STARBUCKS COFFEE Highway 290 and E. Hempstead Street, Giddings, TX 78942
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STARBUCKS COFFEE
Highway 290 and E. Hempstead Street, Giddings, TX 78942
*Representative Photo
Property Under Construction
Exclusively Offered By:
C O N TA C T
PRIMARY
Ed Colson Jr., CCIM Michael Campbell, CCIM
619.546.0121 619.546.0122
Ed@InvestCoreCommercial.com Michael@InvestCoreCommercial.com
CA Lic #01382996 | TX Lic #635820 CA Lic #01843521
InvestCoreCommercial.com
OFFERING STATEMENT / DISCLAIMER
InvestCore Commercial presents this Offering which has been no change in the business or affairs of the By accepting the package, you agree (i) to hold and treat
has been prepared by InvestCore Commercial for use Property or the Owner since the date of preparation of it in the strictest confidence, (ii) not to photocopy or
by a limited number of parties and does not purport the package. Analysis and verification of the information duplicate it, (iii) not to disclose the package or any of the
to provide a necessarily complete summary of the contained in this package is solely the responsibility contents to any other entity (except to outside advisors
Property or any of the documents related thereto, nor of the prospective purchaser. Additional information retained by you, if necessary, for your determination of
does it purport to be all-inclusive or to contain all of and an opportunity to inspect the Property will be whether or not to make a proposal and from whom you
the information which prospective investors may need made available upon written request to interested and have obtained an agreement of confidentiality) without
or desire. All projections have been developed by qualified prospective investors. the prior written authorization of Owner or InvestCore
InvestCore Commercial, the Owner, and designated Commercial, (iv) not use the package or any of the
sources and are based upon assumptions relating to Owner and InvestCore Commercial each expressly contents in any fashion or manner detrimental to the
the general economy, competition, and other factors reserve the right, at their sole discretion, to reject any interest of Owner or InvestCore Commercial, and (v) to
beyond the control of the Owner and, therefore, are and all expressions of interest or offers regarding the return it to InvestCore Commercial immediately upon
subject to variation. No representation is made by Property and/or terminate discussions with any entity request of InvestCore Commercial or Owner.
InvestCore Commercial or Owner as to the accuracy at any time with or without notice. Owner shall have no
or completeness of the information contained herein, legal commitment or obligation to any entity reviewing If you have no further interest in the Property, please
and nothing contained herein is, or shall be relied this Offering or making an offer to purchase the Property return this Investment Offering forthwith.
on as, a promise or representation as to the future unless and until a written agreement for the purchase
performance of the Property. Although the information of the Property has been fully executed, delivered,
contained herein is believed to be correct, Owner and approved by Owner and its legal counsel, and any
and its employees disclaim any responsibility for conditions to Owner’s obligations thereunder have
inaccuracies and expect prospective purchasers to been satisfied or waived. InvestCore Commercial is not
exercise independent due diligence in verifying all such authorized to make any representations or agreements
information. Further, InvestCore Commercial, Owner, on behalf of Owner.
and its employees disclaim any and all liability for
representations and warranties, expressed and implied, This Offering and the contents, except such information
contained in, or for omission from, this Investment which is a matter of public record or is provided in InvestCore Commercial, Inc.
Offering or any other written or oral communication sources available to the public (such contents as so
3910 W. Point Loma Blvd, Suite B
San Diego, CA 92110
transmitted or made available to the recipient. This limited herein are called the “Contents”), are of a
Offering does not constitute a representation that there confidential nature.
2 | Starbucks - Giddings, Texas
TABLE OF CONTENTS
INVESTMENT SUMMARY 4
Executive Summary
Investment Highlights
PROPERTY DESCRIPTION 6
Site Plan
Street Maps
Nearest Starbucks
Aerial
Recent Sale Comparables
AREA OVERVIEW 12
Why Invest in Giddings, Texas?
