WEST PLANO, TEXAS - · PDF file8 Mathews Retail Advisors Hobby Lobby | West Plano, TX REGIONAL...

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DALLAS NORTH TOLLWAY (±165,750 VPD) PARK BOULEVARD (±80,000 VPD) President George Bush Toll Road (±158,000 VPD) International Business Park Coming Soon CPD (±17 Miles) 6320 W Plano Parkway | Plano, TX 75093 OFFERING MEMORANDUM WEST PLANO, TEXAS

Transcript of WEST PLANO, TEXAS - · PDF file8 Mathews Retail Advisors Hobby Lobby | West Plano, TX REGIONAL...

Page 1: WEST PLANO, TEXAS - · PDF file8 Mathews Retail Advisors Hobby Lobby | West Plano, TX REGIONAL MAP SITE INFORMATION The subject property is located at the southeast corner of West

DALLAS NORTH TOLLWAY (±165,750 VPD)

PARK BOULEVARD (±80,000 VPD)

President George Bush Toll Road (±158,000 VPD)

International Business ParkComing Soon

CPD(±17 Miles)

6320 W P lano Parkway | P lano, TX 75093

OFFERING MEMORANDUM

WEST PLANO, TEXAS

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2Mathews Retail Advisors

Hobby Lobby | Plano, TX

DALLAS NORTH TOLLWAY (±165,750 VPD)

W PLANO PARKWAY

International Business Park

*Under constructionAnticipated opening: August 2016

*

PATRICK TOOMEY FVP, SENIOR DIRECTORSHOPPING CENTERS

DIRECT +1 .3 10.919.5765 MOBILE + 1 .3 10.403 .4984 Pa t r i ck .Toomey@mat thews .com

KYLE MATTHEWSCHAIRMAN AND CEO

DIRECT +1 .9 19.5757MOBILE + 1 .3 10.622 .3161 Ky le .Mat thews@mat thews .com

BROKER OF RECORDMark Cohen

DIRECT +1 .972 .991 .9590mark@centerpo in tcp .com

License No. 447509

E X C L U S I V E LY

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3Mathews Retail Advisors

Offer ing Memorandum

TABLE OF CONTENTS

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18

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21

EXECUTIVE SUMMARYINVESTMENT HIGHLIGHTS

TENANT SUMMARY

10 AREA OVERVIEWPLANO, TEXAS

DALLAS/FORT WORTH

TOP EMPLOYERS

DEMOGRAPHICS

DALLAS, TEXASFINANCIAL OVERVIEWLEASE ABSTRACT

TENANT OVERVIEWHOBBY LOBBY OVERVIEW

PROPERTY OVERVIEWSITE DESCRIPT ION

REGIONAL MAP

TENANT MAP

WEST PLANO, TEXAS

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EXECUTIVE SUMMARY* R e p r e s e n t a t i v e P h o t o

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5Executive Summary

Offer ing Memorandum

• Net Lease – limited landlord responsibilities

• Brand new construction, and new fifteen (15) year lease with increases every five (5) years

• Located in a highly successful Home Depot/PetSmart shadow anchored project adjacent to the Dallas North Tollway with more than 165,750 cars per day

• Directly across the street from the Starwood’s Shops At Willow Bend, a premier 1.2 million SF super-regional mall anchored by Neiman Marcus, Macy’s, and Dillard’s, presently undergoing a $100 million redevelopment

• Strong retail synergy with surrounding tenants including: Costco, The Home Depot, Walmart, Bed Bath and Beyond, Super Target, PetSmart, Neiman Marcus, Macy’s, Dillard’s, Crate & Barrel, Michaels and more

• Located in Plano, TX, one of Texas’ wealthiest communities, with more than 322,773 people within 5 miles, with average household income exceeding $101,607, and home to many corporate headquarters, including Toyota Motors USA, Dell Services, Dr. Pepper Snapple Group, Frito-Lay, and JC Penney

