4717 s padre island dr • corpus christi, tx executive …€¦ · $62,741, the surrounding...
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P L A Z AP L A Z A4717 S PADRE ISLAND DR • CORPUS CHRISTI, TX
EXECUTIVE SUMMARY
TX-358TX-358
TX-358TX-358
CROSSTOWN EXPYCROSSTOWN EXPY
EVERHART RDEVERHART RD P L A Z AP L A Z A
ISLAND GATE TRADE AREA
STRONG SALES | $429 PSF WEIGHTED AVERAGE
81% INVESTMENT GRADE CREDIT RATING
WEIGHTED AVERAGE HEALTH RATIO OF 4.1%
17 YEARS’ AVERAGE TENURE
“MUST HAVE” RETAIL CORRIDOR
IDEAL SPACING
CLOSEST LOCATION
100 Miles 20 Miles 150 Miles 100 Miles 150 Miles
UPSIDE POTENTIAL | LEASE UP VACANT SHOP SPACE |
MARK TO MARKET OPPORTUNITY | 15% BELOW MARKET
STRONG RETAIL CORRIDOR | TRADE AREA IS 97.8% LEASED
GREAT VISIBILITY | 145,000 VEHICLES PER DAY
INVESTMENT HIGHLIGHTS
3
4 ISLAND GATE PLAZA
PROPERTY DASHBOARD
HFF L.P., is pleased to present for sale Island Gate Plaza, a 159,329 square foot, 97.1% leased shopping center
comprised of nationally recognized retailers located in the premier trade corridor of Corpus Christi, TX. The Property
represents one outparcel of 9,075 SF and anchor space of 150,254 SF. 81% of the rent roll holds an investment
grade credit rating, while the average weighted tenure is nearly 17 years. Weighted average sales are $429 per
square foot which translates to an average 4.1% health ratio. The property is located along South Padre Island Dr,
also known as Hwy 358, which serves as the heart of retail trade area in the coastal city. Ross, Best Buy, Michael’s,
and Bed Bath & Beyond headline the center and serve as a destination retailer for the city. The center has average
household income of $77,000 within a three-mile radius, 145,000 vehicles per day, and 97% average occupancy
since opening approximately 10 years ago. The Property features a loyal, high quality tenant base with long-term
remaining leases and ownership of Island Gate Plaza offers a unique opportunity to collect a in healthy cash on cash
returns underpinned by a stable tenant base in a strong location at an attractive basis.FINANCIAL SUMMARY
Year 1 NOI: $1,297,107
Wtd. Average Tenure: 16.5 Years
Wtd. Average Remaining Lease Term: 4.2 Years
5-Year CAGR: 2.72%
10-Year CAGR: 2.64%
Percent Below Market: -14.71%
Rollover Summary
Within 3 Years of Operation: 37.8%
Within 5 Years of Operation: 95.2%
Investment Grade (or Equivalent) 81.0%
98%
2%
National LocalRegional
PROPERTY SUMMARY
Location: 4717 S Padre Island Dr
Corpus Christi, TX, 78411
Year Built: 2001
Net Rentable Area: 159,329
Land Area: 13.42 Acres
Occupancy: 97.1%
Traffic Counts: S Padre Island Dr 116,000 VPD
Everhart Rd 29,000 VPD
Total 145,000 VPD
$1,000,000
$1,100,000
$1,200,000
$1,300,000
$1,400,000
$1,500,000
$1,600,000
$1,700,000
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
5-Year2.72% CAGR
10-Year2.64% CAGR
TENANT MIX NOI GROWTH
0.00%
20.00%
40.00%
60.00%
80.00%
100.00%
-10,00020,00030,00040,00050,00060,00070,00080,00090,000
100,000
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
RSF Expiriing Cumulative % Expiring
LEASE EXPIRATION SCHEDULE
% ofTenant NRA PropertyBest Buy 47,616 29.9%Ross 34,000 21.3%Bed Bath Beyond 26,300 16.5%Michael's 24,800 15.6%Shoe Carnival 17,538 11.0%Pho Tastic Noodles 2,141 1.3%Baskin Robbins 1,459 0.9%Solar Nails 915 0.6%Total Occupied GLA 154,769 97.1%VACANT 1,072 0.7%VACANT 2,562 1.6%VACANT 926 0.6%Total Available 4,560 2.9%Total Net Rentable Area 159,329 100.0%
Seaside Memorial Park
La Palmera Mall
Sunrise Mall
Rose Hill Cemetery
Tailings Pond
Tule Lake
Cole Park Amphitheater
Greenwood Park
Evelyn Price Park
Bill Witt Park
Packery Channel Park
Brawner Park
Bayfront Science Park
SouthGuth Park
Padre Balli Park
OsoCreekPark
Mustang Island State Park
Del Mar College-West Campus
Del Mar College-East Campus
Texas A&M UniversityCorpus Christi
reviR seceuN
Cuddihy Airport
Corpus ChristiInt'l Airport
Gabe Lozano SrGolf Course
Oso Beach MunicipalGolf Course
CorpusChristi C.C.
