PHILIP LEVY OFFERING MEMORANDUM
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PHILIP LEVY
972.755.5225
SENIOR MANAGING DIRECTOR
PLEVY@MARCUSMILLICHAP.COM
OFFERING MEMORANDUM
TABLE OF CONTENTS
Independence Park
3020 Legacy Drive, Plano, TX 75023
Confidentiality & Disclaimer Contents
The information contained in the following Marketing Brochure is proprietary and strictly PROPERTY INFORMATION 3
confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap
and should not be made available to any other person or entity without the written consent of LOCATION INFORMATION 7
Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified FINANCIAL ANALYSIS 13
information to prospective purchasers, and to establish only a preliminary level of interest in the
subject property. The information contained herein is not a substitute for a thorough due RENT COMPARABLES 22
diligence investigation. Marcus & Millichap has not made any investigation, and makes no
DEMOGRAPHICS 29
warranty or representation, with respect to the income or expenses for the subject property, the
future projected financial performance of the property, the size and square footage of the
property and improvements, the presence or absence of contaminating substances, PCB's or
asbestos, the compliance with State and Federal regulations, the physical condition of the
improvements thereon, or the financial condition or business prospects of any tenant, or any
tenant’s plans or intentions to continue its occupancy of the subject property. The information
contained in this Marketing Brochure has been obtained from sources we believe to be reliable;
however, Marcus & Millichap has not verified, and will not verify, any of the information contained
herein, nor has Marcus & Millichap conducted any investigation regarding these matters and
makes no warranty or representation whatsoever regarding the accuracy or completeness of the
information provided. All potential buyers must take appropriate measures to verify all of the
information set forth herein.
Non-Endorsement Notice
Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or
lessee identified in this marketing package. The presence of any corporation’s logo or name is not
intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation
of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial
listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee
information about this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.
PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS
2
Section 1 PROPERTY INFORMATION
PROPERTY INFORMATION | EXECUTIVE SUMMARY
Independence Park
3020 Legacy Drive, Plano, TX 75023
OFFERING SUMMARY PROPERTY OVERVIEW
Sale Price: $7,500,000 Marcus & Millichap is pleased to present the opportunity to acquire Independence Park, a 31,950-square foot value-add shopping
center in the desirable North Dallas suburb of Plano, Texas.
Cap Rate: 6.25%
DEMOGRAPHICS
Current NOI: $468,910 1 MILE 3 MILES 5 MILES
Pro Forma Cap Rate: 9.83% Total Households 6,361 51,585 107,494
Total Population 18,207 148,741 302,160
Pro Forma NOI: $736,896
Average HH Income $130,191 $125,460 $118,909
Lot Size: 2.67 Acres
Year Built: 1994
Building Size: 31,950
Price / SF: $234.74
4
PROPERTY INFORMATION | PROPERTY DESCRIPTION
Independence Park
3020 Legacy Drive, Plano, TX 75023
PROPERTY OVERVIEW
Marcus & Millichap is pleased to present the opportunity to acquire Independence Park, a 31,950-square foot
value-add shopping center in the desirable North Dallas suburb of Plano, Texas. The multi-tenant center is 73
percent occupied, providing significant upside potential. All current leases are triple-net and consist of a
complementary mix of internet-resistant tenants, including Sigel’s Beverages, Salsa Tex Mex restaurant, Pizza Hut,
Heena Salon, 9 Round, Millstone Bakery, Leslie’s Poolmart, State Farm, M3 Salon, Classy Doggie Cuts, #1
Alterations, and Nails in Time. The building was originally constructed in 1994 and sits on 2.67 acres.
