for sale stabilized nnn multitenant center corrigan plaa ...€¦ · resolut re, which provides...

• Excellent mix of eleven national and local tenants with staggered lease expirations.

• Fronting FM 518 (main corridor connecting East and West Pearland)

• Excellent visibility and direct accesses from FM 518 and Corrigan Dr

• Many stabilized tenants that have been at the same location for 10+ years

CORRIGAN PLAZAFOR SALE: Stabilized NNN Multi-Tenant Center

CORRIGAN PLAZA: 5402 W Broadway Street, Pearland, Texas 77581

The information contained herein was obtained from sources deemed reliable; however, RESOLUT RE makes no guaranties, warranties or representations 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. RESOLUT RE, which provides real estate brokerage services, is a division of Reliance Retail, LLC, a Texas Limited Liability Company.

Price $5,200,000

Capitalization Rate 7.0%

GLA 23,500 SF

Land 2.8901 AC

INVESTMENT HIGHLIGHTS

AREA TRAFFIC GENERATORS

BENNY NGUYEN, PEVice President713.548.7373 | [email protected]

FOR MORE INFORMATION:

JIM THOMPSONSenior Vice President281.445.0033 | [email protected]


CO R R I GA N P L A Z AFOR SALE: Stabilized NNN | Multi -Tenant Center | 5402 W Broadway Street, Pearland, TX 77581

Please note that the use of this Offering Memorandum and the Information (“Information”) provided is subject to the terms, provisions and limitations of the confidentiality agreement which we have provided to you (“Buyer”) and requested an executed copy.

Brokerage Relationships: By taking possession of and reviewing the information contained herein, Buyer acknowledges that the Listing Team of RESOLUT RE (“Brokers”) are acting as Seller’s Agent in the disposition assignment for the property. Buyer acknowledges receipt of the form entitled Information About Brokerage Services.

Non-disclosure of Information: By taking possession of and reviewing the Information contained herein, Buyer agrees not to disclose, permit the disclosure of, release, disseminate or transfer any of the Information obtained from Broker or the Property owner (“Owner”) to any other person or entity except as permitted herein. Buyer shall take all appropriate precautions to limit the dissemination of the Information only to those persons within the firm who need to know the Information. The phrase “within the firm” shall be deemed to include outside attorneys, accountants and investors.

Disclaimer and Waiver: By taking possession of and reviewing the Information contained herein, Buyer understands and acknowledges that neither Brokers nor Owner make any representations or warranty, expressed or implied, as to the accuracy or completeness of any Information provided. Neither the Broker or the Owner shall have any liability whatsoever for the accuracy or completeness of the Information contained herein or any other written or oral communication or Information transmitted or made available or any action taken or decision made by the Buyer with respect to the Property. Buyer understands and acknowledges that they should make their own investigations, projections and conclusions without reliance upon the Information contained herein. Buyer assumes full and complete responsibility for confirmation and verification of all information received and expressly waives all rights of recourse against Owner, Brokers and RESOLUT RE.

Confidential Memorandum and Disclaimer



Photos



INVESTMENT PROPERTY

Price $5,200,000

Capitalization Rate 7.0%

Terms Cash to Seller

PROPERTY INFORMATION

Property Address 5402 Broadway Street, Pearland, Texas 77581

Location NE quadrant of FM 518 and Corrigan Dr

County Brazoria

Ownership Entity Corrigan Plaza, LTD

Gross Leasable Area 23,500 SF

Lot Size 2.8901 Acres

Parking Lot Concrete

Lease Type NNN

Year Built 2005

Number of Tenants 10

Occupancy 100%

• Excellent mix of ten national and local tenants with staggered lease expirations.

