CAMERON DEPTULA JONATHAN COOPER - GRAND PRAIRIE CORNERS - 3450 S HIGHWAY 161, GRAND PRAIRIE, TX 75052 - Davidson Bogel Real Estate
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GRAND PRAIRIE CORNERS LISTING AGENTS: CAMERON DEPTULA C: (214) 497-0276 E: CDEPTULA@DB2RE.COM JONATHAN COOPER C: (214) 729-1728 E: JCOOPER@DB2RE.COM DB2RE.com 3450 S HIGHWAY 161, GRAND PRAIRIE, TX 75052
INVESTMENT OVERVIEW OVERVIEW AVAILABLE UPON DB2RE INVESTMENT SALES is proud to REQUEST present the rare opportunity to acquire Grand 3450 S. HIGHWAY 161 LOCATION: Prairie Corners, a fantastic four (4) tenant GRAND PRAIRIE, TX 75052 strip center located along State Highway 161, just north of the I-20 intersection. Today, SALE PRICE: $6,808,401.23 the Property is 100% occupied by an array of national credit tenants including: Mattress NOI: $442,546 Firm, Jason’s Deli and Ideal Dental (89.37% of the Property). With a weighted average lease- term (WALT) of +/- 5.03 years, the Property CAP RATE: 6.50% provides investors of all levels a perfect blend of stability and future upside that takes advantage BUILDING SIZE: 12,459 SF of the tremendous growth happening today. Surrounding Grand Prairie Corners you have LOT SIZE: 80,238 SF / 1.84 AC furniture giant and traffic generator, Ikea, The Epic, 161 @ Ikea Way, the Mayfield Groves office development and over 2,700 new multi-family OCCUPANCY: 100% units under construction / planned within a 1-mile radius, with many more national traffic generators to be announced soon. Additionally, AVAILABLE UPON YEAR BUILT: 2018 REQUEST the Property enjoys tremendous daytime and resident densities and boasts excellent access PD-294 ZONING: and visibility to over to over 179,102 vehicles (GENERAL RETAIL) traveling along SH-161 daily. Within a 3 and 5 mile radius there are 120,148 to 272,179 residents DEBT: FREE & CLEAR with average household incomes around $80,236.
INVESTMENT HIGHLIGHTS 100% occupied by nation credit tenants: Mattress Firm, Jason’s Deli and Ideal Dental. Proven tenancy with an average occupancy of over 5.73 years across the national credit tenants. WALT of +/- 5.03 years, creating the perfect blend of stability and future upside that takes advantage of all the growth in the market. 2018 Construction! - Limited capital improvements required. Excellent access and visibility to over 179,102 vehicles daily along SH-161. Adjacent to the 290,000 SF Ikea furniture super-store with thousands of patrons weekly. Surrounded by residential developments with over 2,700 new units under construction or planned within a 1-mile radius within the next 12 - 18 months. Major traffic generators include: The Epic, an $88MM destinational entertainment development with a water park and recreation center, the adjacent 161 @ Ikea Way master- planned community, Mayfield Groves office complex and The Sutherland and Foundry multi-family complexes (+/- 991 units). 120,148 to 272,179 residents within a 3 and 5 mile radius and average household incomes around $80,236.