LOCATION OVERVIEW
The subject property is located at heavily traveled intersection of Legacy Drive and Independence Parkway, with
ingress and egress points for both roads. Traffic counts on Legacy Drive are approximately 42,000 vehicles per day
and 23,745 vehicles per day on Independence Parkway. The property is shadow-anchored by Subzi Mandi, the
largest international grocery store in Dallas-Fort Worth, providing a one-stop grocery store for the South Asian
community. Neighboring national and regional retailers include Anytime Fitness, Baskin Robbins, Metro PCS,
Boston Market, Wells Fargo Bank, Kwik Kar Lube & Tune, BBVA Compass, Bank of America, Kroger grocery store,
Mooyah Burgers, Einstein Bros. Bagels, GameStop, Once Upon a Child, and Dunkin’Donuts. Independence Park is
surrounded by densely populated, upper middle class neighborhoods with phenomenal demographics. The
one-mile average household income is $130,200, and the three-mile average household income is $125,460. The
population within five miles of the property is over 302,000 residents.
Plano is approximately 18 miles north of Dallas in Collin County and ranks as the ninth most populous city in the
state of Texas. The city is an affluent hub for many corporate headquarters, with a stout roster of regional offices
including: Intuit, Bank of America Home Loans, Ericsson, McAfee, Frito-Lay, Pizza Hut, NTT DATA (formerly Dell
Services), DXC (formerly Hewlett Packard Enterprise), PepsiCo, FedEx Offices & Print Services and many others.
New construction includes the headquarters for Toyota Motor North America and regional headquarters for
Liberty Mutual Insurance Co. and JPMorgan Chase. In 2016, the City was named the 3rd 'Best Place to Live in
America' by Money Magazine.
5
PROPERTY INFORMATION | COMPLETE HIGHLIGHTS
Independence Park
3020 Legacy Drive, Plano, TX 75023
SALE HIGHLIGHTS
• 31,950-Square Foot Multi-Tenant Neighborhood Shopping Center
• Value-Add Opportunity | 73% Occupied | Pro Forma Cap Rate is 9.83%
• Shadow-Anchored by Subzi Mandi, the Largest International Grocery Store in Dallas -
Fort Worth
• Complementary Mix of Tenants Comprised of Many Internet-Resistant Businesses
• All Current Leases are Triple Net
• Rents are Below Market
• Situated on 2.67 Acres
• Located at the High-Traffic, Signalized Intersection of Legacy Drive and Independence
Parkway | Ingress and Egress Points from Both Roads | Approximately 42,000 Vehicles
per Day on Legacy Drive | 23,745 Vehicles per Day on Independence Parkway
• Located in a Densely Populated, Highly Affluent Area of North Plano | Population is
more than 302,000 Residents within Five Miles | One-Mile Average Household Income
is $130,200 | Three-Mile Average Household Income is $125,460 | Five-Mile Average
Household Income is $118,900
• Plano is Home to Many Regional Corporate Offices, Including Intuit, Ericsson, McAfee,
Frito-Lay, Pizza Hut U.S., PepsiCo, DXC (Formerly Hewlett Packard Enterprise), Bank of
America Home Loans, and Others
• New Construction Includes Headquarters for Toyota Motor North America and
Regional Headquarters for Liberty Mutual Insurance Co. and JPMorgan Chase
6
Section 2 LOCATION INFORMATION
LOCATION INFORMATION | REGIONAL MAP
Independence Park
3020 Legacy Drive, Plano, TX 75023
Independence Park
8
LOCATION INFORMATION | LOCATION MAPS
Independence Park
3020 Legacy Drive, Plano, TX 75023
9
LOCATION INFORMATION | AERIAL MAP
Independence Park
3020 Legacy Drive, Plano, TX 75023
10LOCATION INFORMATION | AERIAL MAP
Independence Park
3020 Legacy Drive, Plano, TX 75023
11LOCATION INFORMATION | AERIAL MAPS
Independence Park
3020 Legacy Drive, Plano, TX 75023
12Section 3 FINANCIAL ANALYSIS