Padre Isles C.C.
Gulf WindsGolf Course
PharaohsGolf Club
Kings Crossing Golf Course
KochRe�nery
Cabaniss Field Nas Corpus ChristiNaval Air Station
Waldron Field
Oso Creek
Pita Island
Spoil Banks
Pelican Island
Padre Island
Shamrock Island
Ward IslandMustang Island
Laguna Madre
C o r p u s C h r i s t i B a y
Red�sh Bay
N u e c e s B a y
Cayo Del Oso
Gulf Of Mexico
Agnes St
Park Road 22
S Padre Island Dr
John F Kennedy Memorial Cswy
Texan Trl
Nile D
r
Glenoak Dr
Gollihar Rd
Do
ddridge St
Colum
bia S
t
Laredo St
Mcardle Rd
Mcbr
ide Ln N
Port A
ve
Airp
ort R
d
Ennis Joslin Rd
Santa Fe St
S Main St
Morgan Ave
S Port Ave
Joe M
ireur
Rd
Cros
stown
Acc
Rodd
Field
Rd
Horne Rd
Flour
Bluff D
r
Waldron
Rd
Kosto
ryz R
d
Baldwin Blvd
Gollihar Rd
Gree
nwoo
d Dr
Everh
art R
d
Old Brow
nsville Rd
Ceasar Chavez Memorial Pky
Airlin
e Rd
Ocean Dr
S Alameda St
Ayers
St
Up River Rd
Holly Rd
Yorktown Blvd
Chap
man R
anch
Rd
Agnes St
Weber
Rd
Leopard St
Saratoga Blvd
S Staples StS Staples St
S Padre Island Dr
S Padre Island Dr
34
32
51
51 45
53
41
35
43
16
49
32
26
14
53
37
20
26
51
43
22
14
12
53
49 47
22
2725
22
44
1069
286407
70
44
763
665
43
361
2444
286
357
358
358
358
181
37
37
Chapman Ranch
North Beach
Flour Blu�
Viola
P L A Z AP L A Z A
C o r p u s C h r i s t i
Ingleside OnThe Bay
97˚30'0"W
97˚30'0"W
97˚25'0"W
97˚25'0"W
97˚20'0"W
97˚20'0"W
97˚15'0"W
97˚15'0"W
97˚10'0"W
97˚10'0"W
27˚35'0"N
27˚35'0"N
27˚40'0"N
27˚40'0"N
27˚45'0"N
27˚45'0"N
27˚50'0"N
27˚50'0"N
0 2 4 Miles1
6
TENANT SPACING AND DEMOGRAPHICS
Victoria
Corpus Christi150 Miles
100
Mile
s
Laredo
San Antonio
37
35
A E
D FC
P L A Z AP L A Z A
There are over 194,000 residents within a 5-mile radius of the property, which has seen
a steady 8% increase in population since 2010. With an average household income of
$62,741, the surrounding population base falls into the target consumer category for
the electronic, discount, home goods and arts and craft based tenants (Best Buy, Bed
Bath Beyond, Ross, Shoe Carnival, Michael’s), providing for an ideal market of discount
shoppers and enabling tenants to caputre maximum sales revenues in their location. The
property is on the main drag of Corpus Christi where all major retail corridors are located.