TENANT PROFILES TENANT: ENTITY: JASON’S DELI DELI MANAGEMENT, INC GUARANTOR: TBD JASON’S DELI was founded in Beaumont, Texas on 30 November 1976 by Joe Tortorice SIZE: 4,807 SF Jr and his partners Rusty Coco, Pete Verde and Pat Broussard. Jason’s Deli, named after PRO-RATA: 35.58% Tortorice’s son, Jay, serves guests at 250 delis in 28 states including the original Jason’s Deli EXPIRATION: 12/31/2027 location which is still in operation at its original location at 122 Gateway Street in Beaumont, TX. Family owned and community focused, Jason’s Deli puts a lot of thought into what goes WEBSITE: www.jasonsdeli.com into their food. They have eliminated artificial colors and flavors, dyes, processed MSG, and high-fructose corn syrup as well as introduced many gluten-free options for its customers. TENANT: IDEAL DENTAL • 38.16% of Net Revenue ENTITY: DECA DENTAL • Two (2) five-year options at $54.45 PSF & $59.90 PSF GUARANTOR: N/A SIZE: 1,800 SF IDEAL DENTAL believes a neighborhood dentist should treat you like a neighbor, not just a patient. Ideal Dental offers a wide range of services including general dentistry check- PRO-RATA: 14.45% ups, orthodontics and Invisalign, teeth whitening, oral surgery & root canals, and emergency EXPIRATION: 12/31/2035 dentistry. All services are offered under one roof 6 days a week at its 130 convenient locations WEBSITE: www.myidealdental.com in seven states! Getting dental care has never been more convenient 13.99% of Net Revenue • Two (2) five-year options at FMV TENANT: MATTRESS FIRM ENTITY: MATTRESS FIRM, INC. MATTRESS FIRM Most people think Mattress Firm is in the mattress business. But what most GUARANTOR: N/A people don’t know is that Mattress Firm is actually in the match-you-with-the-right-mattress- for-you business. For the past 90 years, Mattress Firm and their family of companies have SIZE: 4,527 SF been delivering better sleep by matching customers with their perfect mattress at the perfect PRO-RATA: 36.34% price. What started as a few stores has grown into America’s largest specialty mattress store, EXPIRATION: 08/31/2038 with more than 2,400 neighborhood stores in 49 states. 38.21% of Net Revenue WEBSITE: www.mattressfirm.com • Two (2) five-year options with 10.00% increases each option TENANT: ESKIMO HUT ESKIMO HUT was founded in Amarillo, TX in 1996, Eskimo Hut is a chain of drive-thru convenience stores with frozen daiquiris and margaritas to-go! With millions of flavor ENTITY: BDM CAPITAL LLC combinations to choose from, customers can pick their own mixture of flavors or chose one GUARANTOR: PERSONAL of our signature drinks off the menu. Most Eskimo Hut locations offer a full convenience SIZE: 1,325 SF item section in addition to fountain drinks, candy bars, beer, wine, and tobacco products. PRO-RATA: 10.63% Eskimo Hut now has 33 locations in four states. • 9.63% of Net Revenue EXPIRATION: 08/31/2027 • One (1) five-year options at FMV WEBSITE: www.eskimohut.com
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DEMOGRAPHICS 1 MILE 3 MILE 5 MILE TOTAL POPULATION: 15,817 122,182 271,998 POPULATION GROWTH RATE: +4.6% +2.3% +2.1% TOTAL HOUSEHOLDS: 4,676 39,738 86,473 HOUSEHOLD GROWTH RATE: +1.1% +0.5% +0.4% AVERAGE HOUSEHOLD INCOME: $87,472 $80,916 $72,901 AVERAGE AGE: 35.1 35.3 34.5 BUSINESSES: 187 1,777 4,169 EMPLOYEES: 3,703 35,363 96,305 % WHITE: 48.3% 52.1% 51.4% % HISPANIC: 44.1% 42.4% 45.5%
DFW MARKET OVERVIEW THE DALLAS/FORT WORTH METROPLEX (DFW) is a dynamic 12-county region made up of Dallas, Fort Worth, and another 150 municipalities. The DFW Metroplex is the largest urban agglomeration in Texas and the fourth largest in the United States, spanning 9,286 square miles with a population of approximately 7.1 million people. As the fourth fastest-growing region in the United States, the DFW population in 2016 was 33.6% higher than in 2000 according to data from Neilson Claritas; by the year 2030, it is projected that over 10.5 million people will be living in the Metroplex, according to the Dallas Regional Chamber. The DFW region is the most economically diverse in the state of Texas. The GDP of North Texas is estimated to be $486 Billion, and if DFW were a state, it would be the 9th largest in the Nation and 23rd largest country in the world, behind Taiwan. Twenty Fortune 500 companies have their headquarters in DFW. The Metroplex is connected to the world by the Nation’s fourth busiest airport and is served by 55 international flights. DFW has the largest workforce in the state of Texas, totaling over 3.51 million people, and 34.20% of the population 25 and older have a bachelor’s degree or higher. In DFW, there are 33 colleges and universities, 157 public school districts, and 96 public charter schools, according to the North Texas Commission. Dallas/Fort Worth consistently ranks as a top market for job growth over the short and long term due to its central location, pro-business environment, and a strong economy. Historically a leader concerning job growth, DFW added 717,000 jobs since 2010 and 120,500 jobs in 2016 alone, equating to a 3.50% increase to the employment base. Dallas/Fort Worth and Texas continuously maintain an unemployment rate lower than the National Average (4.30%).
