PHILIP LEVY OFFERING MEMORANDUM - Levy Retail Group

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PHILIP LEVY OFFERING MEMORANDUM - Levy Retail Group
PHILIP LEVY
972.755.5225
SENIOR MANAGING DIRECTOR
PLEVY@MARCUSMILLICHAP.COM

                            OFFERING MEMORANDUM
PHILIP LEVY OFFERING MEMORANDUM - Levy Retail Group
TABLE OF CONTENTS

SoHigh Village
5250 North Tarrant Parkway, Fort Worth, TX 76137

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    8
Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified           FINANCIAL ANALYSIS     14
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       20
diligence investigation. Marcus & Millichap has not made any investigation, and makes no
                                                                                                       DEMOGRAPHICS           27
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
PHILIP LEVY OFFERING MEMORANDUM - Levy Retail Group
Section 1   PROPERTY INFORMATION
PHILIP LEVY OFFERING MEMORANDUM - Levy Retail Group
PROPERTY INFORMATION | EXECUTIVE SUMMARY

SoHigh Village
5250 North Tarrant Parkway, Fort Worth, TX 76137

OFFERING SUMMARY                       PROPERTY OVERVIEW

Sale Price:              $5,855,000    Marcus & Millichap is pleased to offer the opportunity to acquire a value-add, multi-tenant retail center in the rapidly growing North
                                       Fort Worth market.
Cap Rate:                     9.77%
                                       DEMOGRAPHICS
NOI:                       $571,775                                                                                1 MILE                 3 MILES                 5 MILES

Pro Forma Cap Rate:         11.33%      Total Households                                                            5,836                  45,757                 103,023

                                        Total Population                                                           18,275                 136,439                 294,903
Pro Forma NOI:             $663,228
                                        Average HH Income                                                       $117,671                $101,131                  $99,695
Lot Size:                 3.47 Acres

Year Built:                    2008

Building Size:               31,280

Price / SF:                 $187.18

                                                                                                                                                                            4
PHILIP LEVY OFFERING MEMORANDUM - Levy Retail Group
PROPERTY INFORMATION | PROPERTY DESCRIPTION

SoHigh Village
5250 North Tarrant Parkway, Fort Worth, TX 76137

                                                   PROPERTY OVERVIEW
                                                   Marcus & Millichap is pleased to offer the opportunity to acquire a value-add, multi-tenant retail center in Fort
                                                   Worth, Texas. SoHigh Village is currently 88 percent occupied, providing upside potential in leasing the vacant
                                                   space. All in-place leases are triple-net. Tenants include The Spa Glam & GQ Salon, RZ Bar, M&K Mediterranean
                                                   Market, Marco’s Pizza, Tarrant Liquor, Thai Lao Kitchen, Nevaeh Organic Salon, Vape Shop, Krab Kingz Seafood
                                                   Restaurant, Boutique, and Swad Indian Restaurant. Additional income is derived from new five-year cell tower
                                                   lease that has nine five-year renewal options. Constructed in 2008, the subject property consists of three buildings
                                                   situated on 3.47 acres.

                                                   LOCATION OVERVIEW
                                                   SoHigh Village is located at the signalized, southeast corner of North Tarrant Parkway and Park Vista Boulevard
                                                   with additional access from Sohi Drive, providing several ingress and egress points. The signalized intersection and
                                                   multiple entry points allow easy access and visibility to the subject property from these highly traveled roads.
                                                   Traffic counts on North Tarrant Parkway are approximately 26,800 vehicles per day, and approximately 13,110
                                                   vehicles per day on Park Vista Boulevard. The surrounding area has excellent demographics, with a one-mile
                                                   average household income exceeding $117,671 and a population of more than 294,900 residents within five miles.
                                                   A freestanding Natural Grocers is across from the property, and other neighboring retailers include 7-Eleven,
                                                   Liberty Tax Service, Edward Jones, McDonald’s, RaceTrac, Kroger, and Slim Chickens.

                                                   The subject property is less than one mile west of a dense retail trade area located at the intersection with Denton
                                                   Highway (SH-377), with national and regional tenants including Academy Sports and Outdoors, ALDI, T-Mobile,
                                                   National Tire and Battery, The Home Depot, Target, Kohl’s, Marshalls, Michaels, Sprouts, Staples, PetCo, Dollar
                                                   Tree, Chase Bank, LA Fitness, Walgreens, Chili’s Bar & Grill, Office Depot, Pier 1, Party City, Ross Dress for Less,
                                                   World Market, Bed Bath & Beyond, and numerous others. H-E-B Grocery has identified a site for potential
                                                   development in the northwestern corner of North Tarrant Parkway and Highway 377.

