PLANO CROSSING RETAIL - 8900 OHIO DRIVE | PLANO, TX 75024
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PL ANO CROSSING RETAIL
8 9 0 0 O H IO DRIVE | PL A NO, T X 75 024
EXCLUSIVE MICHAEL AUSTRY MATT BANAS JARED AUBREY
MARKETING First Vice President
+1 214 252 1115
Associate
+1 214 252 1069
Senior Vice President
+1 214 252 1031
ADVISORS michael.austry@cbre.com matt.banas@cbre.com jared.aubrey@cbre.com
OFFERING SUMMARY
PRICE: UNPRICED
CAP RATE: MARKET
NET OPERATING INCOME $47,936
YEAR BUILT 2008
GROSS LEASEABLE AREA 12,016 SF
LOT SIZE 1.47 ACRES
OCCUPANCY 37.38%
89 0 0 O H IO DRIVE
PL AN O, T X 75024
2
INVESTMENT HIGHLIGHTS
Rare Immediate Value-Add Opportunity – The current tenant is paying $23.69
and market rent for retail shopping centers is $31.08 (31% below market rent)
High Quality Construction – Under Replacement Cost. Nail salon and restaurant
vacancies are move in ready. Former nail salon tenant completed significant
tenant improvements.
Recent Sales Comp - Adjacent retail building with Elegance Ballroom recently
sold for $5,600,000 (7.37% Cap Rate)
Positioned Along Area’s Major Retail Corridor – Shadow anchored by Home
Depot & across the street from Walmart Supercenter & Sam’s Club. Surrounding
national retailers include: Ashley Furniture, Ethan Allen, Hilton Dallas, The
Container Store, IKEA, Bed Bath & Beyond, Michael’s, Taco Bell, Starbucks, LA
Fitness, Red Lobster, Olive Garden and many more.
Adjacent to The Stonebriar Centre – This premier regional shopping destination
encompassing 1.6 million SF and anchor tenants include Nordstrom, Dillard’s,
Macy’s, Dick’s Sporting Goods, Forever 21, Dave & Buster’s, Barnes & Noble,
Cheesecake Factory, and H&M
Excellent Visibility and Easy Access to/from Highly Trafficked Ohio Drive and
Sam Rayburn Tollway – Located on Sam Rayburn Tollway (161,765 vehicles per
day) and Ohio Drive (15,331 vehicles per day)
Close Proximity to the $3 Billion Legacy West Development – This 240 acre
mixed-use development consists of corporate offices, restaurants and retail,
apartments, and high density single family space. Highlights include Toyota’s 1
million SF North American Headquarters, FedEx Office’s 265,000 SF
Headquarters, the 304 room Renaissance Hotel, Liberty Mutual’s 1 million SF
Headquarters as well as several apartment towers.
Densely Populated Submarket within North Texas – Over 608,000 residents
within a 7-mile radius of the property with an average household income
exceeding $139,000
Texas Has NO State Income Tax
3
TENANT ROSTER
LEASE LEASE ANNUAL BASE LEASE
TENANTS SF GLA %
COMMENCEMENT EXPIRATION RENT TOTAL TYPE
GOPUFF 4,491 37.38% OCTOBER 2019 NOVEMBER 2024 $106,392 NNN
AVAILABLE 4,375 - - - - -
AVAILABLE 3,150 - - - - -
TOTAL OCCUPIED 4,491 37.38% $106,392
4
PROPERTY MAP
PLANO CROSSING RETAIL
8900 OHIO DRIVE
PLANO, TX
5
PROPERTY AERIAL
PROPERTY AERIAL 7
OBLIQUE AERIAL 8
SITE PLAN
This information has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. You should conduct a
9 14 careful, independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk.