Demographics
*Representative Photo
Property Under Construction
3 | Starbucks - Giddings, Texas
INVESTMENT SUMMARY
EXECUTIVE SUMMARY
*Representative Photo
Starbucks Corporation
Tenant: Property Under Construction
(NASDAQ: SBUX: S&P Rated “A-”)
Highway 290 and E Hempstead Street
Address:
Giddings, TX 78942
Building Size: 2,000 SF
Lot Size: 29,185 SF
Year Built: 2018
Rent Commencement Date: 12/15/18*
Lease Expiration Date: 12/31/28*
Primary Lease Term: 10 Years
Options: Four (4) 5-year options to extend
Rent Increases: 10% every 5 years in primary and option terms
Lease Type: Fee Simple NNN Land and Building
Roof (with roof warranty), structure and
Landlord Responsibilities:
parking lot (replacement)
RENT SCHEDULE
Term Years Annual Rent Monthly Rent % Increase
Primary
Lease Type: 1–5 $85,000 $7,083
Primary 6-10 $93,500 $7,792 10% OFFERING TERMS
Option 1 11-15 $102,850 $8,571 10%
Price: $1,650,000
Option 2 16-20 $113,135 $9,428 10% Cap Rate: 5.15%
Option 3 21-25 $124,449 $10,371 10% Net Operating Income: $85,000
Option 4 26-30 $136,893 $11,408 10%
* The Property has been delivered to Starbucks, rent will commence upon completion of their tenant improvements and opening for business.
4 | Starbucks - Giddings, Texas
INVESTMENT SUMMARY
INVESTMENT HIGHLIGHTS
Only Starbucks In Nearly 30 Miles Minimal Landlord Responsibilites – New Roof Warranty
This is the first Starbucks in Giddings, Texas instantly creating demand for the Perfect opportunity for the any investor looking for minimal landlord
tenant. The closest Starbucks to the west is 28 miles away in in Bastrop and to responsibilities. The owner’s exposure to any monetary obligations is
the east is 33 miles away in Brenham. significantly reduced due to the benefit of the roof warranty.
Highway Location With High Traffic Counts Long Term Lease
The property is well located along Highway 290, the major thoroughfare New long-term lease in place providing any investor a full 10-year term of
between Austin and Houston. This is an ideal highway location for Starbucks, passive income. A lender will also look favorably upon the full term giving any
benefiting from high traffic counts of 21,000 cars per day. buyer the most attractive financing options available, if needed.
Corporate Signature Walmart Anchored Shopping Center
The lease is guaranteed by Starbucks Corporation, an investment grade tenant Starbucks benefits from its location directly across the street from the Walmart
rated “A-“ by Standard & Poor’s. anchored shopping center, a major destination for the community. National
tenants in and around the center include McDonald’s, Taco Bell, Whataburger,
Buc-ee’s, Best Western, Bealls, Dollar General, Subway, AutoZone and others.
Low Price Point For Starbucks
The attractive purchase price is well below the typical price point for a
Starbucks in Texas, the average being $2,074,000, or $1,160 psf – see Giddings 290 Business Park
enclosed Sale Comps. Located less than 1 mile east of the Starbucks, Giddings Economic
Development Corporation purchased the 165+ acre tract and is currently
under development. This will inject growth and jobs into the area, organically
Brand New Construction increasing the daytime population of the trade area.
The property, currently under construction, will provide an investor piece
of mind knowing that they are purchasing a new property with no deferred
maintenance. The Landlord Responsibilities under the typical Starbucks lease
will have less of an impact.
5 | Starbucks - Giddings, Texas
PROPERT Y DESCRIPTION
SITE PLAN
TEXAS REGISTRATION #14199
PHONE: 817.281.0572
N 79°4 L
VOLUM OUISA VILLA
7'24" W 10
6.18' E 893, P N
AGE 78 UEVA TREE LEGEND
7, R.P.R
1903 CENTRAL DRIVE, SUITE #406
.L.C .T. Canopy Trees
LO Live Oak SO Shumard Oak
Existin
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to remain
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it
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9 73
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SHRUB LEGEND T E Texas
E OArchitect
F Meadowview
AGE 78 6
1308
C #1
DY Dwarf Yaupon NGL New Gold Lantana
Kennedale Texas
DA Dwarf Abelia DIH Dwarf Indian Hawthorne 'Clara'
30 AJ
VOLUM BUC-EES IN
BA Japanese Barberry CO Coreopsis
STARBUCKS / URGENT CARE
KR KR KR Knockout Rose TX Texas Sage
KR
KR GL Giant Liriope AJ Asian Jasmine
RY Red Yucca
E 907, P
DB Dwarf Burford Holly
EAST AUSTIN STREET (US 290)
THIS DOCUMENT IS
SO FOR THE PURPOSE
UNDER THE AUTH
MSPIRE DESIGN, LL
TY TO BE USED FOR CO
GIDDINGS, TEXAS
BIDDING OR PERMIT
HATCH LEGEND
Solid Sod River Rock
C:\Users\Melissa Haba\Documents\MSpireDesign\Projects\Haydn Cutler\17-0011 SBUX Giddings Shell\Drawings\Giddings SBUX Shell.rvt
CONTRACTOR SHALL VERIFY
Bermuda Grass
AND DIMENSIONS AT THE JO
SO THE ARCHITECT OF ANY DIME
OMISSIONS OR DISCREPA
BEGINNING OR FABRICATING
Decomposed Asian Jasmine SCALE DRAWIN
RY RY
RY RY Granite
DB
DB
DB
DB CJ REAL ESTA
DB
DB LANDSCAPE NOTES 3825 Camp Bo
DB Fort Worth, TX
.T.
