1604
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187,
048 C
PD
29,828 CPD
101,873 CPD
99,204 CPD
REGAL CINEMAS — FIESTA TRAILS CORPORATE GROUND LEASE ON 10.35 ACRES
SAN ANTONIO, TX
CONFIDENTIAL OFFERING MEMORANDUM
REGAL FIESTA TRAILS
CONFIDENTIAL OFFERING MEMORANDUM — REGAL FIESTA STADIUM 16, SAN ANTONIO
REGAL CINEMAS — FIESTA TRAILS CORPORATE GROUND LEASE ON 10.35 ACRES
CONFIDENTIAL OFFERING MEMORANDUM
12631 Vance Jackson Road San Antonio, TX 78230
presented by
KEVIN CATALANI VICE PRESIDENT INVESTMENT SALES 210.841.3237 [email protected]
ASHER REILLY PARTNER 210.841.3213 [email protected]
REATA REAL ESTATE INVESTMENT SALES 1100 NE Loop 410, Suite 400 San Antonio, TX 78209
TEL 210.930.4111 FAX 210.930.1114
REATAREALESTATE.COM
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Information contained was obtained from sources believed reliable, However, REATA Real Estate Services, LP, makes no guarantees, warranties or representations as to the completeness or accuracy thereof. The presentation of this project is submitted subject to the errors, omissions and change of price or conditions prior to lease or withdrawal. ©REATA Real Estate Services, LP
CONFIDENTIAL OFFERING MEMORANDUM — REGAL FIESTA STADIUM 16, SAN ANTONIO
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SSECTION I EXECUTIVE SUMMARY • Investment Highlights • Lease Abstract
• Tenant Profile
SECTION II PROPERTY OVERVIEW • Map • Aerials • Zoning Map
• Fiesta Trails Shopping Center Site Plan
SECTION III TRADE AREA OVERVIEW • San Antonio Market Overview • IH-10 Corridor Overview • South Texas Medical Center Overview • Multi-Family Market Overview
• Demographics
SECTION IV AGENCY DISCLOSURE
CONFIDENTIAL OFFERING MEMORANDUM — REGAL CINEMAS, FIESTA TRAILS — SAN ANTONIO
REATA Investment Sales and REATA Land have been exclusively retained to offer for sale Regal Cinemas Fiesta Trails (the “Property”) in San
Antonio, TX. Regal Fiesta Trails is a 56,000 SF Regal movie theatre situated on a 10.358 acre land tract within Fiesta Trails Shopping Center.
Fiesta Trails is an H-E-B-anchored asset located at Interstate 10 and DeZavala Road, one of the most dominant retail intersections in San Anto-
nio. Regal Fiesta Trails has over four years remaining on their original 25-year ground lease, offering secure, maintenance-free cash flow while
awaiting a potential redevelopment opportunity. This offering presents a unique opportunity to acquire a premiere infill site with an attractive
in-place yield, located in the thriving San Antonio market.
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INVESTMENT HIGHLIGHTS
BOOMING SAN ANTONIO MARKETRegal Cinemas Fiesta Trails is located in a dense, infill corridor of north central San Antonio, TX. San Antonio is the seventh largest city in the United States with a 2014 estimated population of 1,436,697, according to the U.S. Census Bureau. The 2014 estimate represents an 8.23% population increase from the 2010 Census, the largest percentage increase among the top ten U.S. cities. In addition, the San Antonio-New Braunfels MSA (#25 in the U.S.), had the second largest percentage increase in estimated population among the nation’s top 25 MSAs during the same time period. A recent Forbes Magazine article has included San Antonio as part of one of the fastest growing regional economies in the nation, due to its remarkable job and population growth.
DOMINANT SAN ANTONIO INTERSECTION
Regal Cinemas Fiesta Trails is located within Fiesta Trails Shopping Center, a 488,000 SF H-E-B-anchored asset located at the Interstate 10 — DeZavala Road interchange. This intersection is home to several other powerful an-chors including Sam’s Club, Walmart Supercenter and Home Depot, making it one of the city’s most dominant retail nodes.
IRREPLACEABLE, INFILL REAL ESTATEThe Property is positioned on the southeastern portion of Fiesta Trails Shopping Center, fronting Vance Jackson Road. There are an estimated 107,817 people and 44,454 households within a 3-mile radius of the site. The offering is a rare opportunity to acquire a site of this size in this high density trade area.
