file photo - trivanta · fort worth, tx fort worth is the 15th-largest city in the united states of...
TRANSCRIPT
214.915.8890
BOB MOORHEAD
RUSSELL SMITH
FILE PHOTO
Property. New 4,845+ SF building on 1.71+ acres. | Double Drive Thru Design
Tenant. Chick-fil-A, Inc. | FY 2017 financials: $9 billion in sales | Over 2,200 restaurants in 47 states and Washington D.C.
Lease structure. New 20-year, corporate ground lease – absolute NNN, with 10% rent increases every 5 years in primary term option periods.
Location. Chick-fil-A is strategically located at the southeast corner of Clifford St. (16,000 VPD) and I-820 (92,000 VPD) in White Settlement, TX. Clifford St. is a
local east-west thoroughfare and retail corridor, while I-820 is a loop of I-20 approximately 35-miles that encompasses the city of Fort Worth. The subject property
will benefit due to its close proximity to both Lockheed Martin Corporation (17,200 employees) and US Navy Headquarters and Marine Corps Reserve, a joint base
that houses 11,600 personnel. The immediate trade area features above average household incomes, with an average of $80,822 within a 5-mile radius, and,
features high population demographics of 8,882 within in 1-mile radius, and 127,406 within a 5-mile radius. The immediate trade area features several national
credit tenants including Walmart, Aldi, Albertsons, Home Depot, Walgreens, CVS, O’Reilly, AutoZone, Chili’s, Wingstop, Panda Express, McDonald’s, Taco Bell,
Sonic, Wendy’s, Arby’s, Cici’s, Chicken Express, Subway, and many more. The subject property is located approximately 8-miles west of downtown Fort Worth.
Trivanta (“Agent”) has been engaged as an agent for the sale of the property located at
9109 Clifford St., White Settlement, TX by the owner of the Property (“Seller”). The
Property is being offered for sale in an “as-is, where-is” condition and Seller and Agent
make no representations or warranties as to the accuracy of the information contained in
this Offering Memorandum. The enclosed materials include highly confidential information
and are being furnished solely for the purpose of review by prospective purchasers of the
interest described herein. The enclosed materials are being provided solely to facilitate the
prospective investor’s own due diligence for which it shall be fully and solely responsible.
The material contained herein is based on information and sources deemed to be reliable,
but no representation or warranty, express or implied, is being made by Agent or Seller or
any of their respective representatives, affiliates, officers, employees, shareholders,
partners and directors, as to the accuracy or completeness of the information contained
herein. Summaries contained herein of any legal or other documents are not intended to be
comprehensive statements of the terms of such documents, but rather only outlines of
some of the principal provisions contained therein. Neither the Agent nor the Seller 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 recipient with respect to the Property.
Interested parties are to make their own investigations, projections and conclusions without
reliance upon the material contained herein. Seller reserves the right, at its sole and
absolute discretion, to withdraw the Property from being marketed for sale at any time and
for any reason. Seller and Agent each expressly reserves the right, at their sole and
absolute discretion, to reject any and all expressions of interest or offers regarding the
Property and/or to terminate discussions with any entity at any time, with or without notice.
This offering is made subject to omissions, correction of errors, change of price or other
terms, prior sale or withdrawal from the market without notice. Agent is not authorized to
make any representations or agreements on behalf of Seller. Seller shall have no legal
commitment or obligation to any interested party reviewing the enclosed materials,
performing additional investigation and/or making an offer to purchase the Property unless
and until a binding written agreement for the purchase of the Property has been fully
executed, delivered, and approved by Seller and any conditions to Seller’s obligations
hereunder have been satisfied or waived. By taking possession of and reviewing the
information contained herein, the recipient agrees that (a) the enclosed materials and their
contents are of a highly confidential nature and will be held and treated in the strictest
confidence and shall be returned to Agent or Seller promptly upon request; and (b) the
recipient shall not contact employees or tenants of the Property directly or indirectly
regarding any aspect of the enclosed materials or the Property without the prior written
approval of the Seller or Agent; and (c) no portion of the enclosed materials may be copied
or otherwise reproduced without the prior written authorization of Seller and Agent.