FINANCIAL ANALYSIS | FINANCIAL SUMMARY
Independence Park
3020 Legacy Drive, Plano, TX 75023
INVESTMENT OVERVIEW CURRENT PRO FORMA
Price $7,500,000 $7,500,000
Price per SF $234.74 $234.74
CAP Rate 6.25 % 9.83 %
Total Return (yr 1) $468,910 $736,896
OPERATING DATA CURRENT PRO FORMA
Gross Income $711,800 $987,088
Operating Expenses $242,890 $250,192
Net Operating Income $468,910 $736,896
FINANCING DATA CURRENT PRO FORMA
Down Payment $7,500,000 $7,500,000
Loan Type All Cash All Cash
14FINANCIAL ANALYSIS | INCOME & EXPENSES
Independence Park
3020 Legacy Drive, Plano, TX 75023
INCOME SUMMARY CURRENT PER SF PRO FORMA PER SF
Base Rent $535,462 $23.09 $535,462 $23.09
Vacant Space at Market Rents $0 $0.00 $201,434 $23.00
Real Estate Taxes Reimbursements $100,354 $3.14 $138,229 $4.33
Insurance Reimbursements $6,795 $0.21 $9,360 $0.29
Common Area Maintenance Reimbursements $52,710 $1.65 $72,603 $2.27
Management Fee Reimbursements $16,479 $0.52 $30,000 $0.94
Gross Income $711,800 $22.28 $987,088 $30.89
EXPENSE SUMMARY CURRENT PER SF PRO FORMA PER SF
Real Estate Taxes $138,229 $4.33 $138,229 $4.33
Insurance $9,360 $0.29 $9,360 $0.29
Utilities $30,700 $0.96 $30,700 $0.96
Trash Removal $15,911 $0.50 $15,911 $0.50
Landscaping $4,655 $0.15 $4,655 $0.15
Pest Control $1,181 $0.04 $1,181 $0.04
Sweeping $5,066 $0.16 $5,066 $0.16
Alarm System Maintenance $1,965 $0.06 $1,965 $0.06
Repairs and Maintenance $10,809 $0.34 $10,809 $0.34
Security Equipment $2,316 $0.07 $2,316 $0.07
Management Fee $22,698 $0.71 $30,000 $0.94
Gross Expenses $242,890 $7.60 $250,192 $7.83
Net Operating Income $468,910 $14.68 $736,896 $23.06
*Base Rent is based on the future base rent of $535,462 as of 3/01/20. Current actual rent is $525,300. Seller shall credit Buyer the monthly rent differential on a pro rata basis, at closing.
15FINANCIAL ANALYSIS | RENT ROLL
Independence Park
3020 Legacy Drive, Plano, TX 75023
TENANT UNIT UNIT % OF LEASE LEASE ANNUAL ESC PRICE LEASE EXPENSE
NAME NUMBER SIZE (SF) GLA START END RENT DATE PER YEAR TYPE OPTION REIMBURSEMENT
Heena Salon 100 1,400 4.38 4/01/11 6/30/19 $33,600 $24.00 NNN $10,638.58
9 Round Plano 110 1,412 4.42 7/17/13 1/31/24 $28,946 $20.50 NNN $10,735.74
2/1/2021 $21.00
2/1/2022 $21.50
2/1/2023 $22.00
Salsa Tex Mex 130 4,270 13.36 8/21/14 12/31/24 $98,637 $23.10 NNN $32,450.10
Nails in Time 140 1,050 3.29 3/01/15 2/28/20 $25,200 $24.00 NNN $7,991.08
Millstone Bakery 150 1,750 5.48 2/01/14 4/30/19 $35,000 $20.00 NNN $13,310.37
Leslie's Poolmart 170 4,000 12.52 6/26/95 10/31/20 $80,000 $20.00 NNN $30,409.83
Vacant 180 1,000 3.13
State Farm Insurance 190 980 3.07 7/01/08 7/31/22 $19,600 $20.00 NNN $7,456.72
#1 Alterations 200 980 3.07 2/21/95 2/28/25 $21,070 $21.50 NNN $7,456.72
3/1/2021 $22.00
3/1/2022 $22.50
3/1/2023 $23.00
3/1/2024 $23.50
Vacant 210 1,400 4.38 $0 $0.00
Vacant 220 2,940 9.2 $0 $0.00
16FINANCIAL ANALYSIS | RENT ROLL
Independence Park
3020 Legacy Drive, Plano, TX 75023
TENANT UNIT UNIT % OF LEASE LEASE ANNUAL ESC PRICE LEASE EXPENSE
NAME NUMBER SIZE (SF) GLA START END RENT DATE PER YEAR TYPE OPTION REIMBURSEMENT
M3 Salon 230 1,120 3.51 2/01/05 2/28/21 $25,760 $23.00 NNN $8,525.44
Vacant 250 2,158 6.75
Classy Doggie Cuts 260 1,050 3.29 7/01/13 6/30/23 $22,050 $21.00 NNN $7,991.08
Sigel's Beverages 270 3,780 11.83 9/15/14 9/30/24 $113,400 $30.00 NNN $28,733.89
Vacant 290 1,260 3.94
Pizza Hut 300 1,400 4.38 1/09/95 5/31/22 $32,200 $23.00 NNN $10,638.58
Totals/Averages 31,950 $535,463 $16.76 $176,338.13
*Total Annual Rent is based on the future base rent of $535,462 as of 3/01/20. Current actual rent is $525,300. Seller shall credit Buyer the monthly rent differential on a pro rata basis, at closing.
