PLAINVIEW COMMONS · The property is not only appealing to the local customer base in Plainview, but also the large amount of people all throughout the state. To illustrate this,

11

PLAINVIEW COMMONS1601 N I-27 | PLAINVIEW, TX 79072

2

EXCLUSIVE MARKETING ADVISORSJARED AUBREYSenior Vice President+1 214 252 1031

[email protected]

MICHAEL AUSTRYFirst Vice President+1 214 252 1115

[email protected]

SITE

3

OFFERING SUMMARY

NET OPERATING INCOME $218,272

YEAR BUILT 2014

GROSS LEASEABLE AREA 12,800 SF

LOT SIZE 1.13 ACRES

OCCUPANCY 100%

PRICE PER SQ FT $235

PRICE: $3,011,000

CAP RATE: 7.25%

1601 N 1-27 | PLAINVIEW, TX

4

INVESTMENT HIGHLIGHTS

Triple Net Leases – Allows an investor to have limited landlord responsibilities and ease of management

Shadow Anchored to a 209,000 Square Foot Walmart Supercenter

Stabilized Shopping Center at 100% Occupancy

Easy Access to and from I-27 – The main interstate in Midland

Located in Dense Retail Market – Surrounding retailers include Walmart, Chili’s, Wendy’s, Pizza Hut, Cinemark, Sprint, Burger King, Taco Bell, Holiday Inn Express, Tractor Supply, McDonald’s and many more

Strong Traffic Counts – I-27 has 14,500 VPD

Business Friendly Climate – Texas is consistently ranked within the top 3 states for friendly business climate and strong economy across multiple nationally recognized media outlets

Texas has NO State Income Tax

5

TENANT ROSTER

TENANTS SF GLA %LEASE

COMMENCEMENTLEASE

EXPIRATIONANNUAL BASE RENT TOTAL

LEASETYPE

VERIZON WIRELESS 2,000 15.63% JANUARY 2015 JANUARY 2023 $59,000 NNN

GREAT CLIPS 1,200 9.38% APRIL 2015 APRIL 2020 $26,100 NNN

GAMESTOP 1,600 12.50% JUNE 2016 JUNE 2021 $38,400 NNN

AT&T 1,600 12.50% JANUARY 2017 JANUARY 2024 $40,750 NNN

GNC 1,600 12.50% NOVEMBER 2018 NOVEMBER 2023 $24,800 NNN

FACTORY CONNECTION 4,800 37.50% FEBRUARY 2019 JANUARY 2021 $30,000 NNN

TOTAL OCCUPIED 12,800 100% $219,051

6

PROPERTY MAP

1601 N I-27PLAINVIEW, TX

PLAINVIEW COMMONS

7

PROPERTY AERIAL

8

PROPERTY AERIAL

9

MASS MOBILE DATA STUDY ON PLAINVEIW COMMONS

This map was created by CBRE’s mobile technology platform called Mass Mobile Data (MMD). MMD is anonymous data gathered from the GPS trackers in one’s devices. By analyzing the sophisticated mobile data, CBRE is able to paint a picture of any property’s customer base.

Plainview Commons attracts visitors from all over Texas which increases the true market potential for retailers exponentially. The property is not only appealing to the local customer base in Plainview, but also the large amount of people all throughout the state. To illustrate this, the map uses data sourced from a wide range of mobile apps that shows where visitors of Plainview Commons are coming from. Therefore, each dot creates an accurate picture of customers that have visited Midland Crossing in the past 12 months. The green outline is Midland Crossing’s trade area which shows 60% of the site’s customers.

WHERE ARE PLAINVIEW COMMONS’ VISITORS COMING FROM?

Daytime Location

Nighttime Location

10

IN-PLACE NOI & PRICING SUMMARY

You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.