PAGE 3: INVESTMENT | TENANT | LEASE OVERVIEW
PAGE 2: TABLE OF CONTENTS | DISCLAIMER
PAGE 14: DEMOGRAPHICS
PAGE 9-11: LOCATION OVERVIEW
PAGE 12-13: LOCATION MAPS
PAGE 8: SITE PLAN
PAGE 5-7: AERIAL PHOTOS
2
PAGE 4: TENANT OVERVIEW CONTINUED
PRICE | CAP RATE: $3,000,000 | 3.65%
NET OPERATING INCOME: $109,500
BUILDING AREA: 4,845+ Square Feet
LAND AREA: 1.71+ Acres
YEAR BUILT 2018
LANDLORD RESPONSIBILITY: None
OCCUPANCY: 100%
CHICK-FIL-A | www.chick-fil-a.com
Atlanta-based Chick-fil-A, Inc. is a family owned and privately held restaurant company founded in 1946 by S. Truett Cathy. Chick-fil-A is the
nation's largest quick-service chicken restaurant chain renowned for its pioneering innovations and delicious products--including the ever-popular
Chick-fil-A Chicken Sandwich. Devoted to serving the local communities in which its franchised restaurants operate, and known for its original
chicken sandwich, Chick- fil-A serves freshly prepared food in more than 2,200 restaurants in 47 states and Washington, D.C. Chick-fil-A system
sales exceeded $9 billion in 2017, which marks 50 consecutive years of sales growth. A leader in customer service satisfaction, consumers voted
Chick-fil-A, Inc. #4 in Harris Poll’s annual corporate reputation survey, ranking the company 4th out of 100 in 2018.
Chick-fil-A was also recognized for customer experience again in the 2018 Temkin Experience Ratings survey, was named “Best Franchise
Brand” in 2018 by Airport Revenue News and was named one of the top 100 best places to work by Glassdoor in 2017. The company was also
recognized in 2017 as QSR’s "Top Chicken Restaurant Brand.” The chicken sandwich chain has boasted the strongest unit volumes of any large-
scale limited-service chain for years now, and it’s only open six days a week. In 2016, that estimated sales per unit grew an 20 percent, to $4.2
million per location. No other limited-service concept in the Top 100 is even above $2.7 million.
LESSEE: CHICK-FIL-A INC.
Projected Lease Expiration: November 2038
Projected Rent Commencement: November 2018
Lease Term: 20 Years, Plus (8), 5-Year Options to Extend
Rent Increases: 10% Every 5 Years In Primary Term & Options
Lease Type: Corporate Ground Lease – Absolute NNN
Annual Rent Yrs 1-5 (Current): $109,500
Annual Rent Yrs 6-10: $120,450
Annual Rent Yrs 11-15: $132,495
3
Option 1 | Yrs 21-25: $160,318
Option 2 | Yrs 26-30: $176,350
Option 3 | Yrs 31-35: $193,985
Option 4 | Yrs 36-40: $212,384
Option 5 | Yrs 41-45: $234,722
Option 6 | Yrs 46-50: $258,195
Option 7 | Yrs 51-55: $284,014
Option 8 | Yrs 56-60: $312,416
Annual Rent Yrs 16-20: $145,744
Right of First Offer: Yes
4
2017 US Average Sales Per Unit: $4.4 Million
US Systemwide sales: $9 billion
5
Downtown
Fort Worth
(Approx. 8-miles)
US Navy Headquarters
&
US Marine Corps Reserve
(11,600 personnel)
Lake Worth
River Oaks
Westworth
Village
Ridgmar
White Settlement
University
Park
Village
Monticello
Lockheed Martin
Corporation
(17,200 employees)
Wesetern Hills North Ridglea Hills
Como
Arlington Heights
North Side
Westover
Hills
Crestwood
Trinity
River
6
Lockheed Martin
Corporation
(17,200 employees)
Clifford St. (16,000 VPD)
Lo
ckheed
Blvd
. (16,000 VP
D)
Las
Veg
as
US Navy Headquarters
&
US Marine Corps Reserve
(11,600 personnel)
CF Brewer High School
(1,870 students)
High Point Academy
(804 students)
Weir Oil
& Gas
Northwest
Office Park
(101,426 SF)
7
Veterans Park
Splash Days
Water Park
HOLT Tuck Centers
Fort Worth
8
9
IMMEDIATE TRADE AREA
Chick-fil-A is strategically located at the southeast corner of Clifford St. (16,000
VPD) and I-820 (92,000 VPD) in White Settlement, TX. Clifford St. is a local
east-west thoroughfare and retail corridor, while I-820 is a loop of I-20
approximately 35-miles that encompasses the city of Fort Worth. The subject
property will benefit due to its close proximity to both Lockheed Martin
Corporation (17,200 employees) and US Navy Headquarters and Marine Corps
Reserve, a joint base that houses 11,600 personnel. The immediate trade area
features above average household incomes, with an average of $80,822 within
a 5-mile radius, and, features high population demographics of 8,882 within in
1-mile radius, and 127,406 within a 5-mile radius.
