Goodwill Shops At Killeen Mall -...

Goodwill Shops AtKilleen Mall

Killeen, TX

MULTI-TENANTINVESTMENT OPPORTUNITY

OFFERING MEMORANDUM

GOODWILL SHOPS AT KILLEEN MALL | AN EXCLUSIVE SRS OFFERING MEMORANDUM 2

For more information about this property, please contact:

2102 South WS Young Drive | Killeen, TX 76543

GOODWILL SHOPS AT KILLEEN MALL

RYAN HOFFVice [email protected]

CARSON HAWLEYSenior [email protected]


TABLE OF CONTENTS

4 8 12 15 19OVERVIEW

Investment Summary

Property Overview

Property Photos

PROPERTYDETAILS

Site Plan

Survey

Property Aerial

Market Aerial

FINANCIALSUMMARY

Tenant Profiles

Rent Roll

Income Statement

MARKETOVERVIEW

Killeen, TX

Demographic Summary

SUPPORTING DOCUMENTS

Confidentiality & Conditions of Sale

Information About Brokerage Services


INVESTMENT SUMMARY

Goodwill Shops at Killeen Mall

SRS Real Estate Partners is pleased to present for sale the Goodwill Shops At Killeen Mall

• Anchored by Goodwill (53% of GLA)• 93% Occupied • Most tenured tenant has occupied since 1989• Shadow-Anchored by Killeen Mall-More than 90 Stores, including

JCPenney, Dillard’s, Sears and Burlington Coat Factory• Adjacent to Fort Hood-The Largest Active-Duty Armored Post in the

U.S. Military• Fort Hood Employs Over 60,000 People and Contributes Over $35

Billion to the Texas Economy

Also Available: Shops at Killeen MallContact Agents For Additional Information

$5,700,000 | 16,737 SF | 100% Occupied

OVERVIEW

https://buildout.com/docs/documents/807417?token=0cef802ef4cac779016ef8d73626115215ce3ce1


PROPERTY OVERVIEW

PRICE $4,360,000

CAP RATE 7.75%

PROPERTY TYPE Retail

ADDRESS 2102 South W S Young DriveKilleen, TX 76543

OFFERING GLA 19,960 SF

LOT SIZE 1.818 Acres (per Bell CAD)

YEAR BUILT 1988 (per Bell CAD)

OVERVIEW


OVERVIEW


OVERVIEW


SITE PLAN - KILLEEN MALL

SITE

Also Available For SaleShops at Killeen Mall

PROPERTY DETAILS


SURVEY - GOODWILL SHOPS AT KILLEEN MALLPROPERTY DETAILS


PROPERTY AERIALPROPERTY DETAILS


MARKET AERIALPROPERTY DETAILS

SHOPS AT KILLEEN MALL | AN EXCLUSIVE SRS OFFERING MEMORANDUM 12

TENANT PROFILES

Hotgoodwill.orgLocations: 14 Stores & 3 Outlets

Heart of Texas Goodwill Industries, Inc. is a 501c3 charitable organizationand is governed by a volunteer Board of Directors. Our territoryencompasses Bell, Bosque, Brazos, Burleson, Coryell, Erath, Falls,Freestone, Grimes, Hamilton, Hill, Lampasas, Leon, Limestone, Madison,McLennan, Milam, Mills, Robertson, San Saba. We have over 450 employees and 4 job connection centers

Firsteyecaretx.comLocations: 2

We began life as Affordable Eye Care in 1988, and we’ve continuedto expand and evolve in response to the needs of the military postand surrounding areas. You’ll definitely want to meet our eye doctor,Dr.Tommy Lucas. A graduate of the Houston College of Optometry, Dr.Lucas is licensed as an Optometric Glaucoma Specialist by the TexasOptometry Board.

Danielstarklaw.comLocations: 4

Daniel Stark is a local law firm that helps injured Texans just like you everyday. We know your community, because it’s also our community. Wework in the same towns as you. Our kids go to school with your kids. Weeven shop at the same stores. Our reputation is important to us, and sois our community. Trust your case with a local lawyer. Stop by our officelocations in Bryan/College Station, Waco, Austin, or Killeen.

