offering memorandum cbre capital markets …...beauty professional to establish a successful...

OFFER ING MEMORANDUM

C B R E C A P I TA L M A R K E T S

9336 TEAM RANCH ROAD | FORT WORTH, TX 76126

S A LO N S O F VO LT E R R A


2

SALONS OF VOLTERRA

OFFERING SUMMARY

EXCLUSIVE MARKETING ADVISORS: M ICHAEL AUSTRYVICE PRES IDENT+1 214 252 1115michae l .aus t r y@cbre . com

JARED AUBREYSENIOR V ICE PRES IDENT+1 214 252 1031ja red .aub rey@cbre . com

$Offering Price:$4,782,000

%Cap Rate:

7.00%

NET OPERATING INCOME $334,772

YEAR BUILT 2013

GROSS LEASABLE AREA 11,258 SF

LAND AREA 1.70 ACRES

LEASE TYPE GROSS

ROOF & STRUCTURE LANDLORD


3

SALONS OF VOLTERRA

INVESTMENT HIGHLIGHTS

+ Strong Historical Occupancy with Limited Competition – The property boasts strong historical occupancy with little vacancy and turnover. Although more salon suite concepts have been introduced to the market, none offer the truly freestanding, first-class experience the clients of Salons of Volterra expect and demand.

+ Beautiful, High-Quality Construction – The stone facade, tile roof building was constructed to meet the high-level expectations of the established professionals/tenants and the high-income clientele that they serve. Perfectly matched with the strong demographics of the surrounding area.

+ Recession Resistant Business – Salons of Volterra is an innovative concept designed to create a unique opportunity for an established beauty professional to establish a successful business in a setting that meets the needs of their clientele. This high-end concept was conceived to support beauty established beauty professionals ranging from hair stylists, aestheticians, laser hair removal practitioners, nail services among many more in a comfortable and convenient location with high-end buildout. With four locations throughout Dallas/Fort Worth, Salons of Volterra has built a reputation on delivering an atmosphere and experience that their competitors cannot offer.

+ Opportunity to Increase Returns – The new investor has the opportunity to increase returns by pushing below-market rents to market and reducing occupancy costs through proactive management.

+ Strong Demographics - Average household income exceeding $109,000 within a one-mile radius and a traffic count of over 41,000 vehicles per day on I-820

+ Texas is a No Income Tax State


4

SALONS OF VOLTERRA

TENANT INFORMATION

The Salon “Suite” Concept has revolutionized the way the salon industry operates over the last several years. The open floor plan with communal space under the direction of the salon owner has become obsolete. The salon suite concept has gained recognition across the country as a superior venue of choice for beauty professionals.

The benefits of a salon suite concept to the independent-minded cosmetologist provide the ability to:

• Start and manage their own business - Be their own boss

• Expand business without large capital outlay

• Market and sell their own preferred products and services

• Create their own schedule and work hours

• Set their own prices and keep all profits

• Create their own environment to reflect personal taste

Setting A New Standard - The Salons of Volterra was built specifically for the needs of the professionals to enhance the quality of the experience for their clients. The Salons of Volterra exclusively provide:

• Exquisitely Appointed Salon Suites

• 24 Hour Monitored Security Access

• Phone, Cable and Internet Services

• Outstanding Visibility for High Volume Walk-In Business

• Tranquil Mezzanine Level Spa Environment

• Superb Design by Award Winning Thiel & Thiel Architects and Interior Design

• Complimentary Washer & Dryer Amenities

• Freedom to Individually Decorate Suites

• All Utilities Paid

• Ongoing Salon Marketing & Promotion

• Complimentary valet parking

• Professional liability insurance


5

SALONS OF VOLTERRA

PROPERTY AERIAL


6

SALONS OF VOLTERRA

PROPERTY AERIAL | .5 MILE VIEW


7

SALONS OF VOLTERRA

SITE DEMOGRAPHICS

7 MI

3 MI

1 MI

5 MI

100,156

59,397

23,703

1,105

40,00080,000120,000160,000 0

HOUSEHOLDSPOPULATION

242,807

$109,268

$75,374

$83,037

$85,387

139,500

58,407

2,760

75,000 150,000 225,000

50,000

300,000

100,000

0

0

AVERAGE HOUSEHOLD INCOME

7 MI

3 MI

1 MI

5 MI

7 MI

3 MI

1 MI

5 MI

25,000 75,000

262,237

2000

2018

2023

2010

POPULATION GROWTH (7 MILES)