• Fronting FM 518 (main corridor connecting East and West Pearland)

• Excellent visibility and direct accesses from FM 518 and Corrigan Dr

• Many stabilized tenants that have been at the same location for 10+ years

• Existing leases include many additional income items for landlord such as pylon sign, water, trash charges besides Base Rent and NNN

• Directly across the street from Sam Jamison Middle School

• Pearland is one of the most active growing area of Houston MSA

• Located 1 mile from intersection of Highway 35 and FM 518

INVESTMENT HIGHLIGHTS

INCOME & EXPENSE

Base Rent $351,400

NNN Recoveries $138,243

Other Income $14,700

Total Rent $504,303

Reimbursable Operating Expenses $139,471

Net Operating Income $364,872

REIMBURSABLE OPERATING EXPENSES

Sweeping

Utilities $11,345

Tax Protest $800

Maintenance $18,236

Repairs & Services $2,950

Management Fee $16,536

Real Estate Taxes $80,600

Property Insurance $9,004

Total Reimbursable Operating Expenses $139,471



Site Plan

Suite Tenant SF

5404 Dollar Tree 10,000

102 Little Caesars 1,500

104 CC’s Jewelry 1,125

106 Silverlake Driving School 1,500

110 Jolly Jolly Bakery 1,500

112 LeafLife 1,125

116 Balloon ‘N Novelty Pearland 1,500

118 State Farm 1,125

120 Subway 1,500

122 TJ’s Foot Spa 1,125

124 Silverlake Beauty Salon 1,500



• Website: www.dollartree.com• Founded in 1986 – Norfolk, Virginia• The company has :

• More than 6,360 locations in 48 states• 1,600 Dollar Tree and Family Dollar stores

in the state of Texas• Note** Dollar Tree company operates

15,187 retail stores across 48 states and five Canadian provinces, along with a net work of 23 U.S. distribution centers. Stores operate under the brands of Dollar Tree, Family Dollar and Dollar Tree Canada

• Website: www.statefarm.com• Founded in June 7, 1922 – Bloomington, Illinois• The company has:

• More than 18,000 agents, 343 claims office, 30 operations centers locations in the United states

• Website: www.littlecaesars.com• Founded in: May 08, 1959 – Garden City, Michigan• The company has:

• More than 18,000 agents, 343 claims office, 30 operations centers locations in the United states

• Website: www.subway.com• Founded in: Bridgeport, Connecticut-August

28,1965• The company has :

• More than 41,512 locations in more than 100 countries (24,000 in the United States)

• 2,096 + locations in Texas

Tenant Profiles



Regional Map



Map of Houston



Intersection Aerial



Retail Aerial

The information contained herein was obtained from sources deemed reliable; however, RESOLUT RE makes no guaranties, warranties or representations 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. RESOLUT RE, which provides real

estate brokerage services, is a division of Reliance Retail, LLC, a Texas Limited Liability Company.


Demographics

Market Profile5402 W Broadway St, Pearland, Texas, 77581 2 Prepared by Esri5402 W Broadway St, Pearland, Texas, 77581 Latitude: 29.55957Rings: 1, 3, 5 mile radii Longitude: -95.30345

1 mile 3 miles 5 milesPopulation Summary

2000 Total Population 6,961 31,962 83,2602010 Total Population 9,371 48,647 138,6702019 Total Population 10,495 58,681 165,965

2019 Group Quarters 7 157 2992024 Total Population 10,808 62,019 177,162

2019-2024 Annual Rate 0.59% 1.11% 1.31%2019 Total Daytime Population 7,658 49,322 125,970

Workers 2,595 20,272 40,499Residents 5,063 29,050 85,471

Household Summary2000 Households 2,370 11,112 28,202

2000 Average Household Size 2.94 2.87 2.952010 Households 3,125 16,636 45,566



2024 Average Household Size 3.03 2.94 3.092019-2024 Annual Rate 0.55% 1.11% 1.25%

2010 Families 2,471 12,870 36,1812010 Average Family Size 3.36 3.32 3.43

2019 Families 2,721 15,284 42,5382019 Average Family Size 3.41 3.36 3.48

2024 Families 2,787 16,081 45,1442024 Average Family Size 3.42 3.37 3.502019-2024 Annual Rate 0.48% 1.02% 1.20%

Housing Unit Summary2000 Housing Units 2,484 11,795 29,822

Owner Occupied Housing Units 77.4% 72.3% 78.0%Renter Occupied Housing Units 18.0% 21.9% 16.6%Vacant Housing Units 4.6% 5.8% 5.4%