• Adjacent to the International Business Park, a 300-acre master-planned Office Park anticipated to bring 1.4 million square feet of office space and more than 3,000 jobs

• Plano is part of the Dallas-Ft. Worth Metroplex, the largest MSA in Texas and an economic powerhouse, with a population of more than 7.1 million and a GDP in excess of $504 billion

• Hobby Lobby is being offered debt-free, allowing the purchaser to acquire the property all cash, or to place new financing at historically low rates

I N V E S T M E N T H I G H L I G H T SE X E C U T I V E S U M M A R Y

T E N A N T S U M M A R Y

List Price $12,000,000

Gross Leasable Area 54,370 SF

CAP Rate - Current 5.50%

Year Built 2016

Lot Size ±4.27 Acres (±185,130 SF)

Tenant Hobby Lobby

Lease Type NN

Roof and Structure Landlord Responsible

Original Lease Term 15 Years

Commencement Date (est)* Aug - 2016*

Lease Expiration Date (est)* July - 2031

Increases $0.50 PSF Every Five (5) Years

Options Three (3), Five (5) Year Options

Rent Schedule

10/2016-9/2021 $657,877 ($12.10 PSF)

10/2021-9/2026 685,062 ($12.60 PSF)

10/2016-9/2031 $712,247 ($13.10 PSF)

* Property is under construction with an estimated opening/rent com-mencement date of August 2016.

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PROPERTY OVERVIEW* R e p r e s e n t a t i v e P h o t o

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7Property Overview

Offer ing Memorandum

S I T E D E S C R I P T I O NProperty Name Hobby Lobby

Address 6320 W Plano Pkwy

Location Plano, TX 75093

APN 207-3741

Zoning RC, Regional Commercial District

Number of Stores One

Year Built 2016

Gross Leasable Area (GLA) ±54,370 SF

Lot Size ±4.27 Acres (185,130) SF

Type of Ownership Fee Simple

Parking Shared Via REA

Landscaping Professional

Topography Flat &Generally Level

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R E G I O N A L M A P

SITE INFORMATION

The subject property is located at the southeast corner of West Plano Parkway and West Park Boulevard in one of the nation’s most affluent and fastest-growing suburban markets. It is situated just north of the Dallas North Tollway and President George Bush Turnpike, where more than 86 million vehicles travel annually. The robust demographics of the region has attributed to the growth of the area, as there is a population of 346,785 with an average household income of $101,607 within a 5 mile radius.

L O C A L M A P

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Offer ing Memorandum

FRISCO

DALLAS NORTH TOLLWAY (±165,750 VPD)

W PLAN

O PARKW

AY

FUTUREINTERNATIONAL BUSINESS PARK

KPAR BOULEVARD

THE “$5 BILLION MILE”

SAM RAYBURN TOLLWAY

125 StoresTotal Retail Floor Area

1,391,000 SF

80,000 VPD

T E N A N T M A P

Property Overview

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A R E A O V E R V I E W

P L A N O , T XThe City of Plano, located in Collin County, has a population of over 271,000, making it the ninth most populous city in the state of Texas, and the 70th most populous city in the United States. Plano is located within the Dallas–Fort Worth Metroplex, and its fourth largest city.

Plano is home to many corporate headquarters including Alliance Data, Cinemark Theatres, Dell Services, Dr. Pepper Snapple Group, Ericsson, Frito-Lay, HP Enterprise Services, Huawei, J. C. Penney, Pizza Hut, Rent-A-Center, Traxxas, Siemens PLM Software, and Toyota Motors USA.

In 2005, 2006, and 2011, Plano was designated the best place to live in the Western United States by CNN Money magazine. It was also selected as the safest city in America in 2010 and 2011 by Forbes. Plano schools consistently score among the highest in the nation. Plano was rated the 10th Best Suburb for Education in the Nation in 2014 due to having one of the lowest student-teacher ratios (14 to 1), a high school graduation rate of 94 percent and some of the highest test scores in the nation. The United States Census Bureau declared Plano the wealthiest city of 2008 by comparing the median household income for all U.S. cities whose populations were greater than 250,000.

