1,500 clubs, making it one of the largest fitness club franchises by number of members and locations. It markets itself as a “Judgement Free Zone” that caters to novice and casual gym users and is reported to be the nation’s fastest growing fitness center franchise.

DBA AutoZone

Entity on Lease AutoZone West LLC

Corporate/Franchise Corporate

Locations 6,000 Stores Across the United States, Mexico and Brazil

Credit Rating S&P: BBB

Public/Private NYSE: AZO

Line of Business AutoZone is an American retailer of aftermarket automotive parts and accessories, the largest in the United States. Each store carries an extensive line for cars, sport utility vehicles, vans and light trucks, including new and remanufactured hard parts, maintenance items and accessories.



CENTRAL PARK SC - IRVING, TXTENANT INFORMATION

DBA Stride Staffing

Entity on Lease TJ Daniels Inc


Locations 4

Credit Rating Not Rated

Public/Private Private

Line of Business Stride Staffing is a proactive staffing provider offering consultative staffing solutions and best-in-class service. They promote and support their associates to be the best.

DBA Family Dollar

Entity on Lease Family Dollar Stores of Texas


Locations 14,000+

Credit Rating S&P: BBB-

Public/Private NASDAQ: DLTR

Line of Business Family Dollar is an American variety store chain. With over 8,000 locations in all states except Alaska, Hawaii, Oregon and Washington, it is the second largest retailer of its type in the United States. Dollar Tree recently acquired Family Dollar, Inc. in July 2015. Together they are considered the nation’s largest small-box discount retailer, operating over 14,000 stores nationwide.



CENTRAL PARK SC - IRVING, TXINVESTMENT HIGHLIGHTS

• Below Market Rents and Above Market Occupancy: The average rental rate in the Central Park Shopping Center is only $8.84 psf and the average rental rate in Irving is $14.36 psf. Additionally, the occupancy levels in Irving are 96.9%, which holds close to true with Central Park, as the current occupancy is 97.7%.

• Small, Very Leasable Spaces: The average size space in Central Park is only 3,060 square feet. And if we take out the three junior anchor spaces, the average size space of the balance of the property is only 1,934 square feet. This makes the property extremely leasable, as the tenant pool for this size space is the largest in the industry.

• Below Replacement Cost: With an ask price of $10,325,000, Central Park is priced well below replacement cost at $96.40 per square foot.

• Desirable Hispanic Demographic: The demographic around Central Park is over 65% Hispanic in a one-mile radius. The Hispanic is the fastest growing demographic in the United States and has accounted for half of the national population growth since 2000. The Hispanic population is over 57 million in the United States, making it the nation’s largest ethnic or racial minority.

• Mitigating Risk: The Central Park Shopping Center has 35 suites, with 33 of them currently occupied. And as mentioned above, the average size space is only 3,060 sf. With so many tenants, and different businesses in the property, the risk of large vacancy from one tenant leaving is virtually eliminated. This property functions more like a Multi-Family property, but better because it has long term leases.

• Long Term Tenancy: Over 56% of the 33 tenants in the property have been in Central Park for over 5 years. Of those, over 72% have been in the property for over 10 years. 5 of the tenants at Central Park have been in the property for over 20 years.

• New Roof: The majority of the roof is less than 7 years old, with parts of it (over Planet Fitness and Irving Gymnastics) less than two years old.