17FINANCIAL ANALYSIS | SITE PLAN
Independence Park
3020 Legacy Drive, Plano, TX 75023
18FINANCIAL ANALYSIS | TENANT INFORMATION
Independence Park
3020 Legacy Drive, Plano, TX 75023
Company: Sigel's Fine Wine & Great Spirits
Founded: 1905
Tenant Credit: Regional
Locations: 8
Website: https://www.sigels.com/
Line of Business: Liquor store
Company: Pizza Hut
Founded: 1958-
Tenant Credit: International
Locations: 16,800+
Website: www.pizzahut.com
Line of Business: Fast food franchise that primarily sells pizza
Company: Leslie's Swimming Pool Supplies
Founded: 1963
Tenant Credit: National
Locations: 910+
Website: https://www.lesliespool.com
Line of Business: Swimming pool supplies
Company: State Farm Insurance
Founded: 1922
Tenant Credit: National
Locations: 18,000+-
Website: www.statefarm.com
Line of Business: Insurance agency
19FINANCIAL ANALYSIS | TENANT INFORMATION
Independence Park
3020 Legacy Drive, Plano, TX 75023
Company: 9 Round
Founded: 2008
Tenant Credit: International
Locations: 700+
Website: www.9round.com
Line of Business: Fitness and Kickboxing center
Company: Classy Doggie Cuts
Tenant Credit: Local
Locations: 1
Website: www.classydoggiecuts.com
Line of Business: Dog grooming salon
Company: Henna Salon
Founded: 2004-
Tenant Credit: Regional
Locations: 5
Website: https://www.heenasalon.com
Line of Business: Threading, waxing and henna tattoo salon
Company: M3 Salon
Tenant Credit: Local
Locations: 2
Website: http://www.m3salon.com/
Line of Business: Hair salon for adults and children
20FINANCIAL ANALYSIS | TENANT INFORMATION
Independence Park
3020 Legacy Drive, Plano, TX 75023
Company: Salsa Tex Mex Restaurant
Tenant Credit: Regional
Locations: 3
Website: http://www.salsatexmex.com/
Line of Business: Mexican restaurant
Company: Millstone Bakery
Tenant Credit: Local
Locations 1
Website https://www.millstonebakery.com/
Line of Business: Fresh, preservative free bakery
Company: Nails in Time
Tenant Credit: Local
Locations: 1
Line of Business: Nail Salon
Company: #1 Alterations
Tenant Credit: Local
Locations: 1
Line of Business: Alteration, tailor
21Section 4 RENT COMPARABLES
RENT COMPARABLES | RENT COMPS
Independence Park
3020 Legacy Drive, Plano, TX 75023
SUBJECT PROPERTY
3020 Legacy Drive | Plano, TX 75023
Lease Rate: $23.00 SF/YR Lease Type: NNN
Space Size: 8,758 SF Year Built: 1994
Lot Size: 2.67 AC
MCDERMOTT SQUARE
1
2865 McDermott Road | Plano, TX 75025
Lease Rate: $24.00 SF Lease Type: NNN 1
Space Size: 2,000 SF Year Built: 2006
Bldg Size: 2,006 SF Lot Size: 4.48 AC
Occupancy: 94%
Hathaway Academy of Ballet, Napoli's Italian Restaurant YogaFit, Best Brains
THE PLAZA ON LEGACY
2
4100 Legacy Drive - Bldg 1 | Plano, TX 75024
Lease Rate: $25.00 SF Lease Type: NNN 2
Space Size: 8,945 SF Year Built: 1999
Bldg Size: 80,000 SF Lot Size: 6.58 AC
Occupancy: 89%