193,216

216,649

242,807

75,000150,000225,000300,000 0


8

SALONS OF VOLTERRA

IN-PLACE NOI & PRICING SUMMARY

Current NOI Pro Forma NOI [3]Jan-17 - Dec-17 Jan-17 - Dec-17

REVENUESRent Income $610,752 $610,752Vacation Rent Rebate (18,350) 0ATM Fee Income 2,928 2,928Insurance Income 8,627 8,627Tenant Services Income 222 222Vending Income 6,394 6,394

TOTAL GROSS REVENUE 610,574 628,923

OPERATING EXPENSESAdvertising & Promotion (5,377) (5,377)General & Administrative (16,493) (12,464)Utilities (43,099) (43,099)Repairs and Maintenance (35,724) (35,724)Payroll and Salaries (74,273) (15,490)Management Fee [1] (27,476) (28,302)Insurance (8,489) (8,489)Real Estate Taxes [2] (60,811) (60,811)HOA Dues (4,060) (4,060)

TOTAL OPERATING EXPENSES (275,802) (213,815)

NET OPERATING INCOME $334,772 $415,109

Capitalization Rate 7.00% 8.68%

PURCHASE PRICE $4,782,457 $4,782,457

[1] Management Fee is based on 4.5% of gross revenue.[2] Real Estate Taxes are based on the latest assessed value totaling $2,198,917 and the 2017 millage rate of 2.765489%.[3] "Pro Forma NOI" removes vacation rent abatement and certain expenses which the seller believes can be cut.


9

SALONS OF VOLTERRA

RENT ROLL SUMMARY AS OF AUGUST 2018

Occupied ( In-P lace) Total (Market)

TypeNumberof Suites

SquareFeet

Current WeeklyRent

Current WeeklyPSF Rent

Numberof Suites

SquareFeet

Market WeeklyRent

Market WeeklyPSF Rent

For t Wor th, TX

Single 24 2,499 $5,787.50 $2.32 24 2,499 $6,074.00 $2.43Double 8 1,333 $3,033.00 $2.28 9 1,499 $3,522.37 $2.35Triple 1 245 $490.00 $2.00 1 245 $525.00 $2.14Massage Room 5 713 $1,220.00 $1.71 5 713 $1,255.00 $1.76Station 3 N/A $650.00 N/A 5 N/A $925.00 N/AOther [1] N/A N/A $518.50 N/A N/A N/A N/A N/A

Total 41 5,445 $11,699.00 $2.15 44 4,957 $12,301.37 $2.48

Keller , TX

Single 22 2,340 $4,951.00 $2.12 24 2,588 $5,608.00 $2.17Double 9 1,526 $3,336.75 $2.19 9 1,526 $3,609.00 $2.37Triple 1 253 $440.00 $1.74 1 253 $505.00 $2.00Grand 1 504 $716.66 $1.42 1 504 $800.00 $1.59Massage Room 5 650 $1,157.00 $1.78 5 650 $1,168.00 $1.80Other [1] N/A N/A $1,115.59 N/A N/A N/A N/A N/A

Total 38 5,272 $11,717.00 $2.22 40 5,520 $11,690.00 $2.12

Lewisville, TX


Total 41 5,530 $10,886.50 $1.97 44 5,025 $11,935.72 $2.38

McKinney, TX

Single 21 2,554 $5,843.00 $2.29 21 2,554 $5,885.00 $2.30Double 9 1,546 $3,455.00 $2.23 9 1,546 $3,481.93 $2.25Triple 1 250 $500.00 $2.00 1 250 $500.00 $2.00Massage Room 5 698 $1,264.00 $1.81 5 698 $1,267.25 $1.81Boutique 3 N/A $462.50 N/A 5 505 $925.00 N/AOther [1] N/A N/A $117.50 N/A N/A N/A N/A N/A

Total 39 5,554 $11,642.00 $2.10 41 5,554 $12,059.18 $2.17

Grand Total 159 36,666 $45,944.50 $1.25 169 21,056 $47,986.27 $2.28

[1] Type "Other" includes revenue associated with Subtenants and Tenant Services. Market terms are not tracked for this type of revenue.