DB
1. The project will have an undergound automatic irrigation 817.665.23
.L.C
DB
system to water all new plantings.
C:\Users\Melissa Haba\Documents\MSpireDesign\Projects\Haydn Cutler\17-0011 SBUX Giddings Shell\Drawings\Giddings SBUX Shell.rvt
DB
DB
DB
5, R.P.R 2. Install 4" layer of shredded hardwood mulch to all planting
beds.
AGE 90 #16
REVISION SCHE
3. Install 4" steel edging between all shrub beds and grass
areas.
C
REV DATE BY
VOLUM BUC-EES IN
DA
DA
4. Shrub beds to have 12 inches of prepared planting mix
DA (75% import topsoil, 15% composted amendment, 10%
DA washed sand)
E 837, P
DA
5. Shredded hardwood mulch must contain long strands
TX
along with double shred finer material obtained from a
TX
TX
local source.
KR KR
DIH DIH 6. Install 4 inches of clean topsoil in all areas of the site disturbed
DIH DIH
KR
KR DY
DY DY
DIH DIH
DIH by grading and construction operations. Topsoil shall be free
DY DY
DY from sticks, debris and rocks larger than 2 inches in diameter
and have an organic matter level of 3 percent minimum and a
pH range between 5.5 and 7.4 percent. Provide soil test
analysis from a soil test laboratory showing soil makeup and
organic percentage.
GIDDINGS SHELL BUILDING
7. Hydromulch all areas disturbed by construction activities.
DA BA BA
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SIOUX CITY BRICK NICHIHA
LANDSCAPE PLAN
GIDDINGS, TX
PROJECT ADDRESS:
U.S. HWY 290
EBONITE SMOOTH FIBER CEMENT PLANK
PROJECT NAME:
CHARCOAL GROUT VINTAGE CEDAR
2/5/2018 1:35:04 PM
PROJECT #: 17
ORIGINAL ISSUE DATE: 2-5-
PAINTED STUCCO PRODUCTION DESIGNER: MH
SIOUX CITY BRICK NICHIHA SHERWIN WILLIAMS
CHECKED BY: MH
EBONITE SMOOTH FIBER CEMENT PLANKS SW6155 RICE GRAIN
SHEET TITLE:
PR
CHARCOAL GROUT VINTAGE CEDAR
2/5/2018 1:35:04 PM
ELEV
SCALE:
SHEET NUMBER:
PR-102
DESIGN: JE
6 | Starbucks - Giddings, Texas DRAWN:
CHECKED: MA
JE
DATE: 02/20/201
0 20' 40' SHEET
GRAPHIC SCALE 20'PROPERT Y DESCRIPTION
STREET MAP
Houston to Austin: 162 miles / ±2 hours and 30 minute drive
7 | Starbucks - Giddings, TexasPROPERT Y DESCRIPTION
NEAREST STARBUCKS
33 MILES
ILE S
28 M
8 | Starbucks - Giddings, TexasPROPERT Y DESCRIPTION
AERIAL
H I G H WA
Y 290 –
21,000 C
PD
9 | Starbucks - Giddings, TexasPROPERT Y DESCRIPTION
RECENT STARBUCKS SALE COMPARABLES
2 7
1
5
3
8 6
4
*Representative Photos
10 | Starbucks - Giddings, TexasPROPERT Y DESCRIPTION
RECENT STARBUCKS SALE COMPARABLES
Tenant Property Address City State Sale Date Sale Price Actual Cap Rate Net Income Bldg SF Price Per SF Land Area SF Year Built
1 Starbucks 1109 N Bell Blvd Cedar Park TX 6/14/18 $2,631,578 4.75 $125,000 2,960 889 41,643 2018
2 Starbucks 501 W Belt Line Rd Richardson TX 2/13/17 $2,137,000 4.68 $100,012 944 2,264 15,420 2016