Sprouts, Pet Supplies Plus, QD Academy
23RENT COMPARABLES | RENT COMPS
Independence Park
3020 Legacy Drive, Plano, TX 75023
CAMBRIDGE SQUARE SOUTH
3
202-280 West Parker Road | Plano, TX 75075
Lease Rate: $25.00 SF Lease Type: NNN 3
Space Size: 2,000 SF Year Built: 1982
Bldg Size: 18,445 SF Lot Size: 1.95 AC
Occupancy: 89%
PRESTON PARK VILLAGE
4
Preston Park Village | Plano, TX 75093
Lease Rate: $28.00 SF Lease Type: NNN 4
Space Size: 10,953 SF Year Built: 1986
Bldg Size: 25,605 SF Lot Size: 2.81 AC
Occupancy: 57%
Hash House a Go Go, Sola Salon Studios, PieTap, SOTA Weight Loss, Yumilicious
PRESTON CREEK SHOPPING CENTER
5
8308 Preston Road | Plano, TX 75024
Lease Rate: $28.00 SF Lease Type: NNN 5
Space Size: 2,073 SF Year Built: 2008
Bldg Size: 27,899 SF Lot Size: 0 AC
Occupancy: 92.5%
Imagique Hair Studios, II Brothers Grill & Bar, Russian School of Math, Brain Balance, Matador Meat
& Wine
24RENT COMPARABLES | RENT COMPS
Independence Park
3020 Legacy Drive, Plano, TX 75023
PARK BOULEVARD RETAIL
6
6505-6509 West Park Boulevard | Plano, TX 75093
Lease Rate: $27.00 SF Lease Type: NNN 6
Space Size: 5,203 SF Year Built: 2000
Bldg Size: 54,992 SF Lot Size: 5.53 AC
Occupancy: 90.5%
Elite Test Prep, Aqua Tots, Villa Mediterranean Grill, Modoma Massage & Wellness, Domino's Pizza,
Enterprise
LEGACY 100
7
100 Legacy Drive | Plano, TX 75023
Lease Rate: $30.00 SF Lease Type: NNN 7
Space Size: 1,470 SF Year Built: 2015
Bldg Size: 38,965 SF Lot Size: 5.71 AC
Occupancy: 96%
Black Ball, Sushi Bar, Pullman Bakery, Mitsuway Marketplace
WILLOW BEND CROSSING
8
1855 Dallas Parkway | Plano, TX 75093
Lease Rate: $35.19 SF Lease Type: NNN 8
Space Size: SF Year Built: 2015
Bldg Size: 14,555 SF Lot Size: 2.12 AC
Occupancy: 100%
Shell Shack, Jersey Mikes, Salata, Wok Box, Torchy's Tacos
25RENT COMPARABLES | RENT COMPS SUMMARY
Independence Park
3020 Legacy Drive, Plano, TX 75023
SUBJECT PROPERTY PRICE/SF/YR AVAILABLE SF BLDG SF OCCUPANCY %
Independence Park
3020 Legacy Drive $23.00 SF/yr (NNN) 8,758 SF 31,950 SF 72.59%
Plano, TX 75023
RENT COMPS PRICE/SF/YR AVAILABLE SF BLDG SF OCCUPANCY %
1 McDermott Square
2865 McDermott Road $24.00 2,000 SF 2,006 SF 94%
Plano, TX 75025
2 The Plaza on Legacy
4100 Legacy Drive - Bldg 1 $25.00 8,945 SF 80,000 SF 89%
Plano, TX 75024
3 Cambridge Square South
202-280 West Parker Road $25.00 2,000 SF 18,445 SF 89%
Plano, TX 75075
4 Preston Park Village
Preston Park Village $28.00 10,953 SF 25,605 SF 57%
Plano, TX 75093
5 Preston Creek Shopping Center
8308 Preston Road $28.00 2,073 SF 27,899 SF 92.5%
Plano, TX 75024
6 Park Boulevard Retail
6505-6509 West Park Boulevard $27.00 5,203 SF 54,992 SF 90.5%
Plano, TX 75093
7 Legacy 100
100 Legacy Drive $30.00 1,470 SF 38,965 SF 96%
Plano, TX 75023
26RENT COMPARABLES | RENT COMPS SUMMARY
Independence Park
3020 Legacy Drive, Plano, TX 75023