RENT ROLL LEASE TERM BASE RENTAL TERMS RECOVERIES TOTALS % OF LEASE % OF % OF TOTAL % TENANT SUITE GLA START END MO ANN PSF MO ANN PSF GLA TYPE REV REV REV Jason's Deli 100 4,807 38.58% NNN 09/18 09/28 $14,020 $168,245 $35.00 28.10% $5,023 $60,277 $12.54 10.07% 38.16% Eskimo Hut 150 1,325 10.63% NNN 09/22 08/27 $3,423 $41,075 $31.00 6.86% $1,385 $16,615 $12.54 2.77% 9.63% Ideal Dental 200 1,800 14.45% NNN 12/18 12/25 $5,100 $61,200 $34.00 10.22% $1,881 $22,571 $12.54 3.77% 13.99% Mattress Firm 250 4,527 36.34% NNN 08/18 08/28 $14,336 $172,026 $38.00 28.73% $4,731 $56,766 $12.54 9.48% 38.21% TOTALS 12,459 100% $36,879 $442,546 73.91% $13,019 $156,230 26.09% 100% NOTES: # TOTAL % 1. Building A (12,459 SF / 57.19% combined center) is 100% occupied. Building B is offered separately, but may be purchased along with Building A. Ask Broker for details. TOTAL NUMBER OF TENANTS 4 12,459 100.00% 2. Building A equates to 57.19% of the GLA of the combined center and an estimated 60.00% of the land upon completion of the replat. Own- ership has historically run the Property as one asset, but upon replat, will be separate assets. Combined annual expenses have been pro-rated TOTAL OCCUPIED 4 12,459 100.00% accordingly. 3. Rent Roll per Ownership’s October 2022 rent roll (rent bumps within the next 6 months have been taken into consideration with Seller bridging). 4. CAM Expenses estimated at $2.90 PSF for 2022. TOTAL AVAILABLE 0 0 0.00% 5. Management Fee calculated at 4.00% of EGI / $1.91 PSF for 2022. 6. Insurance estimated at $0.99 PSF for 2022. 7. Taxes per current 2022 DCAD tax statements (2022 mil rate to be finalized before Closing) with taxes for Building A pro-rated off the 57.19% AVG. RENT / GLA $35,52 12,459 100.00% of the improvements and +/- 60.00% of the land - $6.72 PSF for 2022 (post replat).
NNN REIMBURSEMENTS CAM MANAGEMENT FEE INSURANCE TAXES TOTAL RECOVERY TENANT SUITE GLA % OF GLA MO ANN PSF MO ANN PSF MO ANN PSF MO ANN PSF MO ANN PSF Jason's Deli 100 4,807 38.58% $1,161 $13,935 $2.90 $770 $9,241 $1.92 $399 $4,782 $0.99 $2,693 $32,319 $6.72 $5,023 $60,277 $12.54 Eskimo Hut 150 1,325 10.63% $320 $3,841 $2.90 $212 $2,547 $1.92 $110 $1,318 $0.99 $742 $8,908 $6.72 $1,385 $16,615 $12.54 Ideal Dental 200 1,800 14.45% $435 $5,218 $2.90 $288 $3,460 $1.92 $149 $1,791 $0.99 $1,009 $12,102 $6.72 $1,881 $22,571 $12.54 Mattress Firm 250 4,527 36.34% $1,094 $13,123 $2.90 $725 $8,703 $1.92 $375 $4,504 $0.99 $2,536 $30,437 $6.72 $4,731 $56,766 $12.54 TOTALS: 12,459 100% $3,010 $36,117 $1,996 $23,951 $1,033 $12,395 $6,981 $83,767 $13,019 $156,230
