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CENTRAL SQUARE 1701 - 1833 Airport Freeway • Bedford, TX 76021 Offering Memorandum 1
CENTRAL SQUARE1701 - 1833 Airport Freeway • Bedford, TX 76021
Offering Memorandum
1
N O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C E
Confidentiality and DisclaimerThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap Real
Estate Investment Services, Inc. ("Marcus & Millichap") and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing
Brochure has been prepared to provide summary, unverified 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. Marcus & Millichap 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, PCB's or asbestos, the compliance with 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 Marketing
Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has
Marcus & Millichap 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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate
Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved.
THE TEXAS REAL ESTATE COMMISSION (TREC) REGULATES REAL ESTATE BROKERS AND SALES AGENTS, REAL ESTATE INSPECTORS,HOME WARRANTY COMPANIES,
EASEMENT AND RIGHT-OF-WAY AGENTS AND TIMESHARE INTEREST PROVIDERS. YOU CAN FIND MORE INFORMATION AND CHECK THE STATUS OF A LICENSE HOLDER AT
WWW.TREC.TEXAS.GOV. YOU CAN SEND A COMPLAINT AGAINST A LICENSE HOLDER TO TREC. A COMPLAINT FORM IS AVAILABLE ON THE TREC WEBSITE. TREC ADMINISTERS
TWO RECOVERY FUNDS WHICH MAY BE USED TO SATISFY A CIVIL COURT JUDGMENT AGAINST A BROKER, SALES AGENT, REAL ESTATE INSPECTOR, OR EASEMENT OR RIGHT-
OF-WAY AGENT, IF CERTAIN REQUIREMENTS ARE MET. IF YOU HAVE QUESTIONS OR ISSUES ABOUT THE ACTIVITIES OF A LICENSE HOLDER, THE COMPLAINT PROCESS OR THE
RECOVERY FUNDS, PLEASE VISIT THE WEBSITE OR CONTACT TREC AT:
TEXAS REAL ESTATE COMMISSION
P.O. BOX 12188
AUSTIN, TEXAS 78711-2188
(512) 936-3000
Non-Endorsement NoticeMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporations logo or name
is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or
commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.
PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
CENTRAL SQUARE
Bedford, TX
ACT ID ZAA0410322
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TABLE OF CONTENTS
SECTION
INVESTMENT OVERVIEW 01Offering Summary
Location Overview
Regional Map
Local Map
Aerial Photo
Site Plan
FINANCIAL ANALYSIS 02
Tenant Summary
Operating Statement
Notes
Pricing Detail
Acquisition Financing
MARKET OVERVIEW 03
Demographic Analysis
CENTRAL SQUARE
3
AERIAL PHOTO
CENTRAL SQUARE
4
CENTRAL SQUARE
5
INVESTMENT
OVERVIEW
CENTRAL SQUARE
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EXECUTIVE SUMMARY
OFFERING SUMMARY
MAJOR EMPLOYERS
EMPLOYER # OF EMPLOYEES
Mrs Bairds Bakeries Bus Tr 7,000
American Airlines Group Inc 3,455
Bell Helicopter Textron Inc 2,504
Autonation Inc 1,539
Texas Roadhouse 1,532
Jpmorgan Chase 1,500
Emsi Holding Company 1,218
Prospect Airport Services Inc 1,207
Edwards Cancer Center 924
Cmfg Life Insurance Company 914
Enterprise Services LLC 842
GSM - Walker Products 780
DEMOGRAPHICS
1-Miles 3-Miles 5-Miles
2018 Estimate Pop 17,497 105,182 244,108
2010 Census Pop 16,273 99,075 223,740
2018 Estimate HH 8,727 43,433 102,110
2010 Census HH 8,056 40,641 92,619
Median HH Income $52,999 $64,959 $67,913
Per Capita Income $35,203 $37,056 $40,453
Average HH Income $69,886 $89,588 $96,600
VITAL DATA
YEAR 1 YEAR 2
Price $6,900,000 CAP Rate 8.11% 8.18%
Loan Amount $4,830,000Net Operating Income
$559,741 $564,389
Loan Type Proposed NewNet Cash Flow After Debt Service
11.22% / $237,581 11.44% / $242,228
