NORTHWEST VILL AGE SHOPPING CENTER - Longview, Texas HIGH QUALIT Y COMMUNIT Y CENTER LOC ATED IN E AST TE X AS - Transwestern
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Longview, Texas NOR THW E S T V I LL AG E SHOPPI NG CE NTE R H I G H QUA L I T Y CO M M U N I T Y CEN T ER LO C AT ED I N E A S T T E X A S
EXECUTIVE SUMMARY
Transwestern and RealINSIGHT Marketplace are pleased to exclusively offer for sale Northwest Village Shopping Center
(the “property”), a 157,401 square foot (“SF”) community center located in Longview, Texas. This center is anchored by
a strong roster of national tenants including ALDI, Big Lots, Ross Dress for Less, Burkes Outlet and Dollar Tree. Other
tenants in the center include Rent-A-Center, America’s Best Contacts & Eyeglasses, Wingstop and Papa Murphy’s Pizza.
The infill center is located within the retail hub for Longview at the intersection of NW Loop 281, Longview’s main east-
west retail artery, and Gilmer Rd, a retail corridor that connects the property to the surrounding neighborhoods to the
north and south. The Longview MSA includes Gregg, Rusk and Upshur counties, with a total population of 218,190 and a
daytime population of 241,185. This anchored center provides stable cash flow in an established market as well as offers
additional upside through lease up of existing vacancies, rental appreciation and targeted reletting.
INVESTMENT HIGHLIGHTS
• National credit tenants account for 88% of the gross revenue
• Anchor tenants on long-term leases with an average expiration of over six years as well as multiple renewal options
• Located at lighted intersection along major retail corridors
• Adjacent to the affluent Wildwood subdivision, located immediately south of the property with over 560 homes ranging
from $250,000 to $1,000,000
• Longview is the regional employment hub for 12 surrounding counties with a workforce of over 300,000 people
KEY PROPERTY STATISTICS REALINSIGHT MARKETPLACE
Location Website
1701-1753 NW Loop 281, Longview, Texas 75604 https://marketplace.realinsight.com/auction/property/25
Size Auction Date
May 15th-17th, 2017
157,401 SF
Occupancy
96%
Year(s) Built
1974, 1997, 2005, redeveloped 2014
Traffic Counts
Northwest Loop 281 - 24,000 CPD
Gilmer Rd - 22,000 CPD
NOI
$1,134,772
Weighted Average Rents
$7.76
DEMOGRAPHICS
1 MILE 3 MILE 5 MILE LONGVIEW MSA
2016 Population 6,646 47,441 85,268 218,190
Projected Population Growth 2016-2021 5.89% 6.53% 5.44% 4.74%
Daytime Population 9,732 57,473 112,083 241,185
2016 Average Household Income $93,473 $70,783 $65,664 $63,712
Owner Occupied Average Housing Value $206,953 $174,714 $160,721 $138,950
% of Owner Occupied Housing 66.0% 54.0% 55.0% 62.0%
Longview MSA: Gregg, Rusk, Upshur counties
LOCATION The subject property is located in the Longview trade area, within Gregg County. This established trade area is located in northeast Texas along Interstate 20 and is situated two hours east of Dallas, Texas and one hour west of Shreveport, Louisiana. The Longview retail hub is steadily expanding with new developments as the region continues to draw regional shoppers and diners from Tyler and surrounding areas. Forged from a rich history in the oil and gas industry, Longview is also known for a robust manufacturing base and strong health care and technology industries. Longview business and industry attracts employees from a 12-county region surrounding the city. With a combined population of 687,000, this area has over 300,000 workers. Local technical schools and colleges, including LeTourneau University and University of Texas - Longview University Center, contribute to an abundance of workers with a variety of skills for Longview’s economy. Major employers in the area include Good Shepherd Medical Center (2,529), Eastman Chemical (1,491) and Longview Independent School District (1,229). TENANCY OVERVIEW The national tenants at Northwest Village Shopping Center make up 88% of the existing rental revenue and account for 86% of the property’s occupied Gross Leasable Area (GLA). The anchor tenants are proven performers in their respective categories and fit the daily needs of the growing population in the area. The anchor tenants have an average of over six years remaining on their primary term as well as multiple renewal options. As a result of the repositioning of this center with these new anchor leases, the inline tenant rental rates have experienced strong growth over the past 24 months. SUMMARY OF ANCHOR TENANTS TENANT SIZE EXPIRATION RENEWAL OPTIONS ALDI 20,627 12/31/2025 Three (5-year) Options Big Lots 36,714 1/31/2024 Three (5-year) Options Ross Dress For Less 30,187 1/31/2021 Four (5-year) Options Burkes Outlet 29,373 12/31/2025 Three (5-year) Options Dollar Tree 8,320 9/30/2026 —
Oklahoma City
Albuquerque Amarillo
Oklahoma Arkansas
200 MI
Little Rock
150 MI Mississippi
New Mexico 100 MI
Dallas/Ft. Worth Shreveport
Abilene
El Paso Longview Jackson
Waco
Louisiana
Austin
New
Orleans
San Antonio Houston
Gulf of
Mexico (FUTURE)
Mexico
E HAWKINS PKWY
