T · 2020. 6. 1. · SECURE CASH FLOW WITH VALUE-ADD POTENTIAL ... King Ave N Chicago Ave Wabash...
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Lubbock, TX OFFERING SUMMARY
Transcript of T · 2020. 6. 1. · SECURE CASH FLOW WITH VALUE-ADD POTENTIAL ... King Ave N Chicago Ave Wabash...
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Lubbock, TX
OFFERING SUMMARY
Investment OverviewJones Lang LaSalle (“JLL”) is pleased to exclusively present the opportunity to acquire Northtown Plaza (the “Property”), a 73,633 square-foot grocer-anchored shopping center located in Lubbock, Texas, home to Texas Tech University. The Property is strategically located along N. University Avenue just two (2) miles northeast from the center of campus and benefits from an expanded regional trade area stretching 75 miles in any direction. The Property is 100% occupied and is exclusively anchored by Amigos United, a part of the Albertsons family of companies (Moody’s: B2), and other investment-grade tenants, such as Dollar Tree and Family Dollar. The acquisition of Northtown Plaza provides an investor with the rare opportunity to acquire a grocery-anchored shopping center featuring in-line tenancy operating essential businesses.
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RECENT AMIGO’S UNITED LEASE RENEWAL
ATTRACTIVE, ASSUMABLE FINANCING
100% LEASED With a High-Quality Tenant Mix
73,633 SF 69% Grocer SF / 31% In-Line SF
POTENTIAL Pad Development
Highlights
Property OverviewLOCATION 112 N. University Ave.
Lubbock, TX 79415
OCCUPANCY 100%
SIZE 73,633 Square Feet
YEAR BUILT / RENOVATED 1995
Tenant SummaryTENANT SF % OF GLA HISTORY AT CENTER
Amigo’s United 51,133 69.44% 24.7 Years
Family Dollar 8,000 10.86% 23.6 Years
Dollar Tree 8,000 10.86% 2.7 Years
Rent-A-Center 4,300 5.84% 17.5 Years
A-MAX Insurance 2,200 2.99% 6.0 Years
Pad Site* 3,500 - -
73,633 14.9 Years
*Not included in total SF.
100% Collections in May and April 202097% Remained Open During COVID-19
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Investment HighlightsGROCERY ANCHOREDAmigos United: a high-volume specialty grocer combining everyday needs with flavorful culture and authentic specialty items. Northtown Plaza is anchored by Amigo’s United which maintains a sub-2% health ratio and recently renewed for an additional 5 years.
ESSENTIAL TENANCYThe Property features highly sought-after national retailers and a regional operator, offering investors a diverse mix of internet-resistant and necessity-based services. 97% of the GLA have remained open during COVID-19, with 100% rent collections, further highlighting the essential nature of the tenant lineup. Northtown Plaza has an average tenant tenure of 14.9 years.
SECURE CASH FLOW WITH VALUE-ADD POTENTIAL
• Minimal Rollover Exposure: The Property provides a reliable income stream with less than 3% rollover within the first 3 years without fixed rate options in place.
• Healthy Merchandising Mix: Northtown Plaza features a strong anchor to shop space ratio of approximately 69% (anchor) to 31% (shop).
• Value-add Potential: +/-3,500 SF expansion to the in-line retail building and mark-to-market opportunity of Family Dollar’s modified gross lease structure converting to an NNN lease structure at rollover.
EXCELLENT PROPERTY FUNDAMENTALS
• Ideal Location: The Property is positioned two miles from Texas Tech University one of Lubbock’s primary demand drivers and near the University Medical Center and Downtown Lubbock.
• Expansive Regional Trade Area: A key to Northtown Plaza’s success lies in its expansive regional trade area, which serves a large group on consumers throughout the West Texas region.
PROXIMITY TO STRONG ECONOMIC DRIVERS
• Texas Tech University: Located within 2 miles of the Property, Texas Tech University provides a stable population and employment base for the Lubbock MSA and is the largest economic driver in the region providing an estimated annual impact to Lubbock of over $1.5 billion. TTU enrolls 38,200 students and was ranked as the #1 ‘Best College for the Money’ in the Southwest in 2018 and provides over 21,000 jobs to the region.
• Local School Systems: Proximity to three LISD schools (within a mile of the Property) provide for regular high traffic to the center and gives the surrounding a community a neighborhood grocery store while maintaining excellent ingress and egress to major roadways such as SH-82 and SH-84.
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N University Ave
Texas Tech University Health Sciences Center
& University Medical Center
Cabazos Middle School
The Village at Overton Park 163 Student Housing Units
612 Beds
1-Mile 3-Mile 5-Mile 50-Mile
Population 16,906 65,962 162,021 417,532
# Employees 7,083 29,557 77,464 197,959
Average Household Income $36,513 $52,535 $56,322 $71,584
Property Demographics
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Jones Lang LaSalleOne Victory Park2323 Victory Avenue Ste. 1200Dallas, TX 75219 USATelephone: (214) 265.0880Facsimile: (214) 265.9564https://www.us.jll.com
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Mae Simmons Park
Leroy Elmore Park
Bill McAlister Park
Buddy Holly Recreation Area
Lubbock Christian University
Berl Huffman Athletic Complex
Rawls Golf Course
Resthaven Cemetery
MacKenzie State Park
Lubbock Country Club
Lubbock City Cemetery
Meadowbrook Golf Course
Shadow Hills Golf Course
Chaparral Ridge Golf Course
DOUD
WEST END PLACE
BOWIE
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CAPROCK
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SLATON-BEAN
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MAEDGEN AREA
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SOUTH OVERTON
CORONADO AREA
JACKSON-MAHON
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NORTH OVERTON
CHATMANS HILL
BAYLESS ATKINS
STUBBS-STEWART
REMINGTON PARK
DOWNTOWN LUBBOCK
HEART OF LUBBOCK
WHEELOCK AND MONTEREY
TECH TERRACE-U.N.I.T.
DUNBAR-MANHATTAN HEIGHTS
PARKWAY AND CHERRY POINT
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Jones Lang LaSalle Americas, Inc. or its state-licensed affiliate (“JLL”) has been engaged by the owner of the property [properties] to market it [them] for [sale] [lease]. Information concerning the property [properties] described herein has been obtained from sources other than JLL, and neither Owner nor JLL, nor their respective equity holders, officers, directors, employees and agents makes any representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all reference to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a purchaser. JLL and owner disclaim any liability that may be based upon or related to the information contained herein. Prospective purchasers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change. The Property may be withdrawn without notice. If the recipient of this information has signed a confidentiality agreement regarding this matter, this information is subject to the terms of that agreement. ©2020. Jones Lang LaSalle IP, Inc. All rights reserved.
RYAN SHORESenior Managing DirectorT +1 469 232 1919M +1 214 668 [email protected]
CHRIS GERARDSenior Managing DirectorT +1 214 692 4716M +1 310 498 [email protected] AARON JOHNSONDirectorT +1 469 232 1987M +1 214 769 [email protected]
WELLS WALLERAnalystT +1 469 232 1964M +1 214 632 [email protected]
DOM ESPINOSAAnalystT +1 214 692 4708M +1 512 694 [email protected]
INVESTMENT ADVISORS
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