Toyota announced in 2014 that its U.S. headquarters will move to Plano, Texas, bringing as many as 5,000 employees to their $300 million facility. The 100-acre campus is scheduled to be completed in the first quarter of 2017

# COMPANY

1 Toyota Motors USA

2 J.C. Penny

3 Dr. Pepper Snapple Group

4 Alliance Data Systems

5 Rent-A-Center

6 Cinemark Holdings

7 Denbury Resources

FORTUNE 1000 HEADQUARTERS

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11Area Overview

Offer ing Memorandum

POPULATION 1 Mile 3 Miles 5 Miles

2021 Projection 7,761 143,629 346,785

2016 Estimate 7,328 133,777 322,773

2010 Census 6,875 121,455 292,083

Growth 2016 - 2021 5.91% 7.36% 7.44%

Growth 2010 - 2016 6.58% 10.15% 10.51%

HOUSEHOLDS 1 Mile 3 Miles 5 Miles

2021 Projection 4,076 68,695 155,959

2016 Estimate 3,819 63,630 144,357

2010 Census 3,533 57,074 129,043

2000 Census 2,858 49,802 110,175

Growth 2016 - 2021 6.72% 7.96% 8.04%

Growth 2010 - 2016 8.09% 11.49% 11.87%

INCOME 1 Mile 3 Miles 5 Miles2016 Est. Average Household Income

$97,212 $99,916 $101,607

# EMPLOYERS EMPLOYEES

1 Capital One Finance 5,500

2 Bank of America Home Loans 3,400

3 Hewlett Packard Enterprise 3,250

4 Ericsson 3,020

5 Frito Lay 2,500

6 Dell Services 2,250

7 JC Penney 2,420

PLANO TOP EMPLOYERS

DEMOGRAPHICS

WHY PLANO, TEXAS?• No personal or corporate income tax in Texas• City of Plano has a “AAA” bond rating• More than 3.6 million reside in the DFW MSA• More than 180,000 students are enrolled in four-year universities, resulting

in a strong pipeline of college graduates from 25 universities in the region• North Texas grows by one person every 5 minutes, or 2,016 every week• WalletHub named Plano the 2nd Best City for Families (2015)• 55% of Plano’s adults have a bachelor’s degree or higher (nearly twice the

U.S. average)• Texas is a right-to-work state• Plano was named the 4th hottest zip code for real estate in America by

Yahoo.com (2015)• Plano was named one of the Top 100 Places to Live for 2016 according to

Livability.com• Forbes magazine ranked Plano America’s Safest City for the second year

in a row (2015)• Located roughly 30 miles northeast of DFW International Airport, the third

busiest airport in the world

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International Business Park (IBP) is a 300 acre office park that will encompass five million square feet of office space when fully built out. With both office and build-to-suit developments, IBP which will be situated directly next to the Subject Property, and will create more than 3,000 jobs.

INTERNATIONAL BUSINESS PARK

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International Business Park58 Businesses - Over 3,000 employees

Coming Soon

DALLAS NORTH TOLLWAY (±165,750 VPD)

President George Bush Toll Road (±158,000 VPD)

PAR

K B

OU

LEV

AR

D (

±80

,00

0 V

PD

)

LOCATIONInternational Business Park is situated at the epicenter of Dallas’ coveted Platinum Corridor on acreage adjacent to George Bush Turnpike and the North Dallas Tollway.

IBP is also conveniantly located just 20 miles from the heart of Downtown Dallas and the DFW Airport, and has immediate access to the 190 George W. Bush TOll ROad & Dallas North Tollway.

AMENITIESIBP includes a health club, dining facilities, central gardens, gas grills, picnic tables, sports courts, food service and available external laptop power points.

The office park has a commitment to green practices such as energy conservation, sustainability, and also features a recycling program.