In-Place NOIJan-20 to Dec-20 $ PSF

Size of Improvements 12,800 SFIn-Place Occupancy 100.00%REVENUES

Scheduled Base RentGross Potential Rent $220,451 $17.22Absorption & Turnover Vacancy 0 0.00 Notes

Total Scheduled Base Rent 220,451 17.22CAM Reimbursement 3,848 0.30MGT Reimbursement 6,818 0.53INS Reimbursement 7,061 0.55RET Reimbursement 64,859 5.07

TOTAL GROSS REVENUE 303,037 23.67OPERATING EXPENSES

Common Area Maintenance (3,754) (0.29)Management Fee (9,091) (0.71)Insurance (7,061) (0.55)Real Estate Taxes (64,859) (5.07)

TOTAL OPERATING EXPENSES (84,765) (6.62)NET OPERATING INCOME $218,272 $17.05

Annual Debt Service (118,985) (9.30)CASH FLOW AFTER DEBT $99,287 $7.76

PURCHASE PRICE AS OF JAN 1, 2020 $3,010,643 $235.21Loan Funding (1,956,918) (152.88)Origination Fee 19,569 1.53INITIAL EQUITY $1,073,294 $83.85

AssumptionsCommencement Date Jan 1, 2020

Investment SummaryCapitalization RateLeveraged Cash on Cash Return [1]Debt Service Coverage Ratio (NOI)Loan ConstantWeighted Average Lease Term Remaining

7.25%9.25%1.83x

6.08%2.11 Years

[1] Market Debt based on 65% Loan-to-Value, 4.50% Interest Rate, 30 Year Amortization, and a 1.00% Loan Fee.

Operating Expense SourceManagement Fee (% of EGR)Real Estate Taxes Reassessed?

2018 Actuals Grown 6.09%3.00%

Yes

General:a) Analysis assumes no capital or leasing costs.Operating Expenses:a) Seller does not have a 2018 CAM Reconciliation. For the purposes of this analysis, in-place tenant expense reimbursements are based on analyst's understanding of each tenant lease. All expense caps for in-place tenancy are assumed to not be met currently or in CY2020.b) Real estate taxes in CY2020 are based on an assumed reassessment and the 2019 millage rate of 2.53445%.c) Analysis does not factor in the Texas Margin Tax and assumes a buyer will consult with their tax advisor to evaluate their exposure to this expense.

11

RENT ROLL


Square % of Lease Term Rental Rates Recovery

Suite Tenant Name Feet Property Begin End Begin Monthly Annually PSF Type

2,000 15.63% Jan-2015 Jan-2023 Current $4,917 $59,000 $29.50 -

General Notes: Rent as of 02/20.Renewal Option: One 3 year renewal option @ $31.00 /sf/yr.Expense Cap: 5% cap on prior year CAM excluding RET (analysis assumes this cap has not been met, no cap history or CAM reconciliation is available).

1,200 9.38% Apr-2015 Apr-2020 Current $2,175 $26,100 $21.75 -

Notes: Renewal Option: Two 5 year renewal options @ $23.50 /sf/yr and $25.25 /sf/yr. Analysis takes one option.

Expense Cap: 5% cap on prior year CAM excluding RET (analysis assumes this cap has not been met, no cap history or CAM reconciliation is available).

1,600 12.50% Jun-2016 Jun-2021 Current $3,200 $38,400 $24.00 -

Notes: Renewal Option: Two 5 year renewal options @ $26.40 /sf/yr and $29.04 /sf/yr.Termination Option: Termination option effective if gross sales are less than $750,000 between 06/20-05/21, or in any lease year thereafter.

Expense Cap: 5% cap on prior year CAM excluding UTIL, INS, and RET (analysis assumes this cap has not been met, no cap history or CAM reconciliation is available).Real Estate Tax Cap: Tenant not responsible for any increase in taxes due to a reassessment performed solely as a result of the sale or transfer of the property.