Address City State Zipcode Group Distance Time4717 S Padre Island Dr Corpus Christi TX 78411 Subject
A 7800 N Navarro Victoria TX 77904 Best Buy 100 Miles 1 Hr 40 Mins
B 4101 I-69 Access Rd Corpus Christi TX 78410 Ross 20 Miles 25 Mins
C 5510 San Bernardo Ave Laredo TX 78041 Michael's 150 Miles 2 Hr 30 Mins
D 7808 Zac Lentz Pkwy Victoria TX 77904 Bed Bath Beyond 100 Miles 1 Hr 40 Mins
E 5512 Sam Bernardo Ave Laredo TX 78041 Shoe Carnival 150 Miles 2 Hr 30 Mins
F 1456 MacArthur Dr Alexandria LA 71301 Party City 125 Miles 2 Hours
IDEAL SPACING BETWEEN DESTINATION BASED RETAILERS DEMOGRAPHICS
DemographicsRadius
1-Mile 3-Mile 5-Mile
2017 Population 13,150 139,239 230,437
Historic Pop. Growth (2010-2017) 1.1% 6.3% 8.0%
Forecast Population Growth (2017-2022) 2.8% 5.5% 6.1%
Avg. Household Income $61,000 $69,900 $71,758
Larbor Force (Employed) 89.5% 92.5% 92.9%
Median Housing Value $107,916.85 $126,621.14 $128,792.12
Inventory♦ 342 Buildings♦ 6,334,575 SF
Vacancy♦ 135,830 SF♦ 2.1%
Net Absorption♦ T-12: 54,206 SF
Deliveries♦ 0 SF
Under Construction♦ 0 SF
Rent Rates♦ $15.67
Inventory♦ 2,556 Buildings♦ 27,235,612 SF
Vacancy♦ 878,820 SF♦ 3.2%
Net Absorption♦ T-12: 470,942 Sf
Deliveries♦ T-12: 516,559
Under Construction♦ 203,657
Rent Rates♦ $12.59
T R A D E C O R R I D O R C O R P U S C H R I S T I M S A
20130.00
Abso
rption
& De
liverie
s in M
illions
Vaca
ncy
0.01
0.02
0.03
0.04
0.05
0.06
0.07
0.08
0.09
1.6%
1.8%
2.0%
2.2%
2.4%
2.6%
2.8%
3.0%
3.2%
3.4%
2014
Absorption Deliveries Deliveries
2015 2016 2017 2018
24,800 SF 47,616 SF
Baskin-Robbins - 1,459 SFBaskin-Robbins - 1,459 SFBaskin-Robbins - 1,459 SFAvailable - 926 SFAvailable - 926 SFAvailable - 926 SF
Pho Tastic - 2,141 SFPho Tastic - 2,141 SFPho Tastic - 2,141 SFAvailable - 1,072 SFAvailable - 1,072 SFAvailable - 1,072 SFSolar Nails - 915 SFSolar Nails - 915 SFSolar Nails - 915 SF
Vacant - 2,562 SFVacant - 2,562 SFVacant - 2,562 SF
34,000 SF 17,538 SF 26,300 SF
Chickfil-A
Circle K
Retail
S O U T H PA D R E I S L A N D D R I V E
E x i t R a m p
S O U T H PA D R E I S L A N D D R I V E
EV
ER
HA
RT
RO
AD
358
358
7
SITE PLAN
TENANT PROFILES
BED BATH & BEYOND
Square Feet: 26,300 SF
Website: www.bedbathandbeyond.com
Public/Private: Public (NASDAQ: BBBY)
Credit Rating: BBB (Investment Grade)
2016 Revenue: $12.2 billion
Renewal Options: Three, 5-year options
Bed Bath & Beyond, founded in 1971, offers a range of domestic merchandise,
including bed linens and related items, bath items, and kitchen textiles; as well as home
furnishings, such as kitchen and tabletop items, fine tabletop, basic housewares, general
home furnishings, consumables, and juvenile products. They provide various textile
products, amenities, and other goods to institutional customers in the hospitality, cruise
line, healthcare industries. The company holds the #1 market share by revenue in the
home furnishings industry. As of February 2017, the company had a total 1,023 Bed
Bath & Beyond stores and also offers products to consumers through their websites and
applications.