2010 Housing Units 3,255 17,751 48,169Owner Occupied Housing Units 78.0% 70.3% 75.8%Renter Occupied Housing Units 18.0% 23.4% 18.8%Vacant Housing Units 4.0% 6.3% 5.4%



Median Household Income2019 $89,986 $93,416 $89,1932024 $100,285 $102,385 $98,830

Median Home Value2019 $177,713 $207,335 $204,6242024 $197,248 $230,031 $229,241

Per Capita Income2019 $32,389 $36,297 $35,0252024 $36,220 $40,522 $38,464

Median Age2010 33.8 33.1 33.42019 35.4 34.9 34.52024 35.7 35.5 34.7

Data Note: Household population includes persons not residing in group quarters. Average Household Size is the household population divided by total households. Persons in families include the householder and persons related to the householder by birth, marriage, or adoption. Per Capita Income represents the income received by all persons aged 15 years and over divided by the total population.Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2019 and 2024 Esri converted Census 2000 data into 2010 geography.

October 22, 2019

©2019 Esri Page 1 of 7



Houston: Key FactsSize At 655 square miles, the City of Houston could contain the cities of New York, Washington, Boston, San Francisco, Seattle, Minneapolis and Miami.

Population/Demography Houston, with 2.3 million residents, is the fourth most populous city in the United States, trailing only New York, Los Angeles and Chicago. The city is the largest in the South and the Southwest.

Houston is the nation’s demographic future. In racial and ethnic composition, the Houston of today very much resembles the U.S. 40 years hence.

37.3% Anglo, 36.5% Hispanic, 16.9% African American, 7.5% Asian/Other, 1.8% Other

Business/ValueHouston ranks first among U.S. cities where paychecks stretch the furthest, according to Forbes.

Houston is home to the second largest concentration of Fortune 1000 companies in the country (49) behind New York (72).

Overall CultureGQ Magazine deemed Houston the “New Capital of Southern Cool” (2018).

Thrillist ranked Houston among “The 7 Most Impressive American Cities of 2017” for its diverse population, affordability and strong economy (2018).

WalletHub ranked Houston among 2018’s Most Fun Cities in America (2018).

International Connections More than 3.5 million foreign travelers came to Houston in 2017, the most recent year for which data exists. The vast majority of those travelers came from Mexico.

Bush Intercontinental Airport offers non-stop service to more than 70 international destinations.

Hobby Airport completed construction on an International Terminal in 2015 and began service to Mexico and Latin America through Southwest Airlines. It now serves more than 55 destinations.

The Texas Medical Center sees an annual average of 16,000 International patient visits.

Conventions and Major EventsWith more than 4.4 million square feet of convention space, metro Houston ranks at the top of American cities when comparing convention venues.

Source: https://www.visithoustontexas.com/about-houston/facts-and-figures/



Listing Agent

Benny Nguyen, PE | Vice [email protected]

Benny Nguyen joined RESOLUT RE in 2016 and quickly gained the company’s recognition by earning the distinction of Team Player of the Year in both 2017 and 2018, and for being a consistent producing agent. He also received a 2018 Power Broker Award from Costar and named a 2019 Heavy Hitter by Houston Business Journal. He is commonly praised by his clients for his persistence, diligent follow-up, abundant energy and market expertise. He possesses a balance of both innate deal-making skills and attention to detail.

Benny’s primary areas of focus are representing buyers and sellers of investment properties, land acquisition/disposition, land development, project leasing and buyer/tenant representation. Some of his current buyer/tenant clients include Dog Haus, Tin Drum Asian Kitchen, DRNK Coffee + Tea, Qwench Juice Bar, Longmi Lashes, Little Land Play Gym & Pediatric Therapy, and Sharkey’s Cuts for Kids.