1.2 MILLION SFOF OFFICE SPACE CURRENTLY DEVELOPED

58 BUSINESSESOVER 3,000 EMPLOYEES

30 STORESAND RESTUARANTS

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The subject property is located directly across the street from one of the premier regional malls in all of the DFW metroplex. The Shops at Willow Bend is located in the bull’s eye of one of the nation’s most affluent and fastest growing suburban markets.

The Shops at Willow Bend is an upscale shopping mall located in Plano, Texas, with over 125 stores and three main anchors. The mall is located at the intersection of West Park Blvd and the Dallas North Tollway in West Plano, directly across from the subject property. Featuring a high performing Macy’s and Dillards, The Shops at Willow Bend consists of 1.2 million square feet of retail space and 6,800 parking spaces.

Major additions will include a class A office tower, a hotel and an entertainment district with six to eight restaurants. Also, an additional 104,720 square feet of retail/restaurant space will be added, and to the new east entrance The Room, a restaurant/entertainment district unlike anything else in north Dallas. The first phase of the work will be completed in 2017 and the total project completed in 2019.

Legacy West is a dynamic 250-acre mixed-use development which is underway at the southwest corner of the Dallas North Tollway and State Highway 121.

The project will consist of corporate office space, a 303-room Renaissance Hotel, a 335,000+ SF high-end shopping center with restaurants and other retail uses, 800 apartment homes, 126 single-family villas and a 24-story condo tower. The 6.5 million square foot Legacy West will be home to the headquarters complex for FedEx Office, Toyota’s North American Headquarters and a regional facility for Liberty Mutual Insurance. J.P. Morgan Chase has also recently joined the mix with plans to develop a major campus of their own.

Within two years, more than 15,000 people will be working in the Legacy West project, which is just four miles from the subject property, making it one of the largest new job centers in the state.

LEGACY WEST

THE SHOPS AT WILLOW BEND$100 MILLION REDO: HOTEL, OFFICE TOWER & ENTERTAINMENT

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Area Overview

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D A L L A S / F T. W O R T H The Dallas-Fort Worth Metroplex is the largest MSA in Texas and the South, and , the fourth most populous MSA in the United States. The city’s prominence arose from its historical importance as a center for the oil and cotton industries, and its position along numerous railroad lines.

ECONOMIC OVERVIEWDallas is the largest economic center of the 12-county Dallas–Fort Worth–Arlington metropolitan area (commonly referred to as DFW), which had a population of 7.1 million as of July, 2015. In 2014, the metropolitan economy surpassed Washington, DC to become the fifth largest in the United States, with a 2014 real GDP of more than $504 billion. In 2013, the metropolitan area led the nation with the largest year-over-year increase in employment and advanced to become the fourth-largest employment center in the nation. The city’s economy is primarily based on banking, commerce, telecommunications, technology, energy, healthcare and medical research, and transportation and logistics.

Largest MSA in the South

Largest MSA in Texas

1st

1st

Largest Gross Metropolitan Product in the World

Largest Gross Metropolitan Product in the US

10th

5th

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CORPORATE HEADQUARTER HUBDallas and its suburbs have one of the highest concentrations of corporate headquarters in the United States. Business management and operations is a major part of the economy. The Metroplex also contains the largest Information Technology industry base in the state (often referred to as Silicon Prairie or the Telecom Corridor.) This area has a large number of corporate IT projects and the presence of numerous electronics, computing and telecommunication firms such as Texas Instruments, HP Enterprise Services, Dell Services, Nokia,

i2, AT&T, Alcatel-Lucent, Ericsson, CA and Verizon. On the other end of the business spectrum, the Texas farming and ranching industry is based in Fort Worth. Several major defense manufacturers, including Lockheed Martin, Bell Helicopter Textron, and Raytheon, maintain significant operations in the Metroplex. ExxonMobil, the #2 corporation on the Fortune 500 listings, is headquartered in Irving, Texas, and Toyota of America announced final plans to relocate its corporate headquarters to the city of Plano, Texas.