                                                                                                                                                                     5
PHILIP LEVY OFFERING MEMORANDUM - Levy Retail Group
PROPERTY INFORMATION | COMPLETE HIGHLIGHTS

SoHigh Village
5250 North Tarrant Parkway, Fort Worth, TX 76137

SALE HIGHLIGHTS
• Value-Add Retail Investment Opportunity in a Desirable North Fort Worth Market |
   High Growth, Highly Affluent Area
• 31,280-Square Foot Retail Center | Currently 88% Occupied | Significant Upside
   Potential with an 11.33% Pro Forma Cap Rate
• Current Rents are Below Market, Providing Additional Upside
• Leases are Triple-Net
• Additional Income Derived from a New Cell Tower Lease
• Complementary Mix of Internet-Resistant Tenants
• Comprised of Three Buildings on 3.47 Acres | Newer 2008 Construction with an
   Attractive Facade and Landscaping
• Located at the Signalized Hard-Corner of North Tarrant Parkway and Park Vista
   Boulevard | Additional Access from Sohi Drive | Cumulative Traffic Counts are
   Approximately 40,000 Vehicles per Day
• Shadow-Anchored by Natural Grocers | Kroger is Directly Across North Tarrant
   Parkway | Both are Traffic Drivers to the Area
• Less than One Mile West of a Dense Retail Trade Area at the Intersection of State
   Highway 377 (Denton Highway) | Numerous National and Regional Tenants Including
   Target, The Home Depot, Kohl’s, LA Fitness, Sprouts, Staples, Dollar Tree, Academy
   Sports and Outdoors, and Office Depot
• H-E-B Grocery has Identified Land in the Northwestern Corner of Highway 377 and
   North Tarrant Parkway for Potential Future Development
• Surrounding Area has Excellent Demographics | One-Mile Average Household Income
   is $117,671 | Five-Mile Population Exceeds 294,900 Residents

                                                                                        6
PHILIP LEVY OFFERING MEMORANDUM - Levy Retail Group
PROPERTY INFORMATION | ADDITIONAL PHOTOS

SoHigh Village
5250 North Tarrant Parkway, Fort Worth, TX 76137

                                                   7
PHILIP LEVY OFFERING MEMORANDUM - Levy Retail Group
Section 2   LOCATION INFORMATION
PHILIP LEVY OFFERING MEMORANDUM - Levy Retail Group
LOCATION INFORMATION | REGIONAL MAP

SoHigh Village
5250 North Tarrant Parkway, Fort Worth, TX 76137

                                                   SoHigh Village

                                                                    9
PHILIP LEVY OFFERING MEMORANDUM - Levy Retail Group
LOCATION INFORMATION | LOCATION MAPS

SoHigh Village
5250 North Tarrant Parkway, Fort Worth, TX 76137

                                                   10
LOCATION INFORMATION | AERIAL MAPS

SoHigh Village
5250 North Tarrant Parkway, Fort Worth, TX 76137

                                                   11
LOCATION INFORMATION | AERIAL MAPS

SoHigh Village
5250 North Tarrant Parkway, Fort Worth, TX 76137

                                                   12
LOCATION INFORMATION | AERIAL MAPS

SoHigh Village
5250 North Tarrant Parkway, Fort Worth, TX 76137

                                                   13
Section 3   FINANCIAL ANALYSIS
FINANCIAL ANALYSIS | FINANCIAL SUMMARY

SoHigh Village
5250 North Tarrant Parkway, Fort Worth, TX 76137

 INVESTMENT OVERVIEW                                CURRENT      PRO FORMA

Price                                              $5,855,000    $5,855,000
Price per SF                                          $187.18       $187.18
Cap Rate                                               9.77 %        11.33%
Total Return (yr 1)                                 $571,775      $663,228

 OPERATING DATA                                     CURRENT      PRO FORMA

Gross Income                                        $709,000       $810,233
Operating Expenses                                  $137,225       $147,005
Net Operating Income                                $571,775       $663,228

 FINANCING DATA                                     CURRENT      PRO FORMA

Down Payment                                       $5,855,000    $5,855,000
Loan Type                                             All Cash      All Cash

                                                                               15
FINANCIAL ANALYSIS | INCOME & EXPENSES

SoHigh Village
5250 North Tarrant Parkway, Fort Worth, TX 76137

 INCOME SUMMARY                                                                                      CURRENT                            PER SF                  PRO FORMA                              PER SF