Prior to focusing exclusively on retail brokerage, Benny was a real estate developer and a land development engineer, where he played important roles in real estate projects, such as Cross Creek Ranch development in Fulshear, Texas; Woodridge Forest development in Porter, Texas; Woodson’s Reserve development in Spring, Texas; and Canyon Field Plaza in Richmond, Texas.

Benny received a Bachelor of Science degree and a Master of Engineering degree in civil engineering from Texas A&M University. He also earned a Master of Business Administration degree from the University of Houston – Victoria. He is a Texas licensed Professional Engineer, as well as a Texas licensed real estate agent. He is also a member of the International Council of Shopping Centers (ICSC) and the Certified Commercial Investment Member (CCIM).



Listing Agent

Jim Thompson | Senior Vice [email protected]

Prior to joining RESOLUT RE in June of 2015, Jim Thompson had served as a managing director with Newmark Grubb Knight Frank Retail

since 1999. A licensed, Texas real estate broker since 1977, Jim has over 40 years of experience in Houston real estate, including extensive

experience representing tenants and landlords in retail and office leasing affecting the disposition of excess real estate for major retailers

and financial institutions. His background also includes the sale of retail and office building properties. His responsibilities have included site

selection and lease negotiations, helping to gather information for the creation of business plans, negotiating the terms and conditions of

leases, coordinating the work of environmental engineers & contractors and acting as the liaison between landlord and tenant.

Some of Jim’s notable clients include: Applebee’s, Childtime Childcare, Inc., Schlotzsky’s, Shell Oil Company, Verizon Wireless, Phillips

Petroleum, Chicken Express, & Home Consignment Centers. He is a member of ICSC and earned his bachelor’s degree in marketing from the

University of Houston.

CORRIGAN PLAZAFOR SALE: Stabilized NNN Multi-Tenant Center

CORRIGAN PLAZA: 5402 W Broadway Street, Pearland, Texas 77581

AUSTIN 7320 N Mopac Expressway Suite 101Austin, Texas 78731

DALLAS5151 Belt Line RdSuite 620Dallas, Texas 75254

HOUSTON9432 Katy FreewaySuite 300Houston, Texas 77055

MCALLEN200 S 10th StreetSuite 805McAllen, Texas 78501

MIDLAND4607 Pine Meadow DriveSuite 2Midland, Texas 79705

LOUISIANA600 Jefferson StreetSuite 407Lafayette, Louisiana 70501

EL PASO6006 North Mesa St.,Suite 510El Paso, Texas 79912

ALBUQUERQUE2155 Louisiana Blvd N.E.Suite 7200Albuquerque, NM 87110

CONTACT US

FOR MORE INFORMATIONPLEASE VISIT:

resolutre.com

BENNY NGUYEN, PEVice PresidentOffice 281.445.0033Direct 713.548.7373 [email protected]

JIM THOMPSONSenior Vice PresidentOffice 281.445.0033Direct 281.764.9620 [email protected]

11-2-2015

Information About Brokerage Services IEQUAL HOUSING OPPORTUNITY

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

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 minimum duties above and must inform the owner of any material information about the property or transaction known by the agent, including information 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 the 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:

o that the owner will accept a price less than the written asking price; o that the buyer/tenant will pay a price greater than the price submitted in a written offer; and o 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.

Reliance Retail LLC OR Texas RS LLC dba "Retail Solutions" 603091 OR 9003193 [email protected] 512-474-5557Licensed Broker /Broker Firm Name or License No. Email Phone Primary Assumed Business Name

David J. Simmonds OR David Russell Burggraaf 459263 OR 518156 [email protected] 512-4 7 4-5557Designated Broker of Firm License No. Email Phone

David J. Simmonds OR David Russell Burggraaf 459263 OR 518156 [email protected] 512-47 4-5557Licen�ed Supervisor of Sales Agent/ License No. Email Phone Associate

Sales Agent/ Associate's Name License No. Email Phone

Buyer/Tenant/Seller/Landlord Initials Date

Regulated by the Texas Real Estate Commission Information available at www.trec.texas.gov IABS 1-0

for sale stabilized nnn multitenant center corrigan plaa ...€¦ · resolut re, which provides...

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