1,600 12.50% Jan-2017 Jan-2024 Current $3,396 $40,750 $25.47 - Feb-2021 $3,464 $41,565 $25.98 2.00%Feb-2022 $3,533 $42,397 $26.50 2.00%Feb-2023 $3,604 $43,245 $27.03 2.00%

General Notes: Rent as of 02/20.Renewal Option: One 5 year renewal option @ a 2% increase above the immediately preceding rent, with 2% annual increases thereafter.Termination Option: Termination option effective any time after 08/01/21 with 6 months notice and fee of unamortized leasing costs.Expense Cap: 5% cap on prior year CAM excluding SEC, SNOW, UTIL, INS, and RET (analysis assumes this cap has not been met, no cap history or CAM reconciliation is available).

1,600 12.50% Nov-2018 Nov-2023 Current $2,067 $24,800 $15.50 -

Notes: Renewal Option: Two 5 year renewal options @ $17.05 /sf/yr and $18.76 /sf/yr.Expense Cap: 5% cap on CAM (analysis assumes this cap has not been met, no cap history or CAM reconciliation is available).

4,800 37.50% Feb-2019 Jan-2021 Current $2,500 $30,000 $6.25 -

Notes: Renewal Option: One 3 year renewal option @ $8.35 /sf/yr.

Expense Cap: 10% cumulative cap on CAM excluding RET (analysis assumes this cap has not been met, no cap history or CAM reconciliation is available).

TOTALS / AVERAGES 12,800 $18,254 $219,051 $17.11

OCCUPIED SqFt 12,800 100.0%VACANT SqFt 0 0.0%

TOTAL SqFt 12,800 100.0%

WEIGHTED-AVERAGE LEASE TERM REMAINING: 2.11 YearsWEIGHTED-AVERAGE LEASE TERM LAPSED: 2.49 Years

B Great Clips NNN+MGT

Verizon Wireless NNN+MGTA

Co-tenancy: A co-tenancy violation occurs if Walmart ceases operations or the leasable space in the shopping center becomes 50% or more vacant. If a violation occurs, tenant to pay 50% of base rent until the earlier of (a) the date the minimum occupancy requirement is satisfied, or (b) expiration of 6 months from the date tenant commences paying reduced rent. Upon the expiration of the reduced rent period, tenant may terminate upon 30 days notice or resume full rental obligations.

Co-tenancy: A co-tenancy violation occurs in the event Walmart discontinues operations. If a violation occurs, tenant shall have the right to pay 50% of minimum rent in lieu of full minimum rent until such vacancy is cured. If a violation persists for six months, tenant may terminate upon 30 days notice, or resume full rental obligations.

Co-tenancy: A co-tenancy violation occurs if more than 50% of the total shopping center square footage goes dark. If a violation occurs, tenant will pay 3% of monthly store sales in lieu of regular rent, starting the first day of the next full month after said vacancy. This will not apply if tenant goes dark.