WHERE ARE PLANO CROSSING’S VISITORS COMING FROM? MASS MOBILE DATA STUDY ON PLANO CROSSING RETAIL Plano Crossing Retail attracts visitors from all over Texas which increases the true market potential for retailers exponentially. The property is not only appealing to the local customer base in Plano, but also the large amount of people all throughout the state. To illustrate this, the map uses data sourced from a wide range of mobile apps that shows where visitors of Plano Crossing Retail are coming from. Therefore, each dot creates an accurate picture of customers that have visited the property in the past 12 months. This map was created by CBRE’s mobile technology platform called Mass Mobile Data (MMD). MMD is anonymous data gathered from the GPS trackers in one’s devices. By analyzing the sophisticated mobile data, CBRE is able to paint a picture of any property’s customer base. Customer Location 10
TENANT OVERVIEW GOPUFF TYPE: Digital Delivery Service YEARS IN BUSINESS: 8+ NO. OF LOCATIONS: 200+ HEADQUARTERS: Philadelphia, PA WEBSITE: www.gopuff.com SQ FOOTAGE: 4,491 SF % OF CENTER: 37.38% GUARANTOR: Corporate GoPuff delivers food & drinks, cleaning supplies, home needs, OTC medication and more in just minutes. GoPuff is open 24/7 in most areas and late night everywhere else to bring you what you need, when you need it most. With GoPuff, customers can order snacks, essentials, alcohol and more through the app or website. Once a customer enters their delivery address, they are able to see all the items available from the closest GoPuff facility. GoPuff then allows customers to add items to their bag and pay online. Once an order is placed, the local facility is notified and one of their driver-partners brings it directly to the customer via contactless delivery. 11
GOPUFF IN THE NEWS
“Softbank-backed delivery start-
up gopuff valued at $8.9 Billion
in new funding round, more than
double from five months ago”
SoftBank-backed digital convenience
store goPuff’s valuation has more than
doubled in five months amid a pandemic-
fueled surge in online food and grocery
delivery.
The company announced Tuesday that
it raised $1.15 billion at a $8.9 billion
valuation. That’s a significant jump from
GoPuff’s last funding round in October
2020, which valued the company at $3.9
billion.
READ THE
FULL ARTICLE
128900 Ohio Drive
IN-PLACE NOI & PRICING SUMMARY
IN-PLACE NOI AND PRICING SUMMARY
In-Place NOI
Jul-21 to Jun-22 $ PSF Assumptions
Size of Improvements 12,016 SF Commencement Date Jul 1, 2021
In-Place Occupancy 37.38% Operating Expense Source 2021 Budget
REVENUES Management Fee (% of EGR) See Notes Below
Scheduled Base Rent Real Estate Taxes Reassessed? No
Gross Potential Rent $297,851 $24.79
Absorption & Turnover Vacancy (189,066) (15.73) Notes
Total Scheduled Base Rent 108,786 9.05 General:
CAM Reimbursement 10,677 0.89 a) Analysis assumes no general vacancy loss, capital, or leasing costs.
INS Reimbursement 3,038 0.25 Operating Expenses:
RET Reimbursement 22,600 1.88 a) Real estate taxes for CY2021 are based on the 2020 Value of $2,960,743
TOTAL GROSS REVENUE 145,101 12.08 and tax rate of 2.01253%. Taxes are assumed to grow 3% annually beginning
CY2022.
OPERATING EXPENSES
b) Analysis does not factor in the Texas Margin Tax and assumes a buyer will
Common Area Maintenance (28,567) (2.38)
consult with their tax advisor to evaluate their exposure to this expense.
Insurance (8,129) (0.68)
c) Analysis assumes a new owner will self-manage the property and thus we
Real Estate Taxes (60,469) (5.03)
have excluded management fee expense.
TOTAL OPERATING EXPENSES (97,165) (8.09)
NET OPERATING INCOME $47,936 $3.99
This page is part of a package and is subject to the disclaimer on the Executive Summary. 3/15/2021 6:03 PM
CBRE Financial Consulting Group 1
13 You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.8900 Ohio Drive
EXPIRATIONS
EXISTING LEASE EXPIRATIONS
Suite Tenant End 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Thereafter Available
8900B Go Puff Nov-24 4,491
8900A Available NA 4,375
8900C Available NA 3,150
Totals: 0 0 0 4,491 0 0 0 0 0 0 0 7,525
Percent: 0% 0% 0% 37% 0% 0% 0% 0% 0% 0% 0% 63%
Count: 0 0 0 1 0 0 0 0 0 0 0 2
Cumulative SF: 0 0 0 4,491 4,491 4,491 4,491 4,491 4,491 4,491 4,491 12,016
Cumulative %: 0% 0% 0% 37% 37% 37% 37% 37% 37% 37% 37% 100%
Summary of Lease Expirations
100.00%
Year Leases SF Percent Cumu. SF Cumu. %
90.00%
2021 0 0 0% 0 0%
80.00%
2022 0 0 0% 0 0%
70.00%
2023 0 0 0% 0 0%
60.00%
2024 1 4,491 37% 4,491 37%
50.00%
2025 0 0 0% 4,491 37%
40.00%
2026 0 0 0% 4,491 37%
30.00%
2027 0 0 0% 4,491 37%
20.00%
2028 0 0 0% 4,491 37%
10.00%
2029 0 0 0% 4,491 37%
0.00%
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
Thereafter
Available
2030 0 0 0% 4,491 37%
Thereafter 0 0 0% 4,491 37%
Annual Cumulative
Available 2 7,525 63% 12,016 100%
This page is part of a package and is subject to the disclaimer on the Executive Summary. 3/15/2021 6:03 PM
CBRE Financial Consulting Group 2
14 You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.RENT ROLL
8900 Ohio Drive
Rent Roll as of 7/1/2021
Square % of Lease Term Rental Rates Recovery
Suite Tenant Name Feet Property Begin End Begin Monthly Annually PSF Type
8900A Available 4,375 36.41% Oct-2022 Sep-2027 Oct-2022 $9,206 $110,469 $25.25 - NNN
8900B Go Puff 4,491 37.38% Oct-2019 Nov-2024 Current $8,866 $106,392 $23.69 - NNN
Oct-2021 $9,132 $109,584 $24.40 3.00%
Oct-2022 $9,406 $112,871 $25.13 3.00%
Oct-2023 $9,688 $116,257 $25.89 3.00%
General Notes: Actual tenant expiration on 12/09/24. Tenant reimburses net of CAM, MGT, INS, and RET. However, we are making the assumption that a new owner would self-manage the property and have
excluded management fee expense from this analysis.