TypeNumberof Suites

SquareFeet

Current WeeklyRent


Numberof Suites

SquareFeet

Market WeeklyRent


For t Wor th, TX


Total 41 5,445 $11,699.00 $2.15 44 4,957 $12,301.37 $2.48

Keller , TX


Total 38 5,272 $11,717.00 $2.22 40 5,520 $11,690.00 $2.12

Lewisville, TX


Total 41 5,530 $10,886.50 $1.97 44 5,025 $11,935.72 $2.38

McKinney, TX


Total 39 5,554 $11,642.00 $2.10 41 5,554 $12,059.18 $2.17

Grand Total 159 36,666 $45,944.50 $1.25 169 21,056 $47,986.27 $2.28



TypeNumberof Suites

SquareFeet

Current WeeklyRent


Numberof Suites

SquareFeet

Market WeeklyRent


For t Wor th, TX


Total 41 5,445 $11,699.00 $2.15 44 4,957 $12,301.37 $2.48

Keller , TX


Total 38 5,272 $11,717.00 $2.22 40 5,520 $11,690.00 $2.12

Lewisville, TX


Total 41 5,530 $10,886.50 $1.97 44 5,025 $11,935.72 $2.38

McKinney, TX


Total 39 5,554 $11,642.00 $2.10 41 5,554 $12,059.18 $2.17

Grand Total 159 36,666 $45,944.50 $1.25 169 21,056 $47,986.27 $2.28



10

SALONS OF VOLTERRA

WHY DALLAS/FORT WORTH?

OUR PEOPLECOST OF LIVING INDEX

OUR DIVERSITY

NEW YORK

SAN FRANCISCO

BOSTON

SEATTLE

SAN DIEGO

LOS ANGELES

PHILADELPHIA

CHICAGO

DALLAS

HOUSTON

ATLANTA

TAMPA

PHOENIX

ST. LOUIS-20 -0 20 40 60 80 100 120 140

% AVG. HOUSEHOLD INCOME % ABOVE US AVG. COST OF LIVING % ABOVE US AVG.

POPULATION TRENDS & DEMOGRAPHICS

47.1% Anglo

28.8% Hispanic

15.6% Black

6.4% Asian

2.1% Other

DIVERSITY

ETH

NIC

ITY

Source: Esri, 2018.

29.6% BELOW LARGE

U.S. METRO AVERAGE

FLAT COMPARED TO OVERALL NATIONAL AVERAGE

=

DFW INCOME IS ABOVE NATIONAL AVERAGE

Source: Council for Community and Economic Research (C2ER), Cost of Living Index, April 2018; Fast Reports

DFW METRO

JULY 2016 TO JULY 2017DFW ADDED

+146,238RESIDENTS

+400RESIDENTS PER DAY

=

DFW ADDED THE MOST RESIDENTS OUT OF ANY OTHER U.S. METRO IN 2017

HOUSING MARKET

20,660 SINGLE FAMILY HOME SALES2018 YTD (MARCH)

DFW TRADE SECTORS

$5.90B $3.20 B $2.70 B $1.70 B TRANSPORTATION

EQUIPMENT

Source: Dallas Economic Development Guide 2018

DALLAS, TX

Source: Texas A&M Real Estate Center, April 2018.