CENTRAL PARK SC - IRVING, TXSITE PLAN

Irving Gymnastics

W Irving Blvd

W P

ione

er D

r

Grand Trip Gas Station

El Salvador R

estaurant

SuperW

ash

1910-2

1910-1

1900-1051900-1021900-104

1900-103

1800

179817961794179217881784

1780

177817761772

1770-14

1770-12

1770-11

1770-08

1706-100

1706-150

1704

1710

1770-06

1821-P1817-P

1813-P

1806

1810

1814

1818

1816

Suite Tenant GLA

1816 Available 1,636

1817P Shiprint 1,403

1818 Laguna Dental 3,200

1821P Mary's Beauty Salon 1,050

1900-102 Centro Technologico Hispano

735

1900-103 World Acceptance Corp 1,403

1900-104 Group AA 850

1900-105 Iglesia Palabra de Resta 2,973

1900-108 Available 850

1910-1 Super Wash 5,000

1910-2 El Salvador Restaurant 5,805

Suite Tenant GLA

1704 Auto Zone 6,828

1706 #100 Planet Fitness 19,440

1706 #150 Irving Gymnastics 17,331

1710 Grand Trip Gas Station 0

1770-06 Romero Insurance 1,224

1770-08 Deliah Beauty 1,160

1770-11 Tienda Variedades 1,444

1770-12 Last Mile 871

1770-14 La Segunda Thirft Store 1,500

1772 Cell Phone Repair 871

1776 Nutrition Store 800

1778 La Luna Nails 683

1780 Bambi Beauty Salon 1,700

1784 Water N U 686

1788 DolEx 1,150

1792 Boost Mobile 683

1794 Video Latino 1,210

1796 Agua Azul Restaurant 1,800

1798 S&R Beer & Wine 1,668

1800 Family Dollar 8,955

1806 Rent A Center 6,349

1810 Arturo's Restaurant 3,180

1813P Kathy's Alterations 300

1814 Stride Staffing 2,364



CENTRAL PARK SC - IRVING, TXAERIAL MAP

CROCKETTMIDDLE SCHOOL

W IRVING BLVD

IRVING MALL

22,000 VPD

188,000 VPD



CENTRAL PARK SC - IRVING, TXLEASE COMPARABLES

Property GLAYr Built/

Renovated Occupancy Major TenantsAvailable

SF Rental Rates NNN

Central Park1706 W Irving BlvdIrving, TX

107,102 1964/1981/2001 97.7% AutoZone, Planet Fitness, Irving Gymnastics, Family Dollar, Rent-a-Center 2,486 $8.00 - $15.00 $3.22

1Irving Plaza930-1000 W Airport FwyIrving, TX

76,847 1965 87.0% Office Depot, Big Lots, Pizza Hut 10,000 $12.00 $2.00

2Story Crossing2501 W Airport FwyIrving, TX

6,038 2007 80.5% Starbucks, T-Mobile 1,177 $30.00 $11.75

3Imperial Square3225 W Airport FwyIrving, TX

45,906 1984 91.3%Vacation Store, As Needed Party Rentals,

Global Exchange Vacation Store, The Oasis Ballroom

4,000 $14.00 - $16.00 $4.89

4Irving West1407-1433 N Belt Line RdIrving, TX

69,411 1987 68.0% dd's Discounts, Rent-A-Center, T-Mobile, Ace Cash Express, Terry's Supermarket 22,419 $8.00 - $16.00 $4.00

5Irving Village245 E Grauwyler RdIrving, TX

30,819 1958 84.0% Dollar General, Smile Zone, Jaime's Furniture 5,000 $11.00 - $12.00 None

6Park Plaza1500 N Story RdIrving, TX

19,230 1963 53.2% Park Plaza Income Tax & Insurance, Brinko's Upscale Resale 9,000 $12.00 - $15.00 $3.50

7

Plymouth Park1625 N Story RdIrving, TX 486,557 1960 *48%

Dollar General, Dollar King, US Postal Service, KFC, Wonderful World of

Cooking Café, Irving Dialysis Center, Allstate, San Diego Taco Shop

253,010 $7.50 - $39.48 $2.24

*242,000 of the vacancy is big box



CENTRAL PARK SC - IRVING, TXLEASE COMPARABLES

Central Park

1 Irving Plaza

2 Story Crossing

3 Imperial Square

4 Irving West

5 Irving Village

6 Park Plaza

7 Plymouth Park

2

1

3

4 567



CENTRAL PARK SC - IRVING, TXREGIONAL MAP

Central Park Shopping Center



CENTRAL PARK SC - IRVING, TXLOCAL MAP

Central Park Shopping Center



CENTRAL PARK SC - IRVING, TXMARKET SUMMARY

Dallas - Fort Worth, TX

Dallas encompasses half of the Dallas-Fort Worth Metroplex and is the third-largest city in Texas and the ninth-largest city in the United States. Dallas is home to the third-largest concentration of Fortune 500 companies in the country and is the largest economic center of the Dallas-Fort Worth metropolitan area. The Metroplex has strong submarket occupancy rates, is home to more shopping centers per capita and has one of the largest concentrations of corporate headquarters for publicly traded companies in the United States.