Renewal Option: Two 3 year renewal options each @ FMV, not less than a 10% increase above the immediately preceding rent.
8900C Available 3,150 26.22% Oct-2022 Sep-2027 Oct-2022 $6,628 $79,538 $25.25 - NNN
TOTALS / AVERAGES 12,016 $8,866 $106,392 $23.69
OCCUPIED SqFt 4,491 37.4%
VACANT SqFt 7,525 62.6%
TOTAL SqFt 12,016 100.0%
WEIGHTED-AVERAGE LEASE TERM REMAINING: 3.42 Years
WEIGHTED-AVERAGE LEASE TERM LAPSED: 1.75 Years
WEIGHTED-AVERAGE LEASE TERM FROM INCEPTION: 5.17 Years
This page is part of a package and is subject to the disclaimer on the Executive Summary. 3/15/2021 6:03 PM
CBRE Financial Consulting Group 3
15 You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.DEMOGRAPHICS POPULATION (2020) 1 MILE 14,742 3 MILES 120,797 5 MILES 313,516 7 MILES 608,986 HOUSEHOLDS (2020) 1 MILE 6,075 3 MILES 48,199 5 MILES 118,128 7 MILES 230,150 AVG HH INCOME (2020) 1 MILE $132,800 3 MILES $138,157 5 MILES $146,468 7 MILES $139,639 ANNUAL POP. GROWTH RATE (1 MILE) 2010 - 2020 5.14% 2020 - 2025 4.38% TRAFFIC COUNTS (VPD) HWY 121 103,000 OHIO DRIVE 15,331 16
WHY DALLAS-FORT WORTH?
The Dallas-Fort Worth region is an innovation hub with a wealth of
resources that make it an ideal business location. The DFW region’s
attractive quality of life, strong regional and state economy, low cost
of living, skilled labor force, pro-business mindset, and absence of
corporate and personal income taxes all contribute to the thriving
Dallas-Fort Worth location.
DFW HAS THE MOST DIVERSE ECONOMY IN TEXAS
ONE OF THREE HIGH-TECH JOBS IN TEXAS ARE
LOCATED IN DFW
DFW COST OF LIVING IS 21.2% BELOW THE LARGE
U.S. METRO AVERAGE
DFW’S JOB MARKET HAS BEEN ONE OF THE MOST
RESILIENT AMONG MAJOR U.S. METROS DURING THE
COVID-19 PANDEMIC WITH A LOCAL JOB LOSS RATE
OF 2.5%, OUTPERFORMING THE NATIONAL JOB LOSS
RATE OF 6.5% (% CHANGE NOV ’19 – NOV ’20)
90 MEMBER HOSPITALS IN THE DFW HOSPITAL
COUNCIL, 20,000+ HOSPITAL BEDS
14 MAJOR UNIVERSITIES, 400,000+ STUDENTS
ENROLLED
SOURCE: TEXAS WORKFORCE COMMISSION, BUREAU OF LABOR STATISTICS (JANUARY 2021), TEXAS A&M
REAL ESTATE CENTER (DECEMBER 2020), GREATER HOUSTON PARTNERSHIP LIVING COST COMPARISON
(Q3 2020), CBRE RESEARCH (JULY 2019), DALLAS REGIONAL CHAMBER (2020), 2020 SCORING TECH
TALENT, CBRE RESEARCH, DALLAS REGIONAL CHAMBER (2020), NATIONAL RESEARCH UNIVERSITY
FUND, COST OF LIVING INDEX, ESRI FAST REPORTS (2020)
17DISCLAIMERS
CBRE, Inc. operates within a global family of companies with many subsidiaries In this Memorandum, certain documents, including leases and other materials,
and/or related entities (each an “Affiliate”) engaging in a broad range of com- are described in summary form. These summaries do not purport to be complete
mercial real estate businesses including, but not limited to, brokerage services, nor necessarily accurate descriptions of the full agreements referenced. Inter-
property and facilities management, valuation, investment fund management ested parties are expected to review all such summaries and other documents
and development. At times different Affiliates may represent various clients with of whatever nature independently and not rely on the contents of this Memoran-
competing interests in the same transaction. For example, this Memorandum dum in any manner.