ROSS DRESS FOR LESS
Square Feet: 34,000 SF
Website: www.rossstores.com
Public/Private: Public (NASDAQ: ROST)
Credit Rating: A- (Investment Grade)
2017 Revenue: $12.9 billion
Renewal Options: Two, 5-year options
Ross Dress for Less operates as a specialty retail store offering name-brand apparel,
accessories, footwear, and home décor at 20%-60% off department store prices, targeting
low to middle income customers. Founded in 1982, the company operates more than
1,340 stores in 35+ states. With a 8.55% compound annual growth rate since 2010, Ross
has become the 3rd largest specialty apparel store in terms of market share.
BEST BUY
Square Feet: 47,616 SF
Website: www.bestbuy.com
Public/Private: Public (NYSE: BBY)
Credit Rating: BBB- (Investment Grade)
2017 Revenue: $39.4 billion
Renewal Options: Two, 5-year options remaining
Best Buy is a multinational consumer electronics corporation headquartered in Richfield,
Minnesota. Founded in 1966, Best Buy sells consumer electronics and a variety of related
merchandise, including software, video games, music, VHS cassettes and VCRs, mobile
phones, digital cameras, car stereos and video cameras, and home appliances (washing
machines, dryers, and refrigerators) in a non-commissioned sales environment. The
company operates e-commerce, retail store, and call center operations under various
brand names, including Best Buy (bestbuy.com), Best Buy Mobile, Geek Squad, Magnolia
Audio Video, Pacific Sales, Magnolia Home Theater, Magnolia Design Center and Pacific
Kitchen. As of January 31, 2017, Best Buy operates 1,575 locations.
In a changing retail landscape, Best Buy is having to combat online retailers. They
are doing this in a variety of ways such as price matching with Amazon, offering 24/7
tech support, and innovative new products. However, their main strategy is licensing
out spaces in their stores to companies such as Apple, Samsung, and Microsoft.
Additionally, they offer instore pickups for ecommerce products, allowing people to get
their products faster while helping the company generate foot traffic to their brick and
mortar locations.8
9
TENANT PROFILES (CONTINUED)
MICHAEL’S
Square Feet: 24,800 SF
Website: www.michaels.com
Public/Private: Public (NASDAQ: MIK)
Credit Rating: BB-
2017 Revenue: $5.2 billion
Renewal Options: One, 5-year options remaining
Michaels Stores, Inc. (NASDAQ: MIK) is the largest arts and crafts retail chain in the world.
With its corporate headquarters in Irving, Texas, the company operates 1,223 stores across 49
states and Canada, and employs over 40,000 people. Michaels also produces 11 exclusive private
brands including Recollections, Studio Décor, Bead Landing, Creatology, Ashland, Celebrate It,
Art Minds, Artist’s Loft, Craft Smart, Loops & Threads, and Imagin8. They also operate 120 Aaron
Brothers stores in eight states, offering photo frames, a full line of ready-made frames, custom
framing services, and a wide selection of art supplies. The average Michaels store now contains
40,000 different products in around 18,200 square feet of selling space. A diverse selection of
arts, crafts, framing, floral, wall décor, bake ware, beads, scrapbooking and seasonal merchandise
for hobbyists and do-it-yourself (DIY) home decorators are sold by each store. Net company
sales for 2016 were reported to be $5.2 billion.