3 Starbucks 7702 Fry Rd Cypress TX 12/4/17 $2,170,000 5.00 $108,500 1,900 1,142 30,230 2017
4 Starbucks GL 18358 Interstate 45 The Woodlands TX 8/16/18 $2,878,333 4.50 $129,525 2,052 1,403 TBD 2018
5 Starbucks 3904 N McColl Rd McAllen TX 9/13/17 $1,877,000 5.30 $99,481 2,000 939 36,590 2016
6 Starbucks 107 E Parkwood Ave Friendswood TX 11/2/17 $1,577,000 5.25 $82,793 1,837 858 26,048 2005
7 Starbucks 102 E FM 544 Murphy TX 11/10/16 $1,316,000 5.25 $69,090 1,800 731 22,389 2005
8 Starbucks 1321 FM 1092 Rd Missouri City TX In Escrow $2,010,000 5.35 $118,000 1,900 1,058 32,670 2017
AVERAGE $2,074,614 5.01 $104,050 1,924 1,160
SUBJECT Highway 290 &
Giddings TX Available $1,650,000 5.15 $85,000 2,000 825 29,185 2018
PROPERTY Hempstead Street
11 | Starbucks - Giddings, TexasAREA OVERVIEW
WHY INVEST IN GIDDINGS, TEXAS?
Located in Heart of Central Texas
• Giddings is ideally located at the intersection of Highways
290 and 77 between Houston and Austin ( just 55 miles east
of Austin).
• Giddings’ support for small business and the region’s quality
of life - low taxes, beautiful lakes, parks, ball fields, pool,
municipal golf course and great climate - help us retain our
current businesses and encourage a stable workforce.
Giddings 290 Business Park
• Located less than 1 mile east of the Starbucks, Giddings
Economic Development Corporation (GEDC) purchased the
165+ acre tract and is currently under development.
• The purchase will facilitate the creation of primary jobs by
providing the city a platform to provide customized, buildable
ready sites, cost-effective land, financial incentives and other
assistance to companies seeking to expand or locate into the
area.
• The GEDC will work in partnership with the City of Giddings
to fast-track permits, develop and approve incentive
packages, and facilitate timely, efficient and cost-effective
sale of land to the right company.
12 | Starbucks - Giddings, TexasAREA OVERVIEW
WHY INVEST IN GIDDINGS, TEXAS?
Development Friendly City
• The city benefits from its pro-business City Council, ready
access to a skilled labor force, major transportation arteries,
groundwater and publicly-owned land for sale (see Giddings
290 Business Park) make Giddings an attractive site for
companies seeing to relocate or expand into a lucrative,
central Texas location.
Austin Chalk and Eagle Ford Shale Regions
• Giddings and Lee County lie in the NE sector of the 24
county Eagle Ford Shale Region and within the heart of the
Austin Chalk, which lies just above the Eagle Ford. Thanks to
new drilling technology, the Eagle Ford Shale has been one
of the hottest oil plays in the United States in recent years.
• Eagle Ford is one of the most actively drilled targets for oil
and gas in the United States, with oil reserves estimated at 3
billion barrels.