Interest Rate / Amortization 4.5% / 25 Years Total Return 16.27% / $344,580 16.72% / $354,143
Gross Leasable Area (GLA) 45,240 SF
Price/SF $152.52
Current Occupancy 92.42%
Year Built / Renovated 1984
Lot Size 4.09 acre(s)
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MAJOR TENANTS
TENANT GLA LEASE EXPIRATION LEASE TYPE
Toadies Restaurant 3,600 12/31/2021 NNN
Monarch Dental 5,400 4/30/2024 NNN
Carter Blood Care 5,320 9/30/2022 NNN
Big Shots 8,600 2/28/2022 NNN
CENTRAL SQUARE
OFFERING SUMMARY
▪ 45,240 Square Foot Neighborhood Center
▪ 92% Occupied - Built in 1984
▪ Fronts Highway 183 - Outstanding Traffic Counts
▪ Tremendous Visibility
▪ Long Stable History
▪ Good Blend of Destination Tenants with Nice Term Left
INVESTMENT HIGHLIGHTS
Central Square is a 45,240-square foot neighborhood center located off of one of the major DFW freeways in Bedford, Texas. The retail center was built in 1984 and has
had a long stable history. The retail property is anchored on one end by Big Shots Sports Cafe and by Toadies Restaurant on the other end. Central Square has a total of
fourteen suites and features a nice line up of other destination tenants like Monarch Dental, Carter Blood Care, and Meals on Wheels. Lease rates average less than
$15.00 Per SF which makes them very replaceable and Triple Nets run under $4.00 Per SF.
INVESTMENT OVERVIEW
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CENTRAL SQUARE
PROPERTY SUMMARY
OFFERING SUMMARY
PROPOSED FINANCING
First Trust Deed
Loan Amount $4,830,000
Loan Type Proposed New
Interest Rate 4.5%
Amortization 25 Years
Loan Term 5 Years
Loan to Value 70%
Debt Coverage Ratio 1.76
THE OFFERING
Property Central Square
Price $6,900,000
Property Address 1701 - 1833 Airport Freeway, Bedford, TX
SITE DESCRIPTION
Year Built/Renovated 1984
Gross Leasable Area 45,240 SF
Ownership Fee Simple
Lot Size 4.09 acre(s)
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#
LOCATION OVERVIEW
CLOSE PROXIMITY TO:
1701 - 1833 Airport Freeway, Bedford, TX 76021
LOCATION OVERVIEWTENANT SUMMARYPRICING AND VALUATION MATRIX
PROPERTY NAMECENTRAL SQUARE
PRICING AND VALUATION MATRIX
PROPERTY NAMECENTRAL SQUARE
LOCATION OVERVIEW
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LOCAL MAP
CENTRAL SQUARE
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AERIAL PHOTO
CENTRAL SQUARE
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PROPERTY PHOTO
CENTRAL SQUARE
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PROPERTY PHOTO
CENTRAL SQUARE
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SITE PLAN
CENTRAL SQUARE
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CENTRAL SQUARE
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FINANCIAL
ANALYSIS
FINANCIAL ANALYSIS
CENTRAL SQUARE
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TENANT SUMMARY
FINANCIAL ANALYSIS
CENTRAL SQUARE
OPERATING STATEMENT
17
FINANCIAL ANALYSIS
CENTRAL SQUARE
PRICING DETAIL
18
CENTRAL SQUARE
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MARKET
OVERVIEW
OVERVIEW
FORT WORTH
The Fort Worth metro is a part of the Dallas/Fort Worth Metroplex and
consists of Tarrant, Hood, Johnson, Parker, Wise and Somervell
counties. The most populous cities in the metro are Fort Worth and
Arlington, which are also some of the largest cities in the state. The
metro is home to several higher-educational institutions, including the
University of Texas at Arlington, which supplies an educated labor force
for the large and diverse employment base.
▪ Lockheed Martin Aeronautics Co. is headquartered in Air Force Plant 4 in the city of Fort Worth. It serves the Naval Air Station, also based in the metro.