E HAWKINS PKWY
LONGVIEW
HIGH SCHOOL
PD
24,000 C
SITE SURPLUS
WAREHOUSE
19,300
18,10
281
GILM
0 CPD
CPD
ER RD
16,00
HOLLYBROOK DR
Longview Mall
PD
0 CPD
0C 15,
700
,00 CPD
24
Taylor Medical Center
Urgent Care
WY
Y PK 259 281
N FOURTH ST
OSLE
H GM
PINETREE
63
HIGH SCHOOL
W FAIRMONT ST
502
17,900 CPD
80
80
CPD
281 22,000
23,000 CPD W COTTON ST
E COTTON ST
T R AN S W E ST ERN Micha van Marcke, CCIM Chace Henke
1900 West Loop South Senior Vice President Vice President
Suite 1300 713.272.1231 713.272.1274
Houston, TX 77027 micha.vanmarcke@transwestern.com chace.henke@transwestern.com
1 9 0 0 W E S T L O O P S O U T H | H O U S T O N , T E X A S 7 7 0 2 7 | S U I T E 1 3 0 0 | 7 1 3 . 2 7 0 . 7 7 0 0 | W W W.T W H O U S T O N R E TA I L . C O M
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.
Information About Brokerage Services
Before working with a real estate broker, you should know that The broker must obtain the written consent of each party to
the duties of a broker depend on whom the broker represents. If the transaction to act as an intermediary. The written consent
you are a prospective seller or landlord (owner) or a prospective must state who will pay the broker and, in conspicuous bold
buyer or tenant (buyer), you should know that the broker who or underlined print, set forth the br ker’s obligations as an
lists the property for sale or lease is the owner’s agent. A broker intermediary. The broker is required to treat each party honestly
who acts as a subagent represents the owner in cooperation and fairly and to comply with The Texas Real Estate License Act.
with the listing broker. A broker who acts as a buyer’s agent A broker who acts as an intermediary in a transaction:
represents the buyer. A broker may act as an intermediary (1) shall treat all parties honestly;
between the parties if the parties consent in writing. A broker
(2) may not disclose that the owner will accept a price less
can assist you in locating a property, preparing a contract or
than the asking price unless authorized in writing to do so
lease, or obtaining financing without representing you. A broker
by the owner;
is obligated by law to treat you honestly.
(3) may not disclose that the buyer will pay a price greater
than the price submitted in a written offer unless authorized
IF THE BROKER REPRESENTS THE OWNER: in writing to do so by the buyer; and
The broker becomes the owner’s agent by entering into an (4) may not disclose any confidential information or any
agreement with the owner, usually through a written - listing information that a party specifically instructs the broker
agreement, or by agreeing to act as a subagent by accepting in writing not to disclose unless authorized in writing to
an offer of subagency from the listing broker. A subagent may disclose the information or required to do so by The Texas
work in a different real estate office. A listing broker or subagent Real Estate License Act or a court order or if the information
can assist the buyer but does not represent the buyer and must materially relates to the condition of the property.
place the interests of the owner first. The buyer should not tell
the owner’s agent anything the buyer would not want the owner With the parties’ consent, a broker acting as an intermediary
to know because an owner’s agent must disclose to the owner between the parties may appoint a person who is licensed
any material information known to the agent. 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
IF THE BROKER REPRESENTS THE BUYER: that Act and associated with the broker to communicate
The broker becomes the buyer’s agent by entering into an with and carry out instructions of the other party.
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 If you choose to have a broker represent you,
interests of the buyer first. The owner should not tell a buyer’s you should enter into a written agreement with the broker
agent anything the owner would not want the buyer to know that clearly establishes the broker’s obligations and your
because a buyer’s agent must disclose to the buyer any material obligations. The agreement should state how and by whom the
information known to the agent. 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
IF THE BROKER ACTS AS AN INTERMEDIARY: represents you. If you have any questions regarding the duties
A broker may act as an intermediary between the parties if and responsibilities of the broker, you should resolve those
the broker complies with The Texas Real Estate License Act. questions before proceeding.
Real estate licensee asks that you acknowledge receipt of this information about brokerage services for the licensee’s records.
Buyer, Seller, Landlord or Tenant Date
Texas Real Estate Brokers and Salespersons are licensed and regulated by the Texas Real Estate Commission (TREC). If
you have a question or complaint regarding a real estate licensee, you should contact TREC at P.O. Box 12188, Austin, 01A TREC No. OP-K
Texas 78711-2188 or 512-465-3960.
You can also read