• Summary of Oil & Gas Data Near Giddings:
• 159 Producing Leases
• 18 Producing Operators
• 615 Drilled Wells
13 | Starbucks - Giddings, TexasAREA OVERVIEW
Executive Summary
DEMOGRAPHICS Starbucks - Giddings, TX Prepared By Ed Colson Jr., CCIM
2501-2899 E Austin St, Giddings, Texas, 78942 Latitude: 30.17931
Rings: 5, 10, 15 mile radii Longitude: -96.91292
5 miles 10 miles 15 miles
Population
2000 Population 6,801 9,870 15,830
2010 Population 7,162 10,390 16,656
2018 Population 7,515 11,035 17,930
2023 Population 7,780 11,474 18,705
2000-2010 Annual Rate 0.52% 0.51% 0.51%
2010-2018 Annual Rate 0.58% 0.73% 0.90%
2018-2023 Annual Rate 0.70% 0.78% 0.85%
2018 Male Population 51.3% 50.9% 50.7%
2018 Female Population 48.7% 49.1% 49.3%
2018 Median Age 34.6 38.5 43.4
In the identified area, the current year population is 17,930. In 2010, the Census count in the area was 16,656. The rate of change since
2010 was 0.90% annually. The five-year projection for the population in the area is 18,705 representing a change of 0.85% annually from
2018 to 2023. Currently, the population is 50.7% male and 49.3% female.
Median Age
The median age in this area is 34.6, compared to U.S. median age of 38.3.
Race and Ethnicity
2018 White Alone 70.3% 75.5% 77.6%
2018 Black Alone 11.6% 9.9% 10.3%
2018 American Indian/Alaska Native Alone 1.0% 0.8% 0.7%
2018 Asian Alone 0.8% 0.6% 0.5%
2018 Pacific Islander Alone 0.1% 0.1% 0.0%
2018 Other Race 13.7% 10.8% 8.6%
2018 Two or More Races 2.5% 2.3% 2.2%
2018 Hispanic Origin (Any Race) 39.9% 32.0% 25.2%
Persons of Hispanic origin represent 25.2% of the population in the identified area compared to 18.3% of the U.S. population. Persons of
Hispanic Origin may be of any race. The Diversity Index, which measures the probability that two people from the same area will be from
different race/ethnic groups, is 61.8 in the identified area, compared to 64.3 for the U.S. as a whole.
Households
2000 Households 2,237 3,410 5,824
2010 Households 2,360 3,649 6,332
2018 Total Households 2,483 3,888 6,835
2023 Total Households 2,571 4,045 7,130
2000-2010 Annual Rate 0.54% 0.68% 0.84%
2010-2018 Annual Rate 0.62% 0.77% 0.93%
2018-2023 Annual Rate 0.70% 0.79% 0.85%
2018 Average Household Size 2.83 2.71 2.55
The household count in this area has changed from 6,332 in 2010 to 6,835 in the current year, a change of 0.93% annually. The five-year
projection of households is 7,130, a change of 0.85% annually from the current year total. Average household size is currently 2.55,
compared to 2.55 in the year 2010. The number of families in the current year is 4,788 in the specified area.
14 | Starbucks - Giddings, TexasAREA OVERVIEW
Executive Summary
DEMOGRAPHICS Starbucks - Giddings, TX Prepared By Ed Colson Jr., CCIM
2501-2899 E Austin St, Giddings, Texas, 78942 Latitude: 30.17931
Rings: 5, 10, 15 mile radii Longitude: -96.91292
5 miles 10 miles 15 miles
Median Household Income
2018 Median Household Income $45,934 $50,126 $51,387
2023 Median Household Income $49,305 $53,483 $55,638
2018-2023 Annual Rate 1.43% 1.30% 1.60%
Average Household Income
2018 Average Household Income $61,432 $63,781 $66,343
2023 Average Household Income $66,243 $70,079 $74,217
2018-2023 Annual Rate 1.52% 1.90% 2.27%
Per Capita Income
2018 Per Capita Income $21,494 $23,359 $25,867
2023 Per Capita Income $23,068 $25,590 $28,861
2018-2023 Annual Rate 1.42% 1.84% 2.21%
Households by Income
Current median household income is $51,387 in the area, compared to $58,100 for all U.S. households. Median household income is
projected to be $55,638 in five years, compared to $65,727 for all U.S. households
Current average household income is $66,343 in this area, compared to $83,694 for all U.S. households. Average household income is
projected to be $74,217 in five years, compared to $96,109 for all U.S. households
Current per capita income is $25,867 in the area, compared to the U.S. per capita income of $31,950. The per capita income is projected to
be $28,861 in five years, compared to $36,530 for all U.S. households
Housing
2000 Total Housing Units 2,563 4,065 7,342
2000 Owner Occupied Housing Units 1,580 2,577 4,660
2000 Renter Occupied Housing Units 657 834 1,164
2000 Vacant Housing Units 326 654 1,518
2010 Total Housing Units 2,766 4,483 8,267
2010 Owner Occupied Housing Units 1,654 2,722 5,018
2010 Renter Occupied Housing Units 706 927 1,314