The immediate trade area features several national credit tenants including
Walmart, Aldi, Albertsons, Home Depot, Walgreens, CVS, O’Reilly, AutoZone,
Chili’s, Wingstop, Panda Express, McDonald’s, Taco Bell, Sonic, Wendy’s,
Arby’s, Cici’s, Chicken Express, Subway, and many more. The subject property
is located approximately 8-miles west of downtown Fort Worth.
FORT WORTH, TX
Fort Worth is the 15th-largest city in the United States of America and the 5th
largest city in the state of Texas with a population of 874,168. It has been
estimated that by 2030 it will have 1,211,665 residents. The city is the 2nd most
populous in the Dallas–Fort Worth-Arlington MSA. Fort Worth was the fastest-
growing large city in the United States from 2000 to 2006 and was voted one of
"America's Most Livable Communities.“ Fort Worth has undergone a recent
economic boom with the discovery of large deposits of natural gas in the
Barnett Shale.
With over 1,000 gas wells in the city of Fort Worth this formation is the second
largest natural gas source in the U.S. Drilling industry advocacy groups claim
that by 2015 the Barnett Shale may be responsible for more than 108,000 jobs.
In addition to the energy driven economic growth, Fort Worth has traditionally
been a diverse center of manufacturing. Fort Worth is a major center for
industry, technology, distribution, and transportation. Tourism is a also a major
contribution to the economy bringing in approximately $7.5 million visitors and
contributing over $900 million to Fort Worth’s economy. In 2013, Fort Worth-
Arlington ranked No. 15 on Forbes’ list of the best places for business and
careers. The city has shown strong economic growth since the 1980s.
Companies with corporate headquarters in Fort Worth include American
Airlines, Radio Shack, BNSF, Pier One Imports, and Ensco. According to the
Dallas Business Journal's 2006 Book of Lists, American Airlines is the largest
employer in the Metroplex. The construction of Fort Worth Alliance Airport has
significantly enhanced the growth and economic diversification that Fort Worth
has enjoyed. Billed as the world's first purely industrial airport this installation
this installation hosts tenants such as the American Airlines, BNSF, Bell
Helicopter, DynCorp International, and FedEx. The DEA aviation operations
center is also based at Fort Worth Alliance Airport.
The region benefits from more than 60 colleges and universities, with a
combined enrollment exceeding 325,000 students, graduating in excess of
35,000 annually. The city is stimulated by several university communities:
Texas Christian, Texas Wesleyan, University of North Texas Health Science
Center, and Texas A&M University School of Law. The presence of Texas
Christian University less than 5 miles from downtown and national
competitiveness in football, baseball, and men’s and women’s basketball have
sustained TCU as an important part of Fort Worth’s sports scene as well.
10
FORT WORTH, TX
DALLAS - FORT WORTH - ARLINGTON MSA
The Dallas – Fort Worth – Arlington Metropolitan Statistical Area (MSA) encompasses 13 counties within the U.S. state of Texas. It is the economic and cultural
hub of the region commonly called North Texas or the Metroplex and is the largest land-locked metropolitan area in the United States.
The projected Dallas-Fort Worth Metroplex population for 2016 was 7,268,910. During the 12-month period from July 2008 to July 2009, the Dallas-Fort Worth-
Arlington metropolitan area gained 146,530 new residents, more than any other metropolitan area in the United States. The area's population has grown by
about 1 million since the last census was administered in 2000. The Dallas–Fort Worth–Arlington MSA is, by population, the largest metropolitan area in Texas,
the largest in the South, the 4th largest in the United States, and the 10th largest in the Americas. The metropolitan area has the 4th largest gross metropolitan
product (GMP) in the United States, and approximately 10th largest by GMP in the world.
The Metroplex has one of the highest concentrations of corporate headquarters in the United States. 20 Fortune 500 companies are headquartered in the area.