Pagelandsons.comLocations: 1

For over 33 years, Pagel & Sons Jewelers has been one of the most trustednames in jewelry in the Killeen region. We are a well-established jewelrystore that has grown with our community from a small store to a multiplebrand jewelry retailer. We have served generations of families as theirtrusted jeweler for brilliant diamonds, beautiful fine jewelry, elegantwatches, treasured gifts, custom made styles and expert jewelry repairs.

Pagel & Sons Jewelers

PROPERTY DETAILS

http://Hotgoodwill.org

http://Firsteyecaretx.com

http://Danielstarklaw.com

http://Pagelandsons.com


RENT ROLL

TENANT SF LEASE START LEASE ENDMONTHLY BASE

RENTANNUAL BASE

RENT RENT PSFRENT

INCREASESRENEWALOPTIONS LEASE TYPE

Heart of Texas Goodwill Industries, Inc. 10,560 01/01/2005 08/31/2022 $13,200 $158,400 $15.0009/2020

$182,160One 5-yr NNN

Daniel Stark Law, PC 1,696 04/01/2017 03/31/2021 $4,075 $48,908 $28.84 - - NNN

Pagel & Sons Jewelers 2,280 04/06/1989 12/31/2021 $4,397 $52,764 $23.14 - - NNN

First Eye Care 3,984 01/01/2007 12/31/2021 $6,945 $83,345 $20.92 - - NNN

Available 1,440 - - - - - - - NNN

TOTAL 19,960 SF - - $28,617 $343,417 - - - -

19,960 18,520 1,440 93 7 $343,417OFFERING GLA SF OCCUPIED SF AVAILABLE SF OCCUPANCY % VACANCY % SCHEDULED BASE RATE

FINANCIALS


INCOME STATEMENT

INCOME CURRENT IN-PLACE

Base Rent $343,417

NNN Reimbursement $68,619

GROSS INCOME $412,036

2017 OPERATING EXPENSES

Insurance $17,684

Landscaping/Maintenance $2,568

Management Fees $13,200

Repairs - General $3,020

Taxes $29,471

Utilities-Electric $3,600

Utilities-Water/Sewage/Waste Removal $4,405

TOTAL OPERATING EXPENSES $73,951

OPERATING INCOME $338,085

FINANCIALS


KILLEEN, TEXAS SNAPSHOT

Source: Greater Killeen Chamber of Commerce

Killeen, TX is located on US Highway 190/Interstate 14 in the heart of the Grand Central Texas Region. Interstate 14 is a six-lane divided Interstate that connects the east side of Copperas Cove to Interstate 35, a NAFTA corridor from Mexico to Canada. The designation of Interstate 14 is part of an overall transportation plan to connect “Forts to Ports”. The continued development of I14 will connect military installations to US Ports to improve the mobility of military equipment during deployments

5%RETAIL GAP HAS INCREASED

Since 2014

$64,083AVERAGE HH INCOME

43%POPULATION GROWTH

Since 2000 Census

15,000TEXAS A&M

STUDENT CAPACITY

#40IN TOP 150 CITIES FOR

MILLENNIALS

#2IN ANNUAL JOB GROWTH

Killeen MSA

MARKET OVERVIEW


KILLEEN, TX

Fort Hood Military Base

Fort Hood is now the largest active duty armored post in the U.S. Armed Forces. There are nearly 40,000 Soldiers who work on Fort Hood. The Soldiers of Fort Hood are infantrymen, cavalrymen, and tankers. They are engineers, mechanics and health care professionals. They are the life of Fort Hood. Their training gives Fort Hood its purpose, just as Camp Hood troops did back in 1942. They are part of what has made Fort Hood “The Great Place” for more than seven decades

FORT HOOD is the largest active-duty armored post in the U.S. military and home to the III Corps Command Group, also known as “The Phantom Warriors” or “America’s Hammer.”