TENANT NOTES BASE RENTAL INCREASE OPTION NOTES RENTAL TENANT SUITE GLA INCREASE DATE MO ANN PSF RENEWAL NOTES INCREASE(S) Two (2) Five-Year Options at $54.45 JASON’S DELI 100 4,807 One (1) 10.00% 10/23 $15,422 $185,070 $38.50 — PSF & $59.90 PSF ESKIMO HUT 150 1,325 Four (4) 3.23% 09/23 $3,533 $42,400 $32.00 One (1) five-year option at FMV 1) Lease Commencement Date to be 9/1/2022 with rent commencing 3/1/2023. 2.92% 09/24 $3,636 $43,636 $32.93 Seller to bridge any rent from Closing to the RCD 3.09% 09/25 $3,749 $44,984 $33.95 (estimated to be $20,537.52 for 6 months). 3.00% 09/26 $3,861 $46,335 $34.97 IDEAL DENTAL 200 1,800 Zero (0) — — — — — Two (2) Five-Year Options at FMV — Two (2) Five-Year Options at MATTRESS FIRM 250 4,527 One (1) 10.00% 09/23 $15,769 $189,229 $41.80 — 10% increases TOTALS: - 12,459 - - - - - - - -
INCOME & EXPENSE JAN-23 CURRENT PSF % OF EGR REVENUE: RENTAL REVENUE $442,546 $35.52 73.91% OTHER REVENUE $0 $0.00 0.00% CAM RECOVERY $36,117 $2.90 6.03% MANAGEMENT RECOVERY $23,951 $1.92 4.00% INSURANCE RECOVERY $12,395 $0.99 2.07% REAL ESTATE TAX RECOVERY $83,767 $6.72 13.99% TOTAL REVENUE $598,776 $48.06 100.00% OPERATING EXPENSES: CAM EXPENSES ($36,117) ($2.90) -6.03% MANAGEMENT FEE EXPENSES ($23,951) ($1.92) -4.00% INSURANCE EXPENSES ($12,395) ($0.99) -2.07% REAL ESTATE TAXES ($83,767) ($6.72) -13.99% TOTAL EXPENSES ($156,230) ($12.54) -26.09% NOI: $442,546 $35.52 73.91%
EXPIRATION SCHEDULE TENANT SUITE END AVAIL MTM 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Ideal Dental 200 12/25 — — — — 1,800 — — — — — — — — Eskimo Hut 150 08/27 — — — — — — 1,325 — — — — — — Mattress Firm 250 08/28 — — — — — — — 4,527 — — — — — Jason's Deli 100 09/28 — — — — — — 4,807 — — — — — TOTAL EXPIRATION AREA 0 0 0 0 1,800 0 1,325 9,334 0 0 0 0 0 CUMULATIVE EXPIRATION AREA 0 0 0 0 1,800 1,800 3,125 12,459 12,459 12,459 12,459 12,459 12,459 PERCENT OF TOTAL CENTER 0.00% 0.00% 0.00% 0.00% 14.45% 0.00% 10.63% 74.92% 0.00% 0.00% 0.00% 0.00% 0.00%
DISCLOSURE Davidson & Bogel Real Estate, LLC: The information contained in this document pertaining to Grand Prairie Corners in Grand Prairie, Texas “Property” has been obtained from sources believed reliable. While DB2RE does not doubt its accuracy, DB2RE has not verified the information and makes no guarantee, warranty or representation about the information contained in this package. It is your (Purchaser) responsibility to independently confirm the accuracy and completeness of the information. Any projections, opinions, assumptions or estimates used herein are for example only and does not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited. DB2RE and the DB2RE logo are service marks of Davidson & Bogel Real Estate, LLC and/ or its affiliated or related companies in the United States and other countries. All other marks displayed as well as any elements of this document are the property of their respective owners and DB2RE. No transmission of this document is permitted without written consent from DB2RE. As a condition of DB2RE’s consent to communicate the information contained herein–as well as any information that may be communicated to you subsequently either verbally or in writing by DB2RE, owner or agents of either of these parties regarding the Property – it is required that you agree to treat all such information confidentially.