The Dallas–Fort Worth (DFW) Metroplex spans 8,991 square miles over 13 Texas counties, and is the economic and cultural hub of the region and is the largest land-locked metropolitan area in the United States.

The DFW Metroplex contains approximately 7.1 million people, making it the largest metropolitan area in Texas, in largest in the South, and the fourth-largest in the United States. It has the fifth largest gross metropolitan product (GMP) in the United States, and approximately tenth largest by GMP in the world.

The cities of Dallas and Fort Worth are the two central cities of the Metroplex, with Arlington being a third economically important city; it is a center for sporting events, tourism and manufacturing. Most other incorporated cities in the Metroplex are “bedroom communities” serving largely as residential and small-business centers, though there are several key employers in these regions.

TOP 7 MAJOR EMPLOYERS IN THE DALLAS-FORT WORTH METROPLEX # EMPLOYER EMPLOYEES

1 AMR Corporation (American Airlines) 24,700

2 Bank of America Corp. 20,000

3 Texas Health Resources, Inc. 19,230

4 Dallas ISD 18,314

5 Baylor Health Care System 17,097

6 AT&T 15,800

7 Lockheed Martin Aeronautics Co. 14,216

Area Overview

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MARKET OVERVIEW - DALLAS/FT. WORTH RETAILThe subject property is located at the confluence of five strong submarkets within the Dallas/Ft. Worth Retail market. These five submarkets – Addison, Central Plano, Far North Dallas, North Carrollton and West Plano – have an average vacancy rate of 6.1% and an average quoted rental rate of $17.62/sf.

The table below depicts first quarter 2016 market statistics for the submarkets. The Dallas/Ft. Worth Retail market as a whole ended the first quarter 2016 with a vacancy rate of 5.8%. The vacancy rate was down slightly over the previous quarter, with net absorption totaling positive 1,599,843 square feet in the first quarter. Average quoted rental rates ended the first quarter at $15.02 per square foot per year, an increase over the previous quarter. A total of 70 buildings delivered to the market in the quarter totaling 1,153,098 square feet, with 3,973,893 square feet still under construction at the end of the quarter.

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SPORTSThe Metroplex is one of the twelve American metropolitan areas that has a team in each of the four major professional sports leagues. Major professional sports first came to the area in 1960, when the Dallas Cowboys began competing in the National Football League and the Dallas Texans began competing in the American Football League. In 1972, Major League Baseball’s Washington Senators moved to Arlington to become the Texas Rangers, named after the statewide law enforcement agency. The National Basketball Association expanded into North Texas in 1980 when the Dallas Mavericks were added to the league. The fourth sport was added in 1993 when the Minnesota North Stars of the National Hockey League moved to Dallas, becoming the Dallas Stars.

The Major League Soccer team FC Dallas is also based in the Metroplex, as are the Dallas Wings of the WNBA. The area is also home to many minor-league professional teams, and four colleges that compete in NCAA Division I athletics. The Metroplex has hosted many premiere sports events on both an annual and one-time basis.

MAJOR PROFESSIONAL SPORTS TEAMCLUB SPORT LEAGUE VENUE

Dallas Cowboys Football NFL AT&T Stadium

Texas Rangers Baseball MLB Globe Life Park in Arlington

Dallas Mavericks Basketball NBA American Airlines Centers

Dallas Stars Hockey NHL American Airlines Center

FC Dallas Soccer MLS Toyota Stadium

Dallas Wings Basketball WNBA College Park Center

Area Overview

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FUTUREINTERNATIONAL BUSINESS PARK

125 StoresTotal Retail Floor Area

1,391,000 SF

DALLAS

DALLAS NORTH TOLLWAY (±165,7

50 VPD)

President George Bush Toll Road (±158,000 VPD)

Addison Airport

FINANCIAL OVERVIEW

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19Financial Overview

Offer ing Memorandum

Tenant: Hobby Lobby Stores, Inc., an Oklahoma corporation

Tenant Trade Name: Hobby Lobby

Guarantor: N/A

Address: 6320 W. Plano Parkway Plano, Texas 75093

Parcel Site: 4.25 AC

GLA: 54,370 SF

Date of Lease: July 23, 2015

Rent Commencement: September 1, 2016 (estimated)