IDEALLY CONFIGURED LAND TRACTThe 10.358 acre site is rectangular in shape with over 500 feet of frontage along Vance Jackson Road. In the event Regal were not to renew their lease, the layout of the site is ideally configured for several redevelopment options.
MAINTENANCE-FREE CASH FLOW WITH ATTRACTIVE IN-PLACE YIELD
Regal Cinemas Fiesta Trails is currently operating on an original 25-year ground lease with over four years remaining (July 31, 2021 expiration). Regal maintains the entire parcel and is responsible for roof and structure of the building, creating no landlord responsibilities.
12% RENT ESCALATIONS FOR OPTION TERMSUpon expiration in 2021, each of Regal’s renewal options are subject to 12.00% rent increases. In the event they were to exercise their option, this would result in a 90+ basis point increase in yield.
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CONFIDENTIAL OFFERING MEMORANDUM — REGAL CINEMAS, FIESTA TRAILS — SAN ANTONIO 3
Tenant Act III Inner Loop Theatres, Inc.
Tenant Trade Name Regal Fiesta Stadium 16
Original Lease Term 25 Years
Lease Commencement August 1, 1996
Lease Expiration July 31, 2021
Rent Increases 12% Every 5 Years
Renewal Options Four, five-year options with 12% rent increases
Lease Type Ground Lease
Roof & Structure Tenant Responsibility
Lease Years Effective Dates Annual Base Rent Monthly Base Rent
21 — 25 Aug. 1, 2016 — Jul. 31, 2021 $422,433.96 $35,202.83
Extension Terms
26 — 30 Aug. 1, 2021 — Jul. 31, 2026 $473,126.04 $39,424,17
31 — 34 Aug. 1, 2026 — Jul. 31, 2031 $529,901.04 $44,158.42
36 — 40 Aug. 1, 2031 — Jul. 31, 2036 $593,490.00 $49,457.50
41 — 45 Aug. 1, 2036 — Jul. 31, 2041 $664,707.96 $55,392.33
RENT SUMMARY
LEASE SUMMARY
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LEASE ABSTRACT
TENANT Act III Inner Loop Theatres, Inc. DBA: Regal Fiesta Stadium 16
LOCATION 12631 Vance Jackson Road San Antonio, TX 78230
BUILDING SIZE 56,000 SF
LAND AREA 10.358 acres / 451,173 SF
YEAR BUILT 1996
ZONING C-3, C-3 ERZD, C-2 ERZD (see Zoning Map, page 11)
PRICING
Offering Price $6,035,000
Price PSF to the Land $13.38
Current Ground Rent $422,433.96
Current Cap Rate 7.00%
CONFIDENTIAL OFFERING MEMORANDUM — REGAL CINEMAS, FIESTA TRAILS — SAN ANTONIO
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Regal Entertainment Group, abbreviated REG, is an American movie theater chain headquartered in unincorporated Halls Crossroads, just north of Knoxville, TN. One of the country’s largest motion picture exhibitors, Regal operates 7,310 screens in 565 theaters in 42 states along with Guam, Saipan, American Samoa and the District of Columbia as of September 30, 2016. In 2015, the chain welcomed 217 million visitors.
Regal develops, acquires and operates multi-screen theatres primarily in mid-sized metropolitan markets and suburban growth areas of larger metropolitan markets throughout the United States. The three main brands operated by Regal are Regal Cinemas, Edwards Theatres, and United Artists Theatres.
These brands benefit from Regal’s leadership position in a stable, mature industry. Long-term box office trends show annual growth of 4%, while box office revenue has exceeded $10 billion in each of the last seven years. Regal also generates significant free cash flow reaching approximately $250 million for the last five years, well ahead of its competitors.
Regal’s business strategy focuses on prudent industry consolidation and partnership opportunities, managing, expanding and upgrading existing assets with new technologies and customer amenities and realizing selective growth opportunities through new theatre
construction. A public company, Regal
trades on the New York Stock Exchange
as RGC.