APPROVED BY THE TEXAS REAL ESTATE COMMISSION FOR VOLUNTARY USE. TEXAS LAW REQUIRES ALL REAL ESTATE LICENSEES TO GIVE THE FOLLOWING INFORMATION ABOUT BROKERAGE SERVICES TO PROSPECTIVE BUYERS, TENANTS, SELLERS AND LANDLORDS. (01A TREC NO. OP-K) INFORMATION ABOUT BROKERAGE SERVICES: Before working with a real estate broker, you should know that the duties of a broker depend on whom the broker represents. If you are a prospective seller or landlord (owner) or a pro- spective buyer or tenant (buyer), you should know that the broker who lists the property for sale or lease is the owner’s agent. A broker who acts as a subagent represents the owner in cooperation with the listing broker. A broker who acts as a buyer’s agent represents the buyer. A broker may act as an intermediary between the parties if the parties consent in writing. A broker can assist you in locating a property, preparing a contract or lease, or obtaining financing without representing you. A broker is obligated by law to treat you honestly. IF THE BROKER REPRESENTS THE OWNER: The broker becomes the owner’s agent by entering into an agreement with the owner, usually through a written - listing agreement, or by agreeing to act as a subagent by accepting an offer of subagency from the listing broker. A subagent may work in a different real estate office. A listing broker or subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first. The buyer should not tell the owner’s agent anything the buyer would not want the owner to know because an owner’s agent must disclose to the owner any material information known to the agent. IF THE BROKER REPRESENTS THE BUYER: The broker becomes the buyer’s agent by entering into an agreement to represent the buyer, usually through a written buyer representation agreement. A buyer’s agent can assist the owner but does not represent the owner and must place the interests of the buyer first. The owner should not tell a buyer’s agent anything the owner would not want the buyer to know because a buyer’s agent must disclose to the buyer any material information known to the agent. IF THE BROKER ACTS AS AN INTERMEDIARY: A broker may act as an intermediary between the parties if the broker complies with The Texas Real Estate License Act. The broker must obtain the written consent of each party to the transaction to act as an intermediary. The written consent must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker’s obligations as an inter- mediary. The broker is required to treat each party honestly and fairly and to comply with The Texas Real Estate License Act. A broker who acts as an intermediary in a transaction: (1) shall treat all parties honestly; (2) may not disclose that the owner will accept a price less than the asking price unless authorized in writing to do so by the owner; buyer: and (3) may not disclose that the buyer will pay a price greater than the price submitted in a written offer unless authorized in writing to do so by the buyer; and (4) may not disclose any confidential information or any information that a party specifically instructs the broker in writing not to disclose unless authorized in writing to disclose the information or required to do so by The Texas Real Estate License Act or a court order or if the information materially relates to the condition of the property. With the parties’ consent, a broker acting as an intermediary between the parties may appoint a person who is licensed under The Texas Real Estate License Act and associated with the broker to communicate with and carry out instructions of one party and another person who is licensed under that Act and associated with the broker to communicate with and carry out instructions of the other party. IF YOU CHOOSE TO HAVE A BROKER REPRESENT YOU: You should enter into a written agreement with the broker that clearly establishes the broker’s obligations and your obligations. The agreement should state how and by whom the broker will be paid. You have the right to choose the type of representation, if any, you wish to receive. Your payment of a fee to a broker does not necessarily establish that the broker represents you. If you have any questions regarding the duties and responsibilities of the broker, you should resolve those questions before proceeding. DAVIDSON BOGEL REAL ESTATE, LLC 9004427 INFO@DB2RE.COM 214-526-3626 LICENSED BROKER / BROKER FIRM NAME LICENSE NO. EMAIL PHONE MICHAEL EDWARD BOGEL II 598526 EBOGEL@DB2RE.COM 214-526-3626 DESIGNATED BROKER OF FIRM LICENSE NO. EMAIL PHONE MICHAEL CAMERON DEPTULA 622382 CDEPTULA@DB2RE.COM 214-526-3626 SALES AGENT/ASSOCIATES NAME LICENSE NO. EMAIL PHONE