Lease Expiration: August 31, 2031 (estimated)

Lease Term (Years): 15

Renewal Options: Three (3) Five (5) year options

Current Rent: Years 1-5 $657,877

Rent Increases: Years 6-10 $685,062 primary term, lease years 6-10 Years 11-15 $712,247 primary term, lease years 11-15

Option RentOption 1 (16-20) $733,995 first renewal term, lease years 16-20 Option 2 (21-25) $761,180 second renewal term, lease years 21-25 Option 3 (26-30) $788,365 third renewal term, lease years 26-30

Taxes: Tenant pays directly.

CAM: Tenant to maintain all of the Common Area within Landlord's Parcel.

Maintenance and Repairs:-Tenant to maintain and repair HVAC, plumbing, electrical, water, sewer and other utility lines, guttering, doors and windows of the Leased Premises. -Landlord to maintain and repair the roof system of the Leased Premises.

Insurance:

-Landlord to maintain commercial general liability insurance with combined single limit per occurrence of not less than $3,000,000, and worker's compensation insurance. -Tenant to maintain all risk (special form) commercial property insurance with limits sufficient to replace 100% of the Common Area and Leased Premises; commercial general liability insurance with combined single limit of not less than $3,000,000; property insurance covering Tenant's Personal Property; and workers' compensation insurance. -Tenant has the right to self-insure provided Tenant maintains a net worth of seventy-five million dollars ($75,000,000).

Utilities:

-Landlord shall furnish and maintain utility service lines serving the Leased Premises, and backflow preventers required outside the Leased Premises. -Landlord shall provide separate primary meters to measure Tenant's Utilities usage. -Tenant pays all charges for Tenant's Utilities.

Note Property is currently under construction; anticipated rent commencement date is 10/01/2016; Seller to credit any rent shortfall between closing of escrow and actual rent commencement date; please contact listing broker for details.

L E A S E A B S T R A C T

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DALLAS NORTH TOLLWAY (±165,750 VPD)

LEWISVILLE LAKE

George Bush Toll Road (±158,000 VPD)

International Business ParkComing Soon

20 Mathews Retail Advisors

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21Tenant Overview

Offer ing Memorandum

Hobby Lobby is an American chain of retail arts and crafts stores based in Oklahoma City. Ranked as the #3 craft and fabric retailer across more than 45 states, the company operates more than 600 stores that sell arts and crafts supplies, baskets, beads, candles, frames, home-decorating accessories, silk flowers, etc.

GEOGRAPHIC REACHBased in Oklahoma City. Hobby Lobby operates retail shops nationwide under the banners Hobby Lobby, Mardel, and Hemispheres. It sources some of its 67,000 products from Europe and Asia. The company maintains an onsite manufacturing plant in Oklahoma that makes store fixtures, candles, scented products, art canvases, and picture frames. The facility also features product-packaging capabilities.

STRATEGYOne of America’s largest private companies, fast-growing Hobby Lobby has been busy expanding its network of stores, which average 55,000 SF. It’s extending its reach into Oregon, Vermont, and Minnesota, to supplement recently added stores in Virginia, Wisconsin, Kansas, California, and New York.

H O B B Y L O B B Y

Source: hoovers.com

T E N A N T O V E R V I E W

Tenant Hobby Lobby

Company Name Hobby Lobby Stores, Inc.