2010 Vacant Housing Units 406 834 1,935
2018 Total Housing Units 2,945 4,807 8,890
2018 Owner Occupied Housing Units 1,682 2,837 5,392
2018 Renter Occupied Housing Units 802 1,051 1,443
2018 Vacant Housing Units 462 919 2,055
2023 Total Housing Units 3,059 5,016 9,306
2023 Owner Occupied Housing Units 1,779 3,008 5,712
2023 Renter Occupied Housing Units 792 1,037 1,419
2023 Vacant Housing Units 488 971 2,176
Currently, 60.7% of the 8,890 housing units in the area are owner occupied; 16.2%, renter occupied; and 23.1% are vacant. Currently, in
the U.S., 56.0% of the housing units in the area are owner occupied; 32.8% are renter occupied; and 11.2% are vacant. In 2010, there
were 8,267 housing units in the area - 60.7% owner occupied, 15.9% renter occupied, and 23.4% vacant. The annual rate of change in
housing units since 2010 is 3.28%. Median home value in the area is $161,096, compared to a median home value of $218,492 for the U.S.
In five years, median value is projected to change by 2.27% annually to $180,240.
15 | Starbucks - Giddings, TexasINFORMATION ABOUT BROKERAGE SERVICES
TYPES OF REAL ESTATE LICENSE HOLDERS: • Must treat all parties to the transaction impartially and fairly;
• A BROKER is responsible for all brokerage activities, including acts performed by sales • May, with the parties’ written consent, appoint a different license holder associated with the
agents sponsored by the broker. broker to each party (owner and buyer) to communicate with, provide opinions and advice
• A SALES AGENT must be sponsored by a broker and works with clients on behalf of to, and carry out the instructions of each party to the transaction.
the broker. • 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;
A BROKER’S MINIMUM DUTIES REQUIRED BY LAW (A client is the person or party that • that the buyer/tenant will pay a price greater than the price submitted in a written offer;
the broker represents): and
• Put the interests of the client above all others, including the broker’s own interests; • any confidential information or any other information that a party specifically instructs the
• Inform the client of any material information about the property or transaction received broker in writing not to disclose, unless required to do so by law.
by the broker;
• Answer the client’s questions and present any offer to or counter-offer from the client; and AS SUBAGENT: A license holder acts as a subagent when aiding a buyer in a transaction
• Treat all parties to a real estate transaction honestly and fairly. 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.
A LICENSE HOLDER CAN REPRESENT A PARTY IN A REAL ESTATE TRANSACTION:
TO AVOID DISPUTES, ALL AGREEMENTS BETWEEN YOU AND A BROKER SHOULD BE IN
AS AGENT FOR OWNER (SELLER/LANDLORD): The broker becomes the property WRITING AND CLEARLY ESTABLISH:
owner’s agent through an agreement with the owner, usually in a written listing to sell or • The broker’s duties and responsibilities to you, and your obligations under the representation
property management agreement. An owner’s agent must perform the broker’s minimum agreement.
duties above and must inform the owner of any material information about the property or • Who will pay the broker for services provided to you, when payment will be made and how
transaction known by the agent, including information disclosed to the agent or subagent the payment will be calculated.
by the buyer or buyer’s agent.
LICENSE HOLDER CONTACT INFORMATION: This notice is being provided for information
AS AGENT FOR BUYER/TENANT: The broker becomes the buyer/tenant’s agent by purposes. It does not create an obligation for you to use the broker’s services. Please
agreeing to represent the buyer, usually through a written representation agreement. acknowledge receipt of this notice below and retain a copy for your records.
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 th e seller or seller’s agent. Edward Colson / InvestCore Commercial
License No. 635820
AS AGENT FOR BOTH - INTERMEDIARY: To act as an intermediary between the parties ed@investcorecommercial.com
the broker must first obtain the written agreement of each party to the transaction. 619.546.0121
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:
Buyer / Tenant / Seller / Landlord Initials Date
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