APPROVED BY THE TEXAS REAL ESTATE COMMISSION FOR VOLUNTARY USE. TEXAS LAW REQUIRES ALL REAL ESTATE LICENSEES TO GIVE THE FOLLOWING INFORMATION ABOUT BROKERAGE SERVICES TO PROSPECTIVE BUYERS, TENANTS, SELLERS AND LANDLORDS. (01A TREC NO. OP-K) INFORMATION ABOUT BROKERAGE SERVICES: Before working with a real estate broker, you should know that the duties of a broker depend on whom the broker represents. If you are a prospective seller or landlord (owner) or a pro- spective buyer or tenant (buyer), you should know that the broker who lists the property for sale or lease is the owner’s agent. A broker who acts as a subagent represents the owner in cooperation with the listing broker. A broker who acts as a buyer’s agent represents the buyer. A broker may act as an intermediary between the parties if the parties consent in writing. A broker can assist you in locating a property, preparing a contract or lease, or obtaining financing without representing you. A broker is obligated by law to treat you honestly. IF THE BROKER REPRESENTS THE OWNER: The broker becomes the owner’s agent by entering into an agreement with the owner, usually through a written - listing agreement, or by agreeing to act as a subagent by accepting an offer of subagency from the listing broker. A subagent may work in a different real estate office. A listing broker or subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first. The buyer should not tell the owner’s agent anything the buyer would not want the owner to know because an owner’s agent must disclose to the owner any material information known to the agent. IF THE BROKER REPRESENTS THE BUYER: The broker becomes the buyer’s agent by entering into an agreement to represent the buyer, usually through a written buyer representation agreement. A buyer’s agent can assist the owner but does not represent the owner and must place the interests of the buyer first. The owner should not tell a buyer’s agent anything the owner would not want the buyer to know because a buyer’s agent must disclose to the buyer any material information known to the agent. IF THE BROKER ACTS AS AN INTERMEDIARY: A broker may act as an intermediary between the parties if the broker complies with The Texas Real Estate License Act. The broker must obtain the written consent of each party to the transaction to act as an intermediary. The written consent must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker’s obligations as an inter- mediary. The broker is required to treat each party honestly and fairly and to comply with The Texas Real Estate License Act. A broker who acts as an intermediary in a transaction: (1) shall treat all parties honestly; (2) may not disclose that the owner will accept a price less than the asking price unless authorized in writing to do so by the owner; buyer: and (3) may not disclose that the buyer will pay a price greater than the price submitted in a written offer unless authorized in writing to do so by the buyer; and (4) may not disclose any confidential information or any information that a party specifically instructs the broker in writing not to disclose unless authorized in writing to disclose the information or required to do so by The Texas Real Estate License Act or a court order or if the information materially relates to the condition of the property. With the parties’ consent, a broker acting as an intermediary between the parties may appoint a person who is licensed under The Texas Real Estate License Act and associated with the broker to communicate with and carry out instructions of one party and another person who is licensed under that Act and associated with the broker to communicate with and carry out instructions of the other party. IF YOU CHOOSE TO HAVE A BROKER REPRESENT YOU: You should enter into a written agreement with the broker that clearly establishes the broker’s obligations and your obligations. The agreement should state how and by whom the broker will be paid. You have the right to choose the type of representation, if any, you wish to receive. Your payment of a fee to a broker does not necessarily establish that the broker represents you. If you have any questions regarding the duties and responsibilities of the broker, you should resolve those questions before proceeding. DAVIDSON BOGEL REAL ESTATE, LLC 9004427 INFO@DB2RE.COM 214-526-3626 LICENSED BROKER / BROKER FIRM NAME LICENSE NO. EMAIL PHONE MICHAEL EDWARD BOGEL II 598526 EBOGEL@DB2RE.COM 214-526-3626 DESIGNATED BROKER OF FIRM LICENSE NO. EMAIL PHONE JONATHAN DAVID COOPER 475232 JCOOPER@DB2RE.COM 214-526-3626 SALES AGENT/ASSOCIATES NAME LICENSE NO. EMAIL PHONE
GRAND PRAIRIE CORNERS LISTING AGENTS: CAMERON DEPTULA C: (214) 497-0276 E: CDEPTULA@DB2RE.COM JONATHAN COOPER C: (214) 729-1728 E: JCOOPER@DB2RE.COM DB2RE.com 3450 S HIGHWAY 161, GRAND PRAIRIE, TX 75052
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