DIRECT EMPLOYMENT DIRECT & INDIRECT EMPLOYMENT GROSSED DOMESTIC PRODUCT OUTPUT

60,159 201,538 $21.0 BILLION $35.4 BILLION

Source: hood.army.mil & Texas Comptroller of Public Accounts

MARKET OVERVIEW


POPULATION 1 MILE 3 MILES 5 MILES

2000 Population 9,012 75,549 121,074

2010 Population 10,655 85,442 160,318

2017 Population 11,351 90,440 178,805

2022 Population 11,922 95,360 191,903

2000-2010 Annual Rate 1.69% 1.24% 2.85%

2010-2017 Annual Rate 0.88% 0.79% 1.52%

2017-2022 Annual Rate 0.99% 1.07% 1.42%

2017 Male Population 49.0% 49.2% 50.4%

2017 Female Population 51.1% 50.8% 49.6%

2017 Median Age 37.7 29.4 28.2

In the identified area, the current year population is 178,805. In 2010, the Census count in the area was 160,318. The rate of change since 2010 was 1.52% annually. The five-year projection for the population in the area is 191,903 representing a change of 1.42% annually from 2017 to 2022. Currently, the population is 50.4% male and 49.6% female.

MEDIAN AGE

The median age in this area is 29.5, compared to U.S. median age of 38.2.

RACE AND ETHNICITY 1 MILE 3 MILES 5 MILES

2017 White Alone 79.80% 84.00% 46.5%

2017 Black Alone 3.80% 3.60% 31.2%

2017 American Indian/Alaska Native Alone 1.10% 0.70% 0.9%

2017 Asian Alone 1.10% 1.30% 4.1%

2017 Pacific Islander Alone 0.00% 0.00% 1.2%

2017 Other Race 11.80% 7.90% 8.5%

2017 Two or More Races 2.30% 2.40% 7.5%

2017 Hispanic Origin (Any Race) 35.80% 24.90% 25.1%

Persons of Hispanic origin represent 25.1% of the population in the identified area compared to 18.1% of the U.S. population. Persons of Hispanic Origin may be of any race. The Diversity Index, which measures the probability that two people from the same area will be from different race/ethnic groups, is 80.3 in the identified area, compared to 64.0 for the U.S. as a whole.

HOUSEHOLDS 1 MILE 3 MILES 5 MILES

2000 Households 46.7% 44.7% 46.5%

2010 Households 30.6% 32.0% 31.2%

2017 Total Households 0.8% 0.9% 0.9%

2022 Total Households 4.8% 4.4% 4.1%

2000-2010 Annual Rate 1.3% 1.2% 1.2%

2010-2017 Annual Rate 8.7% 9.3% 8.5%

2017-2022 Annual Rate 7.0% 7.4% 7.5%

2017 Average Household Size 25.3% 26.3% 25.1%

The household count in this area has changed from 57,209 in 2010 to 63,393 in the current year, a change of 1.43% annually. The five-year projection of households is 67,901, a change of 1.38% annually from the cur-rent year total. Average household size is currently 2.73, compared to 2.70 in the year 2010. The number of families in the current year is 45,016 in the specified area.

DEMOGRAPHIC SUMMARY

Year: 2017 | Source: Esri

MARKET OVERVIEW


MEDIAN HOUSEHOLD INCOME 1 MILE 3 MILES 5 MILES

2017 Median Household Income $44,308 $46,279 $51,047

2022 Median Household Income $48,800 $50,534 $54,651

2017-2022 Annual Rate 1.95% 1.77% 0.66%

AVERAGE HOUSEHOLD INCOME 1 MILE 3 MILES 5 MILES

2017 Average Household Income $53,417 $58,420 $62,762

2022 Average Household Income $59,668 $66,050 $71,269

2017-2022 Annual Rate 2.29% 2.43% 2.28%

PER CAPITA INCOME 1 MILE 3 MILES 5 MILES

2017 Per Capita Income $22,433 $22,792 $62,762

2022 Per Capita Income $25,121 $25,693 $71,269

2017-2022 Annual Rate 2.29% 2.43% 2.41%

HOUSEHOLDS BY INCOME

Current median household income is $51,047 in the area, compared to $56,124 for all U.S. households. Median household income is projected to be $54,651 in five years, compared to $62,316 for all U.S. householdsCurrent average household income is $62,762 in this area, compared to $80,675 for all U.S. households. Average household income is projected to be $71,269 in five years, compared to $91,585 for all U.S. householdsCurrent per capita income is $22,989 in the area, compared to the U.S. per capita income of $30,820. The per capita income is projected to be $25,901 in five years, compared to $34,828 for all U.S. households

