cricket wireless - loopnet...rowlett wylie 20 635 20 205 287 67 67 80 farmersville location map...

Cricket WirelessSEC Greenville Avenue & Park LaneDallas, Texas

4438 W Lovers LnDallas, Texas 75209

T 214.396.1810VireoRE.com

Stroud [email protected]

Cricket Wireless / 2

Property InformationLocation6868 Greenville AveDallas, TX 75231

Size993 SF

Price$475,000 / $478.35 PSF

Cap Rate6.87%

Occupancy100%

Parking7 spaces (7.05/1,000 SF)

ZoningMU-3 (Mixed-Use 3)

Tax Authority / IDDallas County / 00-00036-742-000-00-00

Building ExteriorBrick

RoofFlat; Replaced 2017

HVACCentral Units; Replaced 2015

Site LightingPole and building mounted lights

Parking LotGood condition, concrete

The information contained herein was obtained from sources deemed reliable; however, no guarantees, warranties or representations as to the completeness or accuracy thereof.The presentation of this real estate information is subject to errors; omissions; change of price; prior sale or lease; or withdrawal without notice.


Executive Summary

Investment Overview• 993 SF single-tenant asset located on Greenville Ave in Dallas, TX• NNN lease with two, 5-year renewal options remaining• Income growth potential via rent bumps in renewal options• #1 Cricket Wireless store in DFW• Prime location less than half a mile east of US 75 (Central Expressway)• Located across from The Shops at Park Lane with tenants such as Whole Foods,

HomeGoods, Bloomingdale’s Outlet, Nordstrom Rack and Saks OFF 5TH• Roof replaced in 2017; new HVAC in 2015

Top Investor MarketThe Dallas-Fort Worth Metroplex (“DFW”) is the 4th largest metropolitan area in the nation, and is currently experiencing significant growth making it a mecca for real-estate investment. DFW adds another person every four minutes, according to data from the US Census Bureau. Ease of transportation and low cost of living have fueled business expansion, attracting new employers. The local economy has added jobs at one of the fastest rates in the nation, averaging more than 100,000 per year since 2012, outpacing the national economy and resetting the bar for market performance.

Prime LocationCricket Wireless (“Property”) is conveniently placed along the heavily trafficked Greenville Ave (22,000 cars per day), at the intersection of Greenville and Park Lane (29,000 cars per day). Greenville Ave runs Parallel to US Highway 75, and provides a key commuting route for the surrounding residents. The Property is adjacent to Schlotzsky’s Deli, 7-Eleven, and AutoZone, as well as across from The Shops at Park Lane- retailers here include Home Goods, Saks Off Fifth, Nordstrom Rack, Bloomingdales Outlet, Whole Foods, Dick’s Sporting Goods, and more. The location boasts a dense daytime population of 42,772 people within a 1-mile radius, and strategically pulls from the affluent neighborhoods of Highland Park and Lakewood, as well several adjacent apartment communities near Southern Methodist University, with an average household income of $128,684 within a 3-mile radius.

Demographics 1 Mile 3 Mile 5 Mile

Total Population 35,508 158,347 430,710

Daytime Population 54,034 189,401 502,369

Average HH Income $64,408 $124,731 $112,918

Median Age 29.5 35.8 35.2


WA XA HACHIE

DESOTO

DUNCANVILLE

CLEBURNE

FORT WORTH

G RAPEVINE

CARROLLTON

FRISC OLITTLE ELM

DENTON

MCKI NNEY

WEATHER FOR D

MINERAL W ELLS

DA LLASMESQUI TE

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DFW AIRPORT

DALLAS LOVE FIELD

PROSPER

THE C OLONY

C OPPELL

FLOWERMOUND

LEWISVILLE

ALLEN

PLANO

ROANOKE

NORTHRICHLAND

HILLSLA K E WO RTH

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BURLESON

B ENBROO K

MANSFIELD

MIDLOTHIAN

C EDAR HILL

KAUFMAN

TERRELL

FORNEY

RIC HARDSON

GRANBURY

IRVING

ARLINGTON

30

30

35E20

820

35W

35W

635

75

175

121

121

288

161

360

114

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380

380

287

ROCKWALL

HEATH

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FARMERSVI LLE

Location Map

Cricket Wireless


Aerial


Site Plan


Tenant Profile

Cricket WirelessCricket Wireless is an American prepaid wireless service provider in the United States. Cricket Wireless offers voice, text, and data and is a wholly owned subsidiary of AT&T. Cricket Wireless was founded in 1999 by Leap Wireless International, Inc. On July 12, 2013, AT&T Inc. agreed to acquire Cricket’s parent company Leap Wireless. Today, Cricket Wireless products and services are offered at more than 4,300 Cricket Wireless-branded company and authorized retail stores in 50 states and the District of Columbia, with more than 14,000 points of retail distribution nationwide and the expansion of more than 800 new

branded locations in 2016.

