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OFFERING SUMMARY
2 3 1 4 & 2 4 0 2 - 2 4 0 6 E X E C U T I V E D R I V E | G A R L A N D , T E X A S
TWO INDUSTRIAL BUILDINGS
49,320 SQUARE FEET
100% NNN LEASED
ASKING PRICE: $3,640,000CAP RATE: 7.0%
NEW TPO ROOFS WITH 15 YEAR WARRANTY
SINGLE-TENANT WITH STRONG PARENT COMPANY (NYSE: AZZ)
2
Offering Summary PROPERTY DESCRIPTION
Address:2314 & 2402-2406 Executive Drive Garland, Texas 75041
Submarket: Garland
Year Built: 1984 & 1996
Net Rentable Area: 49,320 square feet
Land Area: 2.153 acres
Occupancy: 100%
Loading Doors:
Dock-High (2);
Grade-Level (4);
Dock Wells (2)
Clear Height: 24' - 26'
Year 1 NOI: $254,810
100% NET LEASED ASSETS WITH MINIMAL LANDLORD RESPONSIBILITIES• Single-tenant portfolio where tenant is responsible for 100% of operating expenses• Tenant pays utility bills directly with provider
NEW TPO ROOFS WITH 15 YEAR MANUFACTURER’S WARRANTY• The existing owner is currently installing new TPO 60-mil Membrane Roof Systems on both buildings• Thermoplastic polyolefin (TPO) roofing membranes are heat-reflective and energy efficient roofing
systems, that provide exceptional resistance to ultraviolet, ozone and chemical exposure
TENANT CREDIT ENHANCEMENT / “STICKY” LONG-TERM TENANCY• Cimcon has been a loyal tenant at the Property for over 20 years and was recently acquired by
AZZ Inc., a global leader with over $1B in Assets, providing a meaningful credit enhancement• Proprietary tenant buildout is unique to Cimcon’s operations, making it nearly
impossible to cost-effectively move operations to other DFW municipalities
OUTSTANDING LOCATION WITH REGIONAL ACCESSIBILITY• Strategically located off Jupiter Road and Miller Road in the heart of Garland, TX,
proving excellent access to one of the submarkets busiest intersections• Less than one mile from Interstate 635, the major east-west thoroughfare with
convenient access to the greater DFW metroplex via Interstate 30 and Central Expressway
DFW INDUSTRIAL MARKET FUNDAMENTALS• The DFW industrial market is the 5th largest in the United States, with a
market wide vacancy rate of 6.4%, allowing Class A industrial sales to achieve sub-5.0% cap rates
• The Northeast Dallas – Garland – Mesquite industrial submarket boasts a sub-3.7% vacancy rate for shallow bay product
63563535W
35E
35E35W
2035W
35E
35W
35E
45
20
20
30
820
820
635
30
3030
20
30
380
287 377
77
287 377
287
377
287 67
175
175
75
75
75
80
380
380
380
114
199
360
161
183
121
121
121
183
174171
114
114
190 205
78
205
34
78
12
DALLASFORT
WORTH
CARROLLTONGRAPEVINE
DECATUR
SAGINAW
KELLER
BENBROOK
MIDLOTHIAN
ARLINGTON
BURLESON
LITTLEELM
FLOWERMOUND
IRVING
RICHARDSON
McKINNEY
PROSPER
PLANO
FRISCO
DENTON
GARLAND
HIGHLANDPARK
UNIVERSITYPARK
MESQUITEGRANDPRAIRIE
LANCASTER
ADDISON
DFW Int’lAirport
Fort WorthMecham Int’l
Airport
DallasLove Field
Airport
AddisonAirport
Stream Realty Partners is pleased to present the opportunity to purchase a 100% fee-simple interest in 2314 & 2402-2406
Executive Drive (the “Property”), a two-building industrial portfolio strategically located in Garland, Texas within the greater
Dallas/Fort Worth metropolitan area. The Property totals 49,320 square feet and is 100% net leased to Cimcon Finishing
(“Cimcon”), an electroplating and metal finishing company that has occupied the space for over 20 years. Cimcon was
recently acquired by AZZ Inc., a global provider of galvanizing and metal coating services. Investors have the unique
opportunity to acquire a well-located, infill asset at an attractive basis with over 7 years of remaining lease term.