The city is the largest economic center of the 12-county Dallas–Fort Worth–Arlington metropolitan area, which had a population of 7,399,662 people as of July 1, 2017. The metropolitan economy is the fourth-largest and third-fastest growing in the United States, with a 2017 real GDP of $535.5 billion. In 2018, Dallas had both the highest job growth rate and the most jobs added in the nation, and is the fourth-largest employment center in the nation (behind New York City, Los Angeles, and Chicago) with more than three million non-farm jobs. In the

latest rankings released in 2018, Dallas was rated as a “beta plus” world city by the Globalization and World Cities Study Group & Network. Dallas is also ranked 14th in world rankings of GDP by the Organization for Economic Co-operation and Development. The Dallas-Fort Worth Metroplex has one of the largest concentrations of corporate headquarters for publicly traded companies in the United States. The city of Dallas has nine Fortune 500 companies, and the DFW region as a whole has 22.

Dallas is the best-ranked city on the Regulatory Climate Index thanks to its efficient local regulations. Entrepreneurs and small businesses can expect a welcoming business environment across all five areas of local regulation. Dallas scores above average across each meaningful measure of an interaction that a business has with a local government agency through procedure, time, and cost. These rankings reflect the city’s continuing efforts to develop programs and initiatives to strengthen the business environment, provide access to capital, and encourage economic growth at the local level.

No. 14th

22

10K

5th

Fastest Growing City in the U.S. (U.S. Census Bureau)

Largest Metropolitan Area in the United States

O V E R V I E W Q U I C K S TAT S

Fortune 500 Companies Call DFW Home (USA Today)

Home to over 10,000 corporate headquarters, making it the largest concentration in the U.S.

Texas, Fastest Growing Economy in the U.S. (Forbes)



CENTRAL PARK SC - IRVING, TXDEMOGRAPHIC STATISTICS

1 MILE 3 MILE 5 MILE

Population:

2023 Projection 22,951 163,172 235,777

2018 Estimate 21,836 154,721 222,813

2010 Census 20,491 142,034 200,165

Growth 2018-2023 5.11% 5.46% 5.82%

Growth 2010-2018 6.56% 8.93% 11.31%

2018 Population Hispanic Origin 14,263 87,741 116,633

2018 Population by Race:White 19,279 122,789 164,206

Black 1,303 15,330 27,520

Am. Indian & Alaskan 398 2,435 3,276

Asian 425 10,573 22,599

Hawaiian & Pacific Island 40 321 463

Other 391 3,274 4,749

U.S. Armed Forces: 0 87 169

Households:2023 Projection 6,967 53,942 84,018

2018 Estimate 6,645 51,276 79,392

2010 Census 6,337 47,841 71,333

Growth 2018 - 2023 4.85% 5.20% 5.83%

Growth 2010 - 2018 4.86% 7.18% 11.30%

Owner Occupied 3,571 26,384 32,342

Renter Occupied 3,073 24,892 47,050

2018 Avg Household Income (National Avg - $75,558) $66,071 $64,682 $67,327

2018 Med Household Income (National Avg - $53,889) $52,663 $49,187 $50,926

2018 Households by Household Inc:<$25,000 1,379 10,309 15,161

$25,000 - $50,000 1,760 15,726 23,893

$50,000 - $75,000 1,439 10,137 16,027

$75,000 - $100,000 909 6,350 9,890

$100,000 - $125,000 582 3,881 5,792

$125,000 - $150,000 266 2,134 3,292

$150,000 - $200,000 91 1,375 2,938

$200,000+ 220 1,365 2,399

Demographic data © CoStar 2018


The information contained in the following offering memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from STRIVE and it should not be made available to any other person or entity without the written consent of STRIVE. By taking possession of and reviewing the information contained herein the recipient agrees to hold and treat all such information in the strictest confidence. The recipient further agrees that recipient will not photocopy or duplicate any part of the offering memorandum. If you have no interest in the subject property at this time, please return this offering memorandum to STRIVE.

This offering memorandum has been prepared to provide summary, unverified financial and physical information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. STRIVE has not made any investigation, and makes no warranty or representation with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCBs or asbestos, the compliance with local, state and federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this offering memorandum has been obtained from sources we believe to be reliable; however, STRIVE has not verified, and will not verify, any of the information contained herein, nor has STRIVE conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Prospective buyers shall be responsible for their costs and expenses of investigating the subject property.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT STRIVE AGENT FOR MORE DETAILS.

CONFIDENTIALITY AGREEMENT

STRIVE hereby advises all prospective purchasers of commercial property as follows:

The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, STRIVE has not and will not verify any of this information, nor has STRIVE conducted any investigation regarding these matters. STRIVE makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any information provided.

As the Buyer of a commercial property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase. This Marketing Brochure is not a substitute for your thorough due diligence investigation of this investment opportunity. STRIVE expressly denies any obligation to conduct a due diligence examination of this Property for Buyer.

Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance of this property. The value of a commercial property to you depends on factors that should be evaluated by you and your tax, financial and legal advisors. Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any commercial property to determine to your satisfaction with the suitability of the property for your needs.

Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request and carefully review all legal and financial documents related to the property and tenant. While the tenant’s past performance at this or other locations is an important consideration, it is not a guarantee of future success. Similarly, the lease rate for some properties, including newly-constructed facilities or newly-acquired locations, may be set based on a tenant’s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; the tenants and any guarantors may fail to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in whole due to market, economic, environmental or other conditions. Regardless of tenants history and lease guarantees, Buyer is responsible for conducting his/her own investigation of all matters affecting the intrinsic value of the property and the value of any long-term leases, including the likelihood of locating replacement tenants if any of the current tenants should default or abandon the property, and the lease terms that Buyer may be able to negotiate with any potential replacement tenants considering the location of the property, and Buyer’s legal ability to make alternate use of the property.

By accepting this Marketing Brochure you agree to release STRIVE and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this commercial property.

Commercial Disclaimer

TYPES OF REAL ESTATE LICENSE HOLDERS:• A BROKER is responsible for all brokerage activities, including acts performed by sales agents sponsored by the broker.• A SALES AGENT must be sponsored by a broker and works with clients on behalf of the broker.

A BROKER’S MINIMUM DUTIES REQUIRED BY LAW (A client is the person or party that the broker represents):• Put the interests of the client above all others, including the broker’s own interests;• Inform the client of any material information about the property or transaction received by the broker;• Answer the client’s questions and present any offer to or counter-offer from the client; and• Treat all parties to a real estate transaction honestly and fairly.

A LICENSE HOLDER CAN REPRESENT A PARTY IN A REAL ESTATE TRANSACTION:

AS AGENT FOR OWNER (SELLER/LANDLORD): The broker becomes the property owner’s agent through an agreement with the owner, usually in a written listing to sell or property management agreement. An owner’s agent must perform the broker’s minimumduties above and must inform the owner of any material information about the property or transaction known by the agent, includinginformation disclosed to the agent or subagent by the buyer or buyer’s agent.

AS AGENT FOR BUYER/TENANT: The broker becomes the buyer/tenant’s agent by agreeing to represent the buyer, usually through a written representation agreement. A buyer’s agent must perform the broker’s minimum duties above and must inform the buyer of any material information about the property or transaction known by the agent, including information disclosed to the agent by th e seller or seller’s agent.

AS AGENT FOR BOTH - INTERMEDIARY: To act as an intermediary between the parties the broker must first obtain the written agreement of each party to the transaction. The written agreement must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker’s obligations as an intermediary. A broker who acts as an intermediary:• Must treat all parties to the transaction impartially and fairly;• May, with the parties’ written consent, appoint a different license holder associated with the broker to each party (owner and• buyer) to communicate with, provide opinions and advice to, and carry out the instructions of each party to the transaction.• Must not, unless specifically authorized in writing to do so by the party, disclose:

ӽ that the owner will accept a price less than the written asking price; ӽ that the buyer/tenant will pay a price greater than the price submitted in a written offer; and ӽ any confidential information or any other information that a party specifically instructs the broker in writing not to disclose, unless required

to do so by law.

AS SUBAGENT: A license holder acts as a subagent when aiding a buyer in a transaction without an agreement to represent the buyer. A subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first.

TO AVOID DISPUTES, ALL AGREEMENTS BETWEEN YOU AND A BROKER SHOULD BE IN WRITING AND CLEARLY ESTABLISH:• The broker’s duties and responsibilities to you, and your obligations under the representation agreement.• Who will pay the broker for services provided to you, when payment will be made and how the payment will be calculated.

LICENSE HOLDER CONTACT INFORMATION: This notice is being provided for information purposes. It does not create an obligation for you to use the broker’s services. Please acknowledge receipt of this notice below and retain a copy for your records.

Texas law requires all real estate license holders to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords.

Regulated by the Texas Real Estate Commission Information available at www.trec.texas.gov

Information About Brokerage Services

IABS 1-0

469.844.8880 STRIVERE.COM

exclusively listed

Documents

CENTRAL PARK SC€¦ · YSIS 2 YSIS CENTRAL PARK SC IRVING, TX Central Park SC 1706 W Irving Blvd Irving, TX 75062 OFFERING SUMMARY Price $10,325,000 Cap Rate 8.00% …