Size993 SF

Stock SymbolNYSE: T

Credit Rating (AT&T)BAA1 (Moody’s)

Locations4,300+

WebsiteCricketWireless.com / ATT.com


Tenant Information

Tenant Cricket Wireless

Address 6868 Greenville Ave / Dallas, TX 75231

Size 993 SF

Lease Commencement August 20, 2013

Lease Expiration August 31, 2023

Options 2 x 5 remaining

Lease Structure NNN - See Lease Abstract for more details

Price $475,000

Price PSF $478.35

In-Place NOI $32,688

In-Place Cap Rate 6.88%


Rent Schedule

Lease Period Per Month Annual PSF

August 20, 2013 - October 19, 2013 $0.00 $0.00 $0.00

October 20, 2013 - November 19, 2013 $491.06 $5,892.72 $5.93

November 20, 2013 - December 19, 2013 $1,171.00 $14,052.00 $14.15

December 20, 2013 - December 31, 2013 $1,699.86 $20,398.32 $20.54

January 20, 2014 - August 31, 2015 $2,342.00 $28,104.00 $28.30

September 1, 2015 - August 31, 2018 $2,477.00 $29,724.00 $29.93


Two Remaining Renewal Options Per Month Annual PSF




Cash Flow

In-Place

Income

Base Rental Revenue $32,688

Expense Reimbursement Revenue $6,871

Effective Gross Revenue $39,559

Expenses

CAM $704

General & Administrative $350

Insurance $1,070

Real Estate Taxes $2,587

Recoverable Parking $2,160

Total Operating Expenses $6,871

Net Operating Income $32,688

Note 1: Current lease expires 8/31/2023Note 2: Landlord has a separate agreement with Oncor, paying $2,160 per year, which is passed through to the Tenant.


Lease Abstract

Tenant Cricket Wireless

Square Footage (Building) 993 SF

Land Area 1,329 acres

Specific Use

Tenant shall use and occupy the Premises with unrestricted access for (i) the sale of communications services and products, including but not limited to wireless communications products and services, video entertainment products and services, satellite products and devices and services, video entertainment products and services, Internet access products and services, mobile electronic devices and services, and any other related products and services available now or in the future from Tenant, its parent, subsidiaries or affiliated companies; (ii) the installation repair and servicing of such equipment; (iii) the incidental storage of equipment used in connection with such business; and any activities reasonably related to or arising in connection with the conduct of such permitted businesses.

Documentation Lease dated June 30, 2005, Lease Assignment dated July 27, 2015, and lease assignment and amendment dated April 9, 2018

Rent Commencement Date August 20, 2013

Lease Expiration Date August 20, 2023

Base Rent Period Per Month Annual PSF


Remaining Renewal Options



Renewal Option(s) Two, 5-year renewal options remaining. Tenant must provide written otice 180 days prior.

CAM Payments Tenant reimburses Landlord 100% share of CAM.

Insurance Payments Tenant reimburses Landlord 100% share of Insurance.

RE Tax Payments Tenant reimburses Landlord 100% share of Taxes.

Utilities Tenant shall pay for all utilities furnished to the premises.

Tenant Maintenance Tenant responsible for glass, windows, doors, grounds maintenance, interior doors, parking areas and walks, plumbing systems, electrical systems, HVAC, signage, and extermination/pest control. Per Special Provisions, Tenant shall maintain 100% of HVAC & parking lot maintenance

Landlord Maintenance Landlord shall be responsible for maintaining foundation, exterior walls (excluding paint), and roof. (Not being charged last part of Lease Renewal starting September 2018)

Management Fee 5% of Base Rent, $1634.40 passed through to tenant

Assignee Crown Wireless Corporation

Before working with a real estate broker, you should know 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 br ker’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.

BUYER, SELLER, LANDLORD OR TENANT

BROKER FIRM NAME LICENSE NO. EMAIL PHONE

DATE

Real estate licensee asks that you acknowledge receipt of this information about brokerage services for the licensee’s records.

Approved by the Texas Real Estate Commission for Voluntary Use

INFORMATION ABOUT BROKERAGE SERVICES

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

Vireo Realty Partners [email protected] 214.396.1810

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 78711-2188 or 512-465-3960.

cricket wireless - loopnet...rowlett wylie 20 635 20 205 287 67 67 80 farmersville location map...

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