$326,266AVERAGE HOME PRICE

April 2018

2 MONTHS OF HOUSING SUPPLY

Y-O-Y (MARCH 2016 TO MARCH 2017) SALES VOLUME INCREASED 5.24%

COMPUTER AND ELECTRONIC PRODUCTS

CHEMICALS MACHINERY, EXCEPT ELECTRICAL

MISC. MANUFACTURED COMMODITIES

$7.20 B


11

SALONS OF VOLTERRA

OUR QUALITY OF LIFE

31,998 ACRESOF PARK LAND

1,728 MILESOF STREET TRAILS

660+PUBLIC PARKS IN DFW

MORE THAN TWO DOZEN PUBLIC DOG

PARKS

EDUCATION

PARKS & RECREATION

Source: Dallas Parks & Recreation Annual Report - DallasParks.org

Source: http://fortworthtexas.gov/parks/info/

Source: http://sayyestodallas.com/parks-outdoors/its-a-dogs-life/

SPORTS370,899 STUDENTS IN HIGHER EDUCATION

20,114 Dallas 11,884 Fort Worth

393 Dallas273 Fort Worth

232 SUNNY DAYS A YEAR

ON AVERAGE

45,481DEGREES AWARDED ANNUALLY

Cowboys • Mavericks • Rangers • FC Dallas • Stars • Wings • Diamonds

5 SUPERBOWL

WINS

2011 NBS

CHAMPIONSHIPS

2015 & 2016 DIVISION

CHAMPIONSHIPS

2016 US OPEN CUP CHAMPIONS

2016 DIVISION

CHAMPIONS


14,111RESTAURANTS

549BARS

Source: https://bigtex.com/attendance/

Source: Dallaschamber.org/why-dallas

CULINARYLOCAL ATTRACTIONSTATE FAIR

2.25 MILLION2017 ATTENDANCE

$54.5 MILLION2017 REVENUE

RETAIL MARKETRETAIL SALES

$81B

4.3%

RETAIL SALES 2016

Source: Texas Comptroller, 2018

Dallas has a strong consumer base. Retail spending has shown steady growth since 2010.

RETAIL DEVELOPMENT

308,344,247 SFEXISTING RETAIL INVENTORY (SF)

4,871,914 SFUNDER CONSTRUCTION (SF)

SALES TAX REVENUE

YoY Change 3.6%

YoY Change

Source: CBRE Research Q1 2018.

MARKET TRENDS

$15.73PSFWEIGHTED AVG ASKING RATE

RETAIL OCCUPANCYSource: CBRE Research Q1 2018.

2007 90.2%

2007 94.9%

4.7%


12

SALONS OF VOLTERRA

ACCOLADES & RANKINGS


4 GLOBAL FORTUNE500 COMPANIES

IN THE COUNTRY FOR PERCENT JOB GROWTH (3% GROWTH)

IN THE COUNTRY IN ABSOLUTE JOB GROWTH (98,900)

1

2

#

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February 2017 - February 2018

TOP 5HOT HOUSING MARKET, 2017

Realtor.com

WORLD’S MOSTCONNECTED AIRPORTS

BEST PLACES TO LIVEDALLAS-FORT WORTH

U.S. News & World Report

1

3

TOP 10Kauffman Foundation

2016 Index of Growth Entrepreneurship

BEST SPORTS CITIES IN THE U.S.

DALLAS-FORT WORTH

3

SPORTS ILLUSTRATED, 2016

OAG AVIATION WORLDWIDE, 2016

2017TOP 20

BEST STATE FORBUSINESS

CHIEF EXECUTIVE MAGAZINE

14 CONSECUTIVEYEARS

TOP 5U.S. DATA CENTER MARKET

3# FOR CORPORATE EXPANSIONSDALLAS-FORT WORTH. 2017

MAGAZINE

TOP METROS FOR TALENT ATTRACTIONEMSI (2017)

#2TOP MOVING DESTINATION

HEALTHIEST HOUSING MARKET CNBC (2017)

PENSKE (2017)

#1 TOP CITY FOR JOBSFORBES (2017-2018)




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13

SALONS OF VOLTERRA

CBRE, Inc. operates within a global family of companies with many subsidiaries and/or related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different Affiliates may represent various clients with competing interests in the same transaction. For example, this Memorandum may be received by our Af-filiates, including CBRE Investors, Inc. or Trammell Crow Company. Those, or other, Affiliates may express an interest in the property described in this Memorandum (the “Property”) may submit an offer to purchase the Property and may be the success-ful bidder for the Property. You hereby acknowledge that possibility and agree that neither CBRE, Inc. nor any involved Affiliate will have any obligation to disclose to you the involvement of any Affiliate in the sale or purchase of the Property. In all instances, however, CBRE, Inc. will act in the best interest of the client(s) it represents in the transaction described in this Memorandum and will not act in concert with or otherwise conduct its business in a way that benefits any Affiliate to the detriment of any other offeror or prospective offeror, but rather will conduct its business in a man-ner consistent with the law and any fiduciary duties owed to the client(s) it represents in the transaction described in this Memorandum.

This is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property.

This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of the state of affairs of the Property or the own-er of the Property (the “Owner”), to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, mar-ket conditions, competition and other factors beyond the control of the Owner and CBRE, Inc. Therefore, all projections, assumptions and other information provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made available to interested and qual-ified prospective purchasers. In this Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not

purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this Memorandum in any manner.

Neither the Owner or CBRE, Inc, nor any of their respective directors, officers, Affil-iates or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Mem-orandum or use of its contents; and you are to rely solely on your investigations and inspections of the Property in evaluating a possible purchase of the real property.