regmovies.com
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REGAL FIESTA TRAILS
CONFIDENTIAL OFFERING MEMORANDUM — REGAL FIESTA STADIUM 16, SAN ANTONIO
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CONFIDENTIAL OFFERING MEMORANDUM — REGAL CINEMAS, FIESTA TRAILS — SAN ANTONIO
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CONFIDENTIAL OFFERING MEMORANDUM — REGAL CINEMAS, FIESTA TRAILS — SAN ANTONIO
C-3
C-3 ERZD
C-2 ERZD
SUBJECTRegal Fiesta Trails12631 Vance Jackson
SUBJECT ZONING
EDWARD RECHARGEZONE DISTRICT LINE
DE ZAVALA RD
VANCE JACKSON RD
NEW
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SITE PLAN
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PARTY CITY
PETCO
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AVAILABLE (25' X 110')CONCENTRA
AVAILABLE (70' X 121')ASIAN CUISINE
DESTINY BRIDALS
BURGER KING
WESTERN BEVERAGES
RADIO SHACK
WING STOP
A DONG RESTAURANT
JENNY CRAIG
COMPLETE URGENT CARE
MOD P IZZA
MIRACLE NAIL
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TOTAL VISION
FANTASTIC SAM'SAVAILABLE (30' X 60')WING DADDY'S SAUCE HOUSE
LITTLE CAESAR’S
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THE JOINT...THE CHIROPRACTIC PLACE
EARL OF SANDWICH
T-MOBILE
6,700 SF5,999 SF
30,416 SF23,500 SF
28,510 SF37,000 SF
6,000 SF
13,000 SF16,800 SF14,400 SF
2,000 SF2,750 SF8,040 SF8,475 SF2,270 SF2,550 SF
2,600 SF
X0B WELLS FARGO ATM 300 SF
4,060 SF2,100 SF2,100 SF4,410 SF1,750 SF2,450 SF
2,400 SF1,500 SF2,400 SF1,800 SF1,080 SF1,800 SF4,020 SF
1,234 SFC0B ANY LAB TEST NOW 866 SF
1,200 SF1,380 SF1,320 SF1,100 SF
56,000 SF
1,490 SF
1,300 SF
1,200 SF2,600 SF2,800 SF
T H E D I S C O U N T P A R T Y S U P E R S T O R E
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SUITE TENANT SFA0A MARSHALLS 30,416A0E OFFICE MAX 23,500A0F STARBUCKS 1,490A0H LA-Z-BOY FURNITURE GALLERIES 28,510B0A STEINMART 37,000B0E TUESDAY MORNING 13,000B0G PARTY CITY 16,800B0J PETCO 14,400B0M YUMMY BERRY YOGURT 2,000B0N AVAILABLE 2,750B0P CONCENTRA 8,040B0S AVAILABLE 8,475B0T ASIAN CUISINE 2,270B0V DESTINY BRIDALS 2,550B0X STORAGE 6,000C0A LITTLE CAESAR’S 1,234C0B ANY LAB TEST NOW 866C0C BASKIN-ROBBINS 1,200C0E GNC 1,380C0G ROCK SAN’S CAFE 1,320C0H KEVA JUICE 1,100C0J SALLY BEAUTY SUPPLY 1,300
SUITE TENANT SFC0L JOINT CHIROPRATIC PLACE 1,200C0P EARL OF SANDWICH 2,600C0R T-MOBILE 2,800D0A MOD PIZZA 2,400 D0D MIRACLE NAIL 1,500D0F DR. JOLLY 2,400D0H TOTAL VISION 1,800D0J FANTASTIC SAM’S 1,080D0L AVAILABLE 1,800D0N WING DADDY’S 4,020E0A WESTERN BEVERAGES 4,060EOC RADIO SHACK 2,100E0G A DONG RESTAURANT 4,410E0J JENNY CRAIG 1,750EOL COMPLETE URGENT CARE 2,450R0A JOE’S CRAB SHACK 6,700R0B CHILI’S 5,999ROC BURGER KING 2,600R0D REGAL CINEMA FIESTA TRAILS 16 56,000T0A AVAILABLE 96,100X0B WELLS FARGO ATM 300
FIESTA TRAILS SHOPPING CENTER
CONFIDENTIAL OFFERING MEMORANDUM — REGAL FIESTA STADIUM 16, SAN ANTONIO
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SAN ANTONIO MARKET OVERVIEW
Recent housing and employment indicators show the San Antonio MSA is experiencing tremendous economic growth. Q3 2016 fig-ures from the Texas Workforce Commission revealed 21,500 new jobs were created in the past year while the unemployment rate in September 2016 was just 4.1%. Much of this growth has been driven by a very favorable business environment, cheap labor force and low cost of living in the San Antonio market.