▪ Healthcare is a strong economic driver, assisted by students graduating from the area’s many colleges and universities. Large employers include Texas Health Resources and University of Texas.
▪ General Motors’ assembly plant has been operating in the metro since 1954 and currently manufactures large SUVs for various divisions such as Chevrolet, GMC and Cadillac, providing numerous jobs.
▪ Local amenities include the Kimbell Art Museum, Modern Art Museum of Fort Worth, the National Cowgirl Museum and Hall of Fame, as well as rodeos at the Fort Worth Stockyards.
DEMOGRAPHICS
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ECONOMY
METRO HIGHLIGHTS
* Forecast
Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s Analytics; U.S. Census Bureau
CENTRAL SQUARE
CORPORATE BASE
Major companies located in the metro include American Airlines Group, D.R.
Horton, Pier 1 Imports, Halliburton and BNSF Railway.
MILITARY PRESENCE
Naval Air Station Joint Reserve Base Fort Worth employs more than 10,000
personnel and generates a $1.3 billion annual impact to the local economy.
WORLD-RENOWNED EDUCATION SYSTEM
The many local universities include the University of Texas at Arlington, which
is the largest university in North Texas; Texas Christian University; Tarrant
County College; and Texas Wesleyan University.
2.5M
2018POPULATION:
897K
2018HOUSEHOLDS:
35.1
2018MEDIAN AGE:
$63,700
2018 MEDIAN HOUSEHOLD INCOME:
U.S. Median:
38.0U.S. Median:
$58,8009.3%
Growth2018-2023*:
7.9%
Growth2018-2023*:
PROPERTY NAME
MARKETING TEAM
CENTRAL SQUARE
DEMOGRAPHICS
Source: © 2018 Experian
Created on December 2019
POPULATION 1 Miles 3 Miles 5 Miles
▪ 2023 Projection
Total Population 17,844 107,140 255,041
▪ 2018 Estimate
Total Population 17,497 105,182 244,108
▪ 2010 Census
Total Population 16,273 99,075 223,740
▪ 2000 Census
Total Population 15,861 97,946 204,137
▪ Current Daytime Population
2018 Estimate 21,101 106,246 234,285
HOUSEHOLDS 1 Miles 3 Miles 5 Miles
▪ 2023 Projection
Total Households 8,994 44,739 107,630
▪ 2018 Estimate
Total Households 8,727 43,433 102,110
Average (Mean) Household Size 1.91 2.40 2.37
▪ 2010 Census
Total Households 8,056 40,641 92,619
▪ 2000 Census
Total Households 7,530 39,859 83,354
▪ Occupied Units
2023 Projection 8,994 44,739 107,630
2018 Estimate 9,000 44,673 106,006
HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles
▪ 2018 Estimate
$150,000 or More 6.84% 12.17% 14.12%
$100,000 - $149,000 11.65% 17.34% 17.36%
$75,000 - $99,999 13.73% 13.53% 13.38%
$50,000 - $74,999 20.20% 19.10% 19.25%
$35,000 - $49,999 15.85% 13.08% 12.71%
Under $35,000 31.73% 24.77% 23.20%
Average Household Income $69,886 $89,588 $96,600
Median Household Income $52,999 $64,959 $67,913
Per Capita Income $35,203 $37,056 $40,453
HOUSEHOLDS BY EXPENDITURE 1 Miles 3 Miles 5 MilesTotal Average Household Retail Expenditure
$65,745 $76,120 $78,237
▪ Consumer Expenditure Top 10 Categories
Housing $17,377 $19,765 $20,293
Transportation $13,314 $15,519 $15,978
Shelter $9,587 $10,778 $11,113
Food $6,760 $7,682 $7,851
Personal Insurance and Pensions $5,838 $7,571 $8,002
Utilities $4,115 $4,597 $4,674
Health Care $3,964 $4,764 $4,738
Entertainment $2,640 $3,249 $3,349
Household Furnishings and Equipment
$1,758 $2,147 $2,227
Cash Contributions $1,697 $2,127 $2,094
POPULATION PROFILE 1 Miles 3 Miles 5 Miles
▪ Population By Age
2018 Estimate Total Population 17,497 105,182 244,108
Under 20 18.72% 23.88% 24.09%
20 to 34 Years 28.25% 20.21% 21.17%
35 to 39 Years 6.77% 6.35% 6.61%
40 to 49 Years 11.16% 12.90% 13.56%
50 to 64 Years 17.24% 21.12% 21.06%
Age 65+ 17.86% 15.52% 13.51%
Median Age 37.07 39.65 38.55
▪ Population 25+ by Education Level
2018 Estimate Population Age 25+ 12,922 73,883 170,335
Elementary (0-8) 1.68% 3.37% 2.52%
Some High School (9-11) 5.12% 6.07% 5.01%
High School Graduate (12) 20.96% 21.97% 19.95%
Some College (13-15) 32.08% 27.12% 25.84%
Associate Degree Only 10.89% 8.97% 8.68%
Bachelors Degree Only 20.40% 22.21% 25.61%
Graduate Degree 8.19% 9.32% 11.62%
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Income
In 2019, the median household income for your selected geography is
$64,959, compare this to the US average which is currently $58,754.