Ownership Private

Revenue $3.7 B

No. of Locations ±670

No. of Employees ±28,000

Headquartered Oklahoma City, OK

Web Site http://www.hobbylobby.com/

Year Founded 1972

WEST PLANO, TEXAS

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Hobby Lobby | West Plano, TX

22 Mathews Retail Advisors

CONFIDENTIALITY AND DISCLAIMER STATEMENT

This Offer ing Memorandum contains select informat ion pertaining to the business and af fa i rs of Hobby Lobby located at 6320 W Plano Pkwy. Plano, TX 75093 (“Property”) . I t has been prepared by Matthews Retai l Advisors. This Offer ing Memorandum may not be al l - inclusive or contain a l l of the informat ion a prospect ive purchaser may desire. The informat ion contained in th is Offer ing Memorandum is conf ident ia l and furnished solely for the purpose of a review by a prospect ive purchaser of the Property. I t is not to be used for any other purpose or made avai lable to any other person without the wri t ten consent of Sel ler or Matthews Retai l Advisors. The mater ia l is based in part upon informat ion suppl ied by the Sel ler and in part upon f inancial informat ion obtained from sources i t deems rel iable. Owner, nor their of f icers , employees, or agents makes any representat ion or warranty, express or impl ied, as to the accuracy or completeness of th is Offer ing Memorandum or any of i ts contents and no legal l iabi l i ty is assumed or shal l be impl ied with respect thereto. Prospect ive purchasers should make their own project ions and form their own conclusions without rel iance upon the mater ia l contained herein and conduct their own due di l igence.

By acknowledging your receipt of th is Offer ing Memorandum for the Property, you agree:

1 . The Offer ing Memorandum and i ts contents are conf ident ia l ;

2 . You wi l l hold i t and treat i t in the str ictest of conf idence; and

3. You wi l l not , d i rect ly or indirect ly, d isclose or permit anyone else to disclose this Offer ing Memorandum or i ts contents in any fashion or manner detr imental to the interest of the Sel ler.

Owner and Matthews Retai l Advisors expressly reserve the r ight , at their sole discret ion, to reject any and al l expressions of interest or of fers to purchase the Property and to terminate discussions with any person or ent i ty reviewing this Offer ing Memorandum or making an of fer to purchase the Property unless and unt i l a wr i t ten agreement for the purchase and sale of the Property has been ful ly executed and del ivered.

I f you wish not to pursue negot iat ions leading to the acquis i t ion of the Property or in the future you discont inue such negot iat ions, then you agree to purge al l mater ia ls relat ing to th is Property including this Offer ing Memorandum.

A prospect ive purchaser ’s sole and exclusive r ights with respect to th is prospect ive t ransact ion, the Property, or informat ion provided herein or in connect ion with the sale of the Property shal l be l imited to those expressly provided in an executed Purchase Agreement and shal l be subject to the terms thereof. In no event shal l a prospect ive purchaser have any other c la ims against Sel ler or Matthews Retai l Advisors or any of their af f i l iates or any of their respect ive of f icers , Directors , shareholders, owners, employees, or agents for any damages, l iabi l i ty, or causes of act ion relat ing to th is sol ic i tat ion process or the market ing or sale of the Property.

This Offer ing Memorandum shal l not be deemed to represent the state of af fa i rs of the Property or const i tute an indicat ion that there has been no change in the state of af fa i rs of the Property s ince the date this Offer ing Memorandum.

Page 23: WEST PLANO, TEXAS - · PDF file8 Mathews Retail Advisors Hobby Lobby | West Plano, TX REGIONAL MAP SITE INFORMATION The subject property is located at the southeast corner of West

Offer ing Memorandum

O F F E R I N G M E M O R A N D U M

PATRICK TOOMEY FVP, SENIOR DIRECTOR

SHOPPING CENTERS

DIRECT +1 .3 10.919.5765 MOBILE + 1 .3 10.403 .4984

Pa t r i ck .Toomey@mat thews .com

KYLE MATTHEWSCHAIRMAN AND CEO

DIRECT +1 .9 19.5757MOBILE + 1 .3 10.622 .3161

Ky le .Mat thews@mat thews .com

6 3 2 0 W P l a n o P k w a y. | P l a n o , T X 7 5 0 9 3

BROKER OF RECORDMark Cohen

DIRECT +1 .972 .991 .9590mark@centerpo in tcp .com

License No. 447509