SHOE CARNIVAL
Square Feet: 17,538 SF
Website: www.shoecarnival.com
Public/Private: Public (NASDAQ: SCVL)
Credit Rating: IG10 (Bloomberg Risk Factor – Investment Grade)
2017 Revenue: $1 billion
Renewal Options: Two, 5-year options remaining
Shoe Carnival is a leading retailer of family footwear with over 400 stores and 3,500 employees
throughout the Midwest, South, and Southeast regions. Founded in 1978, the company provides
various dress, casual and athletic footwear products and accessories. Each store offers a wide
selection of name brand and private label merchandise. Based out Evansville, IN, the company
reported $983.9 million in annual revenue in 2016, and over $1 billion in 2017.
Diverse Employment Base - The largest employers in Corpus Christi are from a wide
range of industries including education, healthcare, retail, government, manufacturing
and petroleum refining. The list of major employers can be seen below:
Company Industry # of EmployeesCorpus Christi ISD Education 5,178
Christus Spohn Health Systems Healthcare 5,144
H.E.B. Retail 5,000
City of Corpus Christi Government 3,171
Naval Air Station Corpus Christi Government 2,822
Bay, Ltd. Manufacturing 2,100
Driscoll Children's Hospital Healthcare 1,800
Del Mar College Education 1,542
Corpus Christi Medical Center Healthcare 1,300
Flint Hills Resources Petroleum Refining 920
Kiewit Offshore Service Manufacturing 900
RESURGENCE OF DOWNTOWN CORPUS CHRISTI
Having been recently accepted into the “Texas Main Street Program”, Corpus Christi now
has access to resources that will help attract new businesses in the area. Corpus Christi
is the largest city to be accepted into the program and has over $29 million of public
improvement projects currently funded and in some stage of planning or construction in
the downtown area. The city has enacted the Downtown Area Development plan which
is an action oriented, market driven strategy to drive economic growth and community
building in downtown. The plan primarily focuses on setting the stage for private sector
investment and emphasizes that new housing offers the strongest investment opportunity
in downtown. The plan has a five point focus:
• Catalyze housing and other market-driven development with a more targeted
andversatile incentive program
• Create more housing options for all households
• Complete a waterfront park and trail network that celebrates the bay and connects
destinations
• Leverage the Harbor Bridge relocation and create an enhanced Gateway to the
Baythrough a transformed I-37 and “North Beach Gateway”
• Promote the visitor economy and Downtown area “play” environment
CORPUS CHRISTI OVERVIEW
The Property is located in the Corpus Christi, Texas metropolitan statistical area. The
Corpus Christi MSA is 1,784 square miles and ranks 114 in population out of the nation’s
381 metropolitan statistical area. Population in the area increased 1.38% between 2010
and 2015 to reach the current level of 166,389. The population is expected to increase
1.29% between 2015 and 2020. The growth in the Corpus Christi area outpaced the growth
in the United States. Population grew 0.68% between 2010 and 2015 in the United States,
approximately 0.61% lower growth than Corpus Christi. Furthermore, the forecasted
growth for the area is at a rate greater than the nation as a whole.
Corpus Christi has a broad industrial base in the energy, education and technology
industries and is home to the Port of Corpus Christi, the 5th largest US port. Additionally,
Corpus Christi has the CHRISTUS Spohn Health System, which employs 5,400 employees.
ECONOMIC OVERVIEW
10
11
POPULATION
The Corpus Christi MSA has an estimated 2015 population of 448,950, which represents
an average annual 1.0% increase over the 2010 census of 428,185. The Corpus Christi MSA
added an average of 4,153 residents per year over the 2010-2015 period and its annual
growth rate exceeded the United States rate of 0.70%.