Base Rent                                                                                            $584,028                          $21.21                       $584,028                          $21.21
Vacant Space at Market Rents                                                                               $0                           $0.00                        $75,000                          $20.00
Signage                                                                                                $4,200                           $0.13                         $4,200                           $0.13
Real Estate Taxes Reimbursements                                                                      $82,910                           $2.65                        $94,205                           $3.01
Insurance Reimbursements                                                                               $5,545                           $0.18                         $6,300                           $0.20
Common Area Maintenance Reimbursements                                                                $14,522                           $0.46                        $16,500                           $0.53
Management Fee Reimbursements                                                                         $17,795                           $0.57                        $30,000                           $0.96
Gross Income                                                                                         $709,000                          $22.67                       $810,233                          $25.90

 EXPENSE SUMMARY                                                                                     CURRENT                            PER SF                  PRO FORMA                              PER SF

Real Estate Taxes                                                                                     $94,205                            $3.01                       $94,205                               $3.01
Insurance                                                                                              $6,300                            $0.20                        $6,300                               $0.20
Utilities                                                                                              $2,700                            $0.09                        $2,700                               $0.09
Landscaping/Porter                                                                                    $13,800                            $0.44                       $13,800                               $0.44
Management Fee                                                                                        $20,220                            $0.65                       $30,000                               $0.96
Gross Expenses                                                                                       $137,225                            $4.39                      $147,005                               $4.70

Net Operating Income                                                                                 $571,775                          $18.28                       $663,228                          $21.20

*Base Rent is based on the future base rent of $584,028 as of January 1, 2020. Current actual rent is $579,228. Seller shall credit Buyer the monthly rent differential on a pro rata basis, at closing.

                                                                                                                                                                                                                   16
FINANCIAL ANALYSIS | RENT ROLL

SoHigh Village
5250 North Tarrant Parkway, Fort Worth, TX 76137

 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

 Marco's Pizza           150      1,560      4.99    4/01/11    3/31/21   $39,468                $25.30    NNN     (1) 5-Yr      $6,847.53
 Hair Salon              132      1,650      5.27    7/01/19    6/30/22   $34,200                $20.73    NNN     (1) 3-Yr      $7,231.76
 Vacant                  134      1,950      6.23
 Boutique                126      1,650      5.27    7/01/18    6/30/21   $33,000                $20.00    NNN     (1) 5-Yr      $7,231.76
                                                                                     7/1/2020    $21.09
 Tarrant Liquor          110      2,700      8.63    2/01/17    1/31/20   $45,900                $17.00    NNN     (1) 3-Yr     $11,842.52
 Thai Lao Kitchen        130      1,600      5.12    5/01/19    4/30/22   $41,400                $25.88    NNN     (1) 5-Yr      $7,025.92
                                                                                     5/1/2021    $27.00
 Nevaeh Organic Salon    140      1,000       3.2    10/01/17   9/30/20   $24,000                $24.00    NNN     (1) 5-Yr      $4,391.20
 Vape Shop               118      1,320      4.22    7/01/19    6/30/22   $27,600                $20.91    NNN     (1) 5-Yr      $5,790.90
                                                                                     7/1/2021    $21.82
 Krab Kingz Seafood      100      2,750      8.79    9/01/19    9/31/22   $55,200                $20.07    NNN     (1) 5-Yr     $12,062.08
                                                                                     9/1/2020    $20.90
                                                                                     9/1/2021    $21.82
 RZ Bar                  112      4,400      14.07   8/01/11    7/31/21   $105,600               $24.00    NNN                  $19,307.56
 Vacant                  102      1,800      5.75

                                                                                                                                              17
FINANCIAL ANALYSIS | RENT ROLL

SoHigh Village
5250 North Tarrant Parkway, Fort Worth, TX 76137

 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
 Swad Indian Restaurant                  100A            1,400        4.48      3/01/18        2/28/23        $33,600                         $24.00          NNN         (1) 5-Yr            $6,147.68
                                                                                                                             3/1/2021         $25.29
                                                                                                                             3/1/2022         $26.57
 The Spa Glam & GQ Salon                 5240            5,300       16.94      6/01/18        5/31/23        $88,860                         $16.77          NNN         (1) 5-Yr           $23,245.92
 M&K Mediterranean Market                 122            2,200        7.03      6/01/18        5/31/21        $37,200                         $16.91          NNN         (2) 5-Yr            $9,646.92
 Cell Tower                                                1           0.0      11/01/18      10/31/23        $18,000                       $18,000.00        Gross       (9) 5-Yr

 Totals/Averages                                        31,281                                                $584,028                        $18.67                                         $120,771.75

*Base Rent is based on the future base rent of $584,028 as of January 1, 2020. Current actual rent is $579,228. Seller shall credit Buyer the monthly rent differential on a pro rata basis, at closing.