may be received by our Affiliates, including CBRE Investors, Inc. or Trammell
Crow Company. Those, or other, Affiliates may express an interest in the prop- Neither the Owner or CBRE, Inc, nor any of their respective directors, officers,
erty described in this Memorandum (the “Property”) may submit an offer to Affiliates or representatives make any representation or warranty, expressed or
purchase the Property and may be the successful bidder for the Property. You implied, as to the accuracy or completeness of this Memorandum or any of its
hereby acknowledge that possibility and agree that neither CBRE, Inc. nor any contents, and no legal commitment or obligation shall arise by reason of your
involved Affiliate will have any obligation to disclose to you the involvement of receipt of this Memorandum or use of its contents; and you are to rely solely
any Affiliate in the sale or purchase of the Property. In all instances, however, on your investigations and inspections of the Property in evaluating a possible
CBRE, Inc. will act in the best interest of the client(s) it represents in the trans- purchase of the real property.
action described in this Memorandum and will not act in concert with or other-
wise conduct its business in a way that benefits any Affiliate to the detriment of The Owner expressly reserved the right, at its sole discretion, to reject any or all
any other offeror or prospective offeror, but rather will conduct its business in a expressions of interest or offers to purchase the Property, and/or to terminate
manner consistent with the law and any fiduciary duties owed to the client(s) it discussions with any entity at any time with or without notice which may arise as
represents in the transaction described in this Memorandum. a result of review of this Memorandum. The Owner shall have no legal commit-
ment or obligation to any entity reviewing this Memorandum or making an offer
This is a confidential Memorandum intended solely for your limited use and ben- to purchase the Property unless and until written agreement(s) for the purchase
efit in determining whether you desire to express further interest in the acquisi- of the Property have been fully executed, delivered and approved by the Owner
tion of the Property. and any conditions to the Owner’s obligations therein have been satisfied or
waived.
This Memorandum contains selected information pertaining to the Property and
does not purport to be a representation of the state of affairs of the Property or By receipt of this Memorandum, you agree that this Memorandum and its con-
the owner of the Property (the “Owner”), to be all-inclusive or to contain all or tents are of a confidential nature, that you will hold and treat it in the strictest
part of the information which prospective investors may require to evaluate a confidence and that you will not disclose this Memorandum or any of its con-
purchase of real property. All financial projections and information are provided tents to any other entity without the prior written authorization of the Owner or
for general reference purposes only and are based on assumptions relating to CBRE, Inc. You also agree that you will not use this Memorandum or any of its
the general economy, market conditions, competition and other factors beyond contents in any manner detrimental to the interest of the Owner or CBRE, Inc.
the control of the Owner and CBRE, Inc. Therefore, all projections, assumptions
and other information provided and made herein are subject to material varia- If after reviewing this Memorandum, you have no further interest in purchasing
tion. All references to acreages, square footages, and other measurements are the Property, kindly return this Memorandum to CBRE, Inc.
approximations. Additional information and an opportunity to inspect the Prop-
erty will be made available to interested and qualified prospective purchasers.
18PL ANO CROSSING RETAIL
8 9 0 0 O H IO DRIVE | PL A NO, T X 75 024
EXCLUSIVE MICHAEL AUSTRY MATT BANAS JARED AUBREY
MARKETING First Vice President
+1 214 252 1115
Associate
+1 214 252 1069
Senior Vice President
+1 214 252 1031
ADVISORS michael.austry@cbre.com matt.banas@cbre.com jared.aubrey@cbre.comYou can also read