The city of Dallas alone has the 3rd largest concentration of Fortune 500 headquarters in the country. The Metroplex also contains the largest Information
Technology industry base in the state (often referred to as Silicon Prairie or the Telecom Corridor), due to the large number of corporate IT projects and the
presence of numerous electronics, computing and telecommunication firms. The Telecom Corridor located just north of Dallas in Richardson is home to more
than 5,700 companies including Texas Instruments which employs over 10,000 people at its headquarters. HP Enterprises Services, Dell Services, i2, AT&T,
Ericsson, CA and Verizon also have headquarters or major operations in and around Dallas. The Texas farming and ranching industry, based in Fort Worth adds
to the economic diversification of the area. Several major defense manufacturers, including Lockheed Martin, Bell Helicopter Textron, and Raytheon, maintain
significant operations in the Metroplex. ExxonMobil, the #1 corporation on the Fortune 500 listings, is headquartered in Irving, Texas.
11
Recent Business Announcements
• Amazon, the world’s largest online retailer, is completing construction of its
1.1 million square foot distribution center at AllianceTexas. The 68-acre site
will create 1,000-plus warehouse jobs.
• Walmart has acquired 21.8 acres in AllianceTexas to construct a 788,00
square foot e-commerce distribution center. The company will invest more
than $30 million in the project, which is expected to create 400 jobs.
• Leading Edge Aviation services’ new plan at Forth Worth Meacham
Airport is gearing up to handle all of the painting on the 787 Dreamline
airplanes. The world’s ;largest aircraft painting is bringing at least 150 jobs
to the City of Fort Worth.
Business Information
The Dallas/Fort Worth Metroplex has the 4th highest concentration of fortune
500 headquarters in the United States. The top 10 of the total 18 fortune 500
Companies within the Metroplex are shown below.
“With a thriving and diverse business environment,Fort Worth has become a major center for industry,technology, distribution and transportation. In fact,Fort Worth is consistently ranked among the topplaces in the nation to work, live and do business byMoney, Fortune, Site Selection and Newsweekmagazines.”
12
13
Fort Worth
2018 Est. Labor Population Age 16 Years or Over 6,727 43,306 100,037
2018 Est. Civilian Employed 71.4% 64.9% 61.4%
2018 Est. Civilian Unemployed 2.3% 2.5% 2.2%
2018 Est. in Armed Forces 0.4% 0.5% 0.5%
2018 Est. not in Labor Force 26.0% 32.2% 35.9%
2018 Labor Force Males 48.8% 47.8% 47.5%
2018 Labor Force Females 51.2% 52.2% 52.5%
2010 Occupation: Population Age 16 Years or Over 4,819 28,261 61,462
2010 Mgmt, Business, & Financial Operations 10.9% 11.5% 13.1%
2010 Professional, Related 14.1% 16.3% 17.3%
2010 Service 18.5% 20.2% 18.9%
2010 Sales, Office 26.6% 25.8% 25.7%
2010 Farming, Fishing, Forestry 0.1% 0.2% 0.2%
2010 Construction, Extraction, Maintenance 13.2% 11.2% 11.4%
2010 Production, Transport, Material Moving 16.5% 14.9% 13.4%
2010 White Collar Workers 51.6% 53.6% 56.1%
2010 Blue Collar Workers 48.4% 46.4% 43.9%
2010 Drive to Work Alone 85.9% 82.8% 83.2%
2010 Drive to Work in Carpool 9.0% 10.3% 10.0%
2010 Travel to Work by Public Transportation 0.2% 0.6% 0.7%
2010 Drive to Work on Motorcycle 0.2% 0.2% 0.2%