                                                                                                                                                                                                           18
FINANCIAL ANALYSIS | SITE PLAN

SoHigh Village
5250 North Tarrant Parkway, Fort Worth, TX 76137

                                                   19
Section 4   RENT COMPARABLES
RENT COMPARABLES | RENT COMPS

SoHigh Village
5250 North Tarrant Parkway, Fort Worth, TX 76137

                       SUBJECT PROPERTY

                       5250 North Tarrant Parkway | Fort Worth, TX 76137
                       Lease Rate:         $20.00 SF/YR             Lease Type:         NNN
                       Space Size:         3,750 SF                 Year Built:         2008
                       Lot Size:           3.47 AC

                       MAGNOLIA PARK
 1
                       5408 Basswood Boulevard | Fort Worth, TX 76137

                       Lease Rate:         $21.00 SF                Lease Type:         NNN                  1

                       Space Size:         1,586 SF                 Year Built:         2005
                       Bldg Size:          13,636 SF                Lot Size:           1.77 AC
                       Occupancy:          88%
                       ABC Family Dental, World Blend Coffee, Pizza Buzz, Best Donuts, The Hair Salon

                       SHOPPES AT PARK VISTA
 2
                       5040 North Tarrant Parkway | Fort Worth, TX 76244

                       Lease Rate:         $21.00 SF                Space Size:         2,100 SF             2

                       Year Built:         2007                     Bldg Size:          16,760 SF
                       Lot Size:           1.77 AC                  Occupancy:          87.5%
                       The Ginger Root, Velvet Box, Violet Vapor, Lifetime Cosmetic Dentistry, Jet's Pizza

                                                                                                                 21
RENT COMPARABLES | RENT COMPS

SoHigh Village
5250 North Tarrant Parkway, Fort Worth, TX 76137

                       NORTH BEACH PLAZA
 3
                       7630 N Beach Street | Fort Worth, TX 76137

                       Lease Rate:         $21.00 SF              Lease Type:        NNN               3

                       Space Size:         2,509 SF               Year Built:        2001
                       Bldg Size:          30,405 SF              Lot Size:          5.82 AC
                       Occupancy:          92%
                       HealthFirst Medical Group, SporTherapy, Quest Diagnostics, Domino's, MetroPCS

                       NORTH BEACH SHOPPING CENTER
 4
                       8653 North Beach Street | Keller, TX 76244

                       Lease Rate:         $23.00 SF              Lease Type:        NNN               4

                       Space Size:         975 SF                 Year Built:        2006
                       Bldg Size:          17,322 SF              Lot Size:          2.22 AC
                       Occupancy:          94%
                       Golden China, Kumon, Little Caesars, Modern Nail Bar, Goodwill, Check 'N Go

                       SOHIGH
 5
                       5200 North Tarrant Parkway | Fort Worth, TX 76137

                       Lease Rate:         $25.00 SF              Lease Type:        NNN               5

                       Space Size:         2,800 SF               Year Built:        2010
                       Bldg Size:          6,011 SF               Lot Size:          1.56 AC
                       Occupancy:          53%
                       7-Eleven, Liberty Tax, Sun Spa

                                                                                                           22
RENT COMPARABLES | RENT COMPS

SoHigh Village
5250 North Tarrant Parkway, Fort Worth, TX 76137

                       PARKWOOD SHOPPING CENTER
 6
                       5800 North Tarrant Parkway | Keller, TX 76244

                       Lease Rate:         $29.00 SF                  Lease Type:   NNN       6

                       Space Size:         1,400 SF                   Year Built:   2012
                       Bldg Size:          7,000 SF                   Lot Size:     1 AC
                       Occupancy:          80%
                       Subway, Milestone Dental

                       QUAIL VALLEY PLAZA
 7
                       5701 North Tarrant Parkway | Keller, TX 76244

                       Lease Rate:         $30.00 SF                  Lease Type:   NNN       7

                       Space Size:         SF                         Year Built:   2015
                       Bldg Size:          12,950 SF                  Lot Size:     1.59 AC
                       Occupancy:          100%
                       FedEx, CiCi's Pizza, Keller Modern Dentistry

                       SHOPS AT NORTH TARRANT
 8
                       5601 North Tarrant Parkway | Fort Worth, TX 76244