HOUSING 1 MILE 3 MILES 5 MILES

2000 Total Housing Units 3,781 31,174 44,355

2000 Owner Occupied Housing Units 1,822 12,382 18,254

2000 Renter Occupied Housing Units 1,815 16,207 22,631

2000 Vacant Housing Units 144 2,585 3,470













Currently, 39.7% of the 71,143 housing units in the area are owner occupied; 49.4%, renter occupied; and 10.9% are vacant. Currently, in the U.S., 55.6% of the housing units in the area are owner occupied; 33.1% are renter occupied; and 11.3% are vacant. In 2010, there were 63,806 housing units in the area - 41.5% owner occupied, 48.1% renter occupied, and 10.3% vacant. The annual rate of change in housing units since 2010 is 4.96%. Median home value in the area is $146,006, compared to a median home value of $207,344 for the U.S. In five years, median value is projected to change by 3.87% annually to $176,508.

DEMOGRAPHIC SUMMARY

Year: 2017 | Source: Esri

MARKET OVERVIEW


CONFIDENTIALITY & CONDITIONS OF SALEThis Offering Memorandum is not intended to constitute an offer, but is merely a solicitation of interest with respect to a possible sale of the 410 CENTRE.

This Offering Memorandum has been prepared by SRS Real Estate Partners and has been approved for distribution by the owner. Although effort has been made to provide accurate information, neither owner nor SRS can warrant or represent accuracy or completeness of the materials presented herein or in any other written or oral communications transmitted or made available to the purchaser. Many documents have been referred to in summary form and these summaries do not purport to represent or constitute a legal analysis of the contents of the applicable documents. Neither owner nor SRS represents that this offering summary is all inclusive or contains all of the information a purchaser may require.

All of the financial projections and/or conclusions presented herein are provided strictly for reference purposes and have been developed based upon assumptions and conditions in effect at the time the evaluations were undertaken. They do not purport to reflect changes in the economic performance of the property or the business activities of the owner since the date of preparation of this Offering Memorandum. The projected economic performance of the property, competitive sub-market conditions, and selected economic and demographic statistics may have changed subsequent to the preparation of the package. Qualified purchasers are urged to inspect the property and undertake their own independent evaluation of the property, the market and the surrounding competitive environment.

Environmental matters can and do have dramatic impact not only on the physical conditions of a property but also on its economic performance and underlying value. If such substances exist, special governmental

approvals and permits may be required. Purchasers are encouraged to engage qualified professionals to determine whether hazardous or toxic substances or wastes, including asbestos, PCB’s, petrochemicals or other contaminants or conditions are present at the property. Neither SRS nor the owner performs or conducts investigations or analyses of environmental matters. It is the sole responsibility of qualified purchasers to review all applicable laws and regulations applying to either the existence, transportation or removal of hazardous materials and to prudently have an on site investigation and inspection of the property conducted. The cost and removal of hazardous materials may be substantial; therefore, SRS strongly encourages qualified purchasers to engage legal counsel and appropriate technical professionals if any of these conditions are discovered during the inspection. No person, firm or entity is authorized to make or submit offers on behalf of anyone or divulge or reproduce the contents of this executive summary or discuss the availability or the purchase of the property without first having registered in writing the name of the party receiving the material and received written authorization to proceed from SRS. The owner and SRS reserve the right, at their discretion, to reject any or all expressions of interest with any party at any time with or without notice. The Recipient is strictly prohibited from contacting the tenant or any affiliate regarding this offering without prior written authorization of Owner or SRS. The terms and conditions stated herein apply to all sections of the executive summary.

SRS is acting as exclusive disposition agent, and the owner reserves the right to withdraw the property from the market, to change the price and terms or sell the property at any time without notice being given.


INFORMATION ABOUT BROKERAGE SERVICES

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 an 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.

Texas Real Estate Commission (11-2-2015)


SRS Real Estate Partners LLC 9003586 [email protected] 214.560.3200

Licensed Broker/Broker Firm Name or Primary Assumed Business Name

License No. Email Phone

Will Majors 508128 [email protected] 512.236.4646

Designated Broker of Firm License No. Email Phone

Will Majors 508128 [email protected] 512.236.4646

Licensed Supervisor of Sales Agent/Associate License No. Email Phone

Ryan Hoff 9003216 [email protected] 512.236.4649

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

Buyer Initials Tenant Initials Seller Initials Landlord Initials Date


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