Willow Bend Crossing
1855 Dallas Parkway $35.19 - 14,555 SF 100%
8
Plano, TX 75093
PRICE/SF/YR AVAILABLE SF BLDG SF OCCUPANCY %
Totals/Averages $27.77 4,663 SF 32,808 SF 88.5%
27RENT COMPARABLES | RENT COMPS MAP
Independence Park
3020 Legacy Drive, Plano, TX 75023
SUBJECT PROPERTY
3020 Legacy Drive | Plano, TX 75023
MCDERMOTT SQUARE THE PLAZA ON LEGACY CAMBRIDGE SQUARE SOUTH PRESTON PARK VILLAGE
1 2865 McDermott Road 2 4100 Legacy Drive - Bldg 1 3 202-280 West Parker Road 4 Preston Park Village
Plano, TX 75025 Plano, TX 75024 Plano, TX 75075 Plano, TX 75093
PRESTON CREEK SHOPPING PARK BOULEVARD RETAIL LEGACY 100 WILLOW BEND CROSSING
5 CENTER 6 6505-6509 West Park Boulevard 7 100 Legacy Drive 8 1855 Dallas Parkway
8308 Preston Road Plano, TX 75093 Plano, TX 75023 Plano, TX 75093
Plano, TX 75024
28Section 5 DEMOGRAPHICS
DEMOGRAPHICS | DEMOGRAPHICS REPORT
Independence Park
3020 Legacy Drive, Plano, TX 75023
1 MILE 3 MILES 5 MILES
Total population 18,207 148,741 302,160
Median age 40.6 37.9 36.5
Median age (Male) 38.9 37.3 35.9
Median age (Female) 41.9 38.7 37.4
Total households 6,361 51,585 107,494
Total persons per HH 2.7 2.7 2.7
Average HH income $130,191 $125,460 $118,909
Average house value $259,736 $238,852 $244,726
Total Population - White 12,628 98,625 205,385
% White 69.4% 66.3% 68.0%
Total Population - Black 728 7,411 18,465
% Black 4.0% 5.0% 6.1%
Total Population - Asian 2,859 28,589 49,095
% Asian 15.7% 19.2% 16.2%
Total Population - Hawaiian 0 183 286
% Hawaiian 0.0% 0.1% 0.1%
Total Population - American Indian 188 652 1,087
% American Indian 1.0% 0.4% 0.4%
Total Population - Other 265 2,776 6,015
% Other 1.5% 1.9% 2.0%
Total Population - Hispanic 1,302 12,746 31,870
% Hispanic 7.2% 8.6% 10.5%
* Demographic data derived from 2010 US Census
30DEMOGRAPHICS | DEMOGRAPHICS MAP
Independence Park
3020 Legacy Drive, Plano, TX 75023
POPULATION 1 MILE 3 MILES 5 MILES
Total population 18,207 148,741 302,160
Median age 40.6 37.9 36.5
Median age (Male) 38.9 37.3 35.9
Median age (Female) 41.9 38.7 37.4
HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES
Total households 6,361 51,585 107,494
# of persons per HH 2.7 2.7 2.7
Average HH income $130,191 $125,460 $118,909
Average house value $259,736 $238,852 $244,726
ETHNICITY (%) 1 MILE 3 MILES 5 MILES
Hispanic 7.2% 8.6% 10.5%
RACE (%)
White 69.4% 66.3% 68.0%
Black 4.0% 5.0% 6.1%
Asian 15.7% 19.2% 16.2%
Hawaiian 0.0% 0.1% 0.1%
American Indian 1.0% 0.4% 0.4%
Other 1.5% 1.9% 2.0%
* Demographic data derived from 2010 US Census
31INFORMATION ABOUT BROKERAGE SERVICES
Texas law requires all real estate license holders to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords. 11-2-2015
TYPES OF REAL ESTATE LICENSE HOLDERS:
• A BROKER is responsible for all brokerage activities, including acts performed by sales agents sponsored by the broker.