Looking forward, the Corpus Christi MSA’s population is projected to increase at a 1.0%
annual rate from 2015 – 2020, equivalent to the addition of an average of 4,609 residents
per year. The Corpus Christi MSA’s growth rate is expected to exceed that of the United
States, which is projected to be 0.7%.
EMPLOYMENT
Total employment in the Corpus Christi MSA is currently estimated to be 197,500 jobs.
Between yearend 2004 and the present, employment rose by 27,300 jobs, equivalent to a
16.0% increase over the entire period. There were gains in employment in eight out of the
past ten years despite the national economic downturn and slow recovery. The Corpus
Christi MSA’s rate of employment growth over the last decade surpassed that of the
United States, which experienced an increase in employment of 6.1% or 8,108,000 jobs
over this period. The unemployment rate in Corpus Christi is 5.4% as of November 2015.
Over the past decade, the Corpus Christi MSA unemployment rate has been generally
lower than that of the United States, with an average unemployment rate of 6.0% in
comparison to a 6.8% for the United States.
Major industries in Corpus Christi include Trade, Transportation and Utilities, Education
and Health Services and Government. Large employers in the area include CHRISTUS
Spohn Health Systems, HEB, Naval Air Station Corpus Christi and Texas A&M University
– Corpus Christi.
ECONOMY
Naval Air Station (NAS) Corpus Christi has been home to Naval pilot
training since 1941 and is the largest employer in Corpus Christi.
Today, Navy, Marine Corps, Coast Guard and foreign student pilots
earn their wings training in the fours squadrons of Training Air
Wing FOUR, using AS/Truax Field and outlying air fields. NAS also
is home to the Corpus Christi Army Depot, the primary aviation
depot maintenance for Department of Defense rotary wing aircraft, as well as the
aviation component of Coast Guard Sector Corpus Christi, and dozens of other tenant
organizations. Corpus Christi is strategically located on the Texas coast, making it an
ideal location for domestic and international imports. The Port of Corpus Christi has been
recognized as the 5th largest port by tonnage, annually transporting 100 million tons of
cargo valued at more than $13 billion dollars. Barge activity at the port has risen 18%
in the past decade and just 150 miles from the US/Mexico border, Corpus expects to
capitalize from the recently lifted ban on oil trade with Mexico. The Port supports 13,746
direct jobs and over 65,000 jobs throughout the state of Texas. Over $28 billion in new
projects are under construction or final permitting in Corpus Christi. A number of factors
appeal to companies locating new facilities in Corpus Christi, including close proximity to
the Eagle Ford Shale, a well-positioned port, and a relatively easy permitting process for
new industrial facilities. Tianjin Pipe Company (TPCO) is in its final construction phase of
a 1.6 million-square foot plant. The $1.3 billion investment is the largest single investment
in a US manufacturing facility by a Chinese company and, once complete, will employee
800 people. Other companies investing in Corpus include Cheniere ($11.5 billion),
OxyChem ($1.63 billion), M&G Resins ($1.1 billion), Voestalpine Texas ($770million), and
LyndollBasell ($500 million).
ECONOMIC OVERVIEW
The Corpus Christi MSA ranks 104 in Gross Domestic Product (GDP) out of the nation’s
381 metropolitan statistical areas. Economic growth, as measured by annual changes
in GDP, has been considerably higher in the Corpus Christi MSA than the United States
overall during the past eight years. The Corpus Christi MSA has grown at a 3.2% average
annual rate while the United States has grown at a 0.9% rate. As the national economy
improves, the Corpus Christi MSA continues to perform better than the United States.