The Owner expressly reserved the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discus-sions with any entity at any time with or without notice which may arise as a result of review of this Memorandum. The Owner shall have no legal commitment or obli-gation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered and approved by the Owner and any conditions to the Owner’s obligations therein have been satisfied or waived.

By receipt of this Memorandum, you agree that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or CBRE, Inc. You also agree that you will not use this Memorandum or any of its contents in any manner detrimental to the interest of the Owner or CBRE, Inc.

If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return this Memorandum to CBRE, Inc.

DISCLAIMERS


14

SALONS OF VOLTERRA

Before working with a real estate broker, you should know that the duties of a broker depend on whom the broker represents. If you are a prospective seller or landlord (owner) or a prospective buyer or tenant (buyer), you should know that the broker who lists the property for sale or lease is the owner’s agent. A broker who acts as a subagent represents the owner in cooperation with the listing broker. A broker who acts as a buyer’s agent represents the buyer. A broker may act as an intermediary between the parties if the parties consent in writing. A broker can assist you in locating a property, preparing a contract or lease, or obtaining financing without representing you. A broker is obligated by law to treat you honestly.

IF THE BROKER REPRESENTS THE OWNER:The broker becomes the owner’s agent by entering into an agreement with the owner, usually through a written - listing agreement, or by agreeing to act as a subagent by accepting an offer of subagency from the listing broker. A subagent may work in a different real estate office. A listing broker or subagent can as-sist the buyer but does not represent the buyer and must place the interests of the owner first. The buyer should not tell the owner’s agent anything the buyer would not want the owner to know because an owner’s agent must disclose to the owner any material information known to the agent.

IF THE BROKER REPRESENTS THE BUYER:The broker becomes the buyer’s agent by entering into an agreement to repre-sent the buyer, usually through a written buyer representation agreement. A buy-er’s agent can assist the owner but does not represent the owner and must place the interests of the buyer first. The owner should not tell a buyer’s agent anything the owner would not want the buyer to know because a buyer’s agent must disclose to the buyer any material information known to the agent.

IF THE BROKER ACTS AS AN INTERMEDIARY:A broker may act as an intermediary between the parties if the broker complies with The Texas Real Estate License Act. The broker must obtain the written con-sent of each party to the transaction to act as an intermediary.

Approved by the Texas Real Estate Commission for Voluntary UseTexas law requires all real estate licensees to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords.

The written consent must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker’s obligations as an intermediary. The broker is required to treat each party honestly and fairly and to comply with The Texas Real Estate License Act. A broker who acts as an intermediary in a transaction:

(1) shall treat all parties honestly;

(2) may not disclose that the owner will accept a price less than the asking price unless authorized in writing to do so by the owner;

(3) may not disclose that the buyer will pay a price greater than the price sub-mitted in a written offer unless authorized in writing to do so by the buyer; and

(4) may not disclose any confidential information or any information that a party specifically instructs the broker in writing not to disclose unless authorized in writing to disclose the information or required to do so by The Texas Real Estate License Act or a court order or if the information materially relates to the condition of the property.

With the parties’ consent, a broker acting as an intermediary between the par-ties may appoint a person who is licensed under The Texas Real Estate License Act and associated with the broker to communicate with and carry out in-structions of one party and another person who is licensed under that Act and associated with the broker to communicate with and carry out instructions of the other party.

If you choose to have a broker represent you, you should enter into a written agreement with the broker that clearly establishes the broker’s obligations and your obligations. The agreement should state how and by whom the broker will be paid. You have the right to choose the type of representation, if any, you wish to receive. Your payment of a fee to a broker does not necessarily establish that the broker represents you. If you have any questions regarding the duties and responsibilities of the broker, you should resolve those questions before proceeding.

Real estate licensee asks that you acknowledge receipt of this information about brokerage services for the licensee’s records.

INFORMATION ON BROKERAGE SERVICES

EXCLUSIVE MARKETING ADVISORS

OFFER ING MEMORANDUM

S A LO N S O F VO LT E R R A

C B R E C A P I TA L M A R K E T SJARED AUBREYSENIOR V ICE PRES IDENT+1 214 252 1031ja red .aub rey@cbre . com

M ICHAEL AUSTRYVICE PRES IDENT+1 214 252 1115michae l .aus t r y@cbre . com


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