                       Lease Rate:         $30.00 SF                  Lease Type:   NNN       8

                       Space Size:         SF                         Year Built:   2018
                       Bldg Size:          11,750 SF                  Lot Size:     2.31 AC
                       Occupancy:          100%
                       Tropical Smoothie, Opulent Nail Bar, Deka Lash, Spice 8

                                                                                                  23
RENT COMPARABLES | RENT COMPS SUMMARY

SoHigh Village
5250 North Tarrant Parkway, Fort Worth, TX 76137

               SUBJECT PROPERTY              PRICE/SF/YR          AVAILABLE SF   BLDG SF     OCCUPANCY %

               SoHigh Village
               5250 North Tarrant Parkway    $20.00 SF/yr (NNN)   3,750 SF       31,280 SF   88.01%
               Fort Worth, TX 76137

               RENT COMPS                    PRICE/SF/YR          AVAILABLE SF   BLDG SF     OCCUPANCY %

 1             Magnolia Park
               5408 Basswood Boulevard       $21.00               1,586 SF       13,636 SF   88%
               Fort Worth, TX 76137

 2             Shoppes at Park Vista
               5040 North Tarrant Parkway    $21.00               2,100 SF       16,760 SF   87.5%
               Fort Worth, TX 76244

 3             North Beach Plaza
               7630 N Beach Street           $21.00               2,509 SF       30,405 SF   92%
               Fort Worth, TX 76137

 4             North Beach Shopping Center
               8653 North Beach Street       $23.00               975 SF         17,322 SF   94%
               Keller, TX 76244

 5             SoHigh
               5200 North Tarrant Parkway    $25.00               2,800 SF       6,011 SF    53%
               Fort Worth, TX 76137

 6             Parkwood Shopping Center
               5800 North Tarrant Parkway    $29.00               1,400 SF       7,000 SF    80%
               Keller, TX 76244

 7             Quail Valley Plaza
               5701 North Tarrant Parkway    $30.00               -              12,950 SF   100%
               Keller, TX 76244

                                                                                                           24
RENT COMPARABLES | RENT COMPS SUMMARY

SoHigh Village
5250 North Tarrant Parkway, Fort Worth, TX 76137

               Shops at North Tarrant
               5601 North Tarrant Parkway   $30.00        -              11,750 SF   100%
 8
               Fort Worth, TX 76244

                                            PRICE/SF/YR   AVAILABLE SF   BLDG SF     OCCUPANCY %
               Totals/Averages              $25.00        1,895 SF       14,479 SF   86.81%

                                                                                                   25
RENT COMPARABLES | RENT COMPS MAP

SoHigh Village
5250 North Tarrant Parkway, Fort Worth, TX 76137

     SUBJECT PROPERTY
     5250 North Tarrant Parkway | Fort Worth, TX 76137

     MAGNOLIA PARK                             SHOPPES AT PARK VISTA            NORTH BEACH PLAZA                NORTH BEACH SHOPPING CENTER
 1   5408 Basswood Boulevard               2   5040 North Tarrant Parkway   3   7630 N Beach Street          4   8653 North Beach Street
     Fort Worth, TX 76137                      Fort Worth, TX 76244             Fort Worth, TX 76137             Keller, TX 76244

     SOHIGH                                    PARKWOOD SHOPPING CENTER         QUAIL VALLEY PLAZA               SHOPS AT NORTH TARRANT
 5   5200 North Tarrant Parkway            6   5800 North Tarrant Parkway   7   5701 North Tarrant Parkway   8   5601 North Tarrant Parkway
     Fort Worth, TX 76137                      Keller, TX 76244                 Keller, TX 76244                 Fort Worth, TX 76244

                                                                                                                                              26
Section 5   DEMOGRAPHICS
DEMOGRAPHICS | DEMOGRAPHICS MAP & REPORT

SoHigh Village
5250 North Tarrant Parkway, Fort Worth, TX 76137

POPULATION                                          1 MILE    3 MILES    5 MILES
Total population                                     18,275    136,439    294,903
Median age                                             33.7       32.8       33.7
Median age (Male)                                      33.4       31.1       32.7
Median age (Female)                                    33.9       33.9       34.3

HOUSEHOLDS & INCOME                                 1 MILE    3 MILES    5 MILES
Total households                                      5,836     45,757    103,023
# of persons per HH                                     3.3        3.0        2.9
Average HH income                                  $117,671   $101,131    $99,695
Average house value                                $177,460   $186,924   $192,411

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INFORMATION 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 1-0
PHILIP 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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