San Antonio is evolving as more businesses relocate here and existing players continue to perform well and expand. The city is afford-able, especially compared to other major Tex-
as Metros, with 45% of all new housing starts priced below $250,000. However, rising land prices, fees and development costs are driving a reduction in the percentage of affordable housing stock. This is a concern since the de-clining entry-level housing market could be-come a limiting factor on additional growth.
The multi-family construction pipeline in San Antonio is showing signs of a slowdown, albeit a temporary one, with less than 4,948 proposed units and 1,450 new units having entered the permitting process. 11,904 units are currently under construction in 48 projects across the San Antonio MSA. With so many projects near-
ing completion, the market has been saturated which has led to a slower absorption rate for new projects. A pause in new projects will like-ly address absorption issues. The multi-family pipeline will be replenished by projects enter-ing the construction phase for completion in 2018 and beyond. 16,600 units are expected to be delivered to the San Antonio market over the next two years, which will impact occupan-cy and rental rates noticeably in several sub-markets. Rents for San Antonio are at $1.10 PSF except for Class A assets which have con-tinued to climb on a year-over-year basis and reached an average of $1.31 PSF.
CONFIDENTIAL OFFERING MEMORANDUM — REGAL FIESTA STADIUM 16, SAN ANTONIO
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IH-10 CORRIDOR OVERVIEW
The IH-10 corridor has consistently been one of San Antonio’s most active areas for all product types due to its concentration of major employers, quality schools, desirable housing stock and complete range of shop-ping and entertainment options. USAA, Vale-ro Energy, NuStar Energy, Security Service Federal Credit Union, Acelity and the FBI all maintain a presence in the area. Enrollment at the main campus of the University of Texas at San Antonio has climbed to nearly 29,000 students. The trade area is home to two of the city’s power centers — The Shops at La Cantera (1,246,938 SF) and The Rim (more than two million SF) as well as Éilan (nearly 240,000 SF of retail and office space). The corridor also continues to benefit from its proximity to one of the city’s fastest growing areas — the South Texas Medical Center.
SOUTH TEXAS MEDICAL CENTER OVERVIEW
The South Texas Medical Center (STMC) is a major hub for health-care, education and research entities on a 900-acre campus
which includes 280 acres slated for continued development. The STMC is a robust medical center with approximately 5.21 million annu-al outpatient visits and 45 medically related treatment, education and research facilities; separate medical, dental and nursing schools, five higher educational institutions, twelve hospitals and five specialty institutions total-ing in excess of 4,200 patient beds, 27,386 medical facility employees and 29,000 em-ployees at associated businesses.
MULTI-FAMILY OVERVIEW
With parts of three attractive submarkets in the San Antonio MSA, the IH-10 corridor is experiencing unprecedented multi-family de-velopment.
As of Q3 2016, the Far Northwest Submar-ket outside of Loop 1604 along IH-10 had stabilized Class A occupancy of 95.3% with average rents of $1.44 PSF. This submarket currently has almost 3,400 units under con-struction with approximately 900 units pro-posed.
The Northwest Submarket west of IH-10,
which includes the STMC and the UTSA main-campus, had a stabilized Class A occupancy of 92.9% with rents averaging $1.21 PSF. There are approximately 933 units under construc-tion with another 340 proposed.
The North Central submarket east of HI-10 and inside of Loop 1604 saw a stabilized Class A occupancy of 95.1% with rents averaging $1.29 PSF and 432 units under construction with an additional 598 units proposed.
PROPERTIES UNDER CONSTRUCTION
• Azure 240 units • Celeste at La Cantera 300 units • Ridgeview at The Rim 310 units • Tribute at Rim 380 units • Villas at The Rim 427 units • Broadstone Wurzbach 276 Units • Oxford at Medical Center 245 units • The Mark at Huebner Oaks 361 Units
Retail activity in the Far West market includes many new projects, a proposed Costco devel-opment and several new national retail con-cepts making their entrance in the San Anto-nio market.