• A SALES AGENT must be sponsored by a broker and works with clients on behalf of the broker.
A BROKER’S MINIMUM DUTIES REQUIRED BY LAW (A client is the person or party that the broker represents):
• Put the interests of the client above all others, including the broker’s own interests;
• Inform the client of any material information about the property or transaction received by the broker;
• Answer the client’s questions and present any offer to or counter-offer from the client; and
• Treat all parties to a real estate transaction honestly and fairly.
A LICENSE HOLDER CAN REPRESENT A PARTY IN A REAL ESTATE TRANSACTION:
AS AGENT FOR OWNER (SELLER/LANDLORD): The broker becomes the property owner's agent through an agreement with the owner, usually in a written listing to sell or property
management agreement. An owner's agent must perform the broker’s minimum duties above and must inform the owner of any material information about the property or transaction known
by the agent, including information disclosed to the agent or subagent by the buyer or buyer’s agent.
AS AGENT FOR BUYER/TENANT: The broker becomes the buyer/tenant's agent by agreeing to represent the buyer, usually through a written representation agreement. A buyer's agent
must perform the broker’s minimum duties above and must inform the buyer of any material information about the property or transaction known by the agent, including information disclosed
to the agent by the seller or seller’s agent.
AS AGENT FOR BOTH - INTERMEDIARY: To act as an intermediary between the parties the broker must first obtain the written agreement of each party to the transaction. The written
agreement must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker's obligations as an intermediary. A broker who acts as an intermediary:
• Must treat all parties to the transaction impartially and fairly;
• May, with the parties' written consent, appoint a different license holder associated with the broker to each party (owner and buyer) to communicate with, provide opinions and advice to,
and carry out the instructions of each party to the transaction.
• Must not, unless specifically authorized in writing to do so by the party, disclose:
that the owner will accept a price less than the written asking price;
that the buyer/tenant will pay a price greater than the price submitted in a written offer; and
any confidential information or any other information that a party specifically instructs the broker in writing not to disclose, unless required to do so by law.
AS SUBAGENT: A license holder acts as a subagent when aiding a buyer in a transaction without an agreement to represent the buyer. A subagent can assist the buyer but does not represent
the buyer and must place the interests of the owner first.
TO AVOID DISPUTES, ALL AGREEMENTS BETWEEN YOU AND A BROKER SHOULD BE IN WRITING AND CLEARLY ESTABLISH:
• The broker’s duties and responsibilities to you, and your obligations under the representation agreement.
• Who will pay the broker for services provided to you, when payment will be made and how the payment will be calculated.
LICENSE HOLDER CONTACT INFORMATION: This notice is being provided for information purposes. It does not create an obligation for you to use the broker’s services. Please
acknowledge receipt of this notice below and retain a copy for your records.
Licensed Broker /Broker Firm Name or Primary Assumed Business Name License No. Email Phone
Designated Broker of Firm License No. Email Phone
Licensed Supervisor of Sales Agent/Associate License No. Email Phone
Sales Agent/Associate’s Name License No. Email Phone
Buyer/Tenant/Seller/Landlord Initials Date
Regulated by the Texas Real Estate Commission Information available at www.trec.texas.gov
IABS 1-0PHILIP LEVY Senior Managing Director Dallas Office 972.755.5225 Office 817.380.1153 Fax plevy@marcusmillichap.com LICENSE: TX 0522087 5001 Spring Valley Road Dallas, TX 75244
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