2010 Walk or Bicycle to Work 1.0% 1.3% 1.3%
2010 Other Means 0.2% 0.4% 0.5%
2010 Work at Home 3.3% 4.5% 4.2%
2010 Travel to Work in 14 Minutes or Less 23.2% 23.7% 23.2%
2010 Travel to Work in 15 to 29 Minutes 48.9% 42.8% 42.2%
2010 Travel to Work in 30 to 59 Minutes 29.3% 24.3% 23.6%
2010 Travel to Work in 60 Minutes or More 6.8% 7.7% 7.1%
2010 Average Travel Time to Work 21.8 20.8 20.9
2018 Est. Total Household Expenditure $183 M $1.14 B $2.97 B
2018 Est. Apparel $6.39 M $40.0 M $104 M
2018 Est. Contributions, Gifts $11.6 M $73.5 M $206 M
2018 Est. Education, Reading $6.60 M $42.8 M $118 M
2018 Est. Entertainment $10.2 M $63.9 M $167 M
2018 Est. Food, Beverages, Tobacco $28.4 M $178 M $453 M
2018 Est. Furnishings, Equipment $6.21 M $38.8 M $102 M
2018 Est. Health Care, Insurance $16.0 M $101 M $259 M
2018 Est. Household Operations, Shelter, Utilities $56.3 M $354 M $921 M
2018 Est. Miscellaneous Expenses $2.74 M $17.0 M $43.7 M
2018 Est. Personal Care $2.38 M $14.9 M $38.5 M
2018 Est. Transportation $35.7 M $220 M $561 M
LA
BO
R F
OR
CE
OC
CU
PA
TIO
NT
RA
NS
PO
RT
AT
ION
TO
WO
RK
TR
AV
EL
TIM
EC
ON
SU
ME
R E
XP
EN
DIT
UR
E
9109 Clifford St1 mi radius 3 mi radius 5 mi radius
White Settlement, TX 76108
2018 Estimated Population 8,882 56,928 127,406
2023 Projected Population 9,674 62,123 138,939
2010 Census Population 8,436 48,829 112,633
2000 Census Population 6,366 40,418 98,710
Projected Annual Growth 2018 to 2023 1.8% 1.8% 1.8%
Historical Annual Growth 2000 to 2018 2.2% 2.3% 1.6%
2018 Estimated Households 3,209 21,851 49,627
2023 Projected Households 3,436 23,461 53,257
2010 Census Households 3,090 18,842 44,267
2000 Census Households 2,410 15,947 39,550
Projected Annual Growth 2018 to 2023 1.4% 1.5% 1.5%
Historical Annual Growth 2000 to 2018 1.8% 2.1% 1.4%
2018 Est. Population Under 10 Years 15.3% 15.5% 13.8%
2018 Est. Population 10 to 19 Years 14.4% 13.6% 12.5%
2018 Est. Population 20 to 29 Years 13.7% 15.3% 14.5%
2018 Est. Population 30 to 44 Years 21.2% 20.5% 19.3%
2018 Est. Population 45 to 59 Years 18.6% 18.6% 19.4%
2018 Est. Population 60 to 74 Years 12.9% 12.1% 14.0%
2018 Est. Population 75 Years or Over 3.8% 4.5% 6.4%
2018 Est. Median Age 33.7 33.3 36.6
2018 Est. Male Population 49.7% 48.6% 48.3%
2018 Est. Female Population 50.3% 51.4% 51.7%
2018 Est. Never Married 32.4% 34.6% 33.2%
2018 Est. Now Married 47.8% 40.5% 41.5%
2018 Est. Separated or Divorced 14.9% 19.5% 19.2%
2018 Est. Widowed 4.9% 5.4% 6.1%
2018 Est. HH Income $200,000 or More 3.4% 2.8% 6.2%
2018 Est. HH Income $150,000 to $199,999 2.0% 3.2% 4.3%
2018 Est. HH Income $100,000 to $149,999 13.2% 12.5% 12.6%
2018 Est. HH Income $75,000 to $99,999 15.2% 13.9% 12.9%
2018 Est. HH Income $50,000 to $74,999 29.5% 21.7% 20.1%
2018 Est. HH Income $35,000 to $49,999 13.6% 13.0% 12.8%
2018 Est. HH Income $25,000 to $34,999 8.9% 11.1% 10.6%
2018 Est. HH Income $15,000 to $24,999 8.9% 10.1% 9.8%
2018 Est. HH Income Under $15,000 5.3% 11.7% 10.6%
2018 Est. Average Household Income $73,855 $66,249 $80,882
2018 Est. Median Household Income $60,755 $57,181 $62,277
2018 Est. Per Capita Income $26,690 $25,556 $31,789
2018 Est. Total Businesses 234 1,348 4,455
2018 Est. Total Employees 2,619 25,713 54,433
PO
PU
LA
TIO
NH
OU
SE
HO
LD
SA
GE
MA
RIT
AL
ST
AT
US
& G
EN
DE
RIN
CO
ME
9109 Clifford St1 mi radius 3 mi radius 5 mi radius
White Settlement, TX 76108
14