CONFIDENTIAL OFFERING MEMORANDUM — REGAL FIESTA STADIUM 16, SAN ANTONIO
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Demographic Source: Applied Geographic Solutions 04/2017, TIGER Geography page 1 of 1©2017, Sites USA, Chandler, Arizona, 480-491-1112
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SUMMARY PROFILE2000-2010 Census, 2017 Estimates with 2022 ProjectionsCalculated using Weighted Block Centroid from Block Groups
Lat/Lon: 29.5612/-98.5860RS1
Regal Fiesta Stadium 161 mi radius 3 mi radius 5 mi radius
12631 Vance Jackson Rd, San Antonio, TX 78230
PO
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2017 Estimated Population 14,270 107,817 293,209
2022 Projected Population 15,935 118,087 321,403
2010 Census Population 10,226 92,019 251,083
2000 Census Population 7,018 73,981 201,085
Projected Annual Growth 2017 to 2022 2.3% 1.9% 1.9%
Historical Annual Growth 2000 to 2017 6.1% 2.7% 2.7%
2017 Median Age 30.1 32.5 33.5
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2017 Estimated Households 6,790 44,454 120,892
2022 Projected Households 7,141 46,909 127,815
2010 Census Households 4,899 38,958 106,860
2000 Census Households 2,970 31,107 85,020
Projected Annual Growth 2017 to 2022 1.0% 1.1% 1.1%
Historical Annual Growth 2000 to 2017 7.6% 2.5% 2.5%
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2017 Estimated White 73.2% 71.5% 72.9%
2017 Estimated Black or African American 6.6% 7.0% 6.7%
2017 Estimated Asian or Pacific Islander 7.6% 8.4% 6.9%
2017 Estimated American Indian or Native Alaskan 0.6% 0.6% 0.6%
2017 Estimated Other Races 12.1% 12.5% 12.9%
2017 Estimated Hispanic 48.5% 45.2% 47.2%
INC
OM
E 2017 Estimated Average Household Income $64,773 $75,290 $79,476
2017 Estimated Median Household Income $55,271 $66,045 $68,415
2017 Estimated Per Capita Income $30,823 $31,180 $32,839
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2017 Estimated Elementary (Grade Level 0 to 8) 7.2% 4.4% 3.6%
2017 Estimated Some High School (Grade Level 9 to 11) 2.0% 3.7% 3.7%
2017 Estimated High School Graduate 12.2% 14.9% 17.4%
2017 Estimated Some College 21.7% 22.4% 22.7%
2017 Estimated Associates Degree Only 9.7% 9.0% 8.6%
2017 Estimated Bachelors Degree Only 35.3% 29.0% 27.7%
2017 Estimated Graduate Degree 11.9% 16.6% 16.4%
BU
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S 2017 Estimated Total Businesses 998 6,584 15,313
2017 Estimated Total Employees 15,178 67,832 186,397
2017 Estimated Employee Population per Business 15.2 10.3 12.2
2017 Estimated Residential Population per Business 14.3 16.4 19.1
DEMOGRAPHICS
CONFIDENTIAL OFFERING MEMORANDUM — REGAL FIESTA STADIUM 16, SAN ANTONIO
CONFIDENTIAL OFFERING MEMORANDUM — REGAL FIESTA STADIUM 16, SAN ANTONIO
AGENCY DISCLOSUREAGENCY DISCLOSURE
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 rep-resents):• Put the interests of the client above all others, including
the broker’s own interests;• Inform the client of any material informaton 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 listng 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 agree-ment. A buyer’s agent must perform the broker’s min-imum 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 trans-action. 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 partes to the transaction impartially and
fairly;• May, with the parties’ written consent, appoint a differ-
ent 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 writng 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 writ-ing 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 agree-ment 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 no-tice is being provided for information purposes. It does not create an obligation for you to use the broker’s ser-vices. Please acknowledge receipt of this notice below and retain a copy for your records.
Licensed Broker/Broker Firm Name or Primary Assumed Business Name
License Number Email PhoneREATA Real Estate Services, LP 9002891 [email protected] 210.930.4111
Designated Broker of Firm License Number Email PhoneThomas C. Tyng, Jr. 0406718 [email protected] 210.930.4111
Buyer/Tenant/Seller/Landlord Initials Date
Sales Agent License Number Email PhoneAsher Reilly 523151 [email protected] 210.930.4111
Sales Agent License Number Email PhoneKevin Catalani 590070 [email protected] 210.930.4111
Sales Agent License Number Email Phone
REGULATED BY THE TEXAS REAL ESTATE COMMISSION. INFORMATION AVAILABLE AT WWW.TREC.TEXAS.GOV IABS 1-0 02/16/16
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OUR MISSION is to provide excellent real estate services to both external and internal customers while building a lasting
Company committed to profitability and opportunity.
We strive for the highest standards of service, integrity and accountability to our EMPLOYEES, CLIENTS and PARTNERS.