The median household income for your area has changed by 25.82%
since 2000. It is estimated that the median household income in your
area will be $76,181 five years from now, which represents a change
of 17.28% from the current year.
The current year per capita income in your area is $37,056, compare
this to the US average, which is $32,356. The current year average
household income in your area is $89,588, compare this to the US
average which is $84,609.
Population
In 2019, the population in your selected geography is 105,182. The
population has changed by 7.39% since 2000. It is estimated that the
population in your area will be 107,140.00 five years from now, which
represents a change of 1.86% from the current year. The current
population is 48.33% male and 51.67% female. The median age of
the population in your area is 39.65, compare this to the US average
which is 37.95. The population density in your area is 3,720.46 people
per square mile.
Households
There are currently 43,433 households in your selected geography.
The number of households has changed by 8.97% since 2000. It is
estimated that the number of households in your area will be 44,739
five years from now, which represents a change of 3.01% from the
current year. The average household size in your area is 2.40 persons.
Employment
In 2019, there are 40,374 employees in your selected area, this is also
known as the daytime population. The 2000 Census revealed that
71.06% of employees are employed in white-collar occupations in
this geography, and 29.32% are employed in blue-collar occupations.
In 2019, unemployment in this area is 2.53%. In 2000, the average
time traveled to work was 25.00 minutes.
Race and Ethnicity
The current year racial makeup of your selected area is as follows:
71.95% White, 9.52% Black, 1.36% Native American and 6.46%
Asian/Pacific Islander. Compare these to US averages which are:
70.20% White, 12.89% Black, 0.19% Native American and 5.59%
Asian/Pacific Islander. People of Hispanic origin are counted
independently of race.
People of Hispanic origin make up 18.86% of the current year
population in your selected area. Compare this to the US average of
18.01%.
PROPERTY NAME
MARKETING TEAM
CENTRAL SQUARE
Housing
The median housing value in your area was $183,537 in 2019,
compare this to the US average of $201,842. In 2000, there were
22,348 owner occupied housing units in your area and there were
17,511 renter occupied housing units in your area. The median rent at
the time was $573.
Source: © 2019 Experian
DEMOGRAPHICS
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INFORMATION ABOUT BROKERAGE SERVICESTexas 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:
▪ that the owner will accept a price less than the written asking price;
▪ that the buyer/tenant will pay a price greater than the price submitted in a written offer; and
▪ 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.
Information available at www.trec.texas.govRegulated by the Texas Real Estate Commission
IABS 1-0
11-2-2015
Licensed Broker /Broker Firm Name or Primary Assumed Business Name License No. Email Phone
Designated Broker of Firm License No. Email Phone
Licensed Supervisor of Sales Agent/Associate License No. Email Phone
Sales Agent/Associate’s Name License No. Email Phone
Buyer/Tenant/Seller/Landlord Initials Date
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P R E S E N T E D B Y
Bill G. Jordan
First Vice President Investments
Director - National Retail Group
Fort Worth Office
Tel: (817) 932-6121
Fax: (817) 932-6110
License: TX 0554799
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