Investment Highlights
A S K I N G P R I C E : $ 3 , 6 4 0 , 0 0 0C A P R AT E : 7 . 0 %
3
CIMCOM LEASE SUMMARY
BUILDING SQUARE FEET % OF PORTFOLIO IN-PLACE RENT (PSF) RENT ESCALATIONS LEASE EXPIRATION REMAINING TERM
2314 Executive 25,560 51.8% $5.16 1.0% Dec-26 7.3 years
2402-2406 Executive 23,760 48.2% $5.10 1.0% Dec-26 7.3 years
TOTALS / AVERAGES 49,320 100.0% $5.13 7.3 years
Executive Summary
EXCEPTIONAL HISTORICAL
PERFORMANCE AND
LONG-TERM OCCUPANCY
INFILL LOCATION WITH
HIGH BARRIERS TO ENTRY
STRONG IN-PLACE INCOME
BACKED BY STABLE TENANCY
HIGHLY FUNCTIONAL WITH
LOW OFFICE FINISH
LEADING SUBMARKET
FUNDAMENTALS
* Rent is comprised of $5.10/SF of base rent with 1.0% annual escalations, plus approximately $0.06/SF of amortized tenant improvements over the lease term.
NEW TPO ROOFS WITH 15 YEAR
MANUFACTURER’S WARRANTY
4
Location Overview
63563535W
35E
35E35W
2035W
35E
35W
35E
45
20
20
30
820
820
635
30
3030
20
30
380
287 377
77
287 377
287
377
287 67
175
175
75
75
75
80
380
380
380
114
199
360
161
183
121
121
121
183
174171
114
114
12
190 205
78
205
34
78
DALLASFORT
WORTH
CARROLLTONGRAPEVINE
DECATUR
SAGINAW
KELLER
BENBROOK
MIDLOTHIAN
ARLINGTON
BURLESON
LITTLEELM
FLOWERMOUND
IRVING
RICHARDSON
McKINNEY
PROSPER
PLANO
FRISCO
DENTON
GARLAND
HIGHLANDPARK
UNIVERSITYPARK
MESQUITEGRANDPRAIRIE
LANCASTER
ADDISON
DFW Int’lAirport
Fort WorthMecham Int’l
Airport
DallasLove Field
Airport
AddisonAirport
W MILLER RD
HERMAN DR
WOOD DR
REGENCY CREST DR
S JU
PIT
ER
RD
DIS
TRIB
UTI
ON
DR
EX
EC
UTI
VE
DR
ME
RR
ITT
DR
5
Floor Plan - 2314 Executive
LIFT
Loading/Roll-Up DoorsDock-High (2)
Roll-Up/Ventilation (2)
Roof / Warranty
2019 Year of Installation
60 MIL TPO;
15 Year Warranty
Exterior WallConcrete Tilt-Up Wall Panels;
Exposed Aggregate Finish
Building Structure Concrete Tilt-Wall
Fire Sprinkler System Yes
Estimated Clear
Height26'
Water/Sewer City of Garland
Electricity Garland Power and Light
Natural Gas TXU Energy
Warehouse Lighting Fluorescent Lighting
6
Floor Plan - 2402-2406 Executive
Loading/Roll-Up DoorsGrade-Level (4)
Dock Wells (2)
Roof / Warranty
2019 Year of Installation
60 MIL TPO;
15 Year Warranty
Exterior WallConcrete Tilt-Up Wall Panels;
Exposed Aggregate Finish
Building Structure Concrete Tilt-Wall
Fire Sprinkler System Yes
Estimated Clear
Height24'
Water/Sewer City of Garland
Electricity Garland Power and Light
Natural Gas TXU Energy
Warehouse Lighting Fluorescent Lighting
7
Location Overview
S JUPITER RD
WOOD D
R
REG
ENC
Y C
REST
MILLER RD
EXECUTIVE DR
635
75
2314
DALLASCBD
GALLERIA
White Rock Lake
2402-2406
INVESTMENT
SALES TEAM:
MARKET
EXPERT:JAMIE JENNINGS Managing [email protected]
MATT DORNAK Vice [email protected]
ANDREW RABINOVICH Senior Financial [email protected]