EDUCATION
Higher education in the area includes Del Mar Community College and Texas A&M. Del
Mar College has 12,236 undergraduates as of 2010. Referred to as The Island University,
Texas A&M at Corpus Christi is a doctoral research university located on 240-acres on
Ward Island in Corpus Christi, Texas. Established in 1947, the University has grown from
a small private college with 312 students to a highly regarded institution enrolling more
than 11,000 students with a goal to attract 15,000 students within the next 4 years in an
initiative called Momentum 2020. The Island University is home to five academic colleges
offering bachelor’s, master’s and doctoral degrees and is part of the Texas A&M University
System—a network of nine universities, seven state agencies and a comprehensive health
science center. In December 2013, the Federal Aviation Administration selected six public
institutions to conduct research using drones, known as the Lone Star Unmanned Aircraft
Systems Initiative (LSUAS), with Texas A&M being one of the six. The full service hospital
nearest the subject is Christus Spohn Hospital of Corpus Christi, located a 5950 Saratoga
Boulevard. The facility was built in 1994 and offers diagnostic, medical, surgical, obstetric
and gynecologic, emergency, geropsychiatric, orthopedic and intensive care services in
155 beds. The hospital also offers a level III neonatal intensive care unit. In addition, there
are a number of medical related services offered throughout the immediate area adjacent
to the hospital including medical specialty offices and therapy centers. Other hospitals in
Corpus Christi include Driscoll Children’s Hospital, Christus Spohn Hospital Shoreline and
Christus Spohn Hospital Corpus.
ECONOMIC OVERVIEW
12
TX-358TX-358
EVERHART RD
EVERHART RD
®
P L A Z AP L A Z A
This Offering Memorandum has been prepared by HFF for use by a limited number of recipients. All information contained herein has been obtained from sources other than HFF, and neither Owner nor HFF, nor their respective
equity holders, officers, employees and agents makes any representations or warranties, expressed or implied, as to the accuracy or completeness of the information contained herein. Further, the Offering Memorandum does not
constitute a representation that no change in the business or affairs of the property or the Owner has occurred since the date of the preparation of the Offering Memorandum. All analysis and verification of the information contained
in the Offering Memorandum is solely the responsibility of the recipient. HFF and Owner and their respective officers, directors, employees, equity holders and agents expressly disclaim any and all liability that may be based upon
or relate to the use of the information contained in this Offering Memorandum.
Additional information and an opportunity to inspect the property will be made available upon written request to interested and qualified prospective investors.
Owner and HFF each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the property and/or terminate discussions with any entity at any time with or without notice.
Owner shall have no legal commitment or obligations to any recipient reviewing this Offering Memorandum or making an offer to purchase the property unless and until such offer is approved by Owner, a written agreement for the
purchase of the property has been fully executed, delivered and approved by Owner and its legal counsel, and any obligations set by Owner thereunder have been satisfied or waived.
The recipient (“Recipient”) agrees that (a) the Offering Memorandum and its contents are confidential information, except for such information contained in the Offering Memorandum, which is a matter of public record, or is provided
from sources available to the public (b) the Recipient, the Recipient’s employees, agents and consultants (collectively, the “need to know parties”) will hold and treat it in the strictest of confidence, and the Recipient and the need to
know parties will not, directly or indirectly, disclose or permit anyone else to disclose its contents to any other person, firm, or entity without the prior written authorization of HFF and the Owner, and (c) the Recipient and the need to
know parties will not use or permit to be used this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Owner or HFF or for any purpose other than use in considering whether to purchase
the property. The Recipient and the need to know parties agree to keep this Offering Memorandum and all confidential information contained herein permanently confidential and further agree to use this Offering Memorandum for
the purpose set forth above. If the Recipient has no interest in the property, or if in the future the Recipient or owner discontinue such negotiations, the Recipient will return this Offering Memorandum to HFF.
CONTACT INFORMATION
HFF HOUSTON OFFICE LOCATION9 Greenway Plaza
Suite 700Houston, TX 77046
T. 713.852.3500F. 713.852.3490
hfflp.com
RYAN WESTSenior Managing DirectorT. [email protected]
RUSTY TAMLYN, CCIM, SIORSenior Managing DirectorT. [email protected]
JOHNNY KIGHTReal Estate AnalystT. [email protected]
FOR FINANCING INQUIRIESMICHAEL JOHNSONDirectorT. [email protected]