F Factory Connection NNN+MGT

D AT&T NNN+5%AF

E GNC NNN+MGT

C Gamestop NNN+15%AF

12

RENT ROLL




2,000 15.63% Jan-2015 Jan-2023 Current $4,917 $59,000 $29.50 -


1,200 9.38% Apr-2015 Apr-2020 Current $2,175 $26,100 $21.75 -



1,600 12.50% Jun-2016 Jun-2021 Current $3,200 $38,400 $24.00 -





1,600 12.50% Nov-2018 Nov-2023 Current $2,067 $24,800 $15.50 -


4,800 37.50% Feb-2019 Jan-2021 Current $2,500 $30,000 $6.25 -



TOTALS / AVERAGES 12,800 $18,254 $219,051 $17.11


TOTAL SqFt 12,800 100.0%








D AT&T NNN+5%AF

E GNC NNN+MGT




2,000 15.63% Jan-2015 Jan-2023 Current $4,917 $59,000 $29.50 -


1,200 9.38% Apr-2015 Apr-2020 Current $2,175 $26,100 $21.75 -



1,600 12.50% Jun-2016 Jun-2021 Current $3,200 $38,400 $24.00 -





1,600 12.50% Nov-2018 Nov-2023 Current $2,067 $24,800 $15.50 -


4,800 37.50% Feb-2019 Jan-2021 Current $2,500 $30,000 $6.25 -



TOTALS / AVERAGES 12,800 $18,254 $219,051 $17.11


TOTAL SqFt 12,800 100.0%








D AT&T NNN+5%AF

E GNC NNN+MGT


13

EXPIRATIONS


Suite Tenant End 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Thereafter AvailableB Great Clips Apr-20 1,200F Factory Connection Jan-21 4,800C Gamestop Jun-21 1,600A Verizon Wireless Jan-23 2,000E GNC Nov-23 1,600D AT&T Jan-24 1,600

Totals: 1,200 6,400 0 3,600 1,600 0 0 0 0 0 0 0Percent: 9% 50% 0% 28% 13% 0% 0% 0% 0% 0% 0% 0%Count: 1 2 0 2 1 0 0 0 0 0 0 0

Cumulative SF: 1,200 7,600 7,600 11,200 12,800 12,800 12,800 12,800 12,800 12,800 12,800 12,800Cumulative %: 9% 59% 59% 88% 100% 100% 100% 100% 100% 100% 100% 100%

Summary of Lease Expirations

Year Leases SF Percent Cumu. SF Cumu. %

2020 1 1,200 9% 1,200 9%

2021 2 6,400 50% 7,600 59%

2022 0 0 0% 7,600 59%

2023 2 3,600 28% 11,200 88%

2024 1 1,600 13% 12,800 100%

2025 0 0 0% 12,800 100%

2026 0 0 0% 12,800 100%

2027 0 0 0% 12,800 100%

2028 0 0 0% 12,800 100%

2029 0 0 0% 12,800 100%

Thereafter 0 0 0% 12,800 100%

Available 0 0 0% 12,800 100%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

90.00%

100.00%

20

20

20

21

20

22

20

23

20

24

20

25

20

26

20

27

20

28

20

29

There

aft

er

Ava

ila

ble

Annual Cumulative

14

TENANT OVERVIEW

AT&T

AT&T Inc. is a modern media company whose mission is to inspire human progress through the power of communication and entertainment. AT&T brings together premium video content, a large base of direct-to-consumer relationships, high-speed networks optimized for video and advertising technology to lead the next revolution in technology, media and telecommunications. AT&T has recorded 35 consecutive years of quarterly dividend growth and is a Fortune 10 company.

TYPE: Telecommunication

YEARS IN BUSINESS: 35+

NO. OF LOCATIONS: 2,200+

HEADQUARTERS: Dallas, TX

WEBSITE: about.att.com

SQ FOOTAGE: 1,600 SF

% OF CENTER: 12.50%

GUARANTOR: Franchisee

FRANCHISEE INFORMATION

PRIME COMMUNICATIONS: Largest privately held AT&T Authorized Retailer with over 2,000 locations across the U.S.

15

TENANT OVERVIEW

GAMESTOP

GameStop Corp. is an American video game, consumer electronics, and wireless services retailer. The company is headquartered in Grapevine, Texas, United States, a suburb of Dallas, and operates 7,276 retail stores throughout the United States, Canada, Australia, New Zealand, and Europe.The company’s retail stores primarily operate under the GameStop, EB Games, ThinkGeek and Micromania brands. GameStop is committed to delivering innovation to consumers anywhere, anytime and any way they want it. Whether looking for new or pre-owned, digital or physical video game titles, the latest in video game hardware or accessories or consumer electronics, gaming and technology enthusiasts are invited to discover and enjoy their favorite products in one of GameStop’s welcoming retail environments.

TYPE: Electronics



HEADQUARTERS: Grapevine, TX

WEBSITE: www.gamestop.com


% OF CENTER: 12.50%

GUARANTOR: Corporate

16

TENANT OVERVIEW

Great Clips is a hair salon franchise with over 4,100 locations across the United States and Canada. It is headquartered in Minneapolis, Minnesota. In 2013, it had system-wide sales of $1.03 billion. The company is known for no-appointment, no-frills salons that provide customers with affordable haircuts. Lean investment and operating costs of franchises have enabled Great Clips to provide low-priced services and has led to ten-year growth for the company. The salons have been noted as a good investment as they are a low-cost franchise with high growth potential.

TYPE: Hair Salon



HEADQUARTERS: Bloomington, MN

WEBSITE: www.greatclips.com


% OF CENTER: 9.38%


GREAT CLIPS


PAJ INC.

17

TENANT OVERVIEW

GNC

GNC Holdings Inc. (General Nutrition Centers) is a Pittsburgh, Pennsylvania-based American company selling health and nutrition related products, including vitamins, supplements, minerals, herbs, sports nutrition, diet, and energy products. The stores also sell health and fitness books and magazines. GNC has more than 6,000 stores in the U.S., including 1,100 store-within-a-store locations within Rite Aid, as well as locations in 49 other countries. In addition, GNC LiveWell currently has 41 Stores located in Brisbane, Sydney, and Melbourne in Australia.

TYPE: Health



HEADQUARTERS: Pittsburgh, PA

WEBSITE: www.gnc.com


% OF CENTER: 12.50%

GUARANTOR: Corporate

18

TENANT OVERVIEW

VERIZON WIRELESS

Cellco Partnership, doing business as Verizon Wireless, is an American telecommunications company which offers wireless products and services. It is a wholly owned subsidiary of Verizon Communications. Verizon Wireless is the second largest wireless telecommunications provider in the United States after AT&T. It operates a national 4G LTE network covering about 98 percent of the U.S. population, which in December 2015 won or tied for top honors in each category of the RootMetrics RootScore Reports. Verizon Wireless offers mobile phone services through a variety of devices. Its LTE in Rural America Program, with 21 rural wireless carriers participating, covers 2.7 million potential users in 169 rural counties.

TYPE: Telecommunication



HEADQUARTERS: Basking Ridge, NJ

WEBSITE: www.verizonwireless.com


% OF CENTER: 15.63%



RUSSELL CELLULAR: One of the largest Verizon Wireless Retailers with over 634 locations across the U.S.

19

DEMOGRAPHICSPOPULATION (2019)1 MILE 5,2713 MILES 19,9825 MILES 25,0587 MILES 27,416

HOUSEHOLDS (2019)1 MILE 2,0113 MILES 6,7865 MILES 8,4107 MILES 8,575

AVG HH INCOME (2019)1 MILE $68,8083 MILES $58,1655 MILES $56,1207 MILES $56,480

TRAFFIC COUNTS (VPD)I-27 14,500

20

DISCLAIMERSCBRE, 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 fa-cilities 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 Affiliates, 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 successful 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 manner consistent with the law and any fiduciary du-ties 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 owner 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, market conditions, competition and other factors beyond the control of the Owner and CBRE, Inc. There-fore, 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 qualified prospective purchasers. In this Memorandum, certain documents, including leases and other mate-rials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested par-

ties 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, Affiliates 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 Memorandum 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 ex-pressions of interest or offers to purchase the Property, and/or to terminate discussions 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 obligation 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.

21

SITE

21

JARED AUBREYSenior Vice President+1 214 252 [email protected]

MICHAEL AUSTRYFirst Vice President+1 214 252 [email protected]

EXCLUSIVE MARKETING ADVISORS

PLAINVIEW COMMONS1601 N I-27 | PLAINVIEW, TX 79072

Documents

PLAINVIEW COMMONS · The property is not only appealing to the local customer base in Plainview, but also the large amount of people all